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inQuba: Customer Journey Management for Financial Services - The Science of Winning & Keeping Customers [Aus Webinar]

This is the slide material which was presented during a live webinar hosted by inQuba on the 21st August 2018.

WEBINAR SPEAKERS
Our industry expert speakers were Margot Birbeck (Director, inQuba Australia), Trent Rossini (COO, inQuba), Desan Pillay (CXO, inQuba)

QUESTIONS THAT WERE ADDRESSED
How do you discover and visualize the real customers' and agents' journeys as they navigate your products and channels?
How do we identify obstacles & drop offs in the journeys, in real time?
How do you intervene in order to nudge customers back onto their paths, while assisting agents to reach their goals, and ensure that they love the journey they’re on?
How do you do all this at scale, creating an operating model that is customer experience-driven?

For further information on inQuba Journey Analytics or other products, please visit us here: https://www.inquba.com/
Mail us here: info@inquba.com

CONNECT
Facebook: https://www.facebook.com/inQubaCX/
Twitter: https://twitter.com/inQubaCX
LinkedIn: https://www.linkedin.com/company/inquba/

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inQuba: Customer Journey Management for Financial Services - The Science of Winning & Keeping Customers [Aus Webinar]

  1. 1. Customer Journey Management for Financial Services The Science of Winning & Keeping Customers
  2. 2. Welcome to our Webinar! Customer Journey Management for Financial Services The Science of Winning & Keeping Customers TRENT ROSSINI COO inQuba, and ex COO of PruHealth, and ex CIO of Discovery Health DESAN PILLAY CXO inQuba ex Head Strategy Nedbank Business Banking MARGOT BIRBECK Director inQuba Australia ex inQuba Head of Customer Success
  3. 3. #JoinTheJourney @inQubaCX
  4. 4. Customer Journey Management for Financial Services Trent Rossini COO inQuba
  5. 5. What are Financial Services Execs thinking about?
  6. 6. What are Financial Services Execs thinking about? Embedded Value Good risk customers, low loss ratios, lower cost of administration, lower cost of new business acquisition Rising Cost of Acquisition Aggregators, fintech startups & digital channel adoption make new customers harder to convert, and increase the ease of switching Growing Distance Between Business & Client Touch matters, and it’s dwindling. Ecosystem Services are essential for driving loyalty but introduces complexity. A single customer view is still essential Digital Channel Adoption Your average customer: traditional and digital channels Switching Costs & Lapses Switching costs are decreasing due to the growing choice of channels available, and lapses are increasing ACQUISITION RETENTION CROSS SELL
  7. 7. Helping end customers achieve their desired outcomes drives revenue Customer centricity is a cultural challenge and interventions at key journey points helps customers achieve their goals In order to get a full view of the customer’s individual journey integration of diverse data types is required Delighted customers are more correlated with excellent customer journeys than perfect touchpoints Empathy is achieved by listening and understanding customers across the journey Large client bases need to leverage big data and machine learning and digital interactions to empathise at scale Operating Model Actioning Systems Customer Measurement & Insight Approach to meeting The challenge
  8. 8. So, how can Acquisition, Retention & Cross-selling be ensured along the customers’ journey?
  9. 9. Love the Journey POLICY APPLICATION Acquisition Retention Cross Sell ACTIVATION Assignee: Martha Willems Note: Hi Martha, kindly contact… New Case: Contact Customer Today, 15:41 Hi Charlotte, we see that you may need some help with activating your policy. Can we give you a quick call..? TransAtlantic Ins. Today, 15:30 Yes please! ;-) Charlotte Weaver Today, 15:40
  10. 10. Love the Journey CLAIM FINALISATION Acquisition Retention Cross Sell Assignee: Jeff Halbert Note: Hi Jeff, kindly contact… New Case: Contact Customer Today, 15:41 Hi Charlotte, thanks for bringing this to our attention. We’ll call.. @TransAtlantic Today, 15:41 Wow @TransAtlantic, I’m a little frustrated by the slow pace of this claim… @charlotte99 Today, 15:40
  11. 11. Love the Journey CLAIM FINALISATION Acquisition Retention Cross Sell 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
  12. 12. Love the Journey OFFER PURCHASE Acquisition Retention Cross Sell Subject: Charlotte, this is for you Hi Charlotte, we see that you’ve got a shiny new Volkswagen! You may be interested in our scratch cover! And we’ll pay for the first 3 months of cover if you just answer a few questions… TransAtlantic Ins. Today, 15:30
  13. 13. Love the Journey Acquisition Retention Cross Sell Charlotte Weaver : charlotte@email.com
  14. 14. Love the Journey A B C D LOB systems 1 2 3 4 Applications JOURNEY ANALYTICS
  15. 15. inQuba Worldwide
  16. 16. FINANCIAL SERVICES INSURANCE RETAIL TELECOMS & ICT HOSPITALITY & LIFESTYLE
  17. 17. Gaining recognition in Journey Analytics Report: Listed amongst 18 CFM vendors that support VoC programmes through a broad capability set “inQuba offers a customer journey modeler, a GUI-based journey data modeler that captures customer journey data for each client…” Report:
  18. 18. MiWay retain over half of at- risk customers that are actively identified and engaged! Retention-related complaints have also halved. 57% retention of identified at-risk customers
  19. 19. Newly onboarded advisers with servicing needs were identified and targeted with focused engagements 45% increase in satisfaction amongst identified advisers
  20. 20. Journey & Design Planning & Data Fusion TRANSACTIONAL BUSINESS SYSTEMS Example: Contact Centre records QUANTITATIVE FEEDBACK QUALITATIVE FEEDBACK Very good! Charlotte Weaver Today, 17:40 Wow @TransAtlantic, I’m a little frustrated by the slow pace of this claim… @charlotte99 Today, 15:40
  21. 21. Journey Testing Optimisation, Automation & Orchestration Activation (web) Journey Analytics Application (web) Application (branch) Accept quote (web) Documentation (branch) Documentation (email) Accept quote (agent) Activation (web) Accept quote (agent) Documentation (branch) Application (agent) Accept quote (agent) Customer journey insights 75% will activate (based upon predictive analytics) SELECTED PATH > Application (agent) > Accept quote (agent) > Docs (branch) 15% won’t progress & will need assistance 10% are unhappy & at risk (based upon machine learning) Policy application
  22. 22. Journey Testing Optimisation, Automation & Orchestration Application (web) Application (branch) Application (agent) Accept quote (agent) Accept quote (web) Documentation (branch) Documentation (email) Accept quote (agent) Activation (web) 325 Accept quote (agent) Documentation (branch) Activation (web) Journey Analytics inQuba Case Management Hi Charlotte, we see that you may need some help with your quote. Can we give you a call..? TransAtlantic Today, 15:30 Assignee: Martha Willems Note: Hi Martha, kindly contact… New Case: Contact Customer Today, 15:41 Policy application Yes please! ;-) Charlotte Weaver Today, 15:40
  23. 23. Journey Testing Optimisation, Automation & Orchestration Application (web) Application (branch) Application (agent) Accept quote (agent) Accept quote (web) Documentation (branch) Documentation (email) Accept quote (agent) Activation (web) 325 Accept quote (agent) Documentation (branch) Activation (web) Journey Analytics Dear Charlotte We would really value your feedback on your recent quote experience. Kindly take a minute… TransAtlantic Today, 15:30 inQuba CX Policy application Very good! Charlotte Weaver Today, 17:40
  24. 24. Journey Testing Optimisation, Automation & Orchestration Application (web) Application (branch) Application (agent) Accept quote (agent) Accept quote (web) Documentation (branch) Documentation (email) Accept quote (agent) Activation (web) 325 Accept quote (agent) Documentation (branch) Activation (web) Journey Analytics inQuba Social Media Hi Charlotte, thanks for bringing this to our attention. We’ll call.. @TransAtlantic Today, 15:41 Policy application Wow @TransAtlantic, I’m a little frustrated by the lack of communication from you.. @charlotte99 Today, 15:40
  25. 25. Journey Testing Optimisation, Automation & Orchestration Application (web) Application (branch) Application (agent) Accept quote (agent) Accept quote (web) Documentation (branch) Documentation (email) Accept quote (agent) Activation (web) 325 Accept quote (agent) Documentation (branch) Activation (web) Journey Analytics inQuba Engage 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 Today, 15:30 Policy application
  26. 26. Journey Testing Optimisation, Automation & Orchestration Application (web) Application (branch) Application (agent) Accept quote (agent) Accept quote (web) Documentation (branch) Documentation (email) Accept quote (agent) Activation (web) 325 Accept quote (agent) Documentation (branch) Activation (web) Journey Analytics inQuba Single View 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 here.. TransAtlantic Today, 15:30 Policy application Charlotte Weaver : charlotte@email.com
  27. 27. Journey Testing Optimisation, Automation & Orchestration inQuba Analytics Analytical and Operational reports
  28. 28. Imagine you had the capability, across millions of clients, to see their journeys, & who’s cheering for Wouldn’t that be a game changer? That’s why we’re here.
  29. 29. Case Study Credit Card
  30. 30. Customer Applies for a Credit Card Customer Accepts Quote Customer Receives Card Customer activates and spends Application incomplete Quote pending Quote declined N T U Card not activated No spend after activation Post-experience measurement Delivery Experience Sales Experience Application fulfilled Documents outstanding Post-experience measurement Post-experience measurement Case management Post acquisition insights - NPS score or archetypes Gain insight as to why not taken up Gain insight into why the customer has not yet accepted the quote Gain insight as to why the customer did not complete their application Gain insight into why documents were not submitted Gain insight into why there is a delay in activation Gain insight into why there is a delay in spend Evaluate the overall delivery experience and channel touchpoints Evaluate the overall sales experience and channel touchpoints Measurement survey Fallout survey KEY Stall Points Journey Management Machine Learning
  31. 31. Customer Applies for a Credit Card Customer Accepts Quote Customer Receives Card Customer activates and spends Application incomplete Quote pending Quote declined N T U Application fulfilled Documents outstanding Card not activated No spend after activation VOC Data Transactional Data Credit Data Machine Learning Machine Learning Machine Learning Machine Learning Journey Management Nudging Customers
  32. 32. Monetizing Journeys Desan Pillay Chief Experience Officer (CXO)
  33. 33. The language of journey
  34. 34. The language of journey In order to do Customer Journey Management, you will need only three data points on each journey step. Transaction Name Time Person
  35. 35. Goal Bob John Mark The language of journey
  36. 36. and time, Time Customer Journey Management (CJM) you are able to individually identify a customer journey path for each Bob, John and Mark. = Goal = Goal = Goal With transaction name, person Bob John Mark Person 1 Person 2 Person 3 Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction
  37. 37. and time, Without person Customer Experience Management (CEM) this is just a cluster of experiences. experience experience experience experience experience experience experience experience experience experience experience experience
  38. 38. The power of Journeys Steps towards a customer’s goal Visualization of a customer’s path Dead-ends; CEM shows you loops The power to nudge Contextual real-time engagements All customers and not a sampleCustomer Journey Management Bob John Mark Person 1 Person 2 Person 3 Time = Goal = Goal = GoalTransaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction Transaction
  39. 39. Journeys can be effectively monetized ACQUISITION RETENTION CROSS SELL Target Marketing Client behaviour and characteristics lead to segmentation and customer persona Customer channel interaction Customer feedback
  40. 40. Where do you start • Account opening • Payment transfers • New card/ mortgages/ VAT • Collections/ recoveries • Lost/ stolen & fraud • Proactive selling • Policy application • Underwriting & pricing • Claims • Price increases • Policy upgrade • Proactive selling • New activation • Churn management • Billing • Feature/ plan change • Suspend/ reconnect • Device upgrade • Device repairs • Network issues • Proactive selling Retail and commercial banking Insurance Telecoms/ Media
  41. 41. How inQuba can assist you Data is the currency to Journey – but it can be tricky inQuba’s data wizard tool No system integration required Journey can be effectively monetized Mapping and digitizing your Journey A team of data scientists and BI experts Pioneers of Journey Analytics
  42. 42. Margot Birbeck margot.birbeck@inquba.com +61 4 3713 1317 Let us help you optimize and monetize your business

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This is the slide material which was presented during a live webinar hosted by inQuba on the 21st August 2018. WEBINAR SPEAKERS Our industry expert speakers were Margot Birbeck (Director, inQuba Australia), Trent Rossini (COO, inQuba), Desan Pillay (CXO, inQuba) QUESTIONS THAT WERE ADDRESSED How do you discover and visualize the real customers' and agents' journeys as they navigate your products and channels? How do we identify obstacles & drop offs in the journeys, in real time? How do you intervene in order to nudge customers back onto their paths, while assisting agents to reach their goals, and ensure that they love the journey they’re on? How do you do all this at scale, creating an operating model that is customer experience-driven? For further information on inQuba Journey Analytics or other products, please visit us here: https://www.inquba.com/ Mail us here: info@inquba.com CONNECT Facebook: https://www.facebook.com/inQubaCX/ Twitter: https://twitter.com/inQubaCX LinkedIn: https://www.linkedin.com/company/inquba/

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