Financial Services Club 28 September 2016 Clinton Bell - PowerPoint PPT Presentation

Financial Services Club 28 September 2016 Clinton Bell cbell@customersfirstnow.com | 07941 227512 | @DigitalCXetc https://uk.linkedin.com/in/clintonbelluk

Reaching the digital consumer  How to make the best use of digital to engage with customers and grow revenues  The digital landscape  The importance of mapping customer journeys linked to real-time data to create and manage unified customer experiences 2

CFN is a global CX company Delighting customers through a proven, best-in-class customer experience approach that delivers financial results Headquartered in Denver , we have operations in London , Toronto and Bangalore 3

Financial services clients 4

Context The age of Global/social the customer changes Technology 5

The threat/opportunity  Brand heritage and recognition  Choice  Trust <> human contact  BIG (!) data  Leverage social media  Truly understand and use the digital channel 6

Food for thought  71% of consumers prefer dealing with human beings  52% have switched providers in the past year due to poor customer service  47% are willing to pay more for better customer service  73% expect customer service to be easier and more convenient  65% want it faster  Having switched, 65% of consumers will not go back  82% of "switchers" feel the company could have done something to retain them  73% said better live/in-person customer service would have impacted their decision Source: Accenture 7

“By 2020 customer experience will overtake price as the key brand differentiator” Forbes Magazine “Customer experience is the next competitive battleground” Jerry Gregoire, CIO of Dell 8

Our approach to customer experience  Map the overall customer experience in detail and holistically  Integrate real-time data  Set up metrics in order to understand and predict the impact on financial performance and revenue growth  Integrate Consulting + Technology + Data Analytics 9

With four core disciplines We’re not Whether you are big competitor- or small, you cannot obsessed, we’re give good customer Customer Colleague customer-obsessed. service if your We start with what employees don’t Engagement Engagement the customer needs feel good about and we work coming to work. backwards – Martin Oliver – Jeff Bezos Behavioural Operational Excellence Excellence 10

And it’s a journey… 3 4 Improvement 5 1 Defined 2 E ngage E mbark E mbed E xcel E xplore FOCUS Goals Business Early Systematic Goals Engaged Priorities Realised Addressed Best Practice CX Strategy Quick Wins Reward and World Class SOLUTIONS Assessment Recognition Benchmarks Organisation & Customer Measures Performance CX ROI Colleague Journey Framework Management Engagement Mapping Statement of CX CX Training and CX Redesign Development Intent (SOI) Communication 11

Who - if anyone - in your company is monitoring your customers’ entire experience? 12

Customer Journey vs Touchpoints Understanding the entire customer journey yields up to 117% greater customer satisfaction and 104% greater willingness to recommend than looking solely at touchpoints - McKinsey 13

Mapping the customer journey  A shared view of the end-to-end journey  From the customer’s perspective - how it feels to be a customer  Foundation for data and insights to drive business improvement  Better organisation, collaboration and communication 14

Over 160 touch points delivered by 17 different departments 15

Customer outcome stage Journey Stage Feature to convert a Journey Map to a Template All blocks can be dragged and Filters & Views Menu for Touchpoint dropped across stages, the Journey Map cut and paste 16

Filtered by business owner 17

Journey Map Analysis 18

Journey map integrated with real-time data 19

Customer Journey Mapping + Data Analytics  Holistic view  Real-time dashboards, linked to live data  Share across the organisation and across channels  Improve collaboration and communication  Assign actions and improve workflows and organisation 20

What’s Next for CFN Insight Platform Customer Customer Analytics Research Journey Analytics Best Research Journey Predictive Journey Best Maps Analytics Research Action CX Best Practice Maps and Maps Practice Plans Practices Prescriptive Analytics Financials CX Scorecard CFN Rating Market Scenarios CFN Best Practice Assessment Cross-Function Global Collaboration Metrics Customer 360 View Executive Dashboard 21

Mining data for insight Structured Data Unstructured Data CFN Data Customer Data Customer Data Most • • CRM Survey data • • Point of Sale Website/Clickstream • Transactional Data Data • • Operational data Internal • Financial Data communication • Demographic Data channels, Intranet • More Most • Survey data Call Center Transcripts External Sources Value External Sources • Economic Data • Benchmark Data • Documents/Video/ • Financial Market Image Data • Survey data (survey • Industry Research index) More data • Credit scores (FICO, Effort D&B) • Blogs/Forums CFN Data • Social Networks • CJM • BP Assessment Data • CFN Rating • Metrics Best Practices • VoC 22

Summary - Why CX?  Deliver your brand promise  Simplify the customer journey and turn fragmented experiences into seamless omni-channel ones  Shorten the buying cycle  Drive actions and innovations to differentiate your business  Drive bottom-line results:  Reduce churn  Increase loyalty, retention and referrals  Greater customer lifetime value 23

Summary - Keys to success  Align customer experiences with the company’s capabilities  Align CX initiatives with business results  Senior management ownership  Create a map of the current and desired journeys. And tie it to real-time data, metrics and dashboards  Go for quick wins  Benchmark - because your customers are doing it all the time! 24

Thank you and discussion Clinton Bell cbell@customersfirstnow.com | 07941 227512 @DigitalCXetc https://uk.linkedin.com/in/clintonbelluk 25