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A Blueprint for Customer Value Management in the New Economy | Microsoft & inQuba [LIVE WEBINAR]

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A Blueprint for Customer Value Management in the New Economy | Microsoft & inQuba [LIVE WEBINAR]

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On the 2nd of December 2020, inQuba & Microsoft hosted a live webinar, Customer Value Management in the New Economy.

Your business success depends on your customers’ success. In this time of extraordinary change, if you can become their guide and source of truth, you’ll earn their loyalty and trust. How do you achieve this level of consumer partnership while going through an unprecedented period of digital transformation? Find out how this is done by watching our LIVE WEBINAR.

Speakers: James Farrell (Microsoft), Trent Rossini (inQuba)

Recording here: https://youtu.be/R6GRuQ3GrEE

On the 2nd of December 2020, inQuba & Microsoft hosted a live webinar, Customer Value Management in the New Economy.

Your business success depends on your customers’ success. In this time of extraordinary change, if you can become their guide and source of truth, you’ll earn their loyalty and trust. How do you achieve this level of consumer partnership while going through an unprecedented period of digital transformation? Find out how this is done by watching our LIVE WEBINAR.

Speakers: James Farrell (Microsoft), Trent Rossini (inQuba)

Recording here: https://youtu.be/R6GRuQ3GrEE

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A Blueprint for Customer Value Management in the New Economy | Microsoft & inQuba [LIVE WEBINAR]

  1. 1. TRENT ROSSINI inQuba: MD A Blueprint for Customer Value Management in the New Economy JAMES FARRELL Microsoft: Head of Strategy, FSI WELCOME TO OUR WEBINAR!
  2. 2. Forces driving change in the New Normal
  3. 3. Need for ubiquitous access Changing demographics Millennials/Gen Z changing preferences Increasingly sophisticated customer base Desire for greater transparency Demand for self-service banking Concerns about security Expectation for personalized service 65% of customers now interact with their banks via multiple channels in some regions (Source: McKinsey) 75% Of bankers agree that AI will revolutionize the way they gain information from and interact with customers. (Source: Accenture) Legacy infrastructure & technology Global access & service GDPR/Privacy Cybersecurity concerns Explosion of cloud computing Advent of open banking architecture PSD2 Increasing regulations Basel III MIFID LCR, SCE, FDIC, Dodd Frank Ringfencing, Recovery & Resolution GSIB, KYC, PSD-2, AML, T2S SEPA, FATCA AIBlockchain Disruptive technology Rise of FinTechs/ non-banks Changing business models Low interest rates, increasing cost of capital, decreasing ROE, Decreasing proprietary trading Managing the realities of regulations, disruptive technology & changing business models KEY FORCES DRIVING CX IN BANKING Meeting the expectations of increasingly digitally-savvy customers
  4. 4. OUR VISION FOR DELIVERY OF DIFFERENTIATED CUSTOMER EXPERIENCE KEY PERFORMANCE INDICATORS Wallet Share Bench Revenue Month by MOM Client Satisfaction Client Loyalty Case Resolution Assets / Liabilities Change Customer Engagement Customer Insights Customer Intelligence Augmented Intelligence
  5. 5. THE MICROSOFT ADVANTAGE One Vendor for Customer Experience Deep Industry Expertise Rich Partner Ecosystem Strong Investment In Analytics & AI Global, Scalable, And Flexible Cloud
  6. 6. EMPOWERING BANKING COMPANIES TO ACHIEVE MORE SECURITY AND COMPLIANCE We never monetize your data TRUST SCALE Industry leading cloud scale and partner ecosystem Commitment to the most comprehensive security & compliance offerings Microsoft Partners
  7. 7. inQuba Client Journey Management Our Approach to the New Normal Slide is good but check for consistency
  8. 8. CUSTOMER VALUE MANAGEMENT MARKET INSIGHT asking customers in your target market what they're looking for when they obtain products and services VALUE ASSESSMENT determining how customers in your target market rate the value you provide relative to the value provided by your competitors VALUE OPTIMISATION deciding what changes on your part will have the greatest positive impact on customers' perception of the relative value of your offering OPERATIONALISATION aligning people and processes in a common focus to deliver value VALUE ANALYTICS providing a consistent flow of data and information to keep those individuals delivering value, aligned BUSINESS SUCCESS winning with customers, winning with employees and winning with shareholders A valuable discipline but a complex one requiring simplification
  9. 9. HARD RESULTS I love this slide but it’s not visually consistent with the deck which makes it look like patchwork OUR APPROACH INQUBA JOURNEY ANALYTICS LARGE TELCO GLOBAL INSURER LARGE BANK Big Data for Journey Discovery Find patterns in customer & transactional data across experiences & over time Journey Emotional Insights Collection Overlaying actual customer journeys with real experiences across channels & customer sentiment Optimisation Nudges & interventions, informed by Machine Learning, that retain customers by helping them to reach their goals 80% to 120% increase in conversion at moments of truth 20-point increase in Net Promoter Score
  10. 10. JOURNEY INTERVENTIONS SERVICE RECOVERY 1 NUDGES 2 PRODUCT / PEOPLE / SYSTEMS 3 STRATEGY 4 CURRENT GOAL ACHIEVEMENT AND EXPERIENCE DATA DRIVEN CUSTOMER JOURNEY VIEW JOURNEY AND EXPERIENCE INSIGHTS TARGET GOAL ACHIEVEMENT AND EXPERIENCE ROI DRIVING JOURNEY OPTIMISATION
  11. 11. CLICK TO EDIT MASTER TITLE STYLELEADING ACROSS VOC & JOURNEY ANALYTICS Quadrant Knowledge Solutions SPARK Matrix: Customer Journey Analytics 2020
  12. 12. Bringing it together CVM & Journey Optimisation
  13. 13. PRIORITY SCENARIOS MAPPED TO CUSTOMER JOURNEY OPTIMISATION DISCOVER JOURNEYS UNDERSTAND CUSTOMERS REVIEW DEEP INSIGHTS DESIGN A STRATEGY REVIEW & OPTIMISE CUSTOMER JOURNEY MANAGEMENT MARKET INSIGHT VALUE ASSESSMENT VALUE OPTIMISATION OPERATIONALISATION VALUE ANALYTICS BUSINESS SUCCESS
  14. 14. Journey Design Versus Customer Realities
  15. 15. CLICK TO EDIT MASTER TITLE STYLE APPLICATION ACCEPT QUOTE DOCUMENTATION ACTIVATION APPLICATION EXPERIENCE MODELLED CUSTOMER JOURNEY PERFECTLY DESIGNED JOURNEYS vs REALITY DISCOVER JOURNEYS
  16. 16. CLICK TO EDIT MASTER TITLE STYLE APPLICATION ACCEPT QUOTE DOCUMENTATION PERFECTLY DESIGNED JOURNEYS vs REALITY ACTIVATION APPLICATION EXPERIENCE IN REALITY DISCOVER JOURNEYS
  17. 17. Financial Services Case Study
  18. 18. CASE STUDY: RETENTION Deep understanding of clients at risk & advanced retention orchestration strategies OBJECTIVE
  19. 19. MAKING SENSE OF CUSTOMER BEHAVIOUR REAL CUSTOMER JOURNEYS ARE COMPLEX AND NEED ANALYSIS
  20. 20. RETENTION MOVES TO THE FORE Which groups of customers are at risk? Who? 1 What are the specific nudge strategies for each group? What? 2 When should the nudges be triggered? When? 3
  21. 21. RETENTION MOVES TO THE FORE Who? Which groups of customers should be targeted for nudging? 1 2 What? What are the specific nudges for each group? 3 When? When should the nudges be triggered? Archetype 1: Lapse intervention High risk, low advocacy, medium affordability Archetype 2: Proactive maintenance Medium & low risk, medium affordability Archetype 3: Low affordability High/medium/low risk, low affordability Dear Lynne, we have some great news. You’ve qualified for a complimentary advanced investment course which will help you to be a more confident investor. Simply.. TransAtlantic Ins. Today, 15:30 Dear Thomas, in trying times, we’re here to help you optimise your investment portfolio and assist with any requests you may have. Simply click here.. TransAtlantic Ins. Today, 16:30 Dear Jason, in trying times, we’re here to help you and deal with the consequence of COVID on income. Simply click here. TransAtlantic Ins. Today, 11:30
  22. 22. DIALOGUE RESULTS Lapse Intervention Lapsers Low affordability Proactive Maintenance Uncategorized Financial Comfort Level Product Information Understanding Ease 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% 10 9 8 7 6 5 4 3 2 1 0 Color by: ValueI’m not really sure what to do next… John Jones Today, 15:41 I find the documentation confusing and I need help. Simon Smith Today, 09:36
  23. 23. inQuba Journey Methodology In Action
  24. 24. DISCOVER JOURNEYS Discover where & when clients are leaving or falling off UNDERSTAND CUSTOMERS Understand customers by measuring emotion REVIEW DEEP INSIGHTS Review client behaviour overlaid with emotional context DESIGN A STRATEGY Design systemic and personalised interventions & nudges REVIEW AND OPTIMISE Iterate to maximise journey optimisation SOLVING FOR RETENTION AND AQUISITION IN FINANCIAL SERVICES
  25. 25. Register / call centre Register / email Register / web Assessment / supplier Query / web Approval / call centre Query / call centre Car hire / supplier Collect car / supplier Query / supplier Query / web Decline / supplier Complaint / supplier CLAIM(MOTOR) ! ! ! DISCOVER JOURNEYS Discover clients’ real paths, & where & when they are leaving your business or falling out of an acquisition journey. Get a view of their sequences & their obstacles, & where things are going right and wrong. SOLVING FOR RETENTION AND AQUISITION
  26. 26. Transactions from External Systems Example: LOB or Workflow Records Quantitative Feedback Qualitative Feedback Very good! Charlotte Weaver Today, 17:40 Wow @TransAtlantic, I’m a little frustrated by the slow pace of this claim… @charlotte99 Today, 15:40 Operations Data (OD) Experiential Data (XD) Expired Transactions (no further action) Elapsed Period CUSTOMER JOURNEY DISCOVERY APPROACH DISCOVER JOURNEYS
  27. 27. “Listening offers data. Hearing offers empathy and intelligence. Activity, action, and engagement steer perspective and encourage a sense of community and advocacy.” Customer Archetype CUSTOMERS’ EMOTIONAL JOURNEY UNDERSTAND CUSTOMERS
  28. 28. Register / call centre Register / email Register / web Assessment / supplier Query / web Approval / call centre Query / call centre Car hire / supplier Collect car / supplier Query / supplier Query / web Decline / supplier Complaint / supplier CLAIM(MOTOR) ! UNDERSTAND CUSTOMERS Reach out to customer cohorts on particular paths to gather feedback and measure sentiment. Feedback collected in real time adds a layer of insight to revealed journeys. SOLVING FOR RETENTION AND AQUISITION ! Dear Charlotte We would really value your feedback on your recent claim experience. Kindly take a minute… TransAtlantic Ins. Today, 15:30 Very good! Charlotte Weaver Today, 17:40
  29. 29. Register / call centre Register / email Register / web Assessment / supplier Query / web Approval / call centre Query / call centre Car hire / supplier Collect car / supplier Query / supplier Query / web Decline / supplier Complaint / supplier CLAIM(MOTOR) REVIEW DEEP INSIGHTS Overlay the real client journeys, by client segment, with their emotional context. Better understand your clients’ while they’re achieving or not achieving their goals. SOLVING FOR RETENTION AND ACQUISITION
  30. 30. Register / call centre Register / email Register / web Assessment / supplier Query / web Approval / call centre Query / call centre Car hire / supplier Collect car / supplier Query / supplier Query / web Decline / supplier Complaint / supplier CLAIM(MOTOR) DESIGN AN INTERVENTION STRATEGY Orchestrate client journeys by designing personalised interventions to retain each profile of at-risk clients, through contextual nudges, feedback collection and service recovery SOLVING FOR RETENTION AND ACQUISITION
  31. 31. Messages matched to the audience. The right creatives and tone to drive the right outcomes 3. CONTENT 2. AUDIENCE 4. BEHAVIOURAL NUDGE TIMING Messages that are synchronized to the needs of the customer at that point in the Journey Understanding the Experiential/Emotional state that the architype is feeling at this point in the Journey 1. EMOTIONAL STATE Profiled audience grouped by architypes to ensure matching of message and profile ORCHESTRATION BASED UPON EMOTIONAL CONTEXT
  32. 32. Register / call centre Register / email Register / web Assessment / supplier Query / web Approval / call centre Query / call centre Car hire / supplier Collect car / supplier Query / supplier Query / web Decline / supplier Complaint / supplier CLAIM(MOTOR) REVIEW AND OPTIMISE Review the impact of strategies & tests on behaviour & conversion. Iterated & fine-tune interventions for maximum possible optimisation of client journeys and retention of clients. Measure ROI & repeat. SOLVING FOR RETENTION AND ACQUISITION
  33. 33. OPTIMISATION and ROI Control Group Dear Tim We are excited to offer you the deal of a lifetime that will offer you so much more! Dear Tim Your should consider the premium saver from Transatlantic A/B Tests Test Group A B A B REVIEW AND OPTIMISE
  34. 34. Optimising Customer Journeys: An Orchestration Scenario
  35. 35. Register / call centre Register / email Register / web Assessment / supplier Query / web Approval / call centre Query / call centre Car hire / supplier Collect car / supplier Query / supplier Query / web Decline / supplier Complaint / supplier CLAIM(MOTOR) PROFILE FEEDBACK Poor service Poor communication Poor workmanship EXPERIENCE AN ORCHESTRATION SCENARIO ! ! Claim (motor), including interactions with numerous suppliers such as vehicle hire and panel beaters High value, high risk FOCUS Service recovery & nudging
  36. 36. REGISTER ASSESSMENT PANEL BEAT COLLECT CAR Charlotte waited for 10 days for an update. She eventually received a call on a Friday morning informing her that her car was ready for collection. She wasn’t able to make arrangements on the day so kept the hire car for the weekend Charlotte had an accident on her way to work and registered the claim. She had to call several times for an update and was eventually able to select an available panel beater Charlotte rearranged her meetings and took her car to the panel beater. She took an Uber to the car hire branch to collect her hire car, which was neither ready nor clean Charlotte collected her car from the panel beater, only to find a new scratch and a peculiar scraping sound when reversing.. Charlotte complained CLIENT CONTEXT CLAIM Poor service Poor communication Poor workmanship HIGH VALUE HIGH RISK Assignee: Jennifer J Note: Hi Jennifer, kindly contact.. New Case: Priority Customer Today, 15:41 PROFILE-SPECIFIC ROUTING & TREATMENT PROFILE-SPECIFIC ROUTING & TREATMENT ! ! ! Dear Charlotte, I’m really sorry to hear about this situation. I’m overseeing this personally and will arrange for an acceptable hire vehicle.. Jennifer at TransAtlantic Today, 15:30 Dear Charlotte, we’d really value your feedback on your recent Assessment. Kindly take a minute… TransAtlantic Ins. Today, 15:30 ABC made me wait, and car dirty! Charlotte Weaver Today, 17:40 Hi Charlotte, this is Sam from Autohire. We apologise for the issues – Transatlantic asked us to arrange a hire car extension Auto Hire Today, 15:30 Auto Hire contact Charlotte Weaver Jennifer J Today, 15:41 Hi Sam, yes, thanks – can I drop it off next Monday? Charlotte Weaver Today, 17:40
  37. 37. The inQuba Difference
  38. 38. Rapid insight into what’s happening in your business SPEED TO INSIGHT Where & when to intervene for best results & to manage risk INTERVENTION CLARITY Swift testing of intervention effectiveness RAPID ITERATION Tangible links between interventions and conversion TANGIBLE ROI REDUCED DEV DEPENDENCY Light integration ensuring speed to results THE INQUBA DIFFERENCE
  39. 39. Journey Management Entry Point?
  40. 40. JOURNEY MANAGEMENT Entry point? DISCOVER JOURNEYS UNDERSTAND CUSTOMERS REVIEW DEEP INSIGHTS DESIGN A STRATEGY REVIEW & OPTIMISE CUSTOMER JOURNEY MANAGEMENT
  41. 41. INQUBA JOURNEY ACCELERATOR 3 simple steps 1 Schedule your 2-hour interactive, virtual workshop WHAT WE’LL DO • Map your customer journey • Define customer profiles • Identify nudge opportunities • Identify data requirements • Quantify the ROI WHAT YOU’LL GET An Accelerator Pack to start your Journey trial: • High level Journey Design • Step 2 documented • Journey ROI Modeller 2 3 info@inQuba.com Subject: ‘Journey Accelerator’
  42. 42. CLICK TO EDIT MASTER TITLE STYLE 30 SEP 2020 90% Economy, New Rules! How can CX Professionals survive and thrive? 28 OCT 2020 Make Better CX Decisions & Convert Customers with Data Science 25 NOV 2020 The Marketing role of the CX Professional 27 JAN 2021 Journey Acquisition, Retention, and Optimization #INQUBACXSUMMIT WEBINARS
  43. 43. So take that first step of the Journey… Book your Journey Accelerator Workshop now!

Editor's Notes

  • The four elements of CX programme management allow the business to link the customers’ actual experience with the target experience. Done right, this results in positive ROI. Let’s look at what’s involved within each of the elements of programme management…
  • This slide needs to be built into the Case Study

  • A view of the end-to-end customer journey which we will engage the customer through..
  • A view of the end-to-end customer journey which we will engage the customer through..
  • Solution themes from before:
    Like journey insights

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