“The Virgin Money team were delighted to be named a Judges’ Choice winner in the Confirmit ACE Awards. Our customers are at the heart of what we do and winning this award was strong recognition of our commitment to Customer Experience across our business. The award also enables us to recognize our teams for their focus on delivering continuous improvement which is a great way to maintain momentum”.
Bill Percy, Director of Customer Experience, Virgin Money
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Virgin Money is a financial services company which offers a range of products to customers across the UK. Their company-wide Voice of the Customer program covers all products, channels and key stages of the customer lifecycle at a number of touchpoints, including website, store visits, contact center and post-purchase.
The program has delivered timely and tangible improvements that have helped Virgin Money to increase revenue, drive culture change and achieve record levels of customer satisfaction.
- How the VoC program has increased customer loyalty and advocacy by better educating customers about products
- The way in which a closed-loop process for new customers built trust and helped the company meet vital regulatory requirements
- The impact of the VoC program on employee engagement, with improvements in staff attrition and length of service.
Success & Results
The Voice of the Customer ‘Insight to Action’ program has delivered timely and tangible improvements that have helped Virgin Money to increase revenue, drive culture change and achieve record levels of customer satisfaction.
- Revenue increase: Increased satisfaction and advocacy has helped drive high levels of customer growth and strong financial performance in 2016, illustrated by the fact that underlying PBT grew 33% to £213.3m, gross mortgage lending grew 12% to £8.4bn, credit card balances increased to £2.4bn, up 55%, and retail deposit balances grew 12% to £28.1bn.
- Company culture change: Initially, the approach was to cascade research findings to product managers and rely on them to cascade the message to the Senior Leadership Team. This has been enhanced with a new approach whereby the cascade of insight from the VoC program now starts at Executive team meetings before flowing out to other areas of the business. This has ensured that the VoC program is viewed at the highest level, and that employees can see that its executives are fully committed to customers and what they are saying and to the importance of continuous improvement. This is reflected in Virgin Money’s annual Colleague Engagement survey. Employee loyalty is at an all-time-high, with an overall engagement score of 81% (benchmarking strongly against UK high performing companies). Virgin Money benefits from reduced annual staff attrition, average sickness and increased average length of service. Virgin Money continually gathers colleague insights and ideas for improving the customer experience via business change teams which are tasked with gathering customer and employee insights and making recommendations for improvements. The Customer Experience hub provides an opportunity for all colleagues to share exceptional customer service stories, positive customer comments or thank others. 2,000 colleagues have voluntarily joined the hub which is testament to employees’ high levels of engagement.
- Customer satisfaction: Net Promoter Score (NPS) questions are included in both the Voice of the Customer and Colleague Engagement surveys. Detailed analysis of VoC data enables Virgin Money to directly correlate colleague engagement with customer advocacy. The VoC program has contributed to a year on year increase in Transactional NPS from +51 in 2014 to its highest ever level at +64 in 2016. The strategic Top of Bank NPS, powered by Confirmit Horizons, has increased from +16 in 2014 to +29 in 2016.