FISERV + QUALTRICS
At Fiserv, machine learning sparks improvements by unlocking a more nuanced view of the customer
Fiserv achieved
Lookalike modeling identified previously invisible at-risk accounts
New sales templates based on shared characteristics of past successes
40%
Respondents who expanded upon initial answers after AI prompt
Overview
Fiserv partnered with Qualtrics to revitalize its plateauing customer experience program through advanced machine learning and AI-powered analytics. The enhanced approach enabled more accurate classification of customer sentiment, better identification of at-risk accounts, and improved understanding of customer success factors.
How to break through the CX plateau
After years of CX success, payments processor Fiserv hit a wall and its Net Promoter Score-based program stopped driving improvements. Fiserv pushed deeper, partnering with Qualtrics to uncover a new level of customer insights using machine learning. By detecting subtle variations in sentiment, the new system reclassified many Passives as Promoters and Detractors, giving Fiserv a larger, richer picture of its most- and least-satisfied customers. Fiserv then factored in additional context such as how often the customers had experienced outages or price increases, and how often they interacted with customer service. The result is a fuller, more detailed picture of customer behavior that’s once again producing high-impact CX insights.
A lifeline for churn-risk customers
Fiserv used its model to build a profile of its unhappiest customers, including both NPS Detractors and also behavioral lookalikes who hadn’t provided an NPS response. The company then looked at customers who fit that high-risk profile yet ultimately stuck with the company. Fiserv’s leaders studied the actions taken to salvage those customer relationships, and replicated them with current at-risk customers.
Fiserv also identified several hallmarks among successful new accounts that matured into promoters. The team built new sales templates based on those key attributes, leading to an increase in happiness among new clients.
Fiserv gains deeper CX insight thanks to AI prompt
When Fiserv realized that too many customers completed its relationship surveys using simple, one-word answers that didn’t provide enough detail to understand their pain points, Fiserv implemented Qualtrics’ AI-powered “Response Clarity” functionality, which detects short or incomplete answers and asks respondents to elaborate. The follow-up prompt quickly proved to be highly valuable, as 40% of respondents prompted by AI, went on to expand upon their answers.
Ilana Boyum
Vice President, Voice of the Customer and Customer Insights
It was time to challenge the status quo. We needed measurement that was more predictive, meaningful, actionable and tried to true portfolio health, and that would better allow us to understand our clients’ experience.”
Fiserv, Inc. (NYSE: FI), a Fortune 500 company, aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index and one of Fortune® World’s Most Admired Companies™. Visit fiserv.com and follow on social media for more information and the latest company news.
fiserv.comIndustry
Financial services
Region
North America
Company Size
Enterprise
Business Type
B2C