Financial Services - Managing Customer Migration

The Brief

Our client, a leading financial services provider, was migrating customers to a new product over a 12-month period to align with the strategic direction of the business. To mitigate churn and ensure a positive customer experience, a sensitive and continual improvement program was required. The program needed to provide timely results to the business to allow them to quickly act on customer pain points prior to future migration phases being undertaken.

The Approach

An initial benchmark wave (pre-migration) was conducted via telephone with 600 customers to establish baseline measures on usage, satisfaction and NPS. Customers were then contacted 90 days post migration and asked to complete a 10-minute telephone survey. In total, there were 6 migration phases spread out across a 10 month time frame, which commenced with inactive customers and progressed to high value customers. Across the 6 phases, a total of 3,000 telephone interviews were conducted.

The Result

Within a few days of each phase, results of the migration were shared with the client and areas for further improvement identified by a cross functional working group. Across the phases, a number of changes were made to the migration process, which included communicating benefits and reasons for the change more clearly to customers, more effective CRM database usage, and re-contacting customers directly who had poor experiences, which ensured no negative impact on NPS.