“The Voice of the Customer (VoC) is a market research technique that produces a detailed set of customer wants and needs, organized into a hierarchical structure, and then prioritized in terms of relative importance and satisfaction with current alternatives.“
The Voice of the Customer (VoC) is not a new concept. In one way or another, it’s been included in quality assurance processes for years, and yet, its full integration in the workflow is a pending tasks for many companies. The Voice of the Customer allows you to listen, interpret and react to what’s being said, and then monitor the impact your actions have over time.
The current challenge companies are facing comes from the volume of data available. In this digital age, feedback is ever-growing and not just limited to the periodic surveys sent to clients. Word-to-mouth has gone digital and has become more relevant than ever: everyone with a Twitter or a Facebook account has an opinion, and more often than not, it’s about the products and services they consume.
As so many other sectors, banking needs to figure out how to translate this first-hand source of knowledge their clients are providing into something useful, something that can be used in the company’s decision-making process.
Voice of the Customer combines two key aspects of information extraction: the need to know in detail what the customer is talking about and to interpret correctly his feelings about it. The former gives a quantitative view of the feedback obtained while the latter gives a more qualitative analysis, measuring what clients think a company is doing right or wrong.
The banking domain has the added difficulty of providing an extremely wide array of products and services, each one of them with very specific subcategories and received through completely different channels.