Can Digital transformation support the Debt management Journey ? - - PowerPoint PPT Presentation

Can Digital transformation support the Debt management Journey ?

Lucinda Trotman , Computershare Communication Services UK

COMPUTERSHARE AT A GLANCE

Market cap of USD

8 billion 21

countries

16,000+

clients

12,000+

employees

600,000+

Mortgage accounts

Strongest

mortgage servicer ratings globally

125 million

customer records

17.3 million

Calls handled by our call centres each year

500 million+

customer interactions /transactions processed each year

USD 535 billion

in dividend and interest payments

£67 billion

• f mortgage assets

under management

DATA MANAGEMENT FINANCIAL TRANSACTIONS CUSTOMER SERVICES COMMUNICATIONS

Scope (Consulting, Technology, Communications) Specialism (Transactional/Regulatory) Global Scale ($>300M)

Annual events & charities Community & Environmental Activities Health & Wellbeing Awards & Recognition

Monthly Meditation sessions We provide a free-to-use double decker bus service into and from Bristol, which runs six times a day. Volunteering days Our 35,000 resident bees in each of our three bee hives within the grounds of our Bristol office produce Computershare honey. We have three staff members who are now also proficient beekeepers. Onsite gym Travelwest Sustainable Travel Awards 2014 (Most Improved Work Place) Bristol Green Capital Awards 2015 (Green Organisation) Bristol Go Green Awards 2016 (Sustainable Sourcing) South West Fairtrade Business Awards 2016 (Gold Winner) Named as one of the South West's 'Most Exciting Companies' by local business magazine the Insider (2019) Cycling: We have run a Cycle2work scheme since 2009. Onsite Mental Health First Aiders Allotments: our Bristol

• ffice provide 14 plots to

enable employees without garden space to grow fresh fruit and vegetables.

We employee 1,600 people at The Pavilions in Bristol!

Ablaze: Reading buddy scheme with local schools.

Questions ????

How have digital channels helped support you in achieving the right outcome for customers with regards to debt and money management ?

4

What do you think digital transformation is ? How high is digital transformation on your agenda ?

OUR WORLD IS MOVING DIGITAL

THE CHALLENGE

How customers interact with debt Volumes of debt Changing customer expectations

ATTENTION SPANS ARE DECREASING

Scientists believe we now have a shorter attention span than goldfish

12.00 8.25

seconds seconds

2000 2015

9.00

seconds

ATTENTION SPANS ARE GETTING WORSE

CUSTOMERS EXPECT PERSONALISATION

PERSONALISATION MATURITY REVENUE

This is where most organisations lie

Single message mailing Field insertion Segment rules based Behavioural recommendations Omnichannel

• ptimised

Predictive personalisation

CUSTOMER SEGMENTATION

Characteristics

Maturists (pre-1945) Baby Boomers (1945-1960) Generation X (1961-1980) Generation Y (1981-1995) Generation Z (Born after 1995) Attitude towards technology

Largely Disengaged Early Information Technology (IT) Adopters Digital Immigrants Digital Natives Technoholics

Entirely dependent on IT, limited grasp of alternatives

Communication media

Formal letter Telephone Email and text message Text or social media Hand-held

(or integrated into clothing)

communication devices

Communication preference

Face-to-face

Face-to-face, but telephone

• r email preferred

Text messaging

• r email

Online and mobile (text messaging) FaceTime

Preference when making financial decisions

Face-to-face meetings Face-to-face, but increasingly will go online Online: would prefer face- to-face if time permitting Face-to-face Solutions will be digitally crowd sourced

MILLENNIALS DON’T UNDERSTAND DEBT

28% with

student debt thought they had no debt at all

25%

underestimate their amount

• f student

debt

28% 18 to

34-year-olds don’t know their credit card interest rate

Most likely to take out short-term credit

CUSTOMERS EXPECT CONSISTENCY

CUSTOMERS ADDRESSING DEBT DIGITALLY

60%

• f new clients

completing debt advice through a digital channel

StepChange Debt Charity

➢ Convenience & ease of use ➢ Avoiding stressful phone calls ➢ Reduces the debt stigma

PERSONAL DEBT IS RISING

Questions ????

15

How high is digital transformation on your agenda ? How far is your organisation embarked on a digital journey ? What are the challenges ?

TWO-WAY APPROACH

1. Product and business strategy 2. Communication and engagement strategy

CREATE AN ENGAGEMENT STRATEGY

• 1. Review your existing

processes, set objectives and determine approach

• 2. Review your existing

processes, set objectives and determine approach

• 3. Define your

implementation approach

1. Understand what you do now 2. Determine your technology strategy 3. Define your implementation approach

UNDERSTAND WHAT YOU DO NOW

Objective setting Customer persona mapping Customer journey mapping Opportunity identification and prioritisation Creation of business cases with ROI Review your communication channels and design

DETERMINE YOUR TECHNOLOGY STRATEGY

HOW DO YOU IMPLEMENT IT?

OPPORTUNITIES FOR THOSE WHO GET IT RIGHT

INCREASE COLLECTIONS REDUCE COST TO SERVE FUTURE PROOF YOUR BUSINESS Improved customer Experience

Thank you Any questions?