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How customer Centric Are You?

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This is a webinar that I did as a guest speaker for AxientCX and OpenText about how the banking and finance industry can become more customer centric. …

This is a webinar that I did as a guest speaker for AxientCX and OpenText about how the banking and finance industry can become more customer centric.
Download the research here:
http://unbouncepages.com/axientassets/

Published in: Business, Education

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  • 1. How We Can Help Opportunities Approaches and Best Practices Alignment Misalignment CMO and CX 3 SMARTPHONES 20202.5 BILLION Customer Current Landscape and CMO Issues1 2 4 5 6 7 HOW TO BE MORE CUSTOMER CENTRIC?
  • 2. Customers are sharing their experiences in real time. Banks with poor service have no where to hide. CUSTOMER LANDSCAPE Source: Forrester Research Inc “Getting to Know You: Building a Customer-Centric Business Model for Retail Banks,”PwC FS Viewpoint, April 2011.
  • 3. CMO PROBLEMS UNDERSTAND THE CUSTOMER BREAK DOWN THE SILOS ENHANCE THE CUSTOMER EXPERIENCE Source:PwC CustomerAnalytics Process Improvement
  • 4. Source: Gartner CMO and CX
  • 5. GETTING IT RIGHT Zuno is the fastest growing back in Eastern Europe. They welcome a new customer every 8 minutes www.zuno.eu
  • 6. GETTING IT RIGHT www.simple.com MOBILE
  • 7. GETTING IT RIGHT www.triodos.com It is not about you, it is about your story
  • 8. GETTING IT RIGHT www.commbank.com.au Search By likes By need By tools Shortcuts
  • 9. CUSTOMER MAPPING http://www.touchpointdashboard.com
  • 10. LEVELS OF CUSTOMER CENTRICITY Level 1 Lip Service Level 2 Some Targeting Level 3 Customising Solutions Level 4 Customer Orientation Assure customers are at the center of business but continue to market own products and services Gather Date on customers and understand they are different and tailor offering according Focus on problems customers are trying to solve and then package those offerings to address those problems Focus on solving customer problems and center around customer needs. Less focus on means and more focus on ends Ranjay Gulati, Harvard Business School professor and author of Re- organise for Resilience
  • 11. KEY INSIGHTS Unburden me 1. 2. 4. 3. 5. 6. 7. I don't like to feel burdened or stressed and seek ways to free myself from any burden as quick as I can. I particularly dislike when companies make life harder than it needs to be, when they themselves add to my burdens. If they were to do this, I’d most likely start looking around for another supplier to be free of them Make it easy, simple and quick for me My finances are a focal point in my life. I don't want to have to think about it. So make it as easy as possible to interact with you, easy for me to understand you, and get things sorted as quickly as possible Help me avoid surprises I don’t like surprises. Because surprises most often cost me a lot of money. Set and manage my expectations throughout the relationship - particularly at the connection, transfer and disconnection stages Empower me to make better decisions about my power consumption each month. It’s hard to make good decisions about Finance because it’s so confusing. I’m not sure where to start, I don’t know what I need to know, and I have no clear way to make comparisons or navigate through it. Everyone appears to be offering the exact same thing - but with widely different prices Empower me to make better choices Value me If you care about me you’ll do your best to make every experience with me a good one. Treat me like a human, not a property. Understand me and my needs. Show that you value me as a customer Help me be to stay connected without having to pay for it I’m a mobile technology savvy person so give me the choices to stay connected with you. I expect you to be technology savvy also. I’m don’t want to pay for the privilege of being connected.I don’t think about it… Most customers don’t think about their options because I’m too busy going to work to earn the money. You need to be proactive in helping and advising me. Source: Axient
  • 12. Existing customers are confused when they receive a welcome pack….or think this demonstrates a lack of continuity in their relationship with ABC Finance Receive two welcome packs – one for Credit, the other for Savings which causes confusion and drives calls to call centre Contact details difficult to find causing frustration Insight Welcome pack with account details arrives 3 weeks after purchase WELCOME PACK
  • 13. . Give customers access to their account details and the details of their new account as soon as they sign up via and SMS and email Provide one account number per customer, not per account Follow up within 2 to 3 days of sign up with a personal phone call to welcome the customer to ABC Finance New opt-in paper option, i.e. default paperless Combine credit and savings welcome into one to avoid confusion Don’t welcome existing customers – thank them for staying with us WELCOME PACK Recommendations
  • 14. Provide one bill per customer (combine credit and savings) Provide breakdown of costs Educate them as to how to save more and spend less Improve bill comprehension by adding graphs to improve comparison ability and tracking of expenditure Reference FAQ website and contact details more prominently Highlight options to add customer value – high interest, promotion CREDIT CARD STATEMENT Recommendations
  • 15. SHOW HOW YOU ARE LISTENING Source: Aussiefarmers
  • 16. REAL RESULTS TANGIBLE INTANGIBLE Increased expected hit rate from 3% to an actual hit rate of 20% Marketing responds to competitors from idea to execution within 8 hours (Dong Energy) Denmark Greater brand consistency and alignment of post-sales communications Consolidated 7 pages down to 2 Annual savings of over $2.5million Euros (Postbank) Improved staff engagement and satisfaction Created a common graphic profile and reduced the number of varying documents in circulation from 200 to about 50 80% of the millions of documents distributed annually are now transmitted electronically, Nordea Liv & Pension) Increased direct debit payment and Accelerated cash collection Increased policy contract renewal rate by 11% delivering additional revenue of $2,711,212 per annum Single platform to integrate communication processes into core business systems and processes 99.78% billing accuracy 17% decrease in billing inquiries to call centre 20% faster handling of billing inquiries (Source Gas) Reduce costs by 30% for publications for customers Reduced costs by 10% for publications to debtors (BNP Paribas) Source: Axient
  • 17. WHAT WE CAN DO FOR YOU We would like to meet with you to have a conversation. Look out for our follow up materials or visit www.axientcx.com.au Wicked technology + innovative services + customer centric communications. The result: We make your customer insights and your customer experience strategy happen in pre and post-sale communications Wicked Technology and Services
  • 18. Have you asked a customer about your pre- and post sale customer communications? We create customer satisfaction by improving the customer communications, to help company’s improve on the customer experience. WHAT WE DO Some of our customers
  • 19. RESOURCES We will be sending a link of the webinar to you with these resources The ROI of Correspondence Management 2009 Forrester Research Inc.1. Reducing Costs and Increase Profit with Customer Communications. Pitney Bowls2. The customer lead bank – Bain and Co3. Getting to know you: Building a customer centric business model for retail banks. PwC4. Ernst & Young Global Consumer Banking Survey 20125. Disconnected Report Retail UK, 20116. Customer Think Webinar on Banking sector : Digital Vs. Human Experiences7. Outside In – Harley Manning and Kerry Bodine8. Banking on customer centricity, Transforming banks into customer centric organizations – McKinsey and Company9. How to make your company think like a customer – Accenture, 11. Winning the customer decision journey – McKinsey and Company10. The Impact of Customer Relationship Management Implementation on Cost and Profit Efficiencies: Evidence from the U.S. Commercial Banking Industry,” A. Krasnikov, S. Jayachandran and V. Kumar, Journal of Marketing, November 200911. The journey towards great customer centricity Ernst & Young12. Customer centric strategies taken to a new level in financial services industry,13. Akendi.com Experience Lifecycle Strategies14. customercentricity.biz Becoming Customer Centric.15.

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