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From Journey Mapping to Journey Management: the Evolution of CX in Financial Services (AU virtual event)

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From Journey Mapping to Journey Management: the Evolution of CX in Financial Services (AU virtual event)

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On the 1st of September 2021, inQuba and Matchboard hosted a live executive lunch event in Australia called From Journey Mapping to Journey Management: the Evolution of CX in Financial Services
Our speakers were Dr. Robert Dew (Author, ‘Lean CX’) and Mike Renzon (CEO, inQuba).

Recording: https://youtu.be/-coShNvMC3I

The things that today’s customers value have changed, and traditional methods no longer deliver this value. Discover how leading financial services businesses are decoding customer intent, optimising journeys and boosting revenue.

The presentations from these two CX industry thought leaders covered:
• Why customer behaviour is difficult to understand or anticipate
• How to deeply understand the behaviour & intent of today’s customer
• How to optimise journeys for high value customers (use cases & success stories)
• How businesses are rethinking value delivery & CX to improve acquisition

On the 1st of September 2021, inQuba and Matchboard hosted a live executive lunch event in Australia called From Journey Mapping to Journey Management: the Evolution of CX in Financial Services
Our speakers were Dr. Robert Dew (Author, ‘Lean CX’) and Mike Renzon (CEO, inQuba).

Recording: https://youtu.be/-coShNvMC3I

The things that today’s customers value have changed, and traditional methods no longer deliver this value. Discover how leading financial services businesses are decoding customer intent, optimising journeys and boosting revenue.

The presentations from these two CX industry thought leaders covered:
• Why customer behaviour is difficult to understand or anticipate
• How to deeply understand the behaviour & intent of today’s customer
• How to optimise journeys for high value customers (use cases & success stories)
• How businesses are rethinking value delivery & CX to improve acquisition

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From Journey Mapping to Journey Management: the Evolution of CX in Financial Services (AU virtual event)

  1. 1. From Journey Mapping to Journey Management
  2. 2. Similarly… • Markets are dynamic & organic • Customers & markets change • Customers & markets influence each other The classic research on how flocking birds move in unison comes from zoologist Wayne Potts, who published in the journal Nature in 1984. His work showed that bird in flocks don’t just follow a leader, or their neighbors. Instead, they anticipate sudden changes in the flock’s direction of motion. i
  3. 3. Real journeys are dynamic
  4. 4. Where are they going? ? Where & why are they dropping off? ? How are they feeling? ? What do they value? ? Did they get there? ? Who are they, & what’s important to them? ? Were our strategies effective? ? What kind of help do they need? ?
  5. 5. Where are they going? ? Where & why are they dropping off? ? How are they feeling? ? What do they value? ? Did they get there? ? Who are they, & what’s important to them? ? Were our strategies effective? ? What kind of help do they need? ? Where are they going? ? Did they get there? ?
  6. 6. 1. Discover real journeys Uncover real paths, obstacles and goals ! !
  7. 7. SOLUTION • Real-time sentiment measurement • Definition of stall points • Deep insights on failure points • Highly personalised engagements • Dynamic interventions and nudges to help customers reach their goals RESULTS • A doubling in customer conversion at key points • An increase in NPS compared to peers • An increase in CSAT and turnaround time Customer acquisition Customer conversion Customer insight Journey optimisation & acquisition USE CASE : RETAIL BANKING This leading retail bank uses inQuba to influence & change customer behaviour, reduce NTUs in the Credit Card acquisition journey and boost card usage.
  8. 8. Where are they going? ? Where & why are they dropping off? ? How are they feeling? ? What do they value? ? Did they get there? ? Who are they, & what’s important to them? ? Were our strategies effective? ? What kind of help do they need? ? How are they feeling? ? What do they value? ?
  9. 9. Experiential Symbolic Functional Economic Customer 2. Measure value delivery Measure sentiment and gather feedback in real-time
  10. 10. Where are they going? ? Where & why are they dropping off? ? How are they feeling? ? What do they value? ? Did they get there? ? Who are they, & what’s important to them? ? Were our strategies effective? ? What kind of help do they need? ? Where & why are they dropping off? ? Who are they, & what’s important to them? ?
  11. 11. Goal completion 20% Drop-off 11% In progress 69% 3. Goal & drop-off analysis Better understand your clients while they’re trying to achieve their goals ! !
  12. 12. 3. Goal & drop-off analysis Better understand your clients while they’re trying to achieve their goals ! ! Drop-off channel Drop-off duration
  13. 13. ! ! 3. Goal & drop-off analysis Better understand your clients while they’re trying to achieve their goals Drop-off reason Drop-off segment 60% 27% 13% 45% 39% 16%
  14. 14. Customer retention Customer insight Customer engagement SOLUTION • Identification of at-risk customers • Archetype validation through measurement • Engagement & treatment design • Personalised nudges at key moments Behaviour insight & retention USE CASE : INVESTMENT This international Investment & Financial Services group approached inQuba in order to gain a deep understanding of at-risk investment clients, which would inform strategies.
  15. 15. Where are they going? ? Where & why are they dropping off? ? How are they feeling? ? What do they value? ? Did they get there? ? Who are they, & what’s important to them? ? Were our strategies effective? ? What kind of help do they need? ? What kind of help do they need? ?
  16. 16. 4. Design intervention strategies Nudges and innovations that encourage behaviour ! ! !
  17. 17. Journey Discovery SOLUTION • Visualisation of real journeys • Identification of drop off points • An ability to nudge customers towards their goals • Real-time customer education • Behaviour insight • ROI measurement This digital corporate investment bank approached inQuba for assistance with discovering real journeys and minimising onboarding dormancy in their Forex & Trading online service and App. Customer engagement Journey optimisation Customer Lifetime Value USE CASE : CORPORATE INVESTMENT BANKING
  18. 18. Where are they going? ? Where & why are they dropping off? ? How are they feeling? ? What do they value? ? Did they get there? ? Who are they, & what’s important to them? ? Were our strategies effective? ? What kind of help do they need? ? Were our strategies effective? ?
  19. 19. 5. Review & optimise Review the impact of strategies & fine-tune further 71% 86% 30% 26% 41% 65% Conversion test Conversion control
  20. 20. If we are going to really understand our customers, we need to be able to dynamically model, anticipate & influence their behaviour. In conclusion
  21. 21. Let’s keep talking Let’s chat 1 . Complimentary Journey Accelerator workshop 2 . info@inquba.com Subject: Chat info@inquba.com Subject: Workshop Schedule your 2-hour interactive, virtual workshop What we’ll do What you’ll get • Map your customer journey • Define customer profiles • Identify nudge opportunities • Identify data requirements • Quantify the ROI • Accelerator Pack to start your Journey trial • High level Journey Design • All outputs documented • Journey ROI Modeler

Editor's Notes

  • MR thoughts: What’s the shape at a point in time, and is it changing? Customers operate within a market – customers and market change – remote, digital, customer mindset – birds are made up of cohorts – customers and the market influence each other.
  • Flock transforms into Sankey silhouette.
    Real journeys are dynamic, and change
  • Paths shown to change, paths are dynamic
  • Sankey transformation into relatable visualisation.
    RD: ORIENTATE PEOPLE ON THE SANKEY BRIEFLY. HAS BEEN DESCRIBED AS SCARY.
    All the questions we want to answer in the presentation. We return here for each step.
  • Step 1 questions
  • 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
  • FNB USE CASE
  • Step 2 questions
  • RD: INJECT ANALOGY STORY – LOOKING FOR A CAR? – IT’S NOT JUST ONE THING THAT’S IMPORTANT, BUT MULTIPLE
  • Step 3 questions
  • Firstly, optimal vs. sub-optimal paths.
    Secondly, a high level view of success across the journey
    RD: INJECT THIS NARRATIVE: WE’RE TRYING TO HELP PEOPLE INTO SHORT CUTS
  • Thirdly, drop-off channel analysis.
    Fourthly, drop-off duration analysis
    RD: TO MAKE RELATABLE – “YOU CAN IMAGINE FOR YOUR BUSINESS THE CHANNELS AND DURATIONS THAT WOULD BE APPLICABLE…”
  • Fifthly, drop-off reason analysis.
    Sixthly, drop-off segment analysis
    RD: DRAW UPON THE CAR PURCHASE METAPHOR HERE AGAIN – REASONS FOR DECISION
    RD: USE CASE SLIDE TO FOLLOW – USING CUSTOMER INSIGHT
  • OM USE CASE
  • Step 4 questions
  • Different types of nudges and interventions at different spots. Mention all types and strategies.
    RD: “SOMETIMES DATA CAN SUGGEST COUNTER-INTUITIVE METHODS AND GET GREAT RESULTS. SOMETIMES THE VALUE BEING MISSED CAN BE COUNTER-INTUITIVE, WHICH IS WHY WE NEED TO WORK THE DATA…”
    RD: USE CASE SLIDE TO FOLLOW – INTERVENTIONS THAT CHANGE BEHAVIOUR

  • THYME / SHIFT USE CASE
  • Step 5 questions
  • Success review, test vs. control on conversion

    RD: “THESE RESULTS WILL PROVIDE YOU WITH THE AMMO YOU NEED INTERNALLY FOR THE BUDGET YOU DESERVE..”
  • MR thoughts: What’s the shape at a point in time, and is it changing? Customers operate within a market – customers and market change – remote, digital, customer mindset – birds are made up of cohorts – customers and the market influence each other.

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