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

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• 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

CFN is a global CX company

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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

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Financial services clients

Context

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The age of the customer Technology Global/social changes

The threat/opportunity

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• Brand heritage and recognition
• Choice
• Trust <> human contact
• BIG (!) data
• Leverage social media
• Truly understand and use the digital

channel

Food for thought

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• 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

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“By 2020 customer experience will

• vertake price as the key brand

differentiator”

Forbes Magazine

“Customer experience is the next competitive battleground”

Jerry Gregoire, CIO of Dell

Our approach to customer experience

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• 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

With four core disciplines

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Customer Engagement Colleague Engagement Operational Excellence Behavioural Excellence

We’re not competitor-

• bsessed, we’re

customer-obsessed. We start with what the customer needs and we work backwards

– Jeff Bezos

Whether you are big

• r small, you cannot

give good customer service if your employees don’t feel good about coming to work.

– Martin Oliver

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And it’s a journey…

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Explore

Best Practice Assessment Customer Journey Mapping Statement of Intent (SOI)

SOLUTIONS FOCUS

Goals Defined 2

Engage

CX Strategy Measures Framework CX Communication

Business Engaged

Embark

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Quick Wins Organisation & Colleague Engagement CX Training and Development

Early Priorities Addressed

Embed

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Reward and Recognition Performance Management

Systematic Improvement 5

Excel

World Class Benchmarks CX ROI CX Redesign

Goals Realised

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

Customer Journey vs Touchpoints

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Understanding the entire customer journey yields up to 117% greater customer satisfaction and 104% greater willingness to recommend than looking solely at touchpoints

• McKinsey

Mapping the customer journey

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• 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

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Over 160 touch points delivered by 17 different departments

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Filters & Views Menu for the Journey Map

Customer outcome stage Journey Stage

Touchpoint

Feature to convert a Journey Map to a Template All blocks can be dragged and dropped across stages, cut and paste

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Filtered by business owner

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Journey Map Analysis

Journey map integrated with real-time data

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Customer Journey Mapping + Data Analytics

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• 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

What’s Next for CFN Insight Platform

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Customer Journey Maps Customer Journey Maps Analytics Analytics Analytics Research Research Research CX Best Practices Best Practice Best Practice Predictive and Prescriptive Analytics Action Plans Journey Maps

Executive Dashboard Cross-Function Collaboration

CFN Rating

Market Scenarios

Customer 360 View

CFN Best Practice Assessment

CX Scorecard

Global Metrics

Financials

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Effort

More Most Most More

Value External Sources

• Economic Data
• Benchmark Data
• Financial Market

Data

• Industry Research

data

Customer Data

• Survey data
• Website/Clickstream

Data

• Internal

communication channels, Intranet

• Call Center

Transcripts

Unstructured Data External Sources

• Documents/Video/

Image

• Survey data (survey

index)

• Credit scores (FICO,

D&B)

• Blogs/Forums
• Social Networks

Customer Data

• CRM
• Point of Sale
• Transactional Data
• Operational data
• Financial Data
• Demographic Data
• Survey data

Structured Data CFN Data

• CJM
• BP Assessment Data
• CFN Rating
• Metrics Best Practices
• VoC

CFN Data

Mining data for insight

Summary - Why CX?

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• 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

Summary - Keys to success

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• 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!

Thank you and discussion

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Clinton Bell cbell@customersfirstnow.com | 07941 227512 @DigitalCXetc https://uk.linkedin.com/in/clintonbelluk