FinDev Canada, a development finance institution, wants to ensure it maintains customer satisfaction while expanding its customer base. Leger used extensive exploratory research to uncover what matters most to FinDev Canada clients and designed a personalized VoC system and plan based on the moments of truth in their customer journey.
In 2020, FinDev Canada, a financial institution dedicated to providing financial services to the private sector in developing countries with the goal of alleviating poverty through economic growth, faced a common business challenge: how to expand its customer base while making sure new customers are happy?
Founded in 2018, the organization (a wholly owned subsidiary of Export Development Canada) provides debt and equity financing in the range of US $ 5 to 20 million to companies operating in developing countries to strengthen these markets and, in turn, create stability and prosperity for local communities. Working in Latin America, the Caribbean and Sub-Saharan Africa and spanning the sectors of âgreenâ growth, agribusiness and financial institutions, FinDev Canada is committed to economic development, women’s economic empowerment and climate action in the regions where it works.
In 2020, FinDev Canada is proud to serve 16 clients. They plan to grow over the next few years and their goal is to add 15 new customers to their list each year for five years.
THE CHALLENGE: MAINTAIN SATISFACTION WHILE EXPANDING ITS CLIENTS
FinDev Canada was looking for a partner in its journey to maintain customer satisfaction while expanding its customer base, managing customer feedback and delivering added value.
Specifically, the organization wanted to implement a personalized voice of the customer (VoC) solution to achieve these goals.
Previously, FinDev Canada conducted customer surveys to measure customer satisfaction. As a relatively young organization established in 2018, FinDev Canada had designed the surveys itself. In addition, they were administered by internal staff rather than by an independent third party. FinDev Canada wanted to ensure that its survey technique benefited from the technical expertise of survey design professionals and techniques deployed that would ensure that the feedback reflected what clients were really feeling. They also wanted a long-term VoC process that could be deployed to consistently capture customer sentiment.
As Isabelle Blanchet, Vice-President, Customer Experience, LÃ©ger, points out, âFinding an independent third party to measure customer satisfaction was a smart move for FinDev Canada. Inevitably, organizations are skewed towards the internal perspective: after all, they are the experts in their products and services, understand the processes and regulations associated with their distribution, and know their market and what their customers want.
Delivering a great customer experience means going beyond internal assumptions and externally validating exactly what your customers are looking for.
With the goals of FinDev Canada in mind, Leger’s Customer Experience (CX) team collaborated with Leger’s communications and public affairs research team to:
- Determine what the goals of FinDev Canada’s VoC system should be
- Design a custom VoC system for FinDev Canada
- Develop a plan for FinDev Canada to implement the VoC system, given the realities facing their organization
THE SOLUTION: EXPLORATORY RESEARCH TO DETERMINE THE OBJECTIVES OF THE SYSTEM, FOLLOWED BY THE DESIGN OF A PERSONALIZED VoC SYSTEM
A crucial aspect of building a VoC system, perhaps the most crucial, is ensuring that it measures what really account for your customers.
As Seth Godin once said, “Measurement is fabulous, unless you’re busy measuring what’s easy to measure, as opposed to what’s important.”
Our CX team knew that before they could design the VoC system, they would need to know the decisive moments (moments of truth) along the FinDev Canada customer journey from the perspective of their customers.
Part 1: In-depth exploratory research to understand what matters most to FinDev Canada clients
First, our teams reviewed existing FinDev Canada documents (including internal documents, reports prepared by previous consultants, and previous client surveys).
They then met with key FinDev Canada stakeholders (including the investment team, senior management, CIO and others) to understand their perceptions of the customer journey and the defining moments of that journey. Based on this feedback, Leger’s CX team created a preliminary customer journey map that reflects FinDev Canada’s perspective.
To validate the customer journey map (and determine whether what FinDev Canada stakeholders perceived as key and most important milestones were too more important for clients), Leger’s research team conducted one-on-one interviews with a sample of existing FinDev Canada clients. These interviews aimed to understand how each client perceived their journey with FinDev Canada, including their needs and expectations, challenges and the emotions they experienced throughout.
Feedback from the interviews was used to revise, update and, in this case, simplify the âinternalâ journey map to ensure it reflects the FinDev Canada customer journey from the perspective of their clients. clients. The final customer journey map consisted of four stages: information, due diligence, agreement and partnership, and follow-up. Within each of these stages, we have identified:
- The stages experienced by customers
- The touchpoints customers expect every step of the way
- The ideal time to conduct customer surveys, based on the above
Part Two: Design a Custom VoC System Based on What Matters Most
We’ve clarified what matters most to FinDev Canada clients and the moments of truth in the client journey through in-depth exploratory research.
The information gathered during the exploratory phases guided the development of the VoC program and helped us design the VoC master plan, which included information on:
- What customer experience metrics should FinDev Canada measure (depending on what matters most)
- When / how often should FinDev Canada follow up on its clients,
- The best ways to contact their customers (phone, email, etc.)
- The support process (including how the VoC system will integrate with FinDev Canada’s CRM system)
- And more
In addition, we also have:
- Design of three personalized surveys adapted to the three key stages of FinDev Canada’s customer journey. These surveys allow FinDev Canada to track their most important customer experience metrics over time and allow customers to provide both qualitative and quantitative feedback.
- Thoroughly analyzed 7 different VoC platform providers and provided FinDev Canada with a recommendation for the top 3 providers best positioned to meet their unique needs (based on FinDev Canada’s business needs and their IT team’s vision) .
KEY POINTS TO REMEMBER
For FinDev Canada, some of the key takeaways from this project were:
1. THE CUSTOMER JOURNEY AS PERCEIVED BY ITS STAKEHOLDERS AND CUSTOMERS IS NOT THE SAME
This insight allowed FinDev Canada to understand that clients perceive the overall journey in a much simpler way (grouping steps into milestones) than the internal processes they go through. He also confirmed the most important value creation elements provided by FinDev.
2. IDENTIFY MOMENTS OF TRUTH IN YOUR CUSTOMER JOURNEY
Moments of truth throughout the customer journey are crucial because they have a huge impact on satisfaction and retention. To deliver the best customer experience, FinDev Canada needs to ensure that the VoC system they are implementing measures what is truly most important to their customers, especially at those specific points.
3. DIFFERENT CLIENTS, IN DIFFERENT COUNTRIES, SECTORS AND AT DIFFERENT STAGES OF INVESTMENT WANT THE SAME FROM FINDEV CANADA
Interviews with clients revealed that regardless of market, industry, preferred financial service and stage of the investment journey, all clients have the same expectations and are looking for the same thing: a partner. Although their journeys may vary in terms of activities, duration, funding required or level of risk of the project, they live the customer journey with the same expectations.
âAlthough we work in quite distinct regions of the world, Latin America, the Caribbean and Sub-Saharan Africa, we were surprised to find the commonalities between the expectations of our clients – they want us to be a financier. partner – someone who understands them and meets them where they are in their journey, âsaid StÃ©phanie Emond, Vice President (Operations) and Chief Impact Officer, FinDev Canada.
In the fall of 2020, LÃ©ger presented the results to FinDev Canada’s senior management team. The organization is currently working on setting up its processes and systems to accommodate the implementation of the new VoC system.
Leger looks forward to helping FinDev Canada implement this system in the future.
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