Attensity Webinar SeriesThe Real Reasons Why Customers Churn: Analyzing theVoice of the Customer in the Banking IndustryWith James Purchase, Senior Director of Industry Solutions, Attensity#AttensityWebinar
About AttensityHelp the world’s leading brands leveragecustomer conversations as a business asset.No matter where they take place:social media • blogs • surveys • call center notes • review sites • emails • more 10+ years of experience in Text Analytics/CEM 7 patents in natural language processing 500+ installations worldwide World’s largest NLP development group
We Work with the World’s Leading Brands BI Text SCRM Analytics VOC
Banking Industry Challenges Concerns about higher fees: New Checking Fees for certain customer segments Debit card charges and restrictions Monthly charges for paper statements and in-person customer service Higher credit card fees Fees for canceled check images Overdraft protection $10 per transfer to use a savings account New or increased ATM fees for non-customers Reduction or cancellation of Reward Programs
Banking Industry Challenges Mergers & Acquisitions are creating customer experience issues: Automated deposit, payment, and transfer issues Relationship Banking issues due to account linkage problems that can cause recurring nuisance fees, increased prices, and loss of relationship services (such as free deposit box) Customer service issues related to the acquisition of credit card and mortgage lines of business and to severance of outsourced providers
Media Reports, and Banks Anticipate, Customer Churn as a Result After raising fees, Chase estimated that 15% of its customers will no longer be able to qualify for free checking. “Based on current attrition rates, we expect 50% to 60% of these customers to leave Chase within the next year” Chase investors’ day presentation, 2/15/11
But, is it Really True? Another survey by J. D. Powers and Associates, found that customers were switching banks based mainly on advertising, convenience and customer experience rather than fees or interest rates!
To Find Out, Go to the Source: Customer Conversations @jane: “ABC Bank’s fees are too high. Thinking of making a switch.” “I’m interested in a savings account linked to my checking account, can you send me details?” “I can’t access my account on your web site.” Jon Smith: “Evaluating USA Bank versus National credit union, anyone have a recommendation?” “The branch location is convenient, but the lines are too long and there are too few tellers.”
But, How Do You Mine Customer Conversations for Business Value?The BIG DATA waveDriven by online conversations, Social Media, Mobile Apps100 Million: Tweets per day247 Billion: Emails per day500 Million: Facebook users126 Million: Blogs1.97 Billion: Internet users worldwide5 Trillion: SMS messages annuallyMillions of CRM Records
A Business Process Based MethodologyBy Listening, Analyzing, Relating and Acting on multi-channel customer conversations What is Attensity’s CEM solution and how can it help the Banking industry address these complex Challenges & Perspectives? ATTENSITY CUSTOMER EXPERIENCE MANAGEMENT SUITE
Attensity: Retail Banking Solution for CEM World-class platform for customer analytics and response Multi-channel: leverage conversations from both Internal and External sources Built for massive scale: 75+ Million Sources, 16 languages Integrates with existing systems: CRM, Call Center, ERP, BI, Email, etc. Analyze Respond Banking Reports/Dashboards/Alerts Banking Routing/QueuesReports,Dashboards,Alerts &ResponseBusinessProcess Banking WorkflowsLayerSemantic Banking TaxonomyLayer Banking DictionaryCustomerConversation Documents Email Text Sharepoint ERP CRM Surveys socialSources
Companies without Social Media strategies may see a larger percentage of Non-Sentiment
Customer Satisfaction surveys may need to be redesigned to reflect lack of feedback…!
We can drill into records to get moreinformation about how any given recordwas categorized. We can also categorize “on-the-fly”…
By dragging and dropping we can categorize “on-the-fly” without“reprocessing data to reflect new rules”
Any report(s) contained within adashboard can be set up as an alert! Following Six Sigma methodology we can set up a Upper Natural Process Limit alert trigger This is a visuaization (using dummy data) of what a UNPL threshold might look like…
“Long Waits” are more likely to characterize Bank Of America then Chase
Attensity’s detailed categorization will get to the heart of the issue and can provide significantly more detail than a manually coded categorization system…
A brief glance at Complaints across this survey for Q4 2010 would indicate the majority of the complaints are aimed at the Website… Our Tag Cloud visually represents the more detailed Issues particularly around the Website being “slow” and “hard to access”
Questions for James? Contact: firstname.lastname@example.orgContact Attensity www.attensity.com Upcoming & Archived Webinars Toll Free: (800) 721-0560 http://bit.ly/Attensity_Webinars Email: email@example.com Follow us on Twitter: @Attensity http://twitter.com/attensity Attensity in 2 minutes on YouTube http://bit.ly/attensityrespond5/9/2012 26
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