EQ Bank chooses Adoreboard's AI-generated predictive insights
to target an increase in customer trust.
EQ Bank adopts AI platform for text and emotion analysis
whilst eliminating manual analysis of survey comments.
BELFAST, Northern Ireland,
July 2, 2024 /PRNewswire/ -- A new
way to quantify and improve consumer trust by leveraging the latest
innovations in artificial intelligence (AI) is being pioneered by
EQ Bank, the digital platform of Equitable Bank, Canada's Challenger Bank™ and seventh largest
bank by assets.
EQ Bank receives thousands of feedback comments from customers,
and extracting insights on how to improve digital customer
experience was previously manual and time consuming.
Adoreboard, the leading AI platform that aims to build trust for
better customer retention, is being deployed to remove manual
analysis and instantly predict what areas to focus on that will
lead to the greatest improvement in customer trust.
The platform uses AI to automatically detect the intensity of
emotion expressed in each text comment to quantify drivers of
trust. Developed by data scientists at Adoreboard, a spin-out of
Queen's University, the Trust Metric serves as a barometer for
understanding trust by quantifying levels of emotional intensity in
customer feedback. Between May 2023
and May 2024, EQ Bank saw their Trust
Metric score increase by 8% in its bi-annual customer survey.
By measuring digital experiences ranging from onboarding
experience to mobile satisfaction, EQ Bank has been able to predict
the impact of resolving key issues on its Net Promoter Score (NPS)
across different feedback touchpoints. NPS helps companies
understand customer loyalty and satisfaction based on their
likelihood to recommend its product or service to others. By taking
action to resolve customer concerns, EQ Bank increased its NPS
score by 5% since October 2023.
"EQ Bank is a customer-obsessed organization, so partnering with
Adoreboard to bring our customers' insights more readily to the
forefront was a natural choice," said Cathy
Ly, VP marketing, EQ Bank.
"Verbatim comments left by customers are a critical way to build
challenger banking products that drive trust and satisfaction. With
Adoreboard, we're now able to hear what our customers are saying
more intimately and faster than ever, while also translating these
findings into discernible business results."
EQ Bank's focus on measuring and improving customer trust is
matched by a rising consumer expectation of better digital
experiences when it comes to finances.
It comes as a new survey finds that 60% of Canadians expect to
use their smartphones to increase the number of purchases in the
coming year.
With an increase in mobile payments, unsurprisingly, 65% of
Canadians would consider switching banks if they received a poor
digital experience.
And it's not just confined to mobile or digital banking —
changing consumer attitudes on financial literacy show that 52% of
Canadians would be happy to use AI to help improve how they manage
personal finances, including spending.
Chris Johnston, Chief Executive
of Adoreboard, said that EQ Bank is a real pioneer within Canadian
banking and an innovator across the financial services sector by
adopting AI as part of their Voice of Customer programme.
"We are supporting EQ Bank to unlock new insights by identifying
their next best action. The result is an upgraded digital
experience for customers and a tangible business impact in terms of
customer increased trust and retention."
Adoreboard, a Gartner Cool Vendor in Customer Analytics using
Artificial Intelligence, is used by some of the world's most
well-known brands including Procter and Gamble, Allstate and Amazon.
NOTES TO EDITOR
Context
- Trust Metric is based on a calculation of emotional intensity
of drivers in 8 emotional indexes ranging from Joy to Anger.
- Predicted Improvements based on average of results of 6 EQ Bank
customer surveys carried out bi-annually.
- Trust increase of 8% was based on May
2024 results analysed using the Adoreboard platform.
- EQ Banks satisfaction surveys collect data from a range of
channels including Website Engagement, Mobile Engagement,
Onboarding Satisfaction
Research on Artificial Intelligence
- A total of 507 people were surveyed Q1/2024 across Canada based on a random sample using
Onepulse, an online market research firm. The demographic surveyed
included 45% males, 55% females.
- Questions asked in the survey were: 1. In 2024, do you expect
to use your mobile phone or apps to make more purchases? (60.36%
yes/ 39.64% no) 2. Would you consider switching Banks if you had a
poor digital experience? (65.29% yes/ 34.71% no) 3. Do you think
you will use AI in 2024 to help improve how you manage your
personal finances or spending? (51.68% yes/ 48.32% no).
About EQ Bank
Equitable Bank has a clear mission to
drive change in Canadian banking to enrich people's lives. As
Canada's Challenger Bank™ and
seventh largest bank by assets, it leverages technology to deliver
exceptional personal and commercial banking experiences and
services to over 639,000 customers and more than six million credit
union members through its businesses. It is a wholly owned
subsidiary of EQB Inc. (TSX: EQB and EQB.PR.C), a leading digital
financial services company with $123
billion in combined assets under management and
administration (as at April 30,
2024). Through its digital EQ Bank platform
(eqbank.ca), its customers have named it one of the top
banks in Canada on the Forbes
World's Best Banks list since 2021.
To learn more, please
visit eqb.investorroom.com or connect with us
on LinkedIn.
About Adoreboard
Adoreboard is a leading text
analytics SaaS platform for customer and employee experience teams.
Through automatic theme generation and in depth emotion analysis,
Adoreboard's platform is able to quantify customer or employee
trust and recommend next best actions for a company looking to
drive satisfaction metrics like NPS or eNPS. Adoreboard is able to
correlate the resolution of certain issues to tangible business
value.
Originating as a spinout from Queen's University, Belfast, their experience management experts
provide companies with AI-generated emotion analytics and the Trust
Metric to assist them in measuring, monitoring and building trust
amongst customers and employees.
Adoreboard's customers include Amazon, Allstate, and P&G.
Furthermore, Allstate Insurance experienced a 16.6% improvement in
customer satisfaction since using the Adoreboard platform.
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