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

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

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How do we ensure the delivery of value to customers in order to ensure the long-term value of customers?

In March 2021, inQuba and Microsoft co-hosted the webinar ‘Delivering Customer Value & Boosting Retention in Financial Services'. The speakers discussed the following:
• Value of customers versus value for customers
• Value as a multi-dimensional construct
• How to deliver value throughout customers’ journeys
• Case studies and practical examples
• How to take the next step to transform your business

Speakers: Vlad Daljac (Microsoft), Trent Rossini (inQuba), Antony Adelaar (inQuba)

Recording: https://youtu.be/SBovyfoO0oU

How do we ensure the delivery of value to customers in order to ensure the long-term value of customers?

In March 2021, inQuba and Microsoft co-hosted the webinar ‘Delivering Customer Value & Boosting Retention in Financial Services'. The speakers discussed the following:
• Value of customers versus value for customers
• Value as a multi-dimensional construct
• How to deliver value throughout customers’ journeys
• Case studies and practical examples
• How to take the next step to transform your business

Speakers: Vlad Daljac (Microsoft), Trent Rossini (inQuba), Antony Adelaar (inQuba)

Recording: https://youtu.be/SBovyfoO0oU

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

  1. 1. 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
  2. 2. Partnering for success
  3. 3. 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
  4. 4. COMING UP! CUSTOMER VALUE A SOLUTION WHAT THE ANALYSTS SAY ABOUT IT VIDEO
  5. 5. Delivering real value for real business outcomes
  6. 6. 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
  7. 7. • 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
  8. 8. 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
  9. 9. 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
  10. 10. So, how do we ensure the delivery of value to customers in order to ensure the long-term value of customers?
  11. 11. Customer Journey Management What we’ve seen
  12. 12. increase in Acquisition, Retention, & Conversion 100% Value delivery through Customer Journey Management
  13. 13. 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
  14. 14. Gartner Market Guide for Voice-of-the-Customer Solutions November 2018 LEADING ACROSS VOC & JOURNEY ANALYTICS
  15. 15. Quadrant Knowledge Solutions SPARK Matrix: Customer Journey Analytics 2020 November 2020 LEADING ACROSS VOC & JOURNEY ANALYTICS
  16. 16. December 2020 LEADING ACROSS VOC & JOURNEY ANALYTICS
  17. 17. 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
  18. 18. 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
  19. 19. PARTNERSHIP
  20. 20. Optimising value throughout customers’ journeys
  21. 21. 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
  22. 22. 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
  23. 23. APPLICATION ACCEPT QUOTE DOCUMENTATION ACTIVATION APPLICATION EXPERIENCE MODELLED CUSTOMER JOURNEY PERFECTLY DESIGNED JOURNEYS vs REALITY
  24. 24. APPLICATION ACCEPT QUOTE DOCUMENTATION ACTIVATION APPLICATION EXPERIENCE IN REALITY PERFECTLY DESIGNED JOURNEYS vs REALITY
  25. 25. 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
  26. 26. 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
  27. 27. Value optimisation through Customer Journey Management
  28. 28. 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
  29. 29. 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
  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) ! ! ! 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
  31. 31. Journey discovery Customer lifetime value Goal setting CUSTOMER JOURNEY DISCOVERY
  32. 32. 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
  33. 33. 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
  34. 34. Structured Unstructured Data MEASURE VALUE DELIVERY
  35. 35. 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
  36. 36. 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
  37. 37. ANALYSE GOAL ACHIEVEMENT Goal achievement reporting
  38. 38. 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
  39. 39. 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
  40. 40. DESIGN INTERVENTION STRATEGIES Intervention personalisation Optimisation with AI
  41. 41. 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
  42. 42. 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
  43. 43. Intervention effectiveness reporting REVIEW & OPTIMISE
  44. 44. 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
  45. 45. Case study
  46. 46. 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
  47. 47. 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
  48. 48. increase in Customer Conversion! 100%
  49. 49. Practical example
  50. 50. 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
  51. 51. 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
  52. 52. Take the next step
  53. 53. 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
  54. 54. inQuba Journey Accelerator Accelerating Value Delivery
  55. 55. 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
  56. 56. So take that first step of the Journey… Book your Journey Accelerator Workshop now!

Editor's Notes

  • Introductions..
  • REASON TO CARE
  • Vlad intro of partnership
  • Vlad intro
  • AA – coming soon…
  • REASON TO CARE
  • 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…>>>
  • 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 >>>
  • 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 >>>
  • 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.. >>>
  • REASON TO BELIEVE
  • REASON TO BELIEVE
  • WHAT YOU NEED TO KNOW
  • 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 >>>
  • CJM definition, and why it’s important

    But what are we talking about when we say journey? >>>
  • The modelled journey
    But it never looks like this in reality >>>>>
  • Rather, it looks something like this, and is often unsuccessful.

    Let’s make it a bit more real though, with some added layers.
  • 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 >>>>
  • High level process
  • 1
  • Elaborate on content
  • Example solution screens (hinting at product existence now..)
  • 2
  • Elaborate on content
  • Screens.
    Anchoring of feedback to parts of the journey, and analytics output
  • 3
  • Screens
  • 4
  • Elaborate on content
  • Screens
  • 5
  • Elaborate on content
  • Screens
  • 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 >>>
  • RETAIL BANK CARD ACQUISITION
    Summarise Objective
  • Summarise interventions
  • Summary of results
  • WHAT YOU NEED TO DO

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