Sandra RadlovackiSandra RadlovackiApril 23, 2020


The global leader in experience management leader Medallia inc has recently announced the initiation of agreement to acquire Voci Technologies, the AI real-time speech to text platform, with the finalisation date in May 2020.

The acquisition will result in joined forces of Voci’s leading real-time speech capabilities and Medallia’s robust experience management platform, promised to deliver a rich view of the customer.

As majority of companies engage with customers via phone more than any other channel, Voci’s technology analyses the signals in real time, which enables contact centres to gain insights exclusively from customer calls. The company’s platform generates complex language models based on calls transcription to provide insights such as emotion, gender, sentiment etc.

Voci’s technology provides contact centres with valuable customer insights, as well as allowing them to operate at higher levels of impact.

Leslie Stretch, president and CEO of Medallia said: “Voci transcribes 100% of live and recorded calls into text that can be analysed quickly to determine customer satisfaction, adding a powerful set of signals to the Medallia Experience Cloud.”

“At the same time, Voci enables call analysis moments after each interaction has completed, optimising every aspect of call centre operations securely. Especially important as virtual and remote contact centre operations take shape.”

“Our whole company is delighted to be joining forces with experience management leader Medallia. We are thrilled that Voci’s powerful speech to text capabilities will become part of Medallia Experience Cloud,” said Mike Coney, CEO of Voci.

“The consolidation of all contact centre signals with video, survey and other critical feedback is a game changer for the industry”, adds Coney.

Christopher ColleyChristopher ColleyOctober 24, 2019


In my recent discussions with UK banking execs, I’ve detected a fresh urgency when they talk of the need for change.

Banks have been speaking about greater customer centricity in their annual reports for years, but it’s really only in the past six months I’ve started to hear banking leaders highlight it as something that needs to happen “if we’re going to survive”.

I’ve been wondering why this is. After all, if we’re honest, UK banks have rarely done more than pay lip service to Customer Experience. Certainly, all their talk has amounted to negligible difference in our experience as customers.

So, what’s changed?

I think it’s the realisation that the rubber band that stretches between customer expectations (ever increasing) and service quality (flatlining) has finally reached breaking point – a hot topic which I discussed with The Experience Professionals in Medallia’s recent webinar Reimagining CX for Banking in the Digital Age.

This article will go further in outlining the specific risks for those banks that are still perhaps resistant to change, and what they should do about it.

Join me if you will on a journey back in time, in more ways than one.

‘Look at those cavemen go’

In January this year, I was in my local branch for an appointment.

I’d been on time, but the IT system had other ideas. I remember checking the clock; my Personal Banker had last appeared some 10 minutes before. At that point, he’d assured me we’d be up and running in five.

The waiting game: A customer’s time is precious

With no offer of tea or coffee to distract me, my attention fell to a poster on the wall, which ranked the UK banks by various perception metrics. Clearly it wouldn’t be on display if it didn’t have to be – my bank, one of the UK’s Big Four, didn’t have much to shout about. Under ‘Branch Experience’, for instance, it loitered somewhere in the bottom half of the list, below a number of challenger brands and building societies.

Bored of flicking through yesterday’s newspapers, I reflected on how I’d come to be there. I’d recently tried to open an account online. This included the usual process of KYC (Know Your Customer), where the bank attempts to verify a person’s identity. Now, despite my holding seven products with this bank, it turned out it didn’t know me very well at all. With the system unable to verify my identity digitally, and the contact centre unable to help, I was invited – a customer of 18 years’ standing, who hadn’t changed his address in nine –  to pop in and prove that I was me.

First world problems of course. To be clear, I’m not suggesting my experience is uniquely terrible.

In fact, I’m sure most of us could rattle off stories about our banks – and many of those would be far, far worse. In 2018, a study by Medallia and Ipsos found that just seven percent of UK banking customers felt their experience had exceeded expectations over the past year. Contrast this with 19 percent in the USA.

And really, that’s the point. Reflecting on my experience, doesn’t it feel like something from a bygone era? After my appointment (which finally started a full half-hour after it had been due to finish), I remember thinking as I raced back to the office: “Why are banks such laggards in the UK?”

Focused on the wrong outcomes?

At first glance, it seems inexplicable.

After all, the links between CX and business results are well-documented. Take the ‘Likelihood to recommend’ survey question. The potential for financial impact is self-evident: if you treat customers well, they’ll be more likely to stick with you and tell their friends.

But it’s more than just common sense; there is hard data to back it up too. Farmers Insurance, for instance, attribute its CX investments with driving a three-point improvement in retention over three years, equivalent to $500 million annually in incremental revenue.

The Medallia-Ipsos research found that 40 percent of a bank’s customers would tell their friends and family after a positive experience. That’s 40 percent of a bank’s customer base happy to work as an extension of its marketing division – for free – helping to bring down cost of acquisition.

Spread the word: Good news on CX travels fast

Meanwhile, as many as 18 percent said a positive experience would cause them to start using their bank more – a sizeable audience ripe for cross-sell. Why would the banks, of all organisations, be so lackadaisical about trying to capitalise on this financial linkage?

Perhaps the answer lies in part with another metric – one the banks have tended not to view as a cause for concern – attrition.

In contrast to other industries, in UK consumer banking, conventional wisdom has it that when a customer opens their first account, by and large they’ll remain a customer for life. For decades, acquisition strategies employed by the banks – visiting local schools, etc. – have borne fruit.

I still have the branded money box I received in what must have been my first interaction with any bank (and yes, that brand went on to become my primary provider). Great at attracting new customers, banks have been terrible at servicing existing ones – and it hasn’t mattered because those customers don’t churn. Even seven-day switching has failed to disrupt that paradigm.

Data from the Current Account Switch Service suggests only a relatively small proportion of customers have tended to vote with their feet. Other factors have further contributed to ensuring a captive audience. In rural areas, for instance, selecting your primary provider is frequently less a matter of comparing brands and more a matter of banking with the only show in the town. Branch closures have exacerbated this, with consumer choice in certain regions now severely limited.

With the banks laser-focused on efficiency ever since the global financial crisis, the levels of retention they’ve enjoyed have enabled them to concentrate on cost cutting, while deprioritising investments that would improve CX – even if those investments would lead to greater share of wallet from happier customers.

But there are signs that customer inertia may be a thing of the past. The Medallia-Ipsos research found that, today, 13 percent of UK customers will switch banks if their expectations are not met. While that’s a smaller proportion than the cross-industry average of 64 percent, still it remains far from negligible. And it should be a wakeup call for the big UK banks.

The end of customer stickiness

Branch closures have accelerated a trend that was already underway. A recent study found that a bank’s physical location is far less important than it was a decade ago, with only 10 percent of today’s customers citing it among their top three reasons for choosing a bank. Contrast that to the 42 percent of Generation Z customers and 37 percent of millennials who list “ability to manage services via a mobile app” among their top three reasons.

Take Monzo for example. Some recent hiccups notwithstanding, the asset-light UK challenger bank onboarded its two-millionth customer this year. Millennials and others, who will be the drivers of future growth, have realised that factors like proximity to branches are less important to them.

As consumers increasingly look to their banks to meet them wherever they are, the old rules of attraction and retention are breaking down.

Appy days: Customers want to bank wherever they are, without the need for branches

Banking leaders have long talked of the threat of disintermediation – of some nightmare future (for the banks) where the fintechs have successfully interposed themselves between customer and bank. In that dystopia, the fintechs own the distribution layer, ultimately winning the end relationship with the consumer, leaving the traditional banks to do the fulfilment behind the scenes.

But, as with climate change, arguably the future is already here. Monzo is currently growing at a rate of 35,000 customers per week. Have banks truly grasped the urgency of their predicament?

In January this year, around the same time I was struggling to open that account, I asked some industry contacts for their opinions on Monzo. I found their opinions surprising:

“Smells like emperor’s new clothes.”

“They are a comms company not a bank.”

So, in the UK at least, a degree of complacency remains. CX is generally treated as a matter of compliance (see the poster in my local branch, on display at the stipulation of the Competition and Markets Authority), rather than being seen as an opportunity to drive meaningful change. While most of the big banks have a CX programme in place, too often it’s merely a case of sending out surveys. And surveys aren’t the answer.

Why surveys alone can’t work

Take the example of my account opening fiasco. Sure, a survey would have allowed me to tell the bank about it – but only after the fact.

What then?

Best case, someone calls me to apologise. Think how more impactful it would have been – and how more satisfying for me as the customer – if the bank had resolved things in the moment. Multiple signals were generated over the course of my experience, from the unsuccessful digital application, to my unresolved query with the contact centre, to the operational signals at the branch (i.e. the IT failure occurring at the same time as a known customer appointment).

Any or all of these together should have alerted someone that a customer was having a bad time.

So far, UK banks’ over-reliance on the survey companies has bought them nothing but stagnation. When it comes to service quality, the UK Big Four are all competing in the same narrow range, while challengers put clear blue water between themselves and the traditional providers.

Learning from other regions

UK banks would do well to take note of what’s happening across the Atlantic and elsewhere in Europe. I like what I’ve been seeing from Bank of America (BofA) for instance – a bank that has recognised how today’s customer expectations are shaped by the likes of Apple and Airbnb.

BofA is rising to the challenge. Its recent innovations include a digital debit card, plus a ‘save’ feature for online product applications, which enables BofA to reduce cart abandonment by reaching out to customers who don’t complete in a single sitting.

Culturally, BofA has grasped the value of embedding a customer focus at every level. CX doesn’t live and die within the BofA Marketing team; more than 30,000 BofA colleagues are actively involved in reviewing and responding to customer signals daily. The insights that bubble up to senior management enable them actively to improve offerings for clients. CX as a compliance function this is not.

Far-sighted: It’s time to look for great banking CX in other regions

I also like what I’ve seen from ABN AMRO. Based on customer signals, ABN completely overhauled its mortgage process, which now includes a personalised video to guide customers through their journey (e.g. the time of their appointment, where they need to go, what paperwork they should bring).

ABN’s mortgage perception scores have moved from -30 to +30 as a result. Indeed, ABN has seen a +16 point improvement in overall customer perception and a +20 point improvement in Customer Care, all without ever displaying an aggregated score on anyone’s dashboard internally. ABN recognises that impactful CX is not about score-watching; instead the focus should be on keeping employees engaged. Consequently, ABN trials initiatives like handing out customer stories in fortune cookies – fun things like that – and much of ABN’s success is due to leveraging employee ideas.

To make all of the above happen, ABN and BofA equip their colleagues with empathetic tools that enable them to understand the true picture of CX. As ever, technology can provide a solution – but first a bank needs the vision to move beyond using surveys as a blunt instrument. And, frankly, also the courage to stand up and say “this is worth investing in”.

Time’s up

It’s clear that good stuff is happening elsewhere. It just hasn’t taken hold here yet.

Sure, that’s often the way with tech-enabled innovation: it starts in Silicon Valley, migrates to the East Coast, then makes landfall in Europe a couple of years later. Even by that standard, however, the UK banks are starting to look decidedly behind the times.

With the fintechs no longer merely yapping at their heels but actively winning market, it’s finally do-or-die time for banks. The days of “too-big-to-fail” are demonstrably over, as the execs I mentioned at the top of this article are starting to verbalise. It’s time for the UK big banks to stop issuing mealy mouthed platitudes about “Customer Experience”.

Time at last to demonstrate to consumers why on earth they should continue banking with them.

Medallia recently published The 4 Pillars of CX Excellence for Banking. In addition to the steps outlined in that whitepaper, below are my urgent recommendations for those banks that are still dragging their feet:

1. Revisit the business case for CX

Sure, balancing efficiency targets with CX projects will always take careful calibration. But deprioritising customer-focused investments in favour of cost reduction inevitably leads to a race to the bottom.

Evangelists for CX within banks need to be able to equip their P&L-owning execs with the arguments – how good CX leads to reduced cost to serve, lower acquisition costs, improved retention and greater share of wallet. CX has earned its seat at the top table; if banks are going to stop treating it as a compliance function, it has to be top-of-mind for execs with decision-making and budgetary authority, not just analysts.

2. Look beyond the survey

Start meeting customers where they are, by bringing together signals from across channels – SMS, social, “emerging platforms” (Whatsapp, Facebook Messenger, etc.) to understand the true picture of Customer Experience. Customers are less willing than ever to respond to surveys; banks need to be smart about gathering and interpreting signals wherever they may be harvested.

3. Think in-the-moment

Don’t let customer signals disappear into some analytical black box.

That won’t wash any more.

Even just apologising to customers 24-48 hours after an incident feels woefully insufficient in today’s Uber-ised marketplace. Think about customer signals not simply as data, but as a way to deepen relationships and uncover underlying issues and unmet needs. View each signal as a potential opener to a dialogue, and start engaging in those conversations now.

4. Activate the entire organisation

It’s easy enough to engage frontline colleagues with customer feedback – and most banks do at least an element of this – but what about product and proposition teams? They may not interact directly with customers, but still they play a pivotal role in shaping their experiences.

To keep pace with ever-changing customer demands, it’s crucial that middle – and back – office teams are supported to develop greater empathy for customers’ experiences, to design more empathetic experiences.

5. Above all, recognise and listen to your people

Engaged employees are more likely to manifest customer-focused behaviours that lead to bottom-line impact. This is hardly new insight – it’s the central philosophy of the service-profit chain that a trio of Harvard academics evidenced as early as 1994.

But have the big UK banks truly embraced this? When CX becomes a score-watching exercise, when employee ideas are either not solicited at all or disappear into the ether, what does that say about the value the bank places on its employees’ ability to change customer’s lives? Recognition, positive coaching and effectively harnessing employee ideas at scale are key.

It’s not too late for the banks to decide to compete to win and survive. It will, of course, require a new approach. But will any of them have the courage to change?

Additional material you may find helpful



Customer Experience is a global movement – across the world, an increasing number of companies are understanding the business case for focusing on the customer, and are seeking the right tools to achieve this goal.

Some countries have, however, reached a greater level of CX maturity than others. The roots of CX culture run deepest in the United States, where organisations such as Amazon have set a global standard in customer centricity.

In fact, an Ipsos + Medallia study indicated that 19 percent of US customers feel their expectations were exceeded in online retail experiences, compared to just nine percent of UK customers.

While there remains considerable variation among sectors – only 11 percent of American customers feel similarly positive about their offline retail encounters – there is also a striking difference in CX perception among countries.



In Germany, relatively few online retail customers say their expectations were exceeded – eight percent compared to 19 percent in the US.

Customer Experience in the UK lies somewhere between these two extremes; more sophisticated than in Germany, but not yet at the level of the US. Some UK sectors, such as the hotel industry, perform particularly well, with 21 percent of customers saying their expectations were exceeded. Yet the overall average across sectors is under 10 percent – well behind the US figure of 17.3 percent.

So the UK is getting there with Customer Experience, but it’s far from consistent and there is still significant progress to be made. The question at this stage is: what can UK companies do to take Customer Experience to the next level and establish themselves as the uncontested CX leaders of Europe?

1. Be smart about your surveys

There is a tricky balance to strike in Customer Experience: you want to know as much as possible about your customers, but they don’t want to spend all afternoon answering your surveys. Fortunately, a limited number of open-ended questions will typically get your customers sharing their most pressing concerns.

This is why it’s so important to get surveys right. The best time for your customers to answer questions is in the moment, when memories of the interaction are still fresh and likely to elicit the most accurate responses.

A great way of capturing these fresh opinions is by embedding surveys throughout your customer journey. These provide more granular responses than general end-of-transaction emails, and they’re a great addition to your CX toolkit.

It’s now possible to embed surveys at highly specific stages of the journey, such as when customers are watching media-heavy content or reading product pages and descriptions. You can decide which approach is best for the specific needs of your business.

2. Use real-time text analytics

Qualitative feedback is essential for gaining a more nuanced understanding of customer issues. Many companies in the UK still employ large teams of people to sift through this feedback, looking for trends, but the truth is that technology can enable your staff to make smarter, data-based decisions while saving valuable time.

For example, text analytics can identify the tone of written responses using artificial intelligence, automatically sorting them into clusters and enabling you to identify and prioritise the most important areas going forward.

This enables your team to operate at a higher level, interpreting the findings from your text analytics and putting them to good use.

3. Bring Customer Experience into instant messaging

Capturing feedback at the right time, and on the right channel, is vital. However, instant messaging integration isn’t just about feedback – you can also include targeted features that your customer will really appreciate, such as holiday or entertainment recommendations.

Using platforms like WhatsApp or Messenger also enables customers to share a wider range of media by uploading videos or sending photos while having a more convenient and frictionless feedback experience.

4. Integrate with voice technology

Abound 10 million Brits use a smart speaker, and that number is expected to grow by a third in 2019. Since this is an increasingly significant touchpoint, it’s important to measure precisely what customers think.

It is now possible to integrate surveys with Alexa and other web-connected devices through solutions such as Medallia’s Digital Anywhere.

When you combine these insights with data about how your customers interact with IoT (Internet of Things) devices, you can get a clear picture of their priorities across the whole customer journey. It’s also important to remember that Customer Experience expectations continue to rise. If your CX innovations don’t keep up with consumer trends, how do you expect to retain customers?

5. Do more to personalise

There is no one-size-fits-all approach to Customer Experience. Customers will respond differently depending on the circumstance. Being sensitive to these nuances is crucial for anyone working in CX. For instance, if a passenger’s flight has just been cancelled, that may not be the best time to ask for feedback: it will most likely serve to irritate them.

The more advanced the technology you have informing your CX strategy, the more you will be able to personalise and deliver outstanding experiences.

6. Incorporate artificial intelligence platforms

The potential for this goes far beyond text analytics, and we’re now seeing revolutionary new products using AI to optimise Customer Experience. AI-driven CX solutions can deliver targeted, precise insights about every touchpoint in your customer journey.

Beyond helping you understand qualitative feedback, these types of advanced solutions automatically assess your survey responses and can help you predict the impact of changes to your CX strategy.

What next for the UK?

Although a European leader, there remains a significant CX gap between the UK and the US. It’s only by harnessing world-beating technology that Britain will be able to deliver experiences to that same high standard.

Whether it’s collecting feedback in a smarter, less intrusive way, or using artificial intelligence to inform decisions, truly embracing the digital revolution and adopting more advanced CX capabilities is the best way to enhance Customer Experience.



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