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VLAD DALJAC
Enterprise Channel Manager
Microsoft Australia
Delivering Customer Value & Boosting Retention
in Financial Services
TRENT ROSSINI
MD, inQuba
WELCOME TO OUR WEBINAR!
ANTONY ADELAAR
Head: Product Marketing
inQuba
Partnering
for success
KEY PERFORMANCE INDICATORS
Market
Share
Profitability
Client
Satisfaction
Client
Loyalty
Case
Resolution
Customer Journey
Success
OUR VISION FOR CUSTOMER VALUE DELIVERY
Customer
Insights
Digital
Transformation
Customer
Goal Achievement
Augmented
Intelligence
COMING UP!
CUSTOMER VALUE A SOLUTION
WHAT THE ANALYSTS
SAY ABOUT IT
VIDEO
Delivering real value
for real business
outcomes
VALUE
Source reference: https://go.forrester.com/blogs/valueforcustomers-cx-pros/
Customers that get
value, create business
value in return
Profitability
Market
Share
of customers
for customers
LET’S TALK ABOUT VALUE
• I am digital
• I am empowered
• I care about personal well-being
• I care about simplicity
• I am creative to be self sustaining
• I explore my options constantly
• I am risk-averse
What’s changed…
• I seek hope
• I want relevant engagement
• I seek authentic experiences
• I want value, more than ever
What hasn’t changed…
LET’S TALK ABOUT VALUE
What the customer gets for
what the customer pays
Defining value
Economic Functional Experiential Symbolic
However, “what the customer gets” is a bundle of
characteristics that are both real and perceived
LET’S TALK ABOUT VALUE
Economic
Experiential Symbolic
Functional
• Acquisition
• Retention
• Cross-sell
• Brand health
The Wins
Source reference: https://go.forrester.com/blogs/valueforcustomers-cx-pros/
Customer
Profitability
Market
Share
The Alternative
• Poor value delivery
• Customer churn
• Decreased profits
• Reduced market share
DELIVERING CUSTOMER VALUE
So, how do we ensure the delivery of value to customers in
order to ensure the long-term value of customers?
Customer Journey Management
What we’ve seen
increase in Acquisition,
Retention, & Conversion
100%
Value delivery through
Customer Journey
Management
INQUBA
JOURNEY
ANALYTICS
LARGE
TELCO
GLOBAL
INSURER
LARGE
BANK
Big Data
Find patterns in customer & transactional data across
experiences & over time
Journey Analytics
Discover actual customer journeys through experiences &
channels, & their sentiment
Optimisation
Nudges & interventions, informed by Machine Learning, that
retain customers by helping them to reach their goals
Hard results
80% to 120% increase in conversion at
moments of truth
20-point increase in Net Promoter Score
OUR APPROACH
Gartner
Market Guide for
Voice-of-the-Customer
Solutions
November 2018
LEADING ACROSS VOC & JOURNEY ANALYTICS
Quadrant Knowledge
Solutions
SPARK Matrix:
Customer Journey
Analytics
2020
November 2020
LEADING ACROSS VOC & JOURNEY ANALYTICS
December 2020
LEADING ACROSS VOC & JOURNEY ANALYTICS
INQUBA JOURNEY CLOUD
CX Management
Dashboards
Analytics Reporting CX Text View Journey Analytics
Customer Value
Analytics
Interactive “What-If”
Frontline Staff
Reporting
B2B Reporting Social Analytics
Emotion Curve
Analytics
Brand Health
ML Recommended
Actions
Product Experience
Analytics
Optimisation Analytics
JOURNEY INSIGHTS
CEM Measurement
Model
Survey & Invite
Authoring
Twitter Listening &
Messaging
Journey Definition &
Grouping
Goal Management Data Modelling
Dynamic rule driven
Surveys
Case
Management
Facebook Listening &
Messaging
Journey Mapping Customer Profiles Algorithm Modelling
Digital Engagement
Staff to Customer
Engagement
CX Target
Management
Survey Send
Management
Text Analytics
Authoring
Prescriptive Rule
Execution
CX SOCIAL JOURNEY AI
ROI Analytics
INQUBA JOURNEY CLOUD
User Management Data Ingestion
Audit and
Monitoring
API Access
Rule & Event
Processing
Single View
Security Data Export
Data Management
& Reporting
Communications
Channel Integration
Load Distribution
Management
B2B
INQUBA FOUNDATION
Email to Web In-Email SMS Chat SMS to Short URL
Web Intercept
Surveys
WhatsApp
Customer Events
Customer Dimension
Files
Unstructured Text Transactions
Customer Value
Data
DATA COLLECTION CHANNEL AND DATA TYPES
PARTNERSHIP
Optimising value throughout
customers’ journeys
Value perception is holistic, throughout the customers’ journey, not just at
isolated points
Functional
Symbolic
Economic
The $’s spent or saved
Experiential
The experience of the service and the product
when interacting
Functional
What the product offers in features in the
context of the price
Symbolic
The status that is delivered through the use of
the product or offering
“Is the policy priced correctly for my
needs?”
“What features of the policy meet
my needs?”
“Is the quoting experience low
effort?”
“Is the brand trusted in terms of
paying claims?”
Economic
Experiential Symbolic
Functional
Customer
THE DIMENSIONS OF VALUE
What is Customer Journey
Management?
Source: https://www.slideshare.net/McK_CMSOForum/customer-experience-journey-webinar-v10-091713
• Identify journeys that matter to business
success
• Measure & monitor success signals
• Orchestrate corrective actions
• Track journey success
• Prioritise problem areas
Source: https://customerthink.com/what-is-customer-journey-management/
Transforming
Customer
Experience:
From Moments
to Journeys
“Journey management enables you not only to
measure, monitor and optimize customer experience,
but align your entire organization with your
customers’ goals.“
• More that 50% of customer interactions happen
during a multi-event, multi-channel journey
• Touchpoints matter, but journeys matter more
• Journey-led approaches are 30% more
positively correlated with business outcomes –
CSAT, likelihood to stay or recommend
INDUSTRY VIEW
APPLICATION
ACCEPT QUOTE
DOCUMENTATION
ACTIVATION
APPLICATION
EXPERIENCE
MODELLED
CUSTOMER
JOURNEY
PERFECTLY DESIGNED JOURNEYS vs REALITY
APPLICATION
ACCEPT QUOTE
DOCUMENTATION
ACTIVATION
APPLICATION
EXPERIENCE
IN REALITY
PERFECTLY DESIGNED JOURNEYS vs REALITY
MAKING IT REAL: STI ONBOARDING JOURNEY
Get quote Select options
Submit application
and documentation
Meet Economic Value and
Functional Needs
Understanding of options
Match to individual needs
Ease of getting process
completed.
Proactive contact from
contact centre
Informed
Value Re-enforcement
Key Engagements:
Various quote options
Dialogue to understand needs
Key Engagements:
Dialogue to establish
understanding
Dialogue to understand
objections
Dialogue to understand match
needs
Key Engagements:
Communication on what to do
Communication on outstanding
documents
Assessment of ease of
submission
Key Engagements:
Sending welcome messages
Feedback on welcome pack
documentation
Obtaining feedback on
onboarding experience
Receive welcome
pack
Request Quote
with Default Options
Consider Quote Options
Select Product and Options
Submit application
Submit documents
Read Key Product
Features
Interest in the brand and key
value proposition
understanding
Key Engagements:
Personalised emails to drive
interest and traffic
Personalised digital adverts to
drive interest and traffic
Navigate to Website
or Contact Centre
Respond to
promotion
Onboarding
Journey
Customer Value
for Customers
Customer
engagement tool
box -
interventions
What we want
customers to
do?
Website marketing
dialogue
Value assessment
dialogue
Value promotion dialogue
Broker engagement dialogue
Application completion
nudge
Confirmation
dialogue
Discover real journeys using customer and
transactional data. Identify paths that lead to success
and failure and set goals by segment
Discover real customer journeys &
establish goals
Design interventions that increase value and
success for more customers. Determine action
outcomes and drive customers towards goals
Implement Interventions
Using dialogues measure the customers’ perception
of value at each of the goal points to determine
targets per segment
Measure value delivery through
Insights collection
Measure the effectiveness of the interventions and
their impact on driving value for customers and
outcome achievement
Measure the results and refine
OPTIMISING VALUE TO ACHIEVE GOALS
Action goals
Achieved when a task is successfully
achieved or a point reached
Value goals
Achieved when either real or
perceived value is delivered
Value optimisation through
Customer Journey
Management
ANALYSE GOAL
ACHIEVEMENT
Examine client behaviour overlaid with
emotional context
REVIEW AND OPTIMISE
Iterate to maximise journey optimisation
MEASURE VALUE
DELIVERY
Understand customers by measuring
emotion at moments of truth
DESIGN INTERVENTION
STRATEGIES
Design systemic and personalised
interventions & nudges
DISCOVER REAL
JOURNEYS
Discover where & when clients are leaving
or falling off
HOW WE DO THIS
ANALYSE GOAL
ACHIEVEMENT
Examine client behaviour overlaid with
emotional context
REVIEW AND OPTIMISE
Iterate to maximise journey optimisation
MEASURE VALUE
DELIVERY
Understand customers by measuring
emotion at moments of truth
DESIGN INTERVENTION
STRATEGIES
Design systemic and personalised
interventions & nudges
DISCOVER REAL
JOURNEYS
Discover where & when clients are leaving
or falling off
APPROACH TO VALUE DELIVERY
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. Get
a view of their sequences & their
obstacles.
Goal setting
Establish and monitor customer lifetime value
for prioritisation
Data-driven path discovery
A single view of every customer
CUSTOMER JOURNEY DISCOVERY
Journey discovery Customer lifetime value
Goal setting
CUSTOMER JOURNEY DISCOVERY
ANALYSE GOAL
ACHIEVEMENT
Examine client behaviour overlaid with
emotional context
REVIEW AND OPTIMISE
Iterate to maximise journey optimisation
DESIGN INTERVENTION
STRATEGIES
Design systemic and personalised
interventions & nudges
DISCOVER REAL
JOURNEYS
Discover where & when clients are leaving
or falling off MEASURE VALUE
DELIVERY
Understand customers by measuring
emotion at moments of truth
APPROACH TO VALUE DELIVERY
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)
MEASURE CUSTOMER
VALUE DELIVERY
Reach out to customer cohorts on particular
paths to gather feedback and measure
sentiment and value perception.
!
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
Structured & unstructured collection
Omni-channel measurement
Text analytics
MEASURE VALUE DELIVERY
Structured Unstructured Data
MEASURE VALUE DELIVERY
REVIEW AND OPTIMISE
Iterate to maximise journey optimisation
MEASURE VALUE
DELIVERY
Understand customers by measuring
emotion at moments of truth
DESIGN INTERVENTION
STRATEGIES
Design systemic and personalised
interventions & nudges
DISCOVER REAL
JOURNEYS
Discover where & when clients are leaving
or falling off
ANALYSE GOAL
ACHIEVEMENT
Examine client behaviour overlaid with
emotional context
APPROACH TO VALUE DELIVERY
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)
ANALYSE GOAL
ACHIEVEMENT
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.
Goal achievement reporting against targets
Goal achievement by dimension
Drop-off management
Goal achievement
Action outcome
Value outcome
Economic
Functional
Experiential
ANALYSE GOAL ACHIEVEMENT
ANALYSE GOAL ACHIEVEMENT
Goal achievement reporting
ANALYSE GOAL
ACHIEVEMENT
Examine client behaviour overlaid with
emotional context
REVIEW AND OPTIMISE
Iterate to maximise journey optimisation
MEASURE VALUE
DELIVERY
Understand customers by measuring
emotion at moments of truth
DISCOVER REAL
JOURNEYS
Discover where & when clients are leaving
or falling off
DESIGN INTERVENTION
STRATEGIES
Design systemic and personalised
interventions & nudges
APPROACH TO VALUE DELIVERY
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
INTERVENTION
STRATEGIES
Orchestrate client journeys by designing
personalised interventions to retain each
profile of at-risk clients, through contextual
nudges, feedback collection and service
recovery
Subject: Charlotte, got two minutes?
Hi Charlotte, we’re thrilled that you’ve
successfully activated. We’d love to get
to know you. Please click
TransAtlantic Ins. Today, 15:30
Systemic changes to customer journey design
Nudges & dialogues based upon value needs
Closed-loop service recovery
DESIGN INTERVENTION STRATEGIES
DESIGN INTERVENTION STRATEGIES
Intervention personalisation Optimisation with AI
ANALYSE GOAL
ACHIEVEMENT
Examine client behaviour overlaid with
emotional context
MEASURE VALUE
DELIVERY
Understand customers by measuring
emotion at moments of truth
DESIGN INTERVENTION
STRATEGIES
Design systemic and personalised
interventions & nudges
DISCOVER REAL
JOURNEYS
Discover where & when clients are leaving
or falling off
REVIEW AND OPTIMISE
Iterate to maximise journey optimisation
APPROACH TO VALUE DELIVERY
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. Iterate &
fine-tune interventions for maximum
possible optimisation of client journeys
and retention of clients. Measure ROI &
repeat.
Review of intervention effectiveness
Optimisation and ROI
Fine-tuning for journey success
REVIEW & OPTIMISE
Intervention effectiveness reporting
REVIEW & OPTIMISE
ANALYSE GOAL
ACHIEVEMENT
Examine client behaviour overlaid with
emotional context
REVIEW AND OPTIMISE
Iterate to maximise journey optimisation
MEASURE VALUE
DELIVERY
Understand customers by measuring
emotion at moments of truth
DESIGN INTERVENTION
STRATEGIES
Design systemic and personalised
interventions & nudges
DISCOVER REAL
JOURNEYS
Discover where & when clients are leaving
or falling off
APPROACH TO VALUE DELIVERY
Case study
CASE STUDY: RETAIL BANK CARD ACQUISITION
• Reduce NTU’s
• Move the customer to the next node or point in
the acquisition journey
• Test ML and how it can enhance this journey
• Best offer first
• Operational and cost efficiency
OBJECTIVE
Customer
Applies for a
Credit Card
Customer
Accepts
Quote
Customer
Receives
Card
Customer
activates and
spends
Application
incomplete
Quote
pending
Quote
declined
NTU
Card not
activated
No spend
after
activation
Delivery
Experience
Sales
Experience
Application
fulfilled
Documents
outstanding
Case management
Stall Points
Feedback collection
ML
VoC data
Transactional
data
Credit data
JOURNEY MANAGEMENT MACHINE LEARNING
increase in
Customer Conversion!
100%
Practical example
MAKING IT REAL: STI ONBOARDING JOURNEY
Get quote Select options
Submit application
and documentation
Meet Economic Value and
Functional Needs
Understanding of options
Match to individual needs
Ease of getting process
completed.
Proactive contact from
contact centre
Informed
Value Re-enforcement
Key Engagements:
Various quote options
Dialogue to understand needs
Key Engagements:
Dialogue to establish
understanding
Dialogue to understand
objections
Dialogue to understand match
needs
Key Engagements:
Communication on what to do
Communication on outstanding
documents
Assessment of ease of
submission
Key Engagements:
Sending welcome messages
Feedback on welcome pack
documentation
Obtaining feedback on
onboarding experience
Receive welcome
pack
Request Quote
with Default Options
Consider Quote Options
Select Product and Options
Submit application
Submit documents
Read Key Product
Features
Interest in the brand and key
value proposition
understanding
Key Engagements:
Personalised emails to drive
interest and traffic
Personalised digital adverts to
drive interest and traffic
Navigate to Website
or Contact Centre
Respond to
promotion
Onboarding
Journey
Value delivery &
perception
Customer
engagement tool
box -
interventions
What we want
customers to
do?
Website marketing
dialogue
Value assessment
dialogue
Value promotion dialogue
Broker engagement dialogue
Application completion
nudge
Confirmation
dialogue
STI VALUE ASSESSMENT DIALOGUE
Text Message
Today, 15:30
Hi, Lynn.
We hope we met your requirements in quoting for your [Car].
To help you get the most value from Transatlantic insurance,
we would really encourage you to provide feedback on the
quote you have received.
Click on http://bitly.info/eurt4 to give us feedback on whether
we are meeting expectations.
Today, 15:30
Lynn, we glad you chose to provide feedback to maximise
our value to you.
Please let us know the most important aspect in making
your decision on this quote:
1. The price and the cover
2. The benefits and insurance cover
3. The brand of Transatlantic
4. Application experience
Rate 1 to 4
Today, 15:30
Please can you rate each of the following aspects from 1 to
10 where 1 fails to meet expectations and 10 exceed
expectations.
1. The price relative to the cover
Rate from 1 to 10
2. The benefits and insurance cover
Rate from 1 to 10
3. The brand of Transatlantic
Rate from 1 to 10
4. Application experience
Rate from 1 to 10
Today, 15:30
Why are you obtaining this cover:
1. New Car
2. Competitive Quote to replace my existing cover
3. Unhappy with current insurer
Rate 1 to 3
When do you need to make a decision:
1. This week
2. In the next 2 weeks
3. In the next month
4. In the next 3 months
Rate 1 to 4
Would you like a consultant to contact you to answer any
questions that you may have on the product
Yes / No
Do you have any other feedback?
Yes / No
Today, 15:30
Thank you for the feedback, Lynn!
We will contact you in the next ## hours to assist.
Today, 15:30
Please provide feedback on the quote
Free text
Take the
next step
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
inQuba Journey
Accelerator
Accelerating Value
Delivery
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: Accelerator
INQUBA JOURNEY ACCELERATOR
So take that first step
of the Journey…
Book your Journey Accelerator
Workshop now!

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Delivering Customer Value & Boosting Retention in Financial Services | Microsoft & inQuba [WEBINAR]

  • 1.
  • 2. VLAD DALJAC Enterprise Channel Manager Microsoft Australia Delivering Customer Value & Boosting Retention in Financial Services TRENT ROSSINI MD, inQuba WELCOME TO OUR WEBINAR! ANTONY ADELAAR Head: Product Marketing inQuba
  • 4.
  • 5. KEY PERFORMANCE INDICATORS Market Share Profitability Client Satisfaction Client Loyalty Case Resolution Customer Journey Success OUR VISION FOR CUSTOMER VALUE DELIVERY Customer Insights Digital Transformation Customer Goal Achievement Augmented Intelligence
  • 6. COMING UP! CUSTOMER VALUE A SOLUTION WHAT THE ANALYSTS SAY ABOUT IT VIDEO
  • 7. Delivering real value for real business outcomes
  • 8. VALUE Source reference: https://go.forrester.com/blogs/valueforcustomers-cx-pros/ Customers that get value, create business value in return Profitability Market Share of customers for customers LET’S TALK ABOUT VALUE
  • 9. • I am digital • I am empowered • I care about personal well-being • I care about simplicity • I am creative to be self sustaining • I explore my options constantly • I am risk-averse What’s changed… • I seek hope • I want relevant engagement • I seek authentic experiences • I want value, more than ever What hasn’t changed… LET’S TALK ABOUT VALUE
  • 10. What the customer gets for what the customer pays Defining value Economic Functional Experiential Symbolic However, “what the customer gets” is a bundle of characteristics that are both real and perceived LET’S TALK ABOUT VALUE
  • 11. Economic Experiential Symbolic Functional • Acquisition • Retention • Cross-sell • Brand health The Wins Source reference: https://go.forrester.com/blogs/valueforcustomers-cx-pros/ Customer Profitability Market Share The Alternative • Poor value delivery • Customer churn • Decreased profits • Reduced market share DELIVERING CUSTOMER VALUE
  • 12. So, how do we ensure the delivery of value to customers in order to ensure the long-term value of customers?
  • 14. increase in Acquisition, Retention, & Conversion 100% Value delivery through Customer Journey Management
  • 15. INQUBA JOURNEY ANALYTICS LARGE TELCO GLOBAL INSURER LARGE BANK Big Data Find patterns in customer & transactional data across experiences & over time Journey Analytics Discover actual customer journeys through experiences & channels, & their sentiment Optimisation Nudges & interventions, informed by Machine Learning, that retain customers by helping them to reach their goals Hard results 80% to 120% increase in conversion at moments of truth 20-point increase in Net Promoter Score OUR APPROACH
  • 16. Gartner Market Guide for Voice-of-the-Customer Solutions November 2018 LEADING ACROSS VOC & JOURNEY ANALYTICS
  • 17. Quadrant Knowledge Solutions SPARK Matrix: Customer Journey Analytics 2020 November 2020 LEADING ACROSS VOC & JOURNEY ANALYTICS
  • 18. December 2020 LEADING ACROSS VOC & JOURNEY ANALYTICS
  • 19. INQUBA JOURNEY CLOUD CX Management Dashboards Analytics Reporting CX Text View Journey Analytics Customer Value Analytics Interactive “What-If” Frontline Staff Reporting B2B Reporting Social Analytics Emotion Curve Analytics Brand Health ML Recommended Actions Product Experience Analytics Optimisation Analytics JOURNEY INSIGHTS CEM Measurement Model Survey & Invite Authoring Twitter Listening & Messaging Journey Definition & Grouping Goal Management Data Modelling Dynamic rule driven Surveys Case Management Facebook Listening & Messaging Journey Mapping Customer Profiles Algorithm Modelling Digital Engagement Staff to Customer Engagement CX Target Management Survey Send Management Text Analytics Authoring Prescriptive Rule Execution CX SOCIAL JOURNEY AI ROI Analytics
  • 20. INQUBA JOURNEY CLOUD User Management Data Ingestion Audit and Monitoring API Access Rule & Event Processing Single View Security Data Export Data Management & Reporting Communications Channel Integration Load Distribution Management B2B INQUBA FOUNDATION Email to Web In-Email SMS Chat SMS to Short URL Web Intercept Surveys WhatsApp Customer Events Customer Dimension Files Unstructured Text Transactions Customer Value Data DATA COLLECTION CHANNEL AND DATA TYPES
  • 23. Value perception is holistic, throughout the customers’ journey, not just at isolated points Functional Symbolic Economic The $’s spent or saved Experiential The experience of the service and the product when interacting Functional What the product offers in features in the context of the price Symbolic The status that is delivered through the use of the product or offering “Is the policy priced correctly for my needs?” “What features of the policy meet my needs?” “Is the quoting experience low effort?” “Is the brand trusted in terms of paying claims?” Economic Experiential Symbolic Functional Customer THE DIMENSIONS OF VALUE
  • 24. What is Customer Journey Management? Source: https://www.slideshare.net/McK_CMSOForum/customer-experience-journey-webinar-v10-091713 • Identify journeys that matter to business success • Measure & monitor success signals • Orchestrate corrective actions • Track journey success • Prioritise problem areas Source: https://customerthink.com/what-is-customer-journey-management/ Transforming Customer Experience: From Moments to Journeys “Journey management enables you not only to measure, monitor and optimize customer experience, but align your entire organization with your customers’ goals.“ • More that 50% of customer interactions happen during a multi-event, multi-channel journey • Touchpoints matter, but journeys matter more • Journey-led approaches are 30% more positively correlated with business outcomes – CSAT, likelihood to stay or recommend INDUSTRY VIEW
  • 27. MAKING IT REAL: STI ONBOARDING JOURNEY Get quote Select options Submit application and documentation Meet Economic Value and Functional Needs Understanding of options Match to individual needs Ease of getting process completed. Proactive contact from contact centre Informed Value Re-enforcement Key Engagements: Various quote options Dialogue to understand needs Key Engagements: Dialogue to establish understanding Dialogue to understand objections Dialogue to understand match needs Key Engagements: Communication on what to do Communication on outstanding documents Assessment of ease of submission Key Engagements: Sending welcome messages Feedback on welcome pack documentation Obtaining feedback on onboarding experience Receive welcome pack Request Quote with Default Options Consider Quote Options Select Product and Options Submit application Submit documents Read Key Product Features Interest in the brand and key value proposition understanding Key Engagements: Personalised emails to drive interest and traffic Personalised digital adverts to drive interest and traffic Navigate to Website or Contact Centre Respond to promotion Onboarding Journey Customer Value for Customers Customer engagement tool box - interventions What we want customers to do? Website marketing dialogue Value assessment dialogue Value promotion dialogue Broker engagement dialogue Application completion nudge Confirmation dialogue
  • 28. Discover real journeys using customer and transactional data. Identify paths that lead to success and failure and set goals by segment Discover real customer journeys & establish goals Design interventions that increase value and success for more customers. Determine action outcomes and drive customers towards goals Implement Interventions Using dialogues measure the customers’ perception of value at each of the goal points to determine targets per segment Measure value delivery through Insights collection Measure the effectiveness of the interventions and their impact on driving value for customers and outcome achievement Measure the results and refine OPTIMISING VALUE TO ACHIEVE GOALS Action goals Achieved when a task is successfully achieved or a point reached Value goals Achieved when either real or perceived value is delivered
  • 30. ANALYSE GOAL ACHIEVEMENT Examine client behaviour overlaid with emotional context REVIEW AND OPTIMISE Iterate to maximise journey optimisation MEASURE VALUE DELIVERY Understand customers by measuring emotion at moments of truth DESIGN INTERVENTION STRATEGIES Design systemic and personalised interventions & nudges DISCOVER REAL JOURNEYS Discover where & when clients are leaving or falling off HOW WE DO THIS
  • 31. ANALYSE GOAL ACHIEVEMENT Examine client behaviour overlaid with emotional context REVIEW AND OPTIMISE Iterate to maximise journey optimisation MEASURE VALUE DELIVERY Understand customers by measuring emotion at moments of truth DESIGN INTERVENTION STRATEGIES Design systemic and personalised interventions & nudges DISCOVER REAL JOURNEYS Discover where & when clients are leaving or falling off APPROACH TO VALUE DELIVERY
  • 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) ! ! ! DISCOVER JOURNEYS Discover clients’ real paths, & where & when they are leaving your business. Get a view of their sequences & their obstacles. Goal setting Establish and monitor customer lifetime value for prioritisation Data-driven path discovery A single view of every customer CUSTOMER JOURNEY DISCOVERY
  • 33. Journey discovery Customer lifetime value Goal setting CUSTOMER JOURNEY DISCOVERY
  • 34. ANALYSE GOAL ACHIEVEMENT Examine client behaviour overlaid with emotional context REVIEW AND OPTIMISE Iterate to maximise journey optimisation DESIGN INTERVENTION STRATEGIES Design systemic and personalised interventions & nudges DISCOVER REAL JOURNEYS Discover where & when clients are leaving or falling off MEASURE VALUE DELIVERY Understand customers by measuring emotion at moments of truth APPROACH TO VALUE DELIVERY
  • 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) MEASURE CUSTOMER VALUE DELIVERY Reach out to customer cohorts on particular paths to gather feedback and measure sentiment and value perception. ! 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 Structured & unstructured collection Omni-channel measurement Text analytics MEASURE VALUE DELIVERY
  • 37. REVIEW AND OPTIMISE Iterate to maximise journey optimisation MEASURE VALUE DELIVERY Understand customers by measuring emotion at moments of truth DESIGN INTERVENTION STRATEGIES Design systemic and personalised interventions & nudges DISCOVER REAL JOURNEYS Discover where & when clients are leaving or falling off ANALYSE GOAL ACHIEVEMENT Examine client behaviour overlaid with emotional context APPROACH TO VALUE DELIVERY
  • 38. 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) ANALYSE GOAL ACHIEVEMENT 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. Goal achievement reporting against targets Goal achievement by dimension Drop-off management Goal achievement Action outcome Value outcome Economic Functional Experiential ANALYSE GOAL ACHIEVEMENT
  • 39. ANALYSE GOAL ACHIEVEMENT Goal achievement reporting
  • 40. ANALYSE GOAL ACHIEVEMENT Examine client behaviour overlaid with emotional context REVIEW AND OPTIMISE Iterate to maximise journey optimisation MEASURE VALUE DELIVERY Understand customers by measuring emotion at moments of truth DISCOVER REAL JOURNEYS Discover where & when clients are leaving or falling off DESIGN INTERVENTION STRATEGIES Design systemic and personalised interventions & nudges APPROACH TO VALUE DELIVERY
  • 41. 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 INTERVENTION STRATEGIES Orchestrate client journeys by designing personalised interventions to retain each profile of at-risk clients, through contextual nudges, feedback collection and service recovery Subject: Charlotte, got two minutes? Hi Charlotte, we’re thrilled that you’ve successfully activated. We’d love to get to know you. Please click TransAtlantic Ins. Today, 15:30 Systemic changes to customer journey design Nudges & dialogues based upon value needs Closed-loop service recovery DESIGN INTERVENTION STRATEGIES
  • 42. DESIGN INTERVENTION STRATEGIES Intervention personalisation Optimisation with AI
  • 43. ANALYSE GOAL ACHIEVEMENT Examine client behaviour overlaid with emotional context MEASURE VALUE DELIVERY Understand customers by measuring emotion at moments of truth DESIGN INTERVENTION STRATEGIES Design systemic and personalised interventions & nudges DISCOVER REAL JOURNEYS Discover where & when clients are leaving or falling off REVIEW AND OPTIMISE Iterate to maximise journey optimisation APPROACH TO VALUE DELIVERY
  • 44. 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. Iterate & fine-tune interventions for maximum possible optimisation of client journeys and retention of clients. Measure ROI & repeat. Review of intervention effectiveness Optimisation and ROI Fine-tuning for journey success REVIEW & OPTIMISE
  • 46. ANALYSE GOAL ACHIEVEMENT Examine client behaviour overlaid with emotional context REVIEW AND OPTIMISE Iterate to maximise journey optimisation MEASURE VALUE DELIVERY Understand customers by measuring emotion at moments of truth DESIGN INTERVENTION STRATEGIES Design systemic and personalised interventions & nudges DISCOVER REAL JOURNEYS Discover where & when clients are leaving or falling off APPROACH TO VALUE DELIVERY
  • 48. CASE STUDY: RETAIL BANK CARD ACQUISITION • Reduce NTU’s • Move the customer to the next node or point in the acquisition journey • Test ML and how it can enhance this journey • Best offer first • Operational and cost efficiency OBJECTIVE
  • 49. Customer Applies for a Credit Card Customer Accepts Quote Customer Receives Card Customer activates and spends Application incomplete Quote pending Quote declined NTU Card not activated No spend after activation Delivery Experience Sales Experience Application fulfilled Documents outstanding Case management Stall Points Feedback collection ML VoC data Transactional data Credit data JOURNEY MANAGEMENT MACHINE LEARNING
  • 52. MAKING IT REAL: STI ONBOARDING JOURNEY Get quote Select options Submit application and documentation Meet Economic Value and Functional Needs Understanding of options Match to individual needs Ease of getting process completed. Proactive contact from contact centre Informed Value Re-enforcement Key Engagements: Various quote options Dialogue to understand needs Key Engagements: Dialogue to establish understanding Dialogue to understand objections Dialogue to understand match needs Key Engagements: Communication on what to do Communication on outstanding documents Assessment of ease of submission Key Engagements: Sending welcome messages Feedback on welcome pack documentation Obtaining feedback on onboarding experience Receive welcome pack Request Quote with Default Options Consider Quote Options Select Product and Options Submit application Submit documents Read Key Product Features Interest in the brand and key value proposition understanding Key Engagements: Personalised emails to drive interest and traffic Personalised digital adverts to drive interest and traffic Navigate to Website or Contact Centre Respond to promotion Onboarding Journey Value delivery & perception Customer engagement tool box - interventions What we want customers to do? Website marketing dialogue Value assessment dialogue Value promotion dialogue Broker engagement dialogue Application completion nudge Confirmation dialogue
  • 53. STI VALUE ASSESSMENT DIALOGUE Text Message Today, 15:30 Hi, Lynn. We hope we met your requirements in quoting for your [Car]. To help you get the most value from Transatlantic insurance, we would really encourage you to provide feedback on the quote you have received. Click on http://bitly.info/eurt4 to give us feedback on whether we are meeting expectations. Today, 15:30 Lynn, we glad you chose to provide feedback to maximise our value to you. Please let us know the most important aspect in making your decision on this quote: 1. The price and the cover 2. The benefits and insurance cover 3. The brand of Transatlantic 4. Application experience Rate 1 to 4 Today, 15:30 Please can you rate each of the following aspects from 1 to 10 where 1 fails to meet expectations and 10 exceed expectations. 1. The price relative to the cover Rate from 1 to 10 2. The benefits and insurance cover Rate from 1 to 10 3. The brand of Transatlantic Rate from 1 to 10 4. Application experience Rate from 1 to 10 Today, 15:30 Why are you obtaining this cover: 1. New Car 2. Competitive Quote to replace my existing cover 3. Unhappy with current insurer Rate 1 to 3 When do you need to make a decision: 1. This week 2. In the next 2 weeks 3. In the next month 4. In the next 3 months Rate 1 to 4 Would you like a consultant to contact you to answer any questions that you may have on the product Yes / No Do you have any other feedback? Yes / No Today, 15:30 Thank you for the feedback, Lynn! We will contact you in the next ## hours to assist. Today, 15:30 Please provide feedback on the quote Free text
  • 55. 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
  • 57. 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: Accelerator INQUBA JOURNEY ACCELERATOR
  • 58. So take that first step of the Journey… Book your Journey Accelerator Workshop now!

Editor's Notes

  1. Introductions..
  2. REASON TO CARE
  3. Vlad intro of partnership
  4. Vlad intro
  5. AA – coming soon…
  6. REASON TO CARE
  7. We’re quick to talk about value of customer, but less quick to talk about value for… Truth is, customers that get value… It is well documented in research and academia that the outcome is market share and profitability. But what do our customers value? That’s interesting because things have changed a lot in the last year…>>>
  8. As a result of 2020 and everything that came with it, here are some of the changes in what customers value… But some things have not changed… Let’s look at the last one a bit more closely >>>
  9. Value can be simply defined as… (everyone agrees) But the second half of that sentence is nuanced.. According to our friends at Forrester, there are 4 dimensions of value… Let’s look a little more closely at what they are and what they mean to us >>>
  10. The 4 dimensions of value according to Forrester are… And winning in these areas result in boosted customer acquisition…etc. The outcome of these can be summarised into Profitability and Market Share The alternative – not delivering value – will result in… So the question we’re asking ourselves is.. >>>
  11. REASON TO BELIEVE
  12. REASON TO BELIEVE
  13. WHAT YOU NEED TO KNOW
  14. Let’s jump back into Forrester’s model and the four dimensions.. A brief description of each, and the kind of questions you’d expect clients to be asking themselves in each dimension… What’s important is that VALUE PERCEPTION IS HOLISTIC, THROUGHOUT THE CUSTOMERS’ JOURNEY, NOT JUST AT ISOLATED POINTS It’s important to consider customers’ end-to-end journeys rather than moments in time.. But don’t take our word for it, let’s look at the importance of the journey >>>
  15. CJM definition, and why it’s important But what are we talking about when we say journey? >>>
  16. The modelled journey But it never looks like this in reality >>>>>
  17. Rather, it looks something like this, and is often unsuccessful. Let’s make it a bit more real though, with some added layers.
  18. At a high level, what do businesses need to do to ensure that customers reach goals? They need to do these things.. Customer Journey Management is the best approach to doing this Let’s dive in to the Journey approach in more detail >>>>
  19. High level process
  20. 1
  21. Elaborate on content
  22. Example solution screens (hinting at product existence now..)
  23. 2
  24. Elaborate on content
  25. Screens. Anchoring of feedback to parts of the journey, and analytics output
  26. 3
  27. Screens
  28. 4
  29. Elaborate on content
  30. Screens
  31. 5
  32. Elaborate on content
  33. Screens
  34. Summary of where we’ve come from, and the approach for ensuring multi-dimensional value delivery to customers… Let’s look at the real world now, at a couple of case studies in FS >>>
  35. RETAIL BANK CARD ACQUISITION Summarise Objective
  36. Summarise interventions
  37. Summary of results
  38. WHAT YOU NEED TO DO