This initiative represents a significant shift from traditional methods to an advanced, data-driven approach for understanding customer sentiment and improving digital experiences.
Historically, EQ Bank relied on manual processes to analyse thousands of customer feedback comments, a time-consuming and resource-intensive method. With the integration of Adoreboard’s AI platform, the bank aims to automatically detect emotional intensity in customer comments and quantify factors driving trust. This approach is expected to eliminate the need for manual analysis and provide immediate insights into areas that can enhance customer trust and satisfaction.
Developed by data scientists from Adoreboard, a Queen's University spin-off, the Trust Metric is an innovative tool that measures the emotional intensity of feedback. Between May 2023 and May 2024, EQ Bank reported an 8% increase in its Trust Metric score in bi-annual customer surveys, indicating a positive shift in customer sentiment.
The AI platform also allows EQ Bank to measure and predict the impact of resolving key issues on its Net Promoter Score (NPS), which gauges customer loyalty and satisfaction. Since October 2023, the bank has observed a 5% increase in its NPS, reflecting improved customer experiences across various digital touchpoints.
This move towards AI-driven analysis comes at a time when consumer expectations for digital financial services are on the rise. A recent survey highlighted that 60% of Canadians plan to increase their use of mobile purchases within the next year. Additionally, 65% of respondents indicated they would consider changing banks if their digital experience did not meet expectations. Furthermore, 52% expressed a willingness to use AI tools to enhance their financial literacy and management.
With the growing importance of digital banking, EQ Bank’s integration of AI technology is expected to further solidify its position as a forward-thinking institution dedicated to enhancing customer experiences and trust.
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