Restoring Loyalty & Trust in Financial ServicesDo Digital Channels hold the key?Jamie Anderson, Global Marketing Director,...
AgendaRestoring Customer TrustThe Evolution of Customer InteractionThe Loyalty Conundrum: Forrester / SAPRecommendations &...
Reputation recognised as key to restoring customer    confidence and trust in Banking back in 2008.“             “Reputati...
Satisfying customer needs identified as another key focus“            Satisfied customers buy             more products an...
Further industry data analysis confirms executive focus    on customer satisfaction“             Financial services firms ...
Urgency for action: Banks score at the bottom of    Forrester‟s ranking for Customer Advocacy                             ...
Edelman‟s 2011 Trust Barometer places Banks andInsurers firmly at the bottom of the Industry stack© 2011 SAP AG. All right...
Today‟s customers are empowered like never before…                                      Transparency              Democrat...
…while „traditional‟ online is becoming a thing of the past.“By 2013, mobile phones willovertake PCs as the most commonWeb...
Enter the world of the new „Digital‟ Customer       MOBILITY                         RICH CONTENT    SOCIAL       APPS    ...
Social Media integration can „enrich‟ customerrelationships & improve customer experience                                 ...
Forrester / SAP Research“The Customer Loyalty Conundrum”“        Uncovering the loyalty illusion: Companies are turning to...
Key Find #1:      “Loyalty marketers are overconfident in their      ability to execute loyalty programs. While      surve...
Key Find #2:      “Loyalty decision-makers can‟t escape the      ghost of ROI. Loyalty decision-makers have      long stru...
Key Find #3:      “Integrated loyalty program management is a      strategic imperative. With consumer mobile and      soc...
The good news is that technology CAN help“        “Having a robust loyalty technology platform will help manage the comple...
Do Digital Channels hold the key?© 2011 SAP AG. All rights reserved.   18
#1 Know your Customer / Know your Audience        4M Loyalty        Members          37%        Revenue© 2011 SAP AG. All ...
From Social Media to Loyalty Management:SAP CRM with Facebook Integration© 2011 SAP AG. All rights reserved.        20
#2 Be Transparent, Be Engaging, Be Social© 2011 SAP AG. All rights reserved.         21
Twitter, SAP CRM & SAP BusinessObjects Text Analysis Mine social media, turning unstructured data into insight            ...
#3: Think – Mobile FirstSolution Highlights                                              Driving improved customer    Com...
#4: Consistency is key                                                     Solution: Marketing & Loyalty Campaigns are    ...
Thank you!© 2011 SAP AG. All rights reserved.   25
ContactJamie AndersonGlobal Marketing DirectorCRM Web Channel & eCommerce SolutionsE: j.anderson@sap.comT: @collsdad
© 2011 SAP AG. All rights reservedNo part of this publication may be reproduced or transmitted in any form or for any purp...
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Restoring Loyalty & Trust in Financial Services

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Presentation by Jamie Anderson, Global Marketing Director, CRM Web Channel & eCommerce Solutions SAP, for the CRM Intelligence & Loyalty in Financial Services event 2011.

Banks have faced increased challenges in terms of CRM since 2008. How can they make the most of the new opportunities presented by mobility and social media?

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Restoring Loyalty & Trust in Financial Services

  1. 1. Restoring Loyalty & Trust in Financial ServicesDo Digital Channels hold the key?Jamie Anderson, Global Marketing Director, Web Channel & eCommerce SolutionsSAP AG
  2. 2. AgendaRestoring Customer TrustThe Evolution of Customer InteractionThe Loyalty Conundrum: Forrester / SAPRecommendations & Proof points© 2011 SAP AG. All rights reserved. 2
  3. 3. Reputation recognised as key to restoring customer confidence and trust in Banking back in 2008.“ “Reputation has always been important. Now it is the difference between riches and ruin. At times like these, peoples desire for security, trust and feeling their money will be safe will dominate consumer behavior” Alastair Campbell, Director Project Finance at Standard Chartered Bank Economist Intelligence Unit 2008 Financial Services strategies for growth – Focus on the Customer amidst market turmoil © 2011 SAP AG. All rights reserved. 3
  4. 4. Satisfying customer needs identified as another key focus“ Satisfied customers buy more products and services and are willing to pay more for them. If we have the right products, the right tools and the right customer-service experience, we will have a very sticky relationship with our customers. They will value us and come back to us to buy their next product” Jim Smith, Executive VP at Wells Fargo Economist Intelligence Unit 2008 Financial Services strategies for growth – Focus on the Customer amidst market turmoil © 2011 SAP AG. All rights reserved. 4
  5. 5. Further industry data analysis confirms executive focus on customer satisfaction“ Financial services firms are more than twice as likely to cite customer service as a core strength than operational excellence or product innovation… …52% say that customers see their products more as commodities than five years ago.” Source: Economist Intelligence Unit: 2009 Beyond Transactions Creating Value Through Partnerships in banking and insurance © 2011 SAP AG. All rights reserved. 5
  6. 6. Urgency for action: Banks score at the bottom of Forrester‟s ranking for Customer Advocacy Customer Advocacy The perception on the part of customers that the firm does what‟s best for them, not just what‟s best for the firm‟s own bottom line.“ Loyal customers are willing to buy more, borrow more, invest more, and stay longer with the firms they already use. … Customers who rate their firms high on customer advocacy are most likely to consider those firms for future purchase. But … a majority of customers still don‟t feel that their firms have their best interests at heart. Forrester Research, Inc., Customer Advocacy 2011: How Customers Rate US Banks, Investment Firms, And Insurers, March 2011 © 2011 SAP AG. All rights reserved. 6
  7. 7. Edelman‟s 2011 Trust Barometer places Banks andInsurers firmly at the bottom of the Industry stack© 2011 SAP AG. All rights reserved. 7
  8. 8. Today‟s customers are empowered like never before… Transparency Democratization of information Variety of Social networkingtouch points and communities Customer Implications  Shift in negotiation power from Vendors to Customers  Evolution from „Relationship Management‟ to „Total Experience Management‟  New communications and interaction channels to manage on top of traditional ones  Greater needs for adaptability and responsiveness© 2011 SAP AG. All rights reserved. 8
  9. 9. …while „traditional‟ online is becoming a thing of the past.“By 2013, mobile phones willovertake PCs as the most commonWeb access device worldwide...“…they will overtake the PC as themost common primary device forWeb access sometime in 2015.”Gartner Top End User Predictions for 2010: Coping with the NewBalance of Power© 2011 SAP AG. All rights reserved. 9
  10. 10. Enter the world of the new „Digital‟ Customer MOBILITY RICH CONTENT SOCIAL APPS “Touch” replaces the “Click”© 2011 SAP AG. All rights reserved. 10
  11. 11. Social Media integration can „enrich‟ customerrelationships & improve customer experience 500 million user accounts on Facebook, that is approximately 7% of the worlds total population (Source: Various –TMCNet, BBC, Inside Facebook) 200 million accounts on microblogging service Twitter (Source: Twitter) 49.4 billion minutes were spent on Facebook in December 2010, a 79% increase over December 2009 (Source: comScore) 70% of retailers use Facebook to promote their business, up from 50% last year (Source: MerchantCircle) 78% of small businesses use Twitter to market themselves while 75% use Facebook and 30% use LinkedIn (Source: Postling) 32% of businesses are promoting themselves through Facebook Places, with another 12 % planning to do so in the coming months (Source: Financial Times) (AllFacebook.com)© 2011 SAP AG. All rights reserved. 11
  12. 12. Forrester / SAP Research“The Customer Loyalty Conundrum”“ Uncovering the loyalty illusion: Companies are turning to customer loyalty more than ever, but loyalty marketers overstate their ability to deliver an innovative solution© 2011 SAP AG. All rights reserved. 12
  13. 13. Key Find #1: “Loyalty marketers are overconfident in their ability to execute loyalty programs. While survey respondents expressed confidence in the depth and breadth of their loyalty strategies, Forrester uncovered holes in their story around data, integration, and customer insight.” Source: “The Customer Loyalty Conundrum” by Forrester Consulting on behalf of SAP, September 2011© 2011 SAP AG. All rights reserved. 13
  14. 14. Key Find #2: “Loyalty decision-makers can‟t escape the ghost of ROI. Loyalty decision-makers have long struggled to quantify the returns from their marketing efforts. This challenge persists for loyalty decision-makers as well, especially when proving returns across multiple customer touchpoints.” Source: “The Customer Loyalty Conundrum” by Forrester Consulting on behalf of SAP, September 2011© 2011 SAP AG. All rights reserved. 14
  15. 15. Key Find #3: “Integrated loyalty program management is a strategic imperative. With consumer mobile and social adoption rapidly increasing, loyalty programs must be able to reach consumers in the right place at the right time.” Source: “The Customer Loyalty Conundrum” by Forrester Consulting on behalf of SAP, September 2011© 2011 SAP AG. All rights reserved. 15
  16. 16. The good news is that technology CAN help“ “Having a robust loyalty technology platform will help manage the complete loyalty process and effectively integrate data sources, channels, and systems in real time.”© 2011 SAP AG. All rights reserved. 16
  17. 17. Do Digital Channels hold the key?© 2011 SAP AG. All rights reserved. 18
  18. 18. #1 Know your Customer / Know your Audience 4M Loyalty Members 37% Revenue© 2011 SAP AG. All rights reserved. 19
  19. 19. From Social Media to Loyalty Management:SAP CRM with Facebook Integration© 2011 SAP AG. All rights reserved. 20
  20. 20. #2 Be Transparent, Be Engaging, Be Social© 2011 SAP AG. All rights reserved. 21
  21. 21. Twitter, SAP CRM & SAP BusinessObjects Text Analysis Mine social media, turning unstructured data into insight Social Metrics Dynamic Tag Cloud based on the key topics beingSentiment of the discussed in Socialconversation addressed to Mediathe company © 2011 SAP AG. All rights reserved. 22
  22. 22. #3: Think – Mobile FirstSolution Highlights Driving improved customer Comprehensive self-service offerings engagement. Delivering Convenient and personalized alerts & notifications convenient and superior Innovative new transactional capabilities, such as remote check deposit, person-to-person payments, card customer service, one activation/cancellation experience at a timeKey Benefits Greater customer satisfaction through convenient self- service Improved operational efficiency Embedded Loyalty drives retention and greater cross-sell capabilitiesCustomer Examples © 2011 SAP AG. All rights reserved. 23
  23. 23. #4: Consistency is key Solution: Marketing & Loyalty Campaigns are executed with current customer information, in real- time, to create Real-Time Offers Solution: The right business strategy is put in effect based on Enterprise wide customer information Solution: Sales, Service and Marketing have the same single view of a customers including operational data Solution: Sales channels Solution: The customer operate with a current view of experience spans multiple the customer relationship channels but retains consistency and context at every touch point© 2011 SAP AG. All rights reserved. 24
  24. 24. Thank you!© 2011 SAP AG. All rights reserved. 25
  25. 25. ContactJamie AndersonGlobal Marketing DirectorCRM Web Channel & eCommerce SolutionsE: j.anderson@sap.comT: @collsdad
  26. 26. © 2011 SAP AG. All rights reservedNo part of this publication may be reproduced or transmitted in any form or for any purpose Business Objects and the Business Objects logo, BusinessObjects, Crystal Reports, Crystalwithout the express permission of SAP AG. The information contained herein may be Decisions, Web Intelligence, Xcelsius, and other Business Objects products and serviceschanged without prior notice. mentioned herein as well as their respective logos are trademarks or registered trademarks of Business Objects Software Ltd. Business Objects is an SAP company.Some software products marketed by SAP AG and its distributors contain proprietarysoftware components of other software vendors. Sybase and Adaptive Server, iAnywhere, Sybase 365, SQL Anywhere, and other Sybase products and services mentioned herein as well as their respective logos are trademarks orMicrosoft, Windows, Excel, Outlook, and PowerPoint are registered trademarks of Microsoft registered trademarks of Sybase, Inc. Sybase is an SAP company.Corporation.IBM, DB2, DB2 Universal Database, System i, System i5, System p, System p5, System x, All other product and service names mentioned are the trademarks of their respectiveSystem z, System z10, System z9, z10, z9, iSeries, pSeries, xSeries, zSeries, eServer, companies. Data contained in this document serves informational purposes only. Nationalz/VM, z/OS, i5/OS, S/390, OS/390, OS/400, AS/400, S/390 Parallel Enterprise Server, product specifications may vary.PowerVM, Power Architecture, POWER6+, POWER6, POWER5+, POWER5, POWER, The information in this document is proprietary to SAP. No part of this document may beOpenPower, PowerPC, BatchPipes, BladeCenter, System Storage, GPFS, HACMP, reproduced, copied, or transmitted in any form or for any purpose without the express priorRETAIN, DB2 Connect, RACF, Redbooks, OS/2, Parallel Sysplex, MVS/ESA, AIX, written permission of SAP AG.Intelligent Miner, WebSphere, Netfinity, Tivoli and Informix are trademarks or registered This document is a preliminary version and not subject to your license agreement or anytrademarks of IBM Corporation. other agreement with SAP. This document contains only intended strategies, developments,Linux is the registered trademark of Linus Torvalds in the U.S. and other countries. and functionalities of the SAP® product and is not intended to be binding upon SAP to any particular course of business, product strategy, and/or development. Please note that thisAdobe, the Adobe logo, Acrobat, PostScript, and Reader are either trademarks or document is subject to change and may be changed by SAP at any time without notice.registered trademarks of Adobe Systems Incorporated in the United States and/or othercountries. SAP assumes no responsibility for errors or omissions in this document. SAP does notOracle is a registered trademark of Oracle Corporation. warrant the accuracy or completeness of the information, text, graphics, links, or other items contained within this material. This document is provided without a warranty of any kind,UNIX, X/Open, OSF/1, and Motif are registered trademarks of the Open Group. either express or implied, including but not limited to the implied warranties ofCitrix, ICA, Program Neighborhood, MetaFrame, WinFrame, VideoFrame, and MultiWin are merchantability, fitness for a particular purpose, or non-infringement.trademarks or registered trademarks of Citrix Systems, Inc. SAP shall have no liability for damages of any kind including without limitation direct,HTML, XML, XHTML and W3C are trademarks or registered trademarks of W3C®, World special, indirect, or consequential damages that may result from the use of these materials.Wide Web Consortium, Massachusetts Institute of Technology. This limitation shall not apply in cases of intent or gross negligence.Java is a registered trademark of Sun Microsystems, Inc. The statutory liability for personal injury and defective products is not affected. SAP has no control over the information that you may access through the use of hot links contained inJavaScript is a registered trademark of Sun Microsystems, Inc., used under license for these materials and does not endorse your use of third-party Web pages nor provide anytechnology invented and implemented by Netscape. warranty whatsoever relating to third-party Web pages.SAP, R/3, SAP NetWeaver, Duet, PartnerEdge, ByDesign, SAP BusinessObjects Explorer,StreamWork, and other SAP products and services mentioned herein as well as theirrespective logos are trademarks or registered trademarks of SAP AG in Germany and othercountries. © 2011 SAP AG. All rights reserved. 27
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