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Varo Bank

  Financial Services in the US

Varo Bank overall Effort Score: 50 Varo Bank vs 55 Varo Bank last quarter
Sector Effort Score benchmark: 60 Varo Bank vs 61 Varo Bank last quarter

Varo Bank now sits at the bottom of the US Financial Services rankings after a -5 decline in its Overall Effort Score, which is now at 50.

This wave's results make for tough reading for Varo Bank, as all four of its pillars saw significant dips, specifically Speed of Resolving the Problem, which dropped -7 points. 

The Knowledge and Expertise pillar score dropped -4 points from 53 to 49 this quarter, after a 4% drop in customers who rated ‘excellent’ for how well its customer service agents understood their particular problem or question.

These results could be a result of March’s data breach, which saw the bank accused of failing to protect the personal information of thousands of customers whose details were exposed.

There is a positive for this pillar, though. It saw a 1% increase in the amount of customers rating its customer service agents expertise as ‘good’.

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Customer Effort in detail

Style of Communication 53 vs 57 last quarter

40% say the politeness of their customer service agents is 'excellent'

42% rate the ability to communicate with them in their chosen language (other than English) as 'excellent'

Knowledge and Expertise 49 vs 53 last quarter

42% rate the expertise of the customer service agent as 'excellent'

37% say the way details were clearly explained to them was 'excellent'

44% rate how well the customer service agent understood their particular problem or question as 'excellent'

Understanding & Valuing the Customer 48 vs 55 last quarter

42% rate how they were able to speak to a customer service agent that can help them with their query as 'excellent'

42% rate how they were able to speak to a customer service agent that can help them with their query as 'excellent'

46% rate how they were able to speak to a customer service agent that can help them with their query as 'excellent'

Speed Solving the Problem 49 vs 56 last quarter

39% rate how they were not left on-hold or in a call queuing system for a long time as 'good'

46% rate how they were able to speak to a customer service agent that can help them with their query as 'excellent'

45% rate how they were able to speak to a customer service agent that can help them with their query as 'excellent'

ContactEngine sponsors the Customer Effort Index

ContactEngine believes that a great customer experience is an effortless one, where life is made as easy as possible for the customer. ContactEngine commissioned the Customer Effort Index to measure how real people perceive the effort it takes to be a customer of some of the leading brands in the world. By enabling a comparison of effort not only within an industry, but across industries, we can identify and learn from the brands who lead on making it easy for their customers to do business with them.

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