[PPT] - The future of finance is human! Technology driven, but human-centric PowerPoint Presentation

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Technology driven, but human-centric FUTURELAB

The future of finance is human!

1 22/11/2017

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FUTURELAB Some credentials

Stefan Kolle

All nice & well … but I still need to grow!

Allow me to introduce myself

Welcome

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We make Customer-Centricity happen. Profitably. Industry solutions

A structured approach for automotive firms to embed the customer perspective in every aspect of their business, from customer journey development to POS training.

Automotive

An approach for financial retailers, insurers and asset managers to capture the attention of mass-affluent & high-net- worth customers.

(Mass-affluent) Finance

A structured approach for telecommunication firms to embed the customer perspective in every aspect of their business.

Telecommunications One of the strongest customer strategy teams in EMEA World-class credentials

To make the world a more customer-friendly place (for fun & profit) Our Purpose Why we exist We help you make customer experience happen. Profitably. Our Promise What we deliver Strategic Programmes Tactical interventions

Increase customer value
Manage multi-channel journey
Improve employee effectiveness
Improve commercial impact
Align departments, processes and

systems around the customer.

Develop a customer mindset
Transform the organisation
Challenge the industry

Our Activities What we do

Strategy Experience Customer Voice Culture Enablers

Design

Develop customer programmes based on current and future needs.

Implement

Translate ideas into processes, KPI’s, trainings, that ensure implementation.

Accellerate

Enthuse all stakeholders so they (pro-)actively contribute.

Sustain

Ensure continued momentum and innovation across the business.

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Technology driven, but human-centric FUTURELAB

The future of finance is human!

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Is that so?

A difficult question

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Remember these? ...Or these? How about these?

My pain

This is madness!

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FUTURELAB Low Tech Affinity High Tech Affinity What Service? How Service? High Value Low Value

High Value High Tech Affinity Low Value High Tech Affinity High Value Low Tech Affinity Low Value Low Tech Affinity Service Design It all goes too fast

We can’t keep up

What we thought was not exactly true...

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FUTURELAB

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It all goes too fast

We become suspicious

It’s a chatbot It’s a human!

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FUTURELAB

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http://www.information-age.com

It all goes too fast

With financial industry taking the biggest hit...

http://bankinnovation.net

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FUTURELAB

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Challenge

CEOs (and CFOs) have the toughest balancing act ever

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FUTURELAB

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Question 2.

How do you convince and align?

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Question 3.

And with everyone running into the same direction...

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FUTURELAB

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Question 3.

...How DO you differentiate?

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FUTURELAB

So… what about that “human-centric” approach?

Answering the difficult question

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FUTURELAB

1. Design tech around people, not people around tech
2. Put the customer back into financial conversation
3. You have (human) assets – use them

I have a variety of solutions, but will limit this presentation

Three main ways to human-centric technology

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FUTURELAB

1. Design tech around people, not people around tech
2. Put the customer back into financial conversation
3. You have (human) assets – use them

I have a variety of solutions, but will limit this presentation

Three main ways to human-centric technology

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Solution One

The experience counts at every step of the journey

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FUTURELAB

Customer Experience Management

Is about managing emotions at each step of the journey

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FUTURELAB

This can provide you with a radically new perspective

Case: An Automotive Brand Pre-sales Sales After Sales

The Traditional Perspective Search Evaluate Try Select Wait Search *** *** *** ***

* * * = Confidential

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The Customer’s Reality

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THE CUSTOMER PERSPECTIVE

Case: Lexus

Use advanced DB management to create delight moments

Lexi the dog

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Case: Touring

Immediate policy after payment to eliminate stress

Am I insured? I did pay for it…

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Case: ING

After news about a sad event, send an agent with pre-filled docs

Please accept our condolences

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FUTURELAB

(cc) miguelb

Who decides on the layout of the customer invoices?

Real life case: what can you contribute?

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FUTURELAB

1. Build your tech around emotion.
2. Manage every step of the journey.
3. Tech should help going through the steps easier,

not harder.

I have a variety of solutions, but will limit this presentation

Design tech around people, not people around tech

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FUTURELAB

1. Design tech around people, not people around tech
2. Put the customer back into financial conversation
3. You have (human assets) – use them

I have a variety of solutions, but will limit this presentation

Three main ways to human-centric technology

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The problem I have always had with customer experience thinking

Being human-centric is NOT about the fluffy stuff

“Let’s spread love & hug” “Let’s be like Disneyland” “Let’s go WOOOOOWW!!”

FUTURELAB

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“Why should I allocate precious budget to experience?”

It is about hard cash.

FUTURELAB

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 spend more  negotiate less  stay longer as customers  are more open to upselling  are easier to service  upgrade quicker  are ready to refer to others  increase staff morale  etc.

Customers who are so happy that they recommend...

Experience is about making money

You know it very well: human emotion = money

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Personal experience in 15 industries … and counting

5:1

The worst I’ve ever seen

6000:1

The best I’ve ever seen

FUTURELAB

Experience is about making money

Happy customers are most profitable

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Human happiness… do you spell it with € or €€?

Why focus on Customer Experience?

Suddenly every executive likes customer experience

FUTURELAB

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FUTURELAB

Customer Value Word-of-mouth effect (+/-) Total Customer Value Promoter 9-10 Detractor 0-1-2-3-4-5-6 Passive 7-8 ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________

FUTURELAB

How to build a (simple) business case

Let’s calculate

Car margin € 1.000
Average life: 5 years
Avg. service visit margin: € 50

# Purchases over life time Purchase margin of car Value service visits over life time

Value

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FUTURELAB

# Purchases over life time Customer Value Purchase margin of car Word-of-mouth effect (+/-) Total Customer Value Promoter 9-10 Detractor 0-1-2-3-4-5-6 Passive 7-8 ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ 1 € 1.000 € 200 2 € 2.000 € 500 4 € 4.000 € 1.000 € 1.200 € 2.500 € 5.000 Value service visits over life time

FUTURELAB

How to build a (simple) business case

Let’s calculate

Car margin € 1.000
Average life: 5 years
Avg. service visit margin: € 50

Value

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FUTURELAB

Word of Mouth Impact at a Global Luxury Car Brand

How many customers did you stop from choosing us? How many customers did you bring us?

1 4

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FUTURELAB

# Purchases over life time Value service visits over life time Customer Value Purchase margin of car Word-of-mouth effect (+/-) Total Customer Value Promoter 9-10 Detractor 0-1-2-3-4-5-6 Passive 7-8 ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ 1 € 1.000 € 200 2 € 2.000 € 500 4 € 4.000 € 1.000 € 1.200 € 2.500 € 5.000 € -2.500 € 0 € 10.000 € -1.300 € 2.500 € 15.000

FUTURELAB

How to build a (simple) business case

Let’s calculate

Car margin € 1.000
Average life: 5 years
Avg. service visit margin: € 50

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FUTURELAB

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Case: Vodafone

Calculate CLV to prevent churn of valuable customers

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FUTURELAB

Calculate CLV to know how much to invest

Recommends to

5 people

Convinces

1.9 potentials

CLV (incl. WoM):

€12,146

Detracts to

3 people

Keeps out

1.5 potentials

CLV:

€ 8,521

Talks to

3.2 people

Change minds of

0.75 potentials

CLV:

€4,588

Personal bank CLV calculation

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I approve of this message

Why focus on Customer Experience?

Because it makes money.

FUTURELAB

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FUTURELAB

1. Make a business case for customer delight
2. Calculate how much profit word of mouth

brings to you

3. Prioritise investment into moments of high

emotion = word of mouth: reduce negative, build on positive

I have a variety of solutions, but will limit this presentation

Put the customer back into financial conversation

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FUTURELAB

1. Design tech around people, not people around tech
2. Put the customer back into financial conversation
3. You have (human) assets – use them

I have a variety of solutions, but will limit this presentation

Three main ways to human-centric technology

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FUTURELAB

33% 61% 55% 51% 2003 2004 2005 2006

A person like yourself or a peer Edelman Trust Barometer 2006

When forming an opinion

f a company, how

credible would the information be from …

% Academic 62 Doctor or similar 62 Person like yourself/peer 61 Financial Analyst 58 NGO Rep 58 Accountant 53 Lawyer 36 Regular employee 33 CEO 29 Union 19 Entertainer 17 PR person 16 Blogger 15

An extract from our old report

People used to trust their peers more than advisors...

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FUTURELAB

Source % In-store Sales Associate 49 In-store demonstration 36 Word-of-mouth from family & friends 33 Newspaper Coupons 25 Internet 21 Product/Company Information 16 Retailer information 14 Other 14 Magazines 4 TV 4 Radio 3

Source: CMO Council’s Retail Fluency Report, 2005

Most influential information sources in purchasing electronic goods? (TOP 3)

An extract from our old report

And much more than the media...

2006

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New data has come in

In 2017 a peer is the ONLY credible source left.

2017

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FUTURELAB

They won’t even trust you (let alone or your CEO)…

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But they will trust your employees

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FUTURELAB

Paleolithic (stone) age “hunter- gatherer”

2,000,000
3000

Copper tools Industrial revolution

300

Information Age

50

Because 3000 years of technology cannot undo 2,000,000 of hardwiring

TRIBAL – VERBAL – DISTRUST OF BIG TRIBES

But why?

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Your people Your knowledge Your fans

Solution 3

What assets can you use?

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Use your people

Your employees influence your business massively

Would you recommend the bank to friends /family? 32% No 28% conditionally Would you recommend the bank as an employer? 39% No 30% Yes

N=25,000 (out of 59,000)

FUTURELAB

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FUTURELAB

“you know what those idiots did at work”?

FUTURELAB

Use your people

Would your people recommend? Act?

1 employee 1st degree: 150 2nd degree: 22,500

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Knowledge is understanding what they REALLY care about

You HAVE the data

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Use your knowledge

Some of your customers LOVE tech. Others don’t.

I value relationships. I love my bank agent. I will always prefer going to the branch to opening an app. I don’t have time to talk. I will always prefer digital tools to meetings

r phone calls.

Case: Personal banking

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Breakthroughs that tech can only help to deliver

Use your knowledge

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If it doesn’t spread … it’s dead.

Use your fans

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Are you likely to recommend? YES !! Do you actually recommend? WELL...

THE ACTIVATION CHALLENGE

What goes wrong ?

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Use your fans

Do you know if they really talk? To how many?

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Help spread the word Give stories to tell Give tools to foster relationships

Use your fans

Each persona has their own strength

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FUTURELAB

Calculate CLV to know how much to invest

Recommends to

5 people

Convinces

1.9 potentials

CLV (incl. WoM):

€12,146

Detracts to

3 people

Keeps out

1.5 potentials

CLV:

€ 8,521

Talks to

3.2 people

Change minds of

0.75 potentials

CLV:

€4,588

Personal bank CLV calculation

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FUTURELAB

FUTURELAB Let them tell your story

Case: if Insurance (Finland)

FUTURELAB

852 customers available 9 AM to 8PM for phone conversations (and outside of those hours online) with customers thinking to join the company.

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FUTURELAB

1. Make sure your employees are happy, and

empower them do their job in making customers happy

2. Use your data and knowledge to create better

experiences

3. Leverage your existing relationships: use your

promoters

I have a variety of solutions, but will limit this presentation

You have assets – use them

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Technology driven, but human-centric FUTURELAB

The future of finance is human!

71 22/11/2017

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FUTURELAB

Are you realizing the full potential of your customer relations?

Questions- want this presentation? sko@futurelab.net

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FUTURELAB

http://tinyurl.com/65969kg

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