Successfully reported this slideshow.
Your SlideShare is downloading. ×

Boosting Conversion Within Digital Journeys | Standard Bank Shyft & inQuba

Ad
Ad
Ad
Ad
Ad
Ad
Ad
Ad
Ad
Ad
Ad

Check these out next

1 of 27 Ad

Boosting Conversion Within Digital Journeys | Standard Bank Shyft & inQuba

Download to read offline

Your customer has changed. Today they're more self-empowered & digital than ever, & the shift in the balance of power has lead businesses to pivot from selling to guiding.

This webinar series examines how digital executives are driving hard revenue metrics and great experiences at every step of the customer journey.

In this first part of the series, 'Boosting Conversion Within Digital Journeys', our executive speakers discuss how Standard Bank Shyft improves experiences and onboarding conversion through deep customer insights and orchestration.

You'll learn how Standard Bank Shyft -
• Increased registration onboarding by 34%
• Reduced idle states during onboarding by 61%
• Improved customer satisfaction
• Discovered their customers' actual digital journeys

Recording: https://youtu.be/L7DT3YCtOjQ

Speakers -
Arno Von Helden (Co-Founder & Head of Shyft, Standard Bank)
Michael Renzon (Co-Founder & CEO, inQuba)

Your customer has changed. Today they're more self-empowered & digital than ever, & the shift in the balance of power has lead businesses to pivot from selling to guiding.

This webinar series examines how digital executives are driving hard revenue metrics and great experiences at every step of the customer journey.

In this first part of the series, 'Boosting Conversion Within Digital Journeys', our executive speakers discuss how Standard Bank Shyft improves experiences and onboarding conversion through deep customer insights and orchestration.

You'll learn how Standard Bank Shyft -
• Increased registration onboarding by 34%
• Reduced idle states during onboarding by 61%
• Improved customer satisfaction
• Discovered their customers' actual digital journeys

Recording: https://youtu.be/L7DT3YCtOjQ

Speakers -
Arno Von Helden (Co-Founder & Head of Shyft, Standard Bank)
Michael Renzon (Co-Founder & CEO, inQuba)

Advertisement
Advertisement

More Related Content

More from Antony Adelaar (10)

Recently uploaded (20)

Advertisement

Boosting Conversion Within Digital Journeys | Standard Bank Shyft & inQuba

  1. 1. DIGITALJOURNEY ROI NOW PRESENTS LIVEEXECUTIVEWEBINAR SERIES August- October2022 StandardBank Shyft BoostingDigitalJourney Conversion PART 1 31AUGUST2022
  2. 2. Welcome to our webinar! ARNO VAN HELDEN Co-Founder & Head of Shyft, Standard Bank MICHAEL RENZON Co-Founder & CEO, inQuba
  3. 3. Standard Bank Shyft: an introduction The Home of Global Citizens Shyft is the money app that gives you more for less, 24/7. Buy forex instantly anytime, anywhere, and at the best rates, and invest in the top U.S. stocks and ETFs directly from your phone.
  4. 4. inQuba: an introduction inQuba Customer Journey Management Customer acquisition Customer conversion Customer experience Customer retention Cross/up sell Customer insight Services & channel adoption Customer journey optimisation
  5. 5. Business challenges & program objective PROGRAM OBJECTIVES: • Ready Standard Bank Shyft for ATL Marketing drive • Optimize Marketing Ad Spend • Discover customers’ real digital journeys and drop-off points • Understand reasons for unsuccessful sign-ups • Improve the Customer Experience • Increase onboarding rate! • Flexibility in adding additional journeys • Rapid Systemic Test/Control, Insights/Intervention environment • Customer Journey Management tool to support a multi-disciplinary Team ? ? Successful onboarding
  6. 6. ! ! Sign up Idle (user registered) SUCCESSFUL ONBOARDING ID validation Shyft onboarding ID scanning ! Registration (after sign up) Discover real journeys Using existing data from multiple sources (customer and transactional data) the actual customer journeys, drop-offs and goals were exposed. A single view of every customer was also established. 1
  7. 7. ! ! Sign up Idle (user registered) ID validation Shyft onboarding ID scanning ! Registration (after sign up) Measure value delivery Customers’ feedback was gathered at each step of their journey in order to understand their emotional context and the obstacles they were facing. Most issues related to ID scanning and submission, process confusion, and users needing more information. SUCCESSFUL ONBOARDING 2
  8. 8. SUCCESSFUL ONBOARDING ! ! Sign up Idle (user registered) ID validation Shyft onboarding ID scanning ! Registration (after sign up) Measure value delivery Customers’ feedback was gathered at each step of their journey in order to understand their emotional context and the obstacles they were facing. Most issues related to ID scanning and submission, process confusion, and users needing more information. Customerfeedback IDscanning& submission Functional Economic Experience Symbolic “Theprocessisconfusing.” This week “I’mstrugglingto scanthedocuments.” “Greatapp!Submissionsnot easyeasythough.” “Notsureaboutthefeatures– needsomehelp” Online registration Functional Functional Functional Functional Symbolic Last30days 2
  9. 9. SUCCESSFUL ONBOARDING ! ! Sign up Idle (user registered) ID validation Shyft onboarding ID scanning ! Registration (after sign up) Goal & drop-off analysis The why behind the customer behaviour was uncovered by analysing goal achievement across optimal and sub-optimal journey paths. Actual journeys were also overlayed with emotional journeys. Optimal & sub-optimalpaths Optimaljourney path Sign-up 2257 Registration 1651 Docsubmission 1402 6days 4days Sub-optimaljourney path Sign-up 2351 Idle 408 IDvalidation 356 14days 6days Idle 150 10days Journeybyvolume Journeybyspeed 1402/5003 28% +/- 10days for completion 150/5003 3% +/- 30days for completion 3
  10. 10. SUCCESSFUL ONBOARDING ! ! Sign up Idle (user registered) ID validation Shyft onboarding ID scanning ! Registration (after sign up) Goal & drop-off analysis Top drop-off points were found to be idle registrants, ID scan and ID validation. Top reasons for drop-offs were complicated processes and a lack of information on how to progress. Whyare customersdroppingoff? 2 Topdrop offpoints Volume PotentialCLV Displayby Idle(user registered) ID scan ID submission ID validation Callcentrequery Goals 1 Goal: Onboarding Customers: 1025 Createcohort 49% Dropoff 2475/ 5003 29% 1476/ 5003 Goalcomplete 22% Inprogress 1100/ 5003 Last30days 3
  11. 11. SUCCESSFUL ONBOARDING ! ! Sign up Idle (user registered) ID validation Shyft onboarding ID scanning ! Registration (after sign up) Journey1 Sign-up(app) >Registration (app) >Idle (userregistered) Close Create Engagement Create target audiencefilter Create list Add newjourney Customerinsights X Create engagement Design intervention strategies Interventions were designed to guide customers towards their goals. Hyper-personalised digital nudges & real-time human interventions were implemented to guide customer behaviour and orchestrate journeys for success. 4
  12. 12. SUCCESSFUL ONBOARDING ! ! Sign up Idle (user registered) ID validation Shyft onboarding ID scanning ! Registration (after sign up) Engage Idle (userregistered) Engagement name:* Registered / idle Target audience filter name: * Registered / HNW Rule set name: * Currentcustomers Futurecustomers Createengagement Createa rule Path interval value: Path interval period: Cancel Design intervention strategies Interventions were designed to guide customers towards their goals. Hyper-personalised digital nudges & real-time human interventions were implemented to guide customer behaviour and orchestrate journeys for success. 4
  13. 13. SUCCESSFUL ONBOARDING ! ! Sign up Idle (user registered) ID validation Shyft onboarding ID scanning ! Registration (after sign up) NUDGE 1 Value communication NUDGE 2 Assistance communication NUDGE 3 Speak to consultant (invitation) Dear Megan Did you know that there are no fees for your first 3 months of forex trading! Please reply to this message if you need any assistance? Thank you Today, 14:30 Shyft Dear Thembi You’re a step closer to conveniently trading forex! Are you having some trouble submitting your scanned ID? Please check out this step-by-step for guidance. Or reply… Getshyft.co.za/docsubmission Today, 15:30 Shyft Hi Dave It looks like you may need some help with document submission. If so, reply with YES and I’ll give you a quick call. Thanks, Chris Today, 16:30 Chris @ Shyft Design intervention strategies Interventions were designed to guide customers towards their goals. Hyper-personalised digital nudges & real-time human interventions were implemented to guide customer behaviour and orchestrate journeys for success. 4
  14. 14. Hello Lebogang We noticed that it took multiple attempts to scan your ID. Please tell us what happened? This will help us improve the Shyft experience for all our customers. Please click here to give us feedback. Hello Eben We noticed that you haven't finished the activation process yet on Shyft! To complete your onboarding, simply log into the app and click “Get Started”. It will take less than 3 minutes to complete. We will contact you if you haven’t managed to complete the process. Select an option: I need an agent to help me I already completed the process I don’t need assistance Hello Thandi We noticed that it took some time to complete the Shyft App onboarding process. Please tell us why? This will help us improve the Shyft experience for all other customers. Please click here to give us feedback. Contextual nudges
  15. 15. SUCCESSFUL ONBOARDING Sign up Idle (user registered) ID validation Shyft onboarding ID scanning Registration (after sign up) Review & optimise Repeat the process by reviewing the impact of strategies & further optimising ideal journeys, leading customers to their goals & boosting conversion Customerinsights:are my interventionseffective? Documentsubmissionprompt Name: Omni-channelprompt to submitoutstanding docs Descript: Newcustomers,highnet worth Cohort: Valuecommunication Name: Communicatebenefits to newcustomersnot activated Descript: Newcustomers,querysubmitted Cohort: 60 50 40 30 20 0 Jan Feb Mar Apr May Jun Jul Aug Sep Date Percentage Controlgroup Test group 50 40 30 20 10 0 Aug Sep Oct Nov Dec Jan Feb Mar Apr Date Percentage Controlgroup Test group 5
  16. 16. STANDARD BANK SHYFT RESULTS
  17. 17. Failed login Sign up started Password created User registered User onboarded User onboarded – Good experience User registered - idle User login ID validation started ID validation started - idle ID validation started – do this later ID scanned ID scanned - idle Residential address details provided Source of income details provided Residential address details provided - idle PIP Declaration submitted PIP Declaration submitted - idle 60 - 70% of customers who started the journey were successfully registered with around 50 - 60% successfully onboarded. 31% were DKYC customers and 69% were existing SB customers. Standard Bank Shyft Journey Overview View Period: 08 March to 08 August 69% (Volume) SB Customers 31% (Volume) DKYC Customers 34,09 0 Total volume customers tracked
  18. 18. Customer Progress Blockers Failed login Sign up started Password created User registered User onboarded User onboarded – Good experience User registered - idle User login ID validation started ID validation started - idle ID validation started – do this later ID scanned ID scanned - idle Residential address details provided Source of income details provided Residential address details provided - idle PIP Declaration submitted PIP Declaration submitted - idle ! ! ! ! ! Sign-up to Register ! ID Validation and scanning ! Residential address provided (optional?) ! Going Idle after PIP Declaration submitted (TBC) !
  19. 19. Sign-up to Register Top 6 paths, representing 43% of total customer traffic Potentially significant drop-off between Sign-up Started and User Registered ! Failed login Sign up started Password created User registered User onboarded User onboarded – Good experience User registered - idle User login ID validation started ID validation started - idle ID validation started – do this later ID scanned ID scanned - idle Residential address details provided Source of income details provided Residential address details provided - idle PIP Declaration submitted PIP Declaration submitted - idle Sign up started Password created User registered User onboarded User registered - idle 69% (Volume) SB Customers 31% (Volume) DKYC Customers 34,09 0 Total volume customers tracked
  20. 20. ! ! Failed login Sign up started Password created User registered User onboarded User onboarded – Good experience User registered - idle User login ID validation started ID validation started - idle ID validation started – do this later ID scanned ID scanned - idle Source of income details provided Residential address details provided - idle PIP Declaration submitted PIP Declaration submitted - idle Residential address details provided ID validation started ID validation started – do this later Residential address details provided ID scanned ID scanned - idle ID validation started - idle ID Scanning Issues around scanning and validating the customer’s ID is a significant progress blocker High volumes of customers got stuck in a loop while trying to scan their ID document
  21. 21. Residential Address Customers are attempting to provide residential address details multiple times, which does cause some drop-off The frustration this may cause customers is the primary concern ! Failed login Sign up started Password created User registered User onboarded User onboarded – Good experience User registered - idle User login ID validation started ID validation started - idle ID validation started – do this later ID scanned ID scanned - idle Residential address details provided Source of income details provided Residential address details provided - idle PIP Declaration submitted PIP Declaration submitted - idle Residential address details provided ID scanned Source of income details provided Residential address details provided - idle
  22. 22. PIP Declaration Indication that customers may be going idle while waiting to be onboarded (TBC) ! Failed login Sign up started Password created User registered User onboarded User onboarded – Good experience User registered - idle User login ID validation started ID validation started - idle ID validation started – do this later ID scanned ID scanned - idle Residential address details provided Source of income details provided Residential address details provided - idle PIP Declaration submitted PIP Declaration submitted - idle User onboarded Residential address details provided PIP Declaration submitted PIP Declaration submitted - idle Source of income details provided
  23. 23. Program results 34% Customer onboarding 61% Customers going idle during registration No. of customers achieving onboarding over time 12 May 22 01 June 22 28 April 22 Live with email channel 150 100 50 0 Control Test Customer conversion By introducing interventions such as personalised engagements and proactive Case Management at identified drop-off points, onboarding conversion was increased by 34%!
  24. 24. Program results Journey discovery Identified the actual customer journey and the 4 main points of customer drop off on the Shyft onboarding journey. Customer satisfaction We saw a 5% increase in satisfaction amongst the customers who were successfully onboarded. Customer engagement There was an increase in engagement with the app. This was seen in the more-than- halving of the number of customers in an idle state. Customer insight The discovery that 39% of customers needed help during onboarding when engaged, and what the main reasons were.
  25. 25. STANDARD BANK SHYFT NEXT STEPS
  26. 26. Next steps Following the successful Onboarding Journey, the next steps are to deploy the Global Onboarding Journey and 3-4 more journeys over the course of the next 12 months with a standard Operating Rhythm: Global onboarding journey The global onboarding journey will be deployed as the next journey. This will provide an omni- channel view and capability for Shyft onboarding 1 Operating Rhythm Operating Rhythm cycle as follows: • Go-live • Analyze journey results • Design & implement engagements / nudges • Allow to run for 2–4-week period • Refine engagements / nudges • Repeat 2
  27. 27. How digital executives aredrivinghard revenue metrics &great experiences at every step of the customer journey DIGITALJOURNEY ROI NOW PRESENTS LIVEEXECUTIVEWEBINAR SERIES August- October2022 #inQubaJourneyROI WEBINAR 1 31 August2022 14:00 SAST Boosting Conversion Within Digital Journeys (StandardBank) DiscoverhowStandardBankShyftimprovesexperiences&onboardingconversionthroughdeepcustomerinsights& orchestration WEBINAR 2 28 September2022 14:00 SAST Building Customer Loyalty Through Brand-Infused Journeys (Sanlam) DiscoverhowSanlamdriveslong-termloyaltythroughoutthejourney& equipsmembersto grow theirretirementthrough additionalproducts WEBINAR 3 26 October2022 14:00 SAST TBC THANK YOU!

Editor's Notes

  • Facts and Figures :

    Shyft # customers
    # prospects pulled to App / Web in any month
    Conversion rates to Onboarded and Active customers
    Improving Marketing spend efficiencies
    Systemic Visibiltiy in place prior to above-the-line Ad campaign
    Ability to rapidly understand journey drop-offs and intervention effectiveness in a close-loop iterative manner
  • We discover the real journeys, including obstacles and goals (rather than the conceptual journeys we map out)

    RD: CASE STUDY FOLLOWS, ABOUT FINDING AN OBSTACLE AND ADDRESSING IT

    4 drop off points – providing residential address
  • We discover the real journeys, including obstacles and goals (rather than the conceptual journeys we map out)

    RD: CASE STUDY FOLLOWS, ABOUT FINDING AN OBSTACLE AND ADDRESSING IT
  • We discover the real journeys, including obstacles and goals (rather than the conceptual journeys we map out)

    RD: CASE STUDY FOLLOWS, ABOUT FINDING AN OBSTACLE AND ADDRESSING IT
  • We discover the real journeys, including obstacles and goals (rather than the conceptual journeys we map out)

    RD: CASE STUDY FOLLOWS, ABOUT FINDING AN OBSTACLE AND ADDRESSING IT
  • We discover the real journeys, including obstacles and goals (rather than the conceptual journeys we map out)

    RD: CASE STUDY FOLLOWS, ABOUT FINDING AN OBSTACLE AND ADDRESSING IT
  • We discover the real journeys, including obstacles and goals (rather than the conceptual journeys we map out)

    RD: CASE STUDY FOLLOWS, ABOUT FINDING AN OBSTACLE AND ADDRESSING IT
  • We discover the real journeys, including obstacles and goals (rather than the conceptual journeys we map out)

    RD: CASE STUDY FOLLOWS, ABOUT FINDING AN OBSTACLE AND ADDRESSING IT
  • We discover the real journeys, including obstacles and goals (rather than the conceptual journeys we map out)

    RD: CASE STUDY FOLLOWS, ABOUT FINDING AN OBSTACLE AND ADDRESSING IT
  • We discover the real journeys, including obstacles and goals (rather than the conceptual journeys we map out)

    RD: CASE STUDY FOLLOWS, ABOUT FINDING AN OBSTACLE AND ADDRESSING IT

×