ABN AMRO engages with customers to build transparency and trust
The company works with Bazaarvoice to learn from its clients, demonstrating transparency, ensuring relevance and fostering trust.
- Authentic dialogue with customers builds trust
- 93% of customers rate ABN AMRO Continuous Travel Insurance at 4 out of 5 stars and above
- Transparency and positive impressions drive 40% uplift in conversion
Founded in the Netherlands three centuries ago, ABN AMRO has grown into one of Europe’s leading financial services groups with €150 billion of assets and operations on five continents. With a mission to be trusted, professional and ambitious, it delivers high quality products to its retail, private and commercial banking customers.
ABN AMRO works with Bazaarvoice to better listen and learn from its clients: demonstrating transparency, ensuring relevance and fostering the most valuable commodity of all — trust.
ABN AMRO’s success comes from a very clear focus on putting clients first. Today, this has seen it embrace the opportunities of the digital age, building a strong social media presence on platforms such as Facebook, Twitter and LinkedIn. “We want to become a part of people’s financial lives, to both educate them on financial matters and to learn from them about what they need and want from us,” said Sander Nubé, Social Media Manager within the ABN AMRO Marketing department.
Always looking to the future, ABN AMRO seeks new ways of building, maintaining and strengthening its customer relationships. User- generated content is one such approach, but also one that is yet to gain traction in the industry. This reticence is perhaps understandable in the traditionally conservative financial services sector, where all risks have to be weighed carefully.
ABN AMRO, however, realises that the biggest risk of all is to ignore this rapidly expanding channel and lose relevance. The company needed a word-of-mouth engagement partner that could deliver transparency, real dialogue and bottom line results.
With stakes high — potentially putting its hard won reputation on the line — ABN AMRO approached Bazaarvoice as the leader in intelligent, word-of-mouth digital engagement.
It immediately became clear that ABN AMRO needed scalability and flexibility, allowing the company to start small but grow rapidly when required. In addition, progress had to be evidence based — not least to reassure internal stakeholders — and so any solution demanded detailed reporting at every stage. This would allow for real time refinement for maximum returns.
Bazaarvoice identified ‘Conversations’, a solution designed to help businesses engage with customers by initiating authentic dialogue through rating and review. Existing clients using ABN AMRO’s ‘Continuous Travel Insurance’ were given the opportunity to rate their product and experience from one to five stars after completing the damage report process. Potential risks associated with free-text reviews were allayed with Bazaarvoice’s unique moderation system, which combines state-of-the-art technology with human insight.
Results were immediate: in just two weeks in January 2012, 93 per cent of customers who rated their travel insurance rewarded it with at least four stars. Conversion rates, defined as taking an inquiry from start to completion of a quote, leapt by 40 per cent.
Sander Nubé sees this is just the beginning of Conversations’ benefits, estimating that ABN AMRO is currently exploiting just 10 per cent of the solution’s potential. It is leading to the introduction of Conversations for eight additional products, with incremental expansion planned throughout 2013 and beyond.
Sander Nubé said, “Giving customers the ability to see what others think about ABN AMRO’s products demonstrates transparency, builds trust and acts as a catalyst for new business. Whilst we work to foster trust with our customers, Bazaarvoice does the same: our account team is always there to ensure that the solution is not only working, but working for us. We know that when we’re ready to move to the next level in customer engagement, Bazaarvoice will get us there.”Download PDF »