Can Digital transformation support the Debt management Journey ? Lucinda Trotman , Computershare Communication Services UK
COMPUTERSHARE AT A GLANCE 21 16,000+ 12,000+ 600,000+ Market cap of USD 8 billion countries clients employees Mortgage accounts Strongest mortgage servicer ratings globally 17.3 500 USD 535 £67 125 million million+ billion billion million Calls handled by our customer interactions in dividend and of mortgage assets customer records call centres each year /transactions interest payments under management processed each year DATA MANAGEMENT FINANCIAL TRANSACTIONS CUSTOMER SERVICES COMMUNICATIONS Scope (Consulting, Technology, Communications) Specialism (Transactional/Regulatory) Global Scale ($>300M) 2
Community & Environmental Activities Awards & Recognition Our 35,000 resident bees in each of our three bee hives Travelwest Sustainable Travel Awards within the grounds of our 2014 (Most Improved Work Place) We employee 1,600 people Bristol office produce Bristol Green Capital Awards 2015 Computershare honey. We (Green Organisation) at The Pavilions in Bristol! have three staff members Bristol Go Green Awards 2016 who are now also proficient (Sustainable Sourcing) beekeepers. South West Fairtrade Business Awards 2016 (Gold Winner) We provide a free-to-use Named as one of the South West's 'Most double decker bus service into Exciting Companies' by local business and from Bristol, which runs magazine the Insider (2019) six times a day. Health & Wellbeing Annual events & charities Volunteering days Cycling: We have run a Monthly Meditation sessions Cycle2work scheme since 2009. Onsite gym Allotments: our Bristol office provide 14 plots to enable employees without Ablaze: Reading buddy garden space to grow fresh Onsite Mental Health First Aiders scheme with local fruit and vegetables. schools. 3
Questions ???? What do you think digital transformation is ? How have digital channels helped support you in achieving the right outcome for customers with regards to debt and money management ? How high is digital transformation on your agenda ? 4
OUR WORLD IS MOVING DIGITAL 5
THE CHALLENGE How Changing customers customer interact with expectations debt Volumes of debt 6
ATTENTION SPANS ARE DECREASING 12.00 8.25 seconds seconds 2000 2015 9.00 Scientists believe we now have a seconds shorter attention span than goldfish 7 7
ATTENTION SPANS ARE GETTING WORSE 8
CUSTOMERS EXPECT PERSONALISATION Predictive personalisation This is where most organisations lie REVENUE Omnichannel optimised Behavioural recommendations Segment rules Single message based Field insertion mailing PERSONALISATION MATURITY 9
CUSTOMER SEGMENTATION Maturists Baby Boomers Generation X Generation Y Generation Z Characteristics (pre-1945) (1945-1960) (1961-1980) (1981-1995) (Born after 1995) Early Information Technoholics Attitude towards Largely Digital Digital Technology (IT) Entirely dependent on IT, technology Disengaged Immigrants Natives Adopters limited grasp of alternatives Communication Hand-held media Formal letter Telephone Email and text message Text or social media (or integrated into clothing) communication devices Communication preference Face-to-face Text messaging Online and mobile FaceTime Face-to-face, but telephone or email (text messaging) or email preferred Preference when making financial decisions Face-to-face Face-to-face, but Online: would prefer face- Face-to-face Solutions will be digitally meetings increasingly will go online to-face if time permitting crowd sourced 10
MILLENNIALS DON’T UNDERSTAND DEBT 28% 18 to 25% 28% with Most likely to 34-year-olds underestimate student debt take out don’t know their amount thought they short-term their credit of student had no debt at credit card interest debt all rate 11
CUSTOMERS EXPECT CONSISTENCY 12
CUSTOMERS ADDRESSING DEBT DIGITALLY 60% ➢ Convenience & ease of use of new clients completing debt ➢ Avoiding stressful phone calls advice through a digital channel ➢ Reduces the debt stigma StepChange Debt Charity 13
PERSONAL DEBT IS RISING Data from The Money Charity ‘The Money Statistics’ September 2019 14
Questions ???? How high is digital transformation on your agenda ? How far is your organisation embarked on a digital journey ? What are the challenges ? 15
TWO-WAY APPROACH 1. Product and business 2. Communication and strategy engagement strategy 16
CREATE AN ENGAGEMENT STRATEGY 2. Review your existing 3. Define your 1. Review your existing processes, set objectives and implementation approach processes, set objectives and 3. Define your 1. Understand what you 2. Determine your determine approach determine approach implementation do now technology strategy approach 17
UNDERSTAND WHAT YOU DO NOW Objective Customer Customer Opportunity Creation of Review your setting persona journey identification business communication mapping mapping and cases with channels and prioritisation ROI design 18
DETERMINE YOUR TECHNOLOGY STRATEGY 19
HOW DO YOU IMPLEMENT IT? 20
OPPORTUNITIES FOR THOSE WHO GET IT RIGHT INCREASE Improved customer REDUCE COST TO FUTURE PROOF YOUR COLLECTIONS Experience SERVE BUSINESS
Thank you Any questions?
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