There’s a lot of good things going on at Barclays Bank, specifically with its Barclaycard, which was just honored with the 2012 Forrester Research Voice of the Customer award. The Voice Of The Customer Awards recognize organizations that excel in collecting, analyzing, and acting on feedback from their customers. The Barclaycard was cited for delivering a great customer experience.
Even better is the fact the dynamics shifted this year into a more global effort, which speaks volumes about the versatility of this credit card.
This year we opened the competition to global nominations and were impressed with the scope, scale, and quality of the voice of the customer programs we reviewed from around the world,
said Forrester Research Analyst Adele Sage.
VoC programs continue to incorporate more customer data, influence more internal stakeholders, and deliver more value to their customers and their bottom lines.
Earlier this year, a new Barclaycard US card was introduced, the Barclaycard Ring MasterCard. It’s being marketed as the first “social credit card to be designed and built through the power of community crowdsourcing.” It’s an incredible idea whose time has come. It’s now out of alpha testing and touts a low APR of just 8% across the board and for all balances. The terms and conditions are incredibly straightforward and easy to understand. There are no balance transfer fees, no annual fees and no confusing lingo. Consumers love this product – and for good reason. It’s unlike any other credit card on the market today.
Here’s where it gets good, though. Via its revolutionary virtual community, all card members are given complete access to the financial aspects of the financial product, including profit and loss statements. They are also privy to forums that exchange ideas on how changes should be implemented, new features and the ability to influence the decisions associated with the credit card. It’s an extraordinary concept. The card’s “Giveback” program enables the community to share in the profit generated from those brainstorming and ultimate decisions.
This credit card provider shines for what’s being called its “cultural transformation”. Imagine going to the office and starting your day by listening to a random real customer call. It’s part of the business model and is said to have led to “cross-functional dialogue and swift changes to policies”. The credit card company also just created a Customer Experience Hopper, which is described as “75 customer evangelists” from different areas of the company. Already, 25 changes have been made and it’s expected another 50 or 60 will be unveiled in the coming weeks. It’s resulted in big changes in the credit card company’s business model. Everything from the way the company develops its financial products to the way it handles social media, financial education and even banking online, have been affected in a positive way. Not only that, but customer complaints have fell by 50% and attrition is up by nearly 30%. And if you’re wondering what it means to the company, $10 million has been added in annual benefit.
Paul Wilmore, who is the managing director for consumer markets with Barclaycard US, explains,
Through simple and transparent terms, we want to pull back the curtain that has traditionally separated banks from their customers and give our community a say in weighing economic tradeoffs that can create a better cardholder experience.
There were forty companies, each representing leading brand names in financial services, healthcare, retail, technology, and travel, were submitted entries to this year’s Voice Of The Customer awards panel. At that time, each company was judged using five criteria, including clarity of approach, business value to the organization, positive impact on customer experience, innovation, and potential for other companies to repeat the practice.
The best VoC programs this year connected the dots between their VoC activities and a better customer experience and associated business results,
said a company spokesperson.
Meanwhile, Barclays Bank surpassed the $1 billion mark in deposits for its online savings accounts and CD accounts. It was also just named a 2012 ‘Best Bank’ By Money Magazine. The $1 billion in deposits are exclusive to its new high-yield online savings account and certificate of deposit (CD). Remarkable as it is, it’s been done in less than six months. It’s important to keep in mind, too, that these changes – most of them – are still in their infancies. It’s little wonder it received Money Magazine’s prestigious “2012 Best Bank” title. It cited its “no-fuss products, with neither a maintenance fee nor a minimum.”
Barclays is extremely excited and proud to have reached this major milestone for our online savings accounts and CDs in such a short time, and we thank our customers for their continued patronage,
said Steve Carp, managing director of deposits for Barclays US.
We’re even more proud to have been named a 2012 Best Bank by Money Magazine, which lets our customers know they’ve made a great choice by banking with Barclays.