Retail Bank Permanent TSB Transforms its Customer and Employee Experience with Medallia
Medallia, Inc., the global leader in customer and employee experience, today announced that it has been selected to deliver Permanent TSB's Voice of the Customer (VoC) and employee experience programs.
A continuation of a four-year partnership, Medallia's enterprise experience platform will support the retail bank in further embedding customer and employee engagement initiatives to promote organizational change through the power of positive experiences.
Permanent TSB (PTSB) has been supporting communities in the Republic of Ireland for over 200 years, with 3,000 employees serving more than 1.2 million customers. The bank is constantly striving to improve its customers' financial wellbeing, attract and retain talent, and enhance the bank's trustworthiness with all stakeholders. Central to this is actively evolving company culture, improving its customer and employee experience in tandem.
PTSB initially selected Medallia to reimagine its customer experience strategy in 2019, recognizing the need for a more robust strategy to fully understand customer pain points. After seeing the power of Medallia, a year later PTSB chose Medallia to deliver its new employee experience program, 'Every Voice Counts.' At a time of great turbulence in the Irish financial market and pandemic-induced societal change, PTSB realized that a fresh approach to how employee experience data was collected, understood, and actioned would allow it to better support employees through all stages of their journey.
"Permanent TSB's purpose is to build trust with our customers - we are a community serving the community. We have a responsibility to understand the sentiment and feedback our customers share with us, and take meaningful actions to improve our customer experience. Having the ability to quickly identify pain-points through our customer's feedback and prioritize improvements to remove friction for them has been transformational," says Sarah Cashman, Customer Experience Manager at PTSB. "Customer experience is the golden thread that weaves through th entire organization. Team members at all levels of the organization are now looking at the same dashboards - from customer-facing teams to senior leaders, drawing on the insights in weekly 'Customer Experience Task Force' meetings. We are excited to see where our partnership takes us next."
With Medallia powering PTSB's employee experience program, all employee engagement metrics are trending upwards. Between 2020 and 2022, employee net promoter scores (eNPS) have increased by 19 points, culture by eight, engagement by seven and trust by 10. The organization has taken action on more than 1,000 positive changes based on employee feedback, all of which have contributed to the bank's strategic priorities and sense of community. With the help of Medallia, PTSB is now expanding its employee listening to new touchpoints, such as onboarding, to further enhance its Every Voice Counts program. This continues to play a central role in improving the bank's culture proposition, DEI initiatives, recognition, belonging and wellbeing strategies.
"Prior to our partnership with Medallia, our approach was rooted in traditional employee surveys that did not provide the actionable insights and enable the organizational change we were looking for," explains Karen Hackett, Head of People Experience at PTSB. "Crucially, we realized this was a fantastic opportunity to go beyond employee engagement excellence, and demonstrate to our leadership what we already intuitively knew: that customer and employee experience are inherently interlinked. We couldn't have done this without the support of Medallia, and the results were extremely validating."
Medallia was able to conduct linkage analysis on PTSB's data to uncover a strong connection between engaged employees and customer satisfaction. Notably, it showed a 30-point difference in customer Net Promoter Score (NPS) between branches with lower employee engagement and higher employee engagement.
"Permanent TSB is a shining example of what organizations can achieve when they decide to connect the dots between their customer and employee experience data and create strong stakeholder engagement around the results," said Gabe Benavides, EVP of Global Sales at Medallia. "To stay competitive in a highly-regulated and critically important industry that is financial services, organizations must prioritize innovating on the basis of customer and employee feedback. PTSB recognizes this, and we're excited to support the company on this journey of continuous improvement."
About Permanent TSB
Permanent TSB (PTSB) is the longest-established financial services institution in the Republic of Ireland - it has been around in one form or another since 1816. PTSB is a significant provider of retail financial services in the Irish domestic banking market. PTSB operates through a network of 100 branches and seven admin centers across the country. PTSB serves c.1.2 million customers. As of 2023, PTSB had total assets of c. €19.1 billion and 3,000 colleagues. For more information, visit www.permanenttsb.ie
Medallia is the pioneer and market leader in customer, employee, citizen, and patient experience. As the leading enterprise experience platform, Medallia Experience Cloud is the mission-critical system of record that makes all other applications customer and employee aware. The platform captures billions of experience signals across interactions including all voice, video, digital, IoT, social media, and corporate-messaging tools. Medallia uses proprietary artificial intelligence and machine learning technology to automatically reveal predictive insights that drive powerful business actions and outcomes. Medallia customers reduce churn, turn detractors into promoters and buyers, create in-the-moment cross-sell and up-sell opportunities, and drive revenue-impacting business decisions, providing clear and potent returns on investment. For more information, visit www.medallia.com.
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