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inQuba: Customer Journey Management for Financial Services - The Science of Winning & Keeping Customers [Aus Webinar]
- 1. Customer Journey Management for Financial Services The Science of Winning & Keeping Customers
- 2. Welcome to our Webinar! Customer Journey Management for Financial Services The Science of Winning & Keeping Customers TRENT ROSSINI COO inQuba, and ex COO of PruHealth, and ex CIO of Discovery Health DESAN PILLAY CXO inQuba ex Head Strategy Nedbank Business Banking MARGOT BIRBECK Director inQuba Australia ex inQuba Head of Customer Success
- 4. Customer Journey Management for Financial Services Trent Rossini COO inQuba
- 5. What are Financial Services Execs thinking about?
- 6. What are Financial Services Execs thinking about? Embedded Value Good risk customers, low loss ratios, lower cost of administration, lower cost of new business acquisition Rising Cost of Acquisition Aggregators, fintech startups & digital channel adoption make new customers harder to convert, and increase the ease of switching Growing Distance Between Business & Client Touch matters, and it’s dwindling. Ecosystem Services are essential for driving loyalty but introduces complexity. A single customer view is still essential Digital Channel Adoption Your average customer: traditional and digital channels Switching Costs & Lapses Switching costs are decreasing due to the growing choice of channels available, and lapses are increasing ACQUISITION RETENTION CROSS SELL
- 7. Helping end customers achieve their desired outcomes drives revenue Customer centricity is a cultural challenge and interventions at key journey points helps customers achieve their goals In order to get a full view of the customer’s individual journey integration of diverse data types is required Delighted customers are more correlated with excellent customer journeys than perfect touchpoints Empathy is achieved by listening and understanding customers across the journey Large client bases need to leverage big data and machine learning and digital interactions to empathise at scale Operating Model Actioning Systems Customer Measurement & Insight Approach to meeting The challenge
- 8. So, how can Acquisition, Retention & Cross-selling be ensured along the customers’ journey?
- 9. Love the Journey POLICY APPLICATION Acquisition Retention Cross Sell ACTIVATION Assignee: Martha Willems Note: Hi Martha, kindly contact… New Case: Contact Customer Today, 15:41 Hi Charlotte, we see that you may need some help with activating your policy. Can we give you a quick call..? TransAtlantic Ins. Today, 15:30 Yes please! ;-) Charlotte Weaver Today, 15:40
- 10. Love the Journey CLAIM FINALISATION Acquisition Retention Cross Sell Assignee: Jeff Halbert Note: Hi Jeff, kindly contact… New Case: Contact Customer Today, 15:41 Hi Charlotte, thanks for bringing this to our attention. We’ll call.. @TransAtlantic Today, 15:41 Wow @TransAtlantic, I’m a little frustrated by the slow pace of this claim… @charlotte99 Today, 15:40
- 11. Love the Journey CLAIM FINALISATION Acquisition Retention Cross Sell Dear Charlotte We would really value your feedback on your recent claim experience. Kindly take a minute… TransAtlantic Ins. Today, 15:30 Very good! Charlotte Weaver Today, 17:40
- 12. Love the Journey OFFER PURCHASE Acquisition Retention Cross Sell Subject: Charlotte, this is for you Hi Charlotte, we see that you’ve got a shiny new Volkswagen! You may be interested in our scratch cover! And we’ll pay for the first 3 months of cover if you just answer a few questions… TransAtlantic Ins. Today, 15:30
- 13. Love the Journey Acquisition Retention Cross Sell Charlotte Weaver : charlotte@email.com
- 14. Love the Journey A B C D LOB systems 1 2 3 4 Applications JOURNEY ANALYTICS
- 15. inQuba Worldwide
- 16. FINANCIAL SERVICES INSURANCE RETAIL TELECOMS & ICT HOSPITALITY & LIFESTYLE
- 17. Gaining recognition in Journey Analytics Report: Listed amongst 18 CFM vendors that support VoC programmes through a broad capability set “inQuba offers a customer journey modeler, a GUI-based journey data modeler that captures customer journey data for each client…” Report:
- 18. MiWay retain over half of at- risk customers that are actively identified and engaged! Retention-related complaints have also halved. 57% retention of identified at-risk customers
- 19. Newly onboarded advisers with servicing needs were identified and targeted with focused engagements 45% increase in satisfaction amongst identified advisers
- 20. Journey & Design Planning & Data Fusion TRANSACTIONAL BUSINESS SYSTEMS Example: Contact Centre records QUANTITATIVE FEEDBACK QUALITATIVE FEEDBACK Very good! Charlotte Weaver Today, 17:40 Wow @TransAtlantic, I’m a little frustrated by the slow pace of this claim… @charlotte99 Today, 15:40
- 21. Journey Testing Optimisation, Automation & Orchestration Activation (web) Journey Analytics Application (web) Application (branch) Accept quote (web) Documentation (branch) Documentation (email) Accept quote (agent) Activation (web) Accept quote (agent) Documentation (branch) Application (agent) Accept quote (agent) Customer journey insights 75% will activate (based upon predictive analytics) SELECTED PATH > Application (agent) > Accept quote (agent) > Docs (branch) 15% won’t progress & will need assistance 10% are unhappy & at risk (based upon machine learning) Policy application
- 22. Journey Testing Optimisation, Automation & Orchestration Application (web) Application (branch) Application (agent) Accept quote (agent) Accept quote (web) Documentation (branch) Documentation (email) Accept quote (agent) Activation (web) 325 Accept quote (agent) Documentation (branch) Activation (web) Journey Analytics inQuba Case Management Hi Charlotte, we see that you may need some help with your quote. Can we give you a call..? TransAtlantic Today, 15:30 Assignee: Martha Willems Note: Hi Martha, kindly contact… New Case: Contact Customer Today, 15:41 Policy application Yes please! ;-) Charlotte Weaver Today, 15:40
- 23. Journey Testing Optimisation, Automation & Orchestration Application (web) Application (branch) Application (agent) Accept quote (agent) Accept quote (web) Documentation (branch) Documentation (email) Accept quote (agent) Activation (web) 325 Accept quote (agent) Documentation (branch) Activation (web) Journey Analytics Dear Charlotte We would really value your feedback on your recent quote experience. Kindly take a minute… TransAtlantic Today, 15:30 inQuba CX Policy application Very good! Charlotte Weaver Today, 17:40
- 24. Journey Testing Optimisation, Automation & Orchestration Application (web) Application (branch) Application (agent) Accept quote (agent) Accept quote (web) Documentation (branch) Documentation (email) Accept quote (agent) Activation (web) 325 Accept quote (agent) Documentation (branch) Activation (web) Journey Analytics inQuba Social Media Hi Charlotte, thanks for bringing this to our attention. We’ll call.. @TransAtlantic Today, 15:41 Policy application Wow @TransAtlantic, I’m a little frustrated by the lack of communication from you.. @charlotte99 Today, 15:40
- 25. Journey Testing Optimisation, Automation & Orchestration Application (web) Application (branch) Application (agent) Accept quote (agent) Accept quote (web) Documentation (branch) Documentation (email) Accept quote (agent) Activation (web) 325 Accept quote (agent) Documentation (branch) Activation (web) Journey Analytics inQuba Engage Subject: Charlotte, got two minutes? Hi Charlotte, we’re thrilled that you’ve successfully activated. We’d love to get to know you. Please click TransAtlantic Today, 15:30 Policy application
- 26. Journey Testing Optimisation, Automation & Orchestration Application (web) Application (branch) Application (agent) Accept quote (agent) Accept quote (web) Documentation (branch) Documentation (email) Accept quote (agent) Activation (web) 325 Accept quote (agent) Documentation (branch) Activation (web) Journey Analytics inQuba Single View Subject: Charlotte, got two minutes? Hi Charlotte, we’re thrilled that you’ve successfully activated. We’d love to get to know you. Please click here.. TransAtlantic Today, 15:30 Policy application Charlotte Weaver : charlotte@email.com
- 27. Journey Testing Optimisation, Automation & Orchestration inQuba Analytics Analytical and Operational reports
- 28. Imagine you had the capability, across millions of clients, to see their journeys, & who’s cheering for Wouldn’t that be a game changer? That’s why we’re here.
- 31. Customer Applies for a Credit Card Customer Accepts Quote Customer Receives Card Customer activates and spends Application incomplete Quote pending Quote declined N T U Card not activated No spend after activation Post-experience measurement Delivery Experience Sales Experience Application fulfilled Documents outstanding Post-experience measurement Post-experience measurement Case management Post acquisition insights - NPS score or archetypes Gain insight as to why not taken up Gain insight into why the customer has not yet accepted the quote Gain insight as to why the customer did not complete their application Gain insight into why documents were not submitted Gain insight into why there is a delay in activation Gain insight into why there is a delay in spend Evaluate the overall delivery experience and channel touchpoints Evaluate the overall sales experience and channel touchpoints Measurement survey Fallout survey KEY Stall Points Journey Management Machine Learning
- 32. Customer Applies for a Credit Card Customer Accepts Quote Customer Receives Card Customer activates and spends Application incomplete Quote pending Quote declined N T U Application fulfilled Documents outstanding Card not activated No spend after activation VOC Data Transactional Data Credit Data Machine Learning Machine Learning Machine Learning Machine Learning Journey Management Nudging Customers
- 33. Monetizing Journeys Desan Pillay Chief Experience Officer (CXO)
- 34. The language of journey
- 35. The language of journey In order to do Customer Journey Management, you will need only three data points on each journey step. Transaction Name Time Person
- 36. Goal Bob John Mark The language of journey
- 37. and time, Time Customer Journey Management (CJM) you are able to individually identify a customer journey path for each Bob, John and Mark. = Goal = Goal = Goal With transaction name, person Bob John Mark Person 1 Person 2 Person 3 Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction
- 38. and time, Without person Customer Experience Management (CEM) this is just a cluster of experiences. experience experience experience experience experience experience experience experience experience experience experience experience
- 39. The power of Journeys Steps towards a customer’s goal Visualization of a customer’s path Dead-ends; CEM shows you loops The power to nudge Contextual real-time engagements All customers and not a sampleCustomer Journey Management Bob John Mark Person 1 Person 2 Person 3 Time = Goal = Goal = GoalTransaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction
- 40. Journeys can be effectively monetized ACQUISITION RETENTION CROSS SELL Target Marketing Client behaviour and characteristics lead to segmentation and customer persona Customer channel interaction Customer feedback
- 41. Where do you start • Account opening • Payment transfers • New card/ mortgages/ VAT • Collections/ recoveries • Lost/ stolen & fraud • Proactive selling • Policy application • Underwriting & pricing • Claims • Price increases • Policy upgrade • Proactive selling • New activation • Churn management • Billing • Feature/ plan change • Suspend/ reconnect • Device upgrade • Device repairs • Network issues • Proactive selling Retail and commercial banking Insurance Telecoms/ Media
- 42. How inQuba can assist you Data is the currency to Journey – but it can be tricky inQuba’s data wizard tool No system integration required Journey can be effectively monetized Mapping and digitizing your Journey A team of data scientists and BI experts Pioneers of Journey Analytics
- 43. Margot Birbeck margot.birbeck@inquba.com +61 4 3713 1317 Let us help you optimize and monetize your business
Editor's Notes
- Please join the conversation while we’re talking and we’ll try to address as many questions as possible – use the hashtag #Jointhejourney Also feel free to follow inQuba on Twitter or Facebook: @inQubaCX
- Ask the question in the session… [Pause for dramatic effect. Perhaps take a sip of your coffee..]
- The Insurance environment has changed. Embedded Value of an insurer refers to the present value of future profits. Future profits are ensured, more and more, through Ecosystem Services, which are are essential for driving loyalty, but they introduce complexity as business still requires a single view of the customer as they traverse journeys, channels and a growing list of products. Rising Costs of Acquisition. Because of fintech start ups and aggregators.. Switching costs. Thanks to the increase in aggregators, fintech startups (like mobile brokering apps), and the adoption of digital channels. Growing distance between insurer and client. Touch matters, but touch is diminishing due to aggregators and comparison sites Digital channel adoption. The largest group of customers are hybrid: using traditional and digital in parallel. But business still needs a single view of the customer journey as they use all these channels. ADDRESSING THESE WILL ALLOW US TO ADDRESS THE MOST IMPORTANT THINGS THAT KEEP THE LIGHTS ON AND KEEP YOU AWAKE AT NIGHT: ACQUISITION, RETENTION AND CROSS SELLING.
- CXtended Thinking CXtended is not about technology – it’s about Context empowering People with Empathy CX needs a seat at the Marketing Table There is no such thing as the ‘Marketing Table’ – all the customer experiences is the Customer Experience CX Managers will need to move from Customer Journey Mapping (passive) to Customer State Mapping (proactive) For the CXtended Journey CX Managers will need a CXtended Tookit
- Let’s look at a few examples..
- The customer initiates the application process, receives a quote and then undergoes underwriting. The customer then doesn’t accept the quote immediately and goes quiet. This is picked up by the inQuba solution which then triggers an engagement: a personalised mobile engagement in this example. The customer responds to the engagement positively and a case is created and assigned post-processing. The customer is then contacted and the situation is resolved, resulting in ACTIVATION, and another heart… Importantly, we also learn more about the customer, adding to the customer’s SINGLE VIEW.
- The customer lodges a claim but it doesn’t go well for her and she expresses some frustration on social media. A case is created based upon the text analytics processing which identifies the customer to be at risk. The customer is contacted within the SLA period and the situation resolved, possibly with an incentive offered. Importantly, we also learn more about the customer, adding to the customer’s SINGLE VIEW.
- The finalised experience and customer journey also offers an opportunity to ask the client for feedback on the experience. This is done by a short survey triggered by the finalisation… Feedback received is then associated with the individual’s view, and also included in aggregate analytics. Importantly, we also learn more about the customer, adding to the customer’s SINGLE VIEW.
- The business, knowing more about the customer is now in a position to market an additional product/service to the customer. The customer receives a personalised campaign offering a good deal and a saving if some questions are answered. The customer accepts the offer. We’ve been learning more about the customer with every interaction and this one is no different. In this case we learn more about interests and preferences and the single view of the customer becomes increasingly rich and colourful.
- Importantly, as the business has interacted with the customer through various channels and engagements, the single view of the customer has built up with more and more information. No personal, contextual or emotional information is lost but rather persisted around the customer, and accessible to the rules engine for all future engagements…
- This slide addresses the HOW of the previous few, and also positions JA as a methodology/toolbox with connectors into existing systems, without going into too much detail. LOB SYSTEMS may include call centre systems, transactional systems, activity logs. APPLICATIONS may include your existing CRM platform, or customer feedback solution JA is a methodology/tool box which is layered onto existing systems and solutions in order to identify actual customer paths and provide a view of which customers are reaching their goals and which aren’t. [Although the Sankey is displayed it is actually about the layering while the Sankey visualisation is a tease, which will be revealed later in the deck.]
- REASON TO BELIEVE We’re everywhere
- Make a point of mentioning the brands which are relevant to the particular region
- Increasingly, Journey Analytics has been taking centre stage within CX. And inQuba has been enjoying recognition in the space. More detail: FORRESTER Within the “Voice Of The Customer Vendor Landscape, Sept 2017” report. Listed amongst 18 CFM vendors that support VoC programmes through a broad capability set, sharing space with Clarabridge, Confirmit, MaritzCX, Medallia, ResponseTek GARTNER Within the “Market Guide for Customer Journey Analytics, Aug 2017” report Quote “inQuba offers a customer journey modeler, a GUI-based journey data modeler that captures customer journey data for each client…” AND WE’VE DEPLOYED OUR SOLUTIONS AT A NUMBER OF CUSTOMERS TO ACHIEVE GREAT RESULTS…..>>>>
- We’ve helped MiWay to actively identify at-risk clients, engage them and then retain over half of them. Retention-related complaints have also halved.
- VitalityLife By identifying newly onboarded advisers with servicing needs, the business has been able to increase product satisfaction within the segment by 45% by proactively driving (correlated) Process Speed and Responsiveness. (This was over a 3 month period…)
- According to Forrester, the Four Journey Steps are… These map neatly to our solution modules
- JOURNEY DESIGN & PLANNING / & DATA FUSION The conceptual model is configured to represent the preferred customer journey. All data collected is associated with the nodes of the customer journey. THE 3 TYPES OF DATA WHICH WE DEAL WITH HERE: Big transactional data Quantitative feedback Qualitative feedback
- When we connect all the dots in the data we end up with visual customer paths that look like this. EXAMPLE INSIGHT. Let’s look at this portion of a customer journey. This is a policy application example. The customer makes an application with an agent, accepts the quote and then receives the documentation. From here there are a number of paths the customer could take. We obviously want them to activate. At this stage we know a few things about this group of people – those who will activate, those who won’t progress and those that are at risk of dropping away. IMPORTANT – we can predict this behaviour based upon historical data and machine learning, and we should be able to intervene in order to correct causes now and ensure that people reach their goals.. Let’s look at a few more scenarios and intervention possibilities which can either be triggered through existing solutions, or through the inQuba platform..
- INQYBVA CASE MANAGEMENT – the tweet is turned into a case which is then assigned to someone in the business who needs to contact the customer and resolve the issue within an SLA. The result of this should be to nudge the customer onward towards her goal, correcting her path.
- Here is a view of Journey Analytics within the platform, indicating the different paths that customers take between channels and steps, as they press on towards their goals. INQUBA CX – we may want to reach out to a customer with a survey when they reach a particular point, like a successful activation. Reaching this point would trigger a survey. And here are a few product shots…
- INQUBA SOCIAL MEDIA – here, the customer reaches a point and tweets the insurer in frustration. The mention is picked up by the social media listening solution in the platform where a group of people are monitoring online mentions
- INQUBA ENGAGE – the customer reaches and point in the journey where they qualify for a campaign. This qualification logic is informed by MACHINE LEARNING. The customer responds to the engagement…
- INQUBA SINGLE VIEW – … and by responding the platform learns more about the customer and this adds to the single view of the customer. This information is all accessible to the rules engine for further comms etc.
- INQUBA ANALYTICS ensures the the right insights reach the right roles in the business in real time, whether executive or operational.
- LOVE THE JOURNEY