Case Study - Finance




A US Challenger Bank Achieved A 90% Reduction In Case Resolution Time That Led To A 20% Increase in Customer Satisfaction.


Case Study:


Simple Finance is an American neobank with headquarters in Portland, Oregon. It was founded back in 2009, right after the financial crisis in 2008, with the aim of providing simpler banking services to Americans.


It all started with the founders being frustrated with the interactions that they experienced with their banks, which involved hidden fees, long wait times when calling for support, and unnecessary products, so they started to question the banking industry as a whole.


It is because of these negative experiences that they founded Simple Finance, a modern bank that challenges the legacy banking industry. They provide services such as FDCI-insured checking accounts and smart budgeting tools. With the increasing interest in the bank and the rapid growth, Simple Finance got acquired by BBVA in 2014.




While disrupting the banking industry with their new way of providing banking services, an important focus for Simple Finance is their customer service. They want to ensure that their customer service is kind and helpful.


To make sure that customers are satisfied with their staff and their services, Simple Finance tracks both the customer relationship with their brand (NPS reviewed monthly) and also satisfaction at different touchpoints.


Like many other companies, Simple Finance found it challenging to generate insights from feedback that would lead to concrete business impact.

Simple Finance needed a platform that would mirror their values of simplicity and helpfulness, helping them to analyze feedback in real-time and generate insights in a way that was easy to act upon




How to make sense of customer feedback to drive business impact?


After carefully considering multiple vendors, Simple Finance took Lumoa into use as its main CX management platform. Onboarding went smoothly and Lumoa’s customer success team helped them set up the integrations between their surveying platform and Salesforce, their CRM platform. During onboarding, it became obvious how easy it was for them to get insights from all their text responses. Additionally, Lumoa was very accurate. With other tools that they tried they often struggled with false positives, as competitor platforms didn’t always consider the context of the response.




Simple Finance started using Lumoa to analyze both historical and new data. As they got more familiar with the tool, they created a routine where data was refreshed on a monthly basis so they could review the analytics results from the previous month. The most significant achievements which have been made possible through using Lumoa are:


1.      Improving the performance of individual agents


“Customer service team managers and I use Lumoa to review results together   every month”, says Justin Go, Senior Manager of Customer Operations at Simple Finance.


2. Ensuring vendors deliver around the Simple Finance promise


Thanks to Lumoa, they found was that there was a 10-15 point gap in the performance level between their own agents and the outsourced ones. It was important for us to close the gap, to ensure that our brand reputation for having good customer service was not compromised” says Justin.


3. Transforming ways of working to achieve a 90% reduction in case resolution  time and a 20% increase in customer satisfaction


Lumoa has also made it possible for Simple Finance to take a more experimental approach towards their customer feedback, helping them to find ways to improve their customer service.