Building loyalty and engagement by harnessing the Voice of the Customer

Virgin Money is a UK-based financial services company providing a range of banking, protection and investment products to 3.4 million customers across the UK. With 73 stores and eight lounges throughout the UK and over 3,000 employees, Virgin Money uses a strategic Voice of the Customer program to gather actionable insight across all products, channels and at key customer life stages.

Feedback from the program is shared across internal departments to provide the information needed to drive ongoing improvements. Real-time feedback is shared with Customer Services, enabling the team to quickly identify service issues or barriers to a positive customer experience – and provide direct, immediate response to customers where required. Meanwhile, digital teams use the insight to help prioritize development activity, with Virgin Money’s agile approach allowing small changes to be made very quickly in response to customer feedback.

At a corporate level, Virgin Money’s Business Transformation team uses the VoC program to ensure that business change processes are fully aligned to what is important to customers, with VoC insight used right at the initial design stage. This avoids costly re-workings and drives higher customer satisfaction.

“We aim to provide our customers with a fantastic experience with the aim of driving stronger customer relationships, deeper product engagement and increased cross-product holdings. Using valuable insight from our VoC program we delivered increased product sales to existing customers and further significant improvements in customer advocacy in 2017. More customers than ever before would recommend Virgin Money to their friends and family, with our overall Net Promoter Score (NPS) increasing to +40, up from +29 in 2016.”

- Michael Harris, Head of Customer Research

Driving Action:

• Increased satisfaction and advocacy has helped to drive customer growth and strong financial performance, with 2017 underlying profits before tax increasing by 28%
• Increased the proportion of new product sales to existing customers to 12.2 per cent, compared to 10.7 per cent in 2016, and increased online customer engagement
• Culture change driven by VoC insight cascading from Executive level, ensuring colleagues see leaders being fully committed to customers.