The financial services customer experience: Understanding the impact of simplicity

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Few would argue that customers crave simplicity. But from a business perspective, does it really matter?

+Gain insights into the findings of our Global Brand Simplicity Index — a report that evaluates the simplicity of 400+ global brands, including top national financial services providers

+Learn which interactions matter most and how simplifying the customer experience can create lasting brand relationships

+ Understand how innovative companies have made simplicity pay, and consider how to get started creating simpler, high-impact brand experiences

Siegel+Gale is a global strategic branding firm committed to building world-class brands through elegantly simple, unexpectedly fresh strategies, stories and experiences. We deliver comprehensive services in brand development, simplification, research and digital media. Since our founding by brand sage and simplification pioneer Alan Siegel in 1969, Siegel+Gale's mantra has been "Simple is Smart."

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  • We run an annual survey worldwide evaluating companies in a range of industries to which are perceived as easy to do business with and how simplicity affects profits, loyalty and innovation
  • The top 10 companies in the simplicity rankings make money
  • The financial services customer experience: Understanding the impact of simplicity

    1. 1. The financial services customer experience: Understanding the impact of simplicity April 2, 2014
    2. 2. 2 Let’s talk Simplicity pays Why are things so complicated? Achieving simplicity
    3. 3. 3
    4. 4. 4 GBSI 2013 consumers 10,000+ countries 7in
    5. 5. 5 2009 2010 2011 2012 2013 through Aug -50% 0% 50% 100% 150% 200% Since 2009, the Simplicity Portfolio has beaten the average global stock index by +167% Simplicity Portfolio +83% S&P +72% Dow +69% DAX +45% FTSE 100% Percentage of growth of index/portfolio
    6. 6. 6 75%of consumers are more likely to recommend a brand because it provides simpler experiences Simplicity increases loyalty 6
    7. 7. 7 For simpler experiences, customers would pay: Banks/Retail Shipping/Mail General insurance Utilities Media Telecom/Cable Social media Travel/Hotels Telecom/Cell phone Internet retail Travel/Booking Travel/Air Travel/Train Travel/Car rental Appliances Automotive Retail/Health and beauty Internet search Health insurance Retail/General Restaurants Retail/Grocery Electronics Retail/Fashion Fitness 5.4% and more 4.8–5.3% more4.5–4.7% more up to 4.4% more
    8. 8. 8 For simpler experiences, customers would pay: Banks/Retail Shipping/Mail General insurance Utilities Media Telecom/Cable Social media Travel/Hotels Telecom/Cell phone Internet retail Travel/Booking Travel/Air Travel/Train Travel/Car rental Appliances Automotive Retail/Health and beauty Internet search Health insurance Retail/General Restaurants Retail/Grocery Electronics Retail/Fashion Fitness 5.4% and more 4.8–5.3% more4.5–4.7% more up to 4.4% more
    9. 9. 9 Industry rankings— Global Simplicity Score 1. Internet search 950 736 734 723 719 711 663 657 625 602 595 574 565 2. Electronics 3. Restaurants 4. Internet retail 6. Retail/Grocery 5. Appliances 13. Telecom/ Cell phone 7. Media 8. Retail/General 9. Travel/Hotels 10. Retail/Fashion 11. Travel/Booking 12. Travel/Air 14. Shipping/Mail 15. Retail/Health and beauty 16. Social media 17. Automotive 19. Banks/Retail 18. Fitness 20. Travel/Train 21. Telecom/Cable 22. Utilities 23. Travel/Car rental 24. Health insurance 25. General insurance 565 564 530 529 524 517 501 484 473 445 329 258
    10. 10. 10 Industry rankings— Global Simplicity Score 1. Internet search 950 736 734 723 719 711 663 657 625 602 595 574 565 2. Electronics 3. Restaurants 4. Internet retail 6. Retail/Grocery 5. Appliances 13. Telecom/ Cell phone 7. Media 8. Retail/General 9. Travel/Hotels 10. Retail/Fashion 11. Travel/Booking 12. Travel/Air 14. Shipping/Mail 15. Retail/Health and beauty 16. Social media 17. Automotive 19. Banks/Retail 18. Fitness 20. Travel/Train 21. Telecom/Cable 22. Utilities 23. Travel/Car rental 24. Health insurance 25. General insurance 565 564 530 529 524 517 501 484 473 445 329 258
    11. 11. 11 Let’s talk Simplicity pays Why are things so complicated? Achieving simplicity
    12. 12. 12 Why simplicity matters The brand that customers know is the one they interact with every day Online interfaces Call center Statements Mobile self-service Correspondence Applications and welcome kits Loyalty programs
    13. 13. 13 The all-too-frequent experience
    14. 14. 14 For questions about your existing account, press 1. For information on opening a new account, press 2. For questions about your bill, press 3. For questions about the status of your order, press 4. For questions about our products and services, please visit our website at www... 14
    15. 15. 1515
    16. 16. 16 Why are things so complicated? Average number of 401k options 8 19 1997 2012
    17. 17. ―Large 401(k) menus result in lower participation rates, overly conservative allocations, inferior investment options and other adverse effects that, collectively, cost workers billions of dollars every year.‖ Mercer Bullard 17
    18. 18. 18 + Business silos create a fractured customer experience + Mergers and acquisitions create redundant and incompatible systems + Adhering to the letter of the law does not meet the spirit of disclosure + Lack of expertise in true best practices allows the same old stuff to proliferate + Senior executives have the attention span of gnats Why are things so complicated?
    19. 19. 19 Let’s talk Simplicity pays Why are things so complicated? Achieving simplicity
    20. 20. 20 HAPIfork: helps you lose weight by notifying you if you’re eating too fast 20
    21. 21. 21 Nike+ FuelBand: a personal coach tracks and inspires progress
    22. 22. 22 Lifestraw: simplicity in problem- solving saves lives
    23. 23. But what about those everyday touchpoints? 23
    24. 24. 24 A loyalty program that rewards you for your actions—and doesn’t make you take extra steps to redeem
    25. 25. 25 A statement that really answers, ―How am I doing?‖
    26. 26. 26 Prototype of a one-page onsumer credit card agreement A credit card agreement that complies with regulations in a single page…
    27. 27. 27 …followed by statements that actually clarify required information
    28. 28. 28 An online application that balances clear explanations with simple steps
    29. 29. 29 Simplified patient reporting that makes data actionable… Before
    30. 30. 30 Simplified patient reporting that makes data actionable… After
    31. 31. 31 …in any channel the patient prefers 3131
    32. 32. The solution: The Simplification Blueprint 32
    33. 33. What, when and how should you communicate with members to drive engagement and satisfaction? 33
    34. 34. 34 The Simplification Blueprint Define customer and business needs Map the current customer experience Envision the optimized experience that will meet customer and business needs more effectively Identify and prioritize specific work plans to implement the optimized experience Test and refine prototypes of the highest-priority touchpoints and plan for long-term implementation
    35. 35. 35 Mileage Plus 35
    36. 36. 36 The situation Although United’s Mileage Plus loyalty program was intended to enhance customer relationships and drive customer engagement, the reality was a fragmented customer experience with uninspired and disengaged members. Website Email IVR and call center Membership application Direct mail Airport CSR Airport kiosk Statement
    37. 37. 37 Getting to the root of low engagement Member research revealed three distinct segments within the member base—yet none felt well-served by the loyalty program.
    38. 38. 38 The solution Our audit of all member touchpoints revealed an airline-centric mentality as the root of the problem. We outlined an engagement strategy to transform every communication or interaction into a member-centric experience. No matter what the specific functional purpose of any touchpoint, it’s an opportunity United should seize to ―show, encourage, help and recognize‖ the member. Communications pillars Member need fulfilled
    39. 39. 45 …and onto the mobile experience
    40. 40. 46 + Truly simple, customer-focused products and services + Systems investment in a central customer database + Commitment to derive and act on true insights from consumer research + Disclosure that is truly commensurate with risk or exposure + Decision-making at the right level with the right information + Fewer initiatives undertaken at the same time with the right skills and unrelenting support Key factors for success
    41. 41. 47 Q+A 47
    42. 42. Thank you. Today’s presenters: Maria Boos, Group Director, Simplification – mboos@siegelgale.com Christopher Stella, Senior Marketing Director – cstella@siegelgale.com Related Links Global Brand Simplicity Index http://simplicity.siegelgale.com/ For questions or more information on Siegel+Gale and our Simplification practice, please email info@siegelgale.com

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