Lloyds Bank on Regulatory Change and why Banks Should Care About Their Customers
March 15, 2016
Darren Tripp, Head of Customer Experience Strategy at Lloyds Banking Group, is passionate about finding ways to improve the customer experience. We chatted with Darren to find out how he’s helping Lloyds Banking Group decrease customer complaints and deliver an excellent banking experience. Darren will also be speaking at the Clarabridge CX Summit in London on 16 March 2016. Here’s what he had to say:
Sentiments: Why is Customer Experience important in the Financial Services industry?
Tripp: It has become much easier for consumers to change where and how they bank, and consumers have lots of options to choose from. We see a lot of new entrants coming into the market, and some can argue that the new offerings may even feel more exciting and trendy, especially for the younger generation. As consumers become more demanding of their banking experience, banks can’t assume that their customers will stay with them forever. Banks need to focus on delivering a great experience otherwise they will find themselves struggling in today’s changing industry landscape.
Sentiments: What are your top priorities when it comes to the customer experience?
Tripp: It all boils down to treating customers like you’d want to be treated yourself. While it might sound clichéd, you need to put your customer at the heart of everything you do. Customers expect you to complement their lifestyle – 24/7 support, on social channels, and with quick response times.
Sentiments: Tell us a bit about how you are using Clarabridge to analyze customer feedback.
Tripp: We use Clarabridge daily to understand customer complaints, why they are complaining, and the root cause of any concerns. With Clarabridge, we are able to eradicate the root cause of an issue faster than we were able to do so before.
Sentiments: What’s the biggest impact to your business that your customer experience and complaints management program has made?
Tripp: We have decreased all our reportable complaints by 50% over the last 3 years. What started as a focus on complaints management evolved into a strategic focus on delivering the best customer experience possible. This transition has shaped the way we do business today. We are focused on the customer and continue to try and find ways to keep customer complaints to a minimum.
Sentiments: What will attendees learn from your presentation at the Clarabridge CX Summit in London?
Tripp: Attendees will learn how we handle our complaints management and our journey towards a strategic customer experience program. I will also share how we handle our complaints to meet regulatory standards and what other banks need to be aware of as industry regulations shape the way our customers bank with us.
About Darren Tripp
Darren is currently the Head of Customer Experience Strategy at Lloyds Banking Group. Since joining the Lloyds Bank Branch Network in 1988, he has held a variety of roles in Customer Experience, Change Management, Product Management, Service Management and Relationship Management. Darren has extensive knowledge in leading teams across various disciplines and his two real passions (in work!) are colleagues and customers – when not looking to improve the customer experience, he is coaching his team or supporting one of his 12 mentees. He also leads the ‘Investing In You’ People strategy for Customer Services – looking for ways to improve how people feel about working in the department.
Serina Aswani is Manager of Content Marketing and EMEA Marketing at Clarabridge. As part of her responsibilities, Serina serves as the voice of Clarabridge’s customers, highlighting customer stories and sharing proven best practices for implementing successful Customer Experience Management programs. Serina also oversees content marketing strategy and PR for the Europe, Middle East, and Africa (EMEA) region. She is responsible for establishing Clarabridge’s position as an industry thought leader across EMEA. Serina holds a M.S. in Commerce, specializing in Marketing and Management, as well as a B.A in French and Studio Arts, from the University of Virginia. Read more from Serina on Twitter at @SerinaAswani