Financial Services

Industry Pioneer Achieves Competitive Edge in Discerning Market


Customer experience is critical to high performance in the financial services industry.  According to Accenture, "a compelling and differentiating customer experience is the key to any financial institution's ability to grow."

A privately-owned mid-sized financial company, which assists clients with investment and retirement products, recognized this fact. And, they realized that additional employee development and training was necessary to help them deliver an even better customer experience. They also wanted an "edge" that would differentiate them from other providers in the same market.

Seeking a Service Edge

Most of the training vendors they found provided basic or "generic" customer service content. But, they wanted more—a solution that would not only help them raise the bar and reach new heights in service delivery, but also engage associates in the process. After a comprehensive research effort, they decided that The MAGIC® of Customer Relations training system from Communico Ltd. did all that … and more.

The MAGIC Match

MAGIC stands for Make A Great Impression on the Customer. This proven training process, developed by Communico Ltd, has not only helped a wide range of financial organizations exceed customer expectations, but also create an internal culture of engagement and collaboration.

According to the Training Specialist who led this research effort, "It provided a systematic approach and specific milestones for conversations—that made it easier to evaluate and reinforce each call." She also reinforced that it is a full systemic approach, not just a one-time solution. Plus, it included a proved measurement standard that was immediately applicable for their calls and coaching, as well as online reinforcement.

Perhaps best of all was the "fun spin" and the possibilities to support it with a MAGICal flair. All of these factors made it not only easy to select the training, but also to reinforce it as well.

Customer experience is critical to high performance in the financial services industry.  According to Accenture, "a compelling and differentiating customer experience is the key to any financial institution's ability to grow."

A privately-owned mid-sized financial company, which assists clients with investment and retirement products, recognized this fact. And, they realized that additional employee development and training was necessary to help them deliver an even better customer experience. They also wanted an "edge" that would differentiate them from other providers in the same market.

Seamless Discovery and Implementation

The organization worked with Communico to ensure smooth scheduling and call volume coverage. And, Communico spent time up front to better understand the company, their unique business and goals, as well as their most challenging customer calls.  Associates found that "the Discovery phase was seamless, and the facilitator demonstrated strong knowledge of the company as well as the novel elements of the business."

Perhaps most importantly, the facilitator created a welcoming and engaging atmosphere throughout the training. So, the group felt engaged and comfortable immediately, and they bought into MAGIC, right from the start. The facilitator also quickly assessed the group's concerns, and targeted the training to address them and help them. Plus, his energy and enthusiasm were contagious.

Immediate and Measurable Impact on the Culture

There was also a new excitement about being service-oriented. And, because employees and their supervisors/managers experienced the training, there was now a common language for all. They embraced the MAGIC concepts as well as The MAGIC Quality Standard, The 33 Points.

The participants were energized with their new tools and immediately applied what they learned. They preferred the MAGIC greeting format and immediately adopted it. This simple change energized the group … everyone was handling calls with greater enthusiasm and confidence.

Coaching conversations were transformed as well. Leaders and supervisors provided more targeted feedback on key behaviors such as listening and empathy.

Not only was there a change in the culture, but there was also an immediate and measurable impact on a key performance measure: escalations. The Training Specialist noted, "In the first month after the training, escalations decreased immediately for those who went through the training, and this trend continued for months after the training as well."

Customer experience is critical to high performance in the financial services industry.  According to Accenture, "a compelling and differentiating customer experience is the key to any financial institution's ability to grow."

A privately-owned mid-sized financial company, which assists clients with investment and retirement products, recognized this fact. And, they realized that additional employee development and training was necessary to help them deliver an even better customer experience. They also wanted an "edge" that would differentiate them from other providers in the same market.

Keeping the MAGIC Alive

One of the reasons they selected MAGIC was the fact that the impact is easy to measure. And, it was easier to make the case to keep it going, since the benefits were so tangible.

After the training, participants proudly posted The 33 Points of MAGIC by their desks as a sign of their program completion and commitment to exceptional service. This easy-to-use reference guide helps everyone demonstrate their new skills with customers and fellow associates as well.

Plus, the program comes with free MAGIC Workouts, an online reinforcement tool that deepens an associate's ability to recognize and deliver exceptional service. This development tool is not only ideal for individuals, but it can also be used in team meetings to standardize the quality and consistency of interactions.

The results speak for themselves, and associates agree … "We've bought in!" And, the organization is committed to keep it going to sustain their newfound MAGIC culture and competitive edge.