"EQ Bank Measures and Enhances Customer Trust with Cutting-Edge Adoreboard AI"
A groundbreaking approach to quantifying and enhancing consumer trust through the utilization of the latest advancements in artificial intelligence (AI) is spearheaded by EQ Bank, the digital arm of Equitable Bank, known as Canada’s Challenger Bank™ and the seventh largest bank in terms of assets.
"Revolutionizing Customer Feedback Analysis"
EQ Bank receives a plethora of feedback comments from its customers, and deciphering insights to enhance the digital customer experience was previously a manual and time-consuming endeavor. However, with the integration of Adoreboard, a leading AI platform focused on fostering trust for improved customer retention, manual analysis is eliminated, allowing for instantaneous predictions on areas to concentrate on for optimal enhancements in customer trust.
"Adoreboard's AI-Powered Trust Metric"
Adoreboard's innovative AI technology automatically gauges the intensity of emotion conveyed in each textual feedback comment to quantify the drivers of trust. The Trust Metric, developed by data scientists at Adoreboard, a spin-out of Queen's University, functions as a gauge for understanding trust by quantifying the levels of emotional intensity in customer feedback. Notably, EQ Bank saw an 8% increase in its Trust Metric score between May 2023 and May 2024 through its bi-annual customer survey.
"Predicting NPS Impact and Enhancing Digital Experiences"
By evaluating digital experiences ranging from onboarding processes to mobile satisfaction, EQ Bank has successfully predicted the impact of addressing key issues on its Net Promoter Score (NPS) across various feedback touchpoints. NPS aids companies in comprehending customer loyalty and satisfaction levels based on their inclination to recommend the products or services to others. Consequently, EQ Bank's proactive approach in addressing customer concerns resulted in a 5% increase in its NPS score since October 2023.
"Consumer Expectations and Industry Trends"
As consumer expectations of superior digital experiences in financial services continue to soar, EQ Bank's relentless focus on measuring and enhancing customer trust aligns with the evolving landscape. A recent survey reveals that 60% of Canadians anticipate utilizing their smartphones for more transactions in the upcoming year. Additionally, with a surge in mobile payments, a staggering 65% of Canadians would contemplate switching banks if faced with subpar digital experiences.
"Pioneering AI Adoption in Financial Services"
Chris Johnston, the Chief Executive of Adoreboard, commended EQ Bank for its pioneering stance within the Canadian banking sector and its innovative integration of AI within the Voice of Customer program. Johnston emphasized that EQ Bank's collaboration with Adoreboard has yielded valuable insights for identifying the next best actions, culminating in an enhanced digital experience for customers and a palpable business impact in terms of augmented customer trust and retention.
"Driving Business Results with Adoreboard AI"
Recognized as a Gartner Cool Vendor in Customer Analytics utilizing Artificial Intelligence, Adoreboard boasts a prestigious clientele base, including renowned brands like Procter and Gamble, Allstate, and Amazon. By leveraging Adoreboard's AI technology, EQ Bank continues to set a benchmark in customer trust management and innovation within the financial services realm, underscoring its commitment to delivering unparalleled digital experiences and customer satisfaction."