Cofidis – customer experience case study
Cofidis is a specialist in providing consumer loans, with 40 years of experience on the European market operating across 9 EU countries and serving over 30 million customers. The company specializes in offering custom-tailored consumer loans, using 2 main points of sale, with one of the channels being digital while the other is over the phone.
We have been working with Cofidis Czech to improve their customer experience since 2017, with the Slovak branch coming on board in 2019 and the Polish branch joining the duo in 2020.
Improving customer experience using various traditional metrics
To help Cofidis improve their CX at its Slovak, Polish and Czech branches we used traditional metrics:
- NPS – How likely are you to recommend our company?
- CSAT staff – how satisfied were you with your last call with our agent?
- CSAT overall – how satisfied are you with Cofidis’s services?
- CSAT call – how satisfied were you with the resolution of your request?
- FCR – were you able to resolve your query during your first call?
- Sentiment – I want to thank/I have a recommendation
However, the branches aren’t measuring all the same metrics. Each branch is measuring the specific metrics that they consider important to them and how they approach their customers and their CX.
The Slovak branch has been focusing on measuring the NPS and all the CSAT metrics on the list. Over the course of two years, the branch has had more than 2000 feedbacks given and the results have been overwhelmingly positive. The data has been collected over SMS messages, which are sent right after calls with customers. They activity has seen an above-average conversion rate of 22%.
The sentiment was as positive as it could be – 87% of the feedback left by customers was positive; to put it into perspective the average is usually at 85%. The customer satisfaction (CSAT) with services was also overwhelmingly positive, with 93% of all the feedback left being positive. Customers were also impressed by how agents handled their requests leaving numerous positive feedback for both the agents and rating the resolution of their queries highly.
To keep it short and sweet, the Slovak branch has been performing superbly on all fronts and all the metrics including an NPS of 63 in 2021 prove that beyond any doubt.
Our longest-running client on the list collects its data in real-time, and the only metric that it focuses on is NPS, which holds a rating of 70 in 2021. It collects its feedback through email campaigns and the thing that really stands out is that its conversion rate is almost 24%. Common conversion rates for commercial businesses range from 6 to 12%, which means that Cofidis CZ is overachieving in this case.
Over the course of two years, the Czech branch collected over 13,500 pieces of feedback, with 94% of the sentiment being positive. On another note, to engage and motivate employees it also deployed the gamification module.
The Polish branch was the last of the trio to join. In the same way as its other Central European siblings, Cofidis Poland has been measuring its Net Promoter Score. This has been coming in steadily at 50 in 2021.
As part of its feedback collection, the Polish branch has been also focusing on their agents’ efficiency in resolving requests. That’s where the FCR metric comes into play, which as the name indicates the resolution of requests during the First call. The branch achieved impressive results, having an almost 84% FCR. Additionally, clients were also able to specify what topic they discussed with the agent on the call.
The company motivates employees to improve the CX
Mr. Milan Bouda, Director of Marketing, Data Analytics and Customer Care in the Czech Cofidis, is satisfied with the cooperation with Staffino. Read his view on this collaboration:
“Increasing the customer experience is our priority and thanks to cooperation with Staffino we have the opportunity not only to work effectively with our clients’ feedback and measurement results of monitored KPIs, but also to motivate our employees to increase customer experience through the Badges project, which we work with partner Staffino. We realize that motivating employees leads to greater satisfaction of our clients. “
After working together for over two years, we can humbly conclude that things are going exceptionally well. Over the period, we succeeded in collecting thousands of responses from satisfied clients that were turned into actionable data that could be used to maintain the strong points and improve the weak points of the customer experience at the three Central European branches of Cofidis.
Looking at the NPS results we can see that all three are performing above average with the Czech leading the pack with an average score of 70, the Slovak branch maintaining an average score of 63, meanwhile, the Polish branch has a respectable average score of 50.