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EQ Bank increase customer Trust by 8%

EQ Bank adopts AI platform for text and emotion analysis whilst eliminating manual analysis of survey comments resulting in an 8% increase in Trust Metric.

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.

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. 

Challenge

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.

EQ Bank needed a solution that would go beyond survey results to analyse text comments quickly, organise that text into themes and provide ‘prescriptive insight’ to help prioritise decision making.

 

Solution

Adoreboard AI automatically detect the intensity of emotion expressed in each text comment to quantify drivers of trust. 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 their bi-annual customer survey.

By measuring digital experiences ranging from onboarding to mobile satisfaction, EQ Bank has been able to predict the Net Promoter Score (NPS)impact of resolving key issues 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 found the potential to increase its NPS score by 5% since October 2023.

Why partner with Adoreboard?

Adoreboard offers a new ability to produce more impactful, actionable insights from feedback and create a scalable solution to issues identified.

The numbers speak for themselves ↓

increase in Trust Metric
8%
predicted increase in NPS
5%
reduction in manual analysis
95%

Customer

increase in Trust Metric
8%
predicted increase in NPS
5%
reduction in manual analysis
95%
Industry: Banking
Company:  Large
Use Case:  Customer Experience
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.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.
Cathy Ly
VP marketing
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