Advancing Customer Experience through Metrics and Moments that Matter
Partnerships with many of America’s best known and highly respected brands are at the heart of our business. Barclays’ “partner-first” ethos has enabled us to create a network of successful credit card programs on behalf of partners who trust us with their most valuable assets, their customers. We pride ourselves on providing frictionless experiences throughout the customer lifecycle — processing payments, loyalty points and rewards. It’s incumbent that we deliver top-notch service to appeal to today’s discerning consumers in an immensely competitive market. As a co-branded credit card issuer, it’s not just Barclays’ reputation that’s on the line, but that of our partners as well. That’s why we’re laser focused on metrics and moments that matter.
How customers interact with their credit card providers has significantly changed thanks to the boom of digital applications coupled with consumers’ growing sophistication and expectations. A great experience with a brand only increases the customer expectation for every other brand engagement they have. Currently, nine out of ten of our cardmembers use digital channels exclusively, and fewer than 3 percent interact with us over the phone. What that means is most customers are self-servicing through our digital channels and when they are unable to self-serve, they call our customer service team. This creates a moment of truth for us – how quickly and effortlessly we handle customer inquiries directly impacts our Net Promoter Score (NPS).
A few key steps are crucial to how we manage our customer experience (CX) performance and deliver the level of service our customers and partners expect. First, we have a CX strategy team that drives our overall approach, continuously evaluates where the opportunities are, determines how we measure customer satisfaction, and marshals resources to execute the plan. Second, we utilize an end-to-end governance and accountability model. Third, our CX strategy and operations teams meet daily to review real-time metrics against key customer journeys to understand our performance throughout the cardmember lifecycle. We keep a close eye on four key critical touch points:
- Getting the card – We analyze application volumes, approval rates, decline rates, and the effort to complete an application. Very clear targets enable us to immediately identify and triage any variation to our expected numbers.
- Using the card – We review purchase volumes and positive transaction authorizations to monitor our customers’ success rates in using their cards.
- Servicing the card – The daily needs and experiences of cardmembers are tightly measured through metrics such as first call resolution, digital log in success/failure rates, speed to answer, number of transfers, etc.
- Solving the problem – Helping cardmembers resolve fraudulent charges and complex problems is some of the most important work we do. We focus on our overall complaint rate and customer satisfaction scores as key metrics.
Here at Barclays, we’re focused on delivering amazing customer experiences rooted in data-driven decision-making. Real-time monitoring gives us the power to assess our effectiveness and helps us track our progress. This enables us to stay ahead of the curve, adapt to consumer preferences and anticipate new requirements.
From the C-suite to our front line agents, we promise to exceed customer expectations in the “moments that matter,” and make it better across every step of the #CX journey. We strive to make every engagement with our customers better than before, whether that be digital or analog. Our data-centric approach enables us to measure performance and set new metrics for continuous improvement. Our customers expect a seamless experience. Our teams are committed to delivering on our promise. This promise is what helps our partners exceed their goals.
This information is for educational purposes only, not intended to be financial or legal advice. Always consult a qualified financial advisor before taking any action based on this information. The views and opinions expressed are those of the authors and do not necessarily reflect the official policy, position, or opinion of Barclays Bank Delaware.
Chief Marketing and Experience Officer, Barclays US Consumer Bank
Lili Tomovich is the Chief Marketing and Experience Officer for Barclays US Consumer Bank where she oversees customer experience, marketing technology, channel strategy & optimization, brand, creative & sponsorships, product & partner marketing, consumer insights and research. Lili is a transformational marketing executive who has spent her career building leading brands in the financial services, retail, entertainment, and hospitality industries across the US and Canada.
Lili is a member of the Board of Directors of Dine Brands Global. She holds an MBA from Wayne State University and a Bachelor of Arts degree from Brock University.