Executive briefing-jason-millett-westpac
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Executive briefing-jason-millett-westpac Executive briefing-jason-millett-westpac Presentation Transcript

  • Transforming the Bank to place customers at the centre of everything we do Jason Millett General Manager, P&O Strategy & Execution Westpac Banking Corporation May 2010 24 May 2010
  • Addressing customer needs is about ‘getting the basics right’ Typical Customer Service Needs • Reliable delivery of products and services • Consistent experience across channels and platforms • Easy and simple to do business with • Single and insightful view of information • Flexible and responsive to requests Transforming banks to be customer centric 24 May 2010 Jason Millett – Westpac Banking Corporation
  • Westpac’s ‘customer centric’ strategy focuses on directly fulfilling customer needs Westpac’s Customer Oriented Strategy Vision To be the leading financial services company in Australia and New Zealand Most recommended Meet most Most skilled Global leader Highest Assessed financial customer and engaged in returns in by services needs people sustainability sector company Operating as ‘One Team’ Driving Focus on core Strong local Easy to do Principles Shared values markets businesses business with Source: WBC Group Update Dec 2009 Transforming banks to be customer centric 24 May 2010 Jason Millett – Westpac Banking Corporation View slide
  • Westpac’s strategy is delivered by four complimentary initiatives Customers Strong local More choices Sustained 1 2 3 4 at the centre businesses for customers gains • Westpac Local: • Shift decision • St. George: • Continue to The Bank making and Australia’s deliver on Manager is back focus to front leading regional merger • St. George: line bank ‘Big synergies Greater regional enough; Small • Increased enough’ • Build sales force focus while training, productivity increasing coaching and • Westpac Brand: distribution mentoring Strong, safe, • Process presence and local, redesign and reach • Pervasive responsible simplification cultural change, • Leading fundamentally ‘Institutional’ improving brand customer focus Source: WBC Investor Discussion Pack Nov 2009 Transforming banks to be customer centric 24 May 2010 Jason Millett – Westpac Banking Corporation View slide
  • Becoming ‘customer centric’ requires a significant shift of mindset Traditional banks The Westpac Group Customer satisfaction Customer advocacy Product oriented Distribution oriented One team Siloed business units (accountable, collaborative, aligned, integrated) Predominantly 1 brand Multi-brand Integrated financial Bank centric services Transforming banks to be customer centric 24 May 2010 Jason Millett – Westpac Banking Corporation
  • There are several key target capabilities implied by a ‘customer centric’ focus •Proactive lead generation tools •Single view of the customer •Integrated multi-channel origination & servicing Distribution (Sales & Service) •Flexible and modular systems Product •Customer based •Straight through product solutions processing Operations •Dynamic pricing •Automated workflow, capability decisioning and document management Customer Infrastructure Information •Single source of truth for customer •Reliable and robust systems data •Secure perimeter •Digitised documents •Effective email & collaboration platforms Transforming banks to be customer centric 24 May 2010 Jason Millett – Westpac Banking Corporation
  • There are six key considerations to enable a ‘customer centric’ organisation 1 Design requirements from the customer’s perspective (CCD) 2 Develop a clear technology strategy aligned to the business strategy 3 Ensure reliable and robust technology services are provided 4 Streamline customer fulfilment processes to be easy to do business with 5 Manage performance by measurable metrics 6 Systematically identify, prioritise and implement opportunities to ‘delight’ Transforming banks to be customer centric 24 May 2010 Jason Millett – Westpac Banking Corporation
  • 1 Design requirements from the customer’s perspective (Customer Centric Design) Current State Future State Start Here Design = Desirability Customer Business Technology process & requirements solution interfaces Viability = = Feasibility 1. Business process defines the experience The CCD approach should ensure that we start to address our business problem through the 2. Technology drives the business process needs of the customer. 3. Customer experience / design is an overlay Transforming banks to be customer centric 24 May 2010 Jason Millett – Westpac Banking Corporation
  • We have created Design Personas to inform us of the customer 1 experience What? How? Why?  Insight into the behavioral, social,  They represent larger audience  Design Personas are used to emotional and motivational attributes groups based on contextual inquiry ensure that everyone understands of our customers or end users research & stakeholder knowledge the customer and who they are designing the solution for. We use Design Personas to -  inform design decisions in relation to any project in the organisation  reduce risk by creating a balanced view of customer and remove personal bias through development Christopher Wilkinson Christopher Wilkinson  ensure that real user inform the Organised & Organised & design, even without being present Ambitious Ambitious  ensure we understand the typical  Design Personas are  Design Personas are behaviours and motivations of our representations of our typical representations of our typical customers customers customers  Capture the needs of the customer  Personas are relevant across  Design Personas are created for for all channel experiences – Brand & Market Segmentation any User – Customer and Staff current gap for product experience Transforming banks to be customer centric 24 May 2010 Jason Millett – Westpac Banking Corporation
  • 1 These personas are then driven into experience propositions and task models Design Personas Experience Proposition Task Modelling Insight into the behavioral, A ‘brief’ from our customers, • Represents how users achieve social, emotional and which is an empirically derived their goals, by performing motivational attributes of our direction for the service / different roles customers or end users product • Detailed customer requirements Christopher Wilkinson Christopher Wilkinson Organised & Organised & Ambitious Ambitious Transforming banks to be customer centric 24 May 2010 Jason Millett – Westpac Banking Corporation
  • 2 Develop a clear technology strategy aligned to the business strategy Capability Technology strategy – priority is reliability and customer experience • Enhance IT reliability and efficiency Reliability, Efficiency & • Improve resilience and capacity of Group Data Centres Effectiveness • Optimise supplier relationships • Implement a common Sales & Service Desktop Customer Touch-points • Launch a new Internet Banking Platform Strategic Investment Areas • Deposit platform – transition to the next generation of Hogan • Operations Transformation – rollout new operations desktop • Payments – migrate to new platform Product and Processing • Cards Platform – consolidate existing platforms • Wealth – consolidate and improve core platforms • Secured Lending – transform platforms and processes • Repository of core customer information Enabling Programs • Enhanced Enterprises Services Infrastructure Source: WBC Group Update Dec 2009 Transforming banks to be customer centric 24 May 2010 Jason Millett – Westpac Banking Corporation
  • 3 Ensure reliable and robust technology services are provided Drivers Of Service Outages Outages BAU Change Single Point Hardware Old of Failure & Unreliable Process Not Followed Application Instability Process Downstream Inadequate Problems Power Volume Problems Overflow Transforming banks to be customer centric 24 May 2010 Jason Millett – Westpac Banking Corporation
  • 4 Streamline customer fulfilment processes to be easy to do business with Customer Information • See all of a customer’s Account Servicing products on one screen • In branch • View account history • See application status in • Customer self- all channels service Customer Sign-up Contact Centres • Easy account • Closed loop opening feedback • Simple application • Agent level NPS forms Frontline staff: “What I want” • Integrated • Automated credit • Reliable systems platform with decisions • Access to customer information same functionality as branches • Able to complete processes on the spot Transforming banks to be customer centric 24 May 2010 Jason Millett – Westpac Banking Corporation
  • 5 Manage performance by measurable metrics Some technology metrics that can be used to measure performance include: • Net promoter score (NPS) • Service delivery applications meeting service level agreements • Project status – green, amber, red • Number of ‘Severity 1’ incidents and mean time to restore service • Programme health for end user, network, desktop applications, online • Outages and number of customers impacted for Online, ATM, call centre • Number of help desk calls Transforming banks to be customer centric 24 May 2010 Jason Millett – Westpac Banking Corporation
  • 5 Net Promoter Score is our key measure of customer performance Calculation of Net Promoter Score Drivers of Net Promoter Score Recent Customer Experience Recent Product Experience Consistent Delivery Brand Perception Transforming banks to be customer centric 24 May 2010 Jason Millett – Westpac Banking Corporation
  • 6 Systematically identify, prioritise and implement opportunities to ‘delight’ Continuous Improvement Process • One employee feedback tool Concept Looks like this will • For use by all staff - frontline & back office need a full 12 months study on it ! • Product or process ideas that improve the customer and or Key Focus staff experience • Suggestions stored & managed centrally • Monthly steering committee prioritises ideas Method • Set scoring system • Validation by subject matter experts (if required) Guys we just need to do it ! • Implementation cost (<$250k) • Implementation time (<12 months) Criteria • Impact on customer, employee, quality, efficiency, revenue and cost • Ongoing communication with the person who suggested the Communication idea Transforming banks to be customer centric 24 May 2010 Jason Millett – Westpac Banking Corporation
  • 6 Systematically identify, prioritise and implement opportunities to ‘delight’ Continuous Improvement Ideas 3124 3124 Ideas by Group ideas ideas Ideas by Category Transforming banks to be customer centric 24 May 2010 Jason Millett – Westpac Banking Corporation
  • Lessons learned: Technology in a ‘customer centric’ organisation • Ensure commitment from all the senior Design requirements leadership team to drive change from the customer’s perspective (CCD) • Communicate a consistent message Identify, Technology prioritise and across all stakeholders strategy implement aligned to opportunities business • Develop a program of work that will to delight strategy support a ‘customer centric’ focus Manage Reliable and performance • Instil strong disciplines to focus on the robust by technology highest value activities measurable services metrics • Uplift workforce capabilities to support the Streamline customer change fulfillment processes Transforming banks to be customer centric 24 May 2010 Jason Millett – Westpac Banking Corporation