EQ Bank is on the search for a new way to quantify and improve consumer trust by leveraging the latest in artificial intelligence. EQ Bank receives thousands of feedback comments from customers, and extracting insights on how to improve digital customer experience was previously manual and time consuming.
Cathy Ly, VP marketing, EQ Bank says “with Adoreboard, we’re now able to hear what our customers are saying more intimately and faster than ever, while also translating these findings into discernible business results.”
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Adoreboard, an AI platform that aims to build trust for better customer retention, is being deployed to remove manual analysis and instantly predict what areas to focus on that will lead to the greatest improvement in customer trust.
EQ Bank is able to predict the impact of resolving key issues
The platform uses AI to automatically detect the intensity of emotion expressed in each text comment to quantify drivers of trust. Developed by data scientists at Adoreboard, a spin-out of Queen’s University, the Trust Metric serves as a barometer for understanding trust by quantifying levels of emotional intensity in customer feedback.
By measuring digital experiences ranging from onboarding experience to mobile satisfaction, EQ Bank has been able to predict the impact of resolving key issues on its Net Promoter Score (NPS) across different feedback touchpoints. NPS helps companies understand customer loyalty and satisfaction based on their likelihood to recommend its product or service to others. By taking action to resolve customer concerns, EQ Bank increased its NPS score by 5% since October 2023.
Cathy Ly, VP marketing, EQ Bank, said: “EQ Bank is a customer-obsessed organisation, so partnering with Adoreboard to bring our customers’ insights more readily to the forefront was a natural choice.”
“Verbatim comments left by customers are a critical way to build challenger banking products that drive trust and satisfaction. With Adoreboard, we can now hear what our customers are saying more intimately and faster than ever, while translating these findings into discernible business results.”
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