Westpac

How Westpac engages customers to build better products

overview

In 2017, Westpac celebrated 200 years as Australia’s first bank. Their vision is to be one of the world’s great service companies, helping customers, communities, and people to prosper and grow. To realise this vision, they created communities for both customers and employees, using Vision Critical’s customer intelligence software.

Fast Facts

Industry:

Financial Services

Role:

Marketers

Customer Experience

Insights professionals

Product Managers

Use case:

Product innovation

Business Outcome:

Improve customer satisfaction

Drive revenue growth

Business Challenge

Westpac’s challenge was rolling out new products quickly and at low cost, harnessing the power of community input to drive their customer-centric approach.

Solution

Westpac’s communities have over 20,000 members collectively. With their employee community, Westpac can test an array of concepts and ideas, and compare those views with their customers. For customers, a feedback widget allows them to submit questions or give feedback directly to the Westpac team. The result is targeted feedback, and innovative products and services.

The bank conducted a Wearables Proof-of-Concept with their Employee Community. Not only did the community contribute to a faster time-to-market, but critical and timely feedback brought important insights to both product developers and stakeholders. By launching the right product, customers perceive the bank as an innovator in the market, and those who saw the product are much less likely to switch from Westpac in the future.

Westpac’s Communities have given the bank a leg-up on their competitors by remaining agile, and staying focused on customer experience. For $20,000, Westpac delivered proof of concept wearables that surpassed expectations on traditional projects with budgets of over $100,000. Engagement from employees on the wearables project was second to none, with over 90% completion of diary tasks—unheard of in the consumer space.

Customer insight helped us validate existing ideas and explore new ones, giving a big program some solid ground to stand on.

-Jaimes Nel, Senior Service Designer, Westpac

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