November 08, 2010 11:03 AM
By Frank Eliason, SVP, Social Media
I just reached the three month mark at Citi and already I have seen a whirlwind of change. Since joining Citi, I have seen new leaders sign up to run our cards and consumer banking business, as well as a change to a single Chief Marketing Officer across our global organization. Since I am new to the Citi landscape, many of you may not know my passion. I have worked in a variety of Customer Service roles within financial firms, with a brief stint in the cable television business. What excites me right now is an overall shift I am seeing in the Customer Service field. Companies are placing a much larger emphasis on the overall Customer experience. This is a top priority at Citi for everyone within the company, and a key driver for me in joining this Citi.
Late in October, TheStreet.com provided insight into our efforts to improve the Customer experience, reporting positive momentum--including an uptick in Citi's "Net Promoter Score."
What is this metric and why is it so important to a company? Net Promoter Score is a measure of how likely customers would recommend a business. On a scale of 0-10, promoters score a company 9 or 10 and detractors score them 0 through 6. To find the Net Promoter Score, you then simply subtract the percentage of detractors from the percentage of promoters.
I find tracking the trend of the data over time the most beneficial way to use this number. As you see changes to the number, good or bad, it is an opportunity to dig in further and understand what we are doing well and what we need to improve.
So what have we been doing? First and foremost, we are listening to our Customers--through surveys, social media and regular interactions people have with our team each day. We are doing the same with our employees because we believe they are key to creating the best experience. Beyond this, we have been working on better training and empowering our employees to serve you better. You may recall in September we made the unprecedented move by a financial institution to close our branches for a portion of one Saturday so we could deliver a consistent training to all branch personnel.
There has been a lot going on at Citi to improve the overall Customer experience. Working with you, our Customer, we know we can build a stronger financial institution that focuses on your needs.