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Salesforce1 World Tour London: The Future of Finance
 

Salesforce1 World Tour London: The Future of Finance

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How can financial services companies engage with the internet of customers using connected products, social and mobile technologies?

How can financial services companies engage with the internet of customers using connected products, social and mobile technologies?

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    Salesforce1 World Tour London: The Future of Finance Salesforce1 World Tour London: The Future of Finance Presentation Transcript

    • The Future of Finance Michael Spiteri The London Insurance Club
    • Disrupt or be disrupted? 79% Of smartphone users are using devices to shop at least once a month CMOs will spend more money on technology than CIOs.By 2017 Predicted number of connected devices by the year 2020.50 Billion higher revenue growth forecast for companies who prioritize innovation to a greater extent than their peers.10%
    • We have observed a rapid shift in customer expectations 64% of shoppers read customer reviews always or most of the time before making a purchase decision Easy access to research and data will expose efforts to mislead and enable comparison to your competitors; transparency and authenticity are required Easy access to research and data will expose efforts to mislead and enable comparison to your competitors; transparency and authenticity are required ! 50% of UK mass market, wealth and private banking clients use social media at least once a day Vehicles for communicating experiences with your brand – both good and bad – are ubiquitous and free, and your customers are not shy about voicing them Vehicles for communicating experiences with your brand – both good and bad – are ubiquitous and free, and your customers are not shy about voicing them 90% of consumers trust recommendations from people they know 71% of consumers would pay more for good customer service 85% of UK shoppers would go out of their way to use a company that offered better service Brand loyalty has been replaced by peer conversations and other social media interactions; those who fail to participate risk being sidelined Undifferentiated products and services, lack of loyalty, easy access to alternatives and low barriers to defection mandate extra effort to retain your customers Expectations are being shaped by experiences outside of your industry, where content, interactions and features may be much richer and more compelling Expectations are being shaped by experiences outside of your industry, where content, interactions and features may be much richer and more compelling Brand loyalty has been replaced by peer conversations and other social media interactions; those who fail to participate risk being sidelined Undifferentiated products and services, lack of loyalty, easy access to alternatives and low barriers to defection mandate extra effort to retain your customers ... trust their peers ... are informed ... have choices ... have a voice... expect more
    • We have observed a rapid shift in customer expectations 64% of shoppers read customer reviews always or most of the time before making a purchase decision Easy access to research and data will expose efforts to mislead and enable comparison to your competitors; transparency and authenticity are required 64% read customer reviews always or most of the time before making a purchase ! 50% of UK mass market, wealth and private banking clients use social media at least once a day Vehicles for communicating experiences with your brand – both good and bad – are ubiquitous and free, and your customers are not shy about voicing them Vehicles for communicating experiences with your brand – both good and bad- are ubiquitous and free, your customers are not shy about using them 90% of consumers trust recommendations from people they know 71% of consumers would pay more for good customer service 85% of UK shoppers would go out of their way to use a company that offered better service Brand loyalty has been replaced by peer conversations and other social media interactions; those who fail to participate risk being sidelined Undifferentiated products and services, lack of loyalty, easy access to alternatives and low barriers to defection mandate extra effort to retain your customers Expectations are being shaped by experiences outside of your industry, where content, interactions and features may be much richer and more compelling 85% of UK customers would go out of their way to use a company that offered a better service 90% of consumers trust recommendations from people they know 71% of consumers would pay more for good customer service ... trust their peers ... are informed ... have choices ... have a voice... expect more
    • New and different types of customer behaviours are here to stay – A decade of disruption Decade of change 0 20 40 60 80 100 120 %UKActiveAdultPopulation The changing mix of consumers in the UK, and the rising influence of the Digital Natives Traditional Consumer Transitionals Digital Natives Up to 2008 Traditional consumer behaviour is the majority 2008–2018 Transitional behaviour is the majority 2019 and beyond Digital native behaviour dominates
    • Data sources continue to proliferate and offer further customer context and insight Mobile devices and sensors are now interconnected and are communicating in unprecedented ways … •  Devices and sensors continue to decrease in size while increasingly communicating via the internet •  Adaptive, “smart” environments with embedded and connected devices will enable innovative usage models
    • Telematics is often seen as more of a technology rather than a customer play. However, in insurance telematics is frequently used in a product context around Pay As You Drive/ Pay How You Drive etc. We strongly believe that telematics and other sensor based technologies will have a major impact on how businesses engage with their customers. This is closely aligned with the ‘Always On Customer’ and will further accelerate customer interactions and expectations. Sensor based solutions enable a much richer understanding of a customer and can radically disrupt the ‘annual premium’ and ‘claims moment of truth’ events that have dominated the insurance industry for so long. The ability to listen, learn and engage with customers and offer them products or services that are good for them will separate those companies who succeed in this space from companies who will struggle. If used sensitively this can transform the relationship between the Insurer and the Insured Accident Response Roadside Assistance Accident Avoidance Traffic Pattern Detection Entertainment Car Sensors On Board Diagnostic Report Mobile Device Telematics Platform Anti-Theft/ Location Accident Detection Traffic Pattern Detection Navigation Accident Report On Board Diagnostics Marketing Alerts Driver Scoring Remote Entertainment Vehicle History Report Vehicle Repair Estimate Anti-Theft/ Location Medical Info
    • And it’s not just motor …the Connected Home Core premise: The earlier that an event can be predicted, the more it can be controlled. Home Intelligence solutions now offer home automation solutions that covers security, HVAC, energy management, remote access and appliance monitoring & control In fraud detection, rigorous real-time sophisticated analytics engines for ‘search word’ patterns online can help understand the occurrence of falsified behavior based on the nature of search patterns traced to certain geographies, and accordingly preempt it In the world of preventative diagnostics, ‘Real-time’ information could be fed into claims/risk prevention functions so that early warnings of an event could trigger action to reduce or even prevent it from occurring
    • From the Big! - the world at your fingertips ....To the Small! - when seconds matter Global Asset Optimization “Obama campaign uses big data to address concerns of individual voters” – MIT Tech Review “The Climate Corporation raises $50M for big data driven weather insurance” – Tech Crunch Global Asset Optimization “Google Driverless Car Worth Trillions” - Forbes “New genetic diagnostics save NICU lives” - NY Times And it’s not just at the personal level