1.
The Science of Retaining
Customers in Financial Services
Customer Journey Management – the Next
Evolution of CX

2.
#JoinTheJourney
@inQubaCX

3.
Welcome to our Webinar!
The Science of Retaining Customers in Financial Services
Customer Journey Management – the Next Evolution of CX
TRENT ROSSINI
COO inQuba
trent@inquba.com
GRAHAM CLARK
North America CX Transformation Lead
graham.clark@inquba.com
Contact us for more details about winning your Customer Retention war

4.
AwarenessOfThePossible
PersonalNeeds,Wants&
Expectations
Competitive Capability
Technology Capability
Today’s customers are
in charge

5.
Acquisition versus
Retention
1
It costs five times as much to attract a new
customer than to keep an existing one
The probability of selling to an existing
customer
60 to 70%
The probability of selling to a new customer5 to 20%
2 3 4 5
Reference: ttps://www.getelastic.com/customer-acquisition-vs-retention-infographic
44% 18%
Companies with a greater
focus on Acquisition
Companies with a greater focus
on Retention

6.
Acquisition versus
Retention
Why does Acquisition get all the love?
Acquisition campaigns yield faster, more easily measurable
results. ROI – amount spent against marketing and sales.
In contrast, Customer Retention drives value over time,
based on behavior and spending habits, rather than focusing
on the results of one transaction.
“Successful retention campaigns require more advanced technology than
acquisition campaigns. The foundation of customer retention is knowing what
your customers want and providing a personalized experience. The key lies in
interpreting the trail of data they leave behind from transactions and online
behavior. This data can provide the in-depth understanding companies need to
deliver relevant and personalized content. Companies already have the data
and information they need; the main challenge is in interpreting it.”

7.
Customer Experience Is
Conceptually Important
“CX leaders see compound average revenue growth of
17% over 5 years, compared to just 3% for laggards”
Forrester Research
“Customers that excel in customer experience 4% - 8%
above their market norms. This is because superior
experience helps to earn stronger loyalty .. Promoters
who buy more, stay longer and recommend their friends”
Bain & Co
“For every $1 spent on developing customer experience
strategy, organizations are seeing a $3 return”
Avenade / Sitecore
BUT HAVE DIFFICULTY
WITH HOW CX
INVESTMENTS
DELIVER SYSTEMATIC,
RELIABLE &
PREDICTABLE
RESULTS & ROI IN
THEIR BUSINESS
C Suite Execs
Agree About CX

8.
CX Maturity Has Matured!
Meeting this C-Suite ‘ASK’
Level 1
Traditional
Level 2
Descriptive, Measured
& Managed
Level 3
Predictive &
Systematic,
Level 4
Prescriptive &
Intelligent
1. Manual Descriptive
Techniques (persona
and journey maps)
2. Periodic Research
3. VoC relationship and
transactional surveys
4. Simplified CX metrics
5. CX metrics isolated from
business metrics
6. CX Definition
7. CX focused on some
segments, personas,
journeys and products
8. Startup CX team
1. Automated Descriptive
Techniques (persona /
journey maps)
2. Enhanced CX Metrics
Framework &
Architecture aligned with
Business Measures
3. CX & Customer Journey
Management
4. CX encompasses many
segments, personas,
journeys and products
5. CX critical to business
6. CX team and maturity a
business imperative
1. Dynamic Techniques
(Journey Analytics
driving continuous
improvement)
2. Integrated and managed
CX Metrics driven
Business Actions
3. CX spans most functions
and orgs
4. CX encompasses most
segments, personas,
journeys and products
5. Integrated CX and
Operational Improvement
1. Artificial Intelligence and
Machine Learning driven
improvement
2. Agile Continuous CX &
Operational Improvement
ART SCIENCECX IMPORTANCE, IMPACT & COMPLEXITY

9.
• $225m a year, 500,000 customer, $37.50 per month customer revenue, financial services division
with average 6.5 year customer life 15% of customers leaving each year
• 15% attrition per year presents a ~$34m (revenue) or ~$17m (margin) retention opportunity
• New VP CX proposed transforming their ‘Retention System’ to deliver a 10% reduction in
attrition (10% x 15% = 1.5% of customers) guaranteeing an annual benefit of $5m (revenue) and
$3m (gross margin)
• In order to ‘make this consumable and measurable’ to the executive investment board she showed
this required reducing daily customer churns by just 24 customers of the 240 daily ‘leaves’
classified into preventative, proactive actions and engaged recoveries
• 3 year investment is $2.4m based upon a 14 month project investment of $1.2m and $400k per
year in ongoing software subscriptions and personnel
• Cloud software enables measurable benefits within 120 days, 9-month project cash
breakeven and 6 week ongoing cash breakeven in ongoing years.
• Corporate risk management project a 90% likelihood of exceeding this benefit by more than
100% due to overachieve on customer churn reduction, upsell, increased referrals and reduced
acquisition and service costs
The case for Retention
in FS is clear

10.
7 Proven Scientific CX Steps
To Retain Customers
Analyze For Understanding To Predict and Prescribe Action
Continuously Manage & Improve The CX Experiences & Your CX Capability
Know Your Customer
Know Your Business
Measure The Customer Experience And Its Correlation To Business Impact
Deliver The Right Customer Experience
Act, Respond, Engage & Improve
- Know who they are and their needs, wants and expectations. Understand their profile with personas and segment
models. Understand how and why they relate to you and your business in terms of their journeys and how needs, wants, expectations and journeys differ by
personal attribute. Know what drives your ‘Digital-First-But-Not-Digital-Only Multichannel Customers’ behaviors (like Attrition or Retention).
- How does your business align with your customer’s needs, wants and expectations, and how does your business
operating model deliver value to your Customer. Know what your important business metrics are (like increased retention) and how your customers’
experience relates to those. Know how your business drives retention or causes attrition especially compared to Customer Expectations and Competitive
Behaviors. Remember your Customer and your Business and you as a CX professional are a unique and powerful combination.
- Given your customers’ needs and expectations, deliver the right experience when they
want it, where they want it, through their channels of choice, in a highly personalized manner assisting them on their Journey. Evolve the experience you
deliver through effective Customer Experience Measurement and Management. Specifically ensure you Design your experience for your unique Business to
Retain and Continuously value your unique Customer based on your Customer Understanding.
- Measure the customer experience
everywhere you can with a robust Metrics Framework, Architecture and System that has predictable correlation to your Business Metrics. Relationship and
Transactional views are important as is the Voice of Customer, Voice of the Partner and Voice of the Employee. Journey Analytics is a powerful tool for
measuring actual Customer Actions to improve your theoretical Customer Journeys and to validate and identify key Retention opportunities.
- Analyze the information you gather to increase your
understanding of your customers relationship perception, operational affinity and your competitive positioning. Apply the latest techniques including Journey
Analytics, Predictive & Prescriptive Experience recommendations to continuously improve your understanding of ‘Why Customers Do What They Do” and
what action to take. In Retention specifically ‘Why Do They Stay and Why Do They Leave’, “What Do They Do That Indicates They Will Stay Or Go” and
‘Who Should You Retain & How To Retain Them’.
- The most important thing is action. Immediate response to customer issues, systematic changes to
your business experience for long term issue avoidance, predicting and prescribing actions which cause your customers to be ever more loyal. In Retention
different customers require different actions, make sure you do the right thing for the right person, the right thing to the wrong person can make things worse
not better.
- Yesterdays experience will not
satisfy todays customer and today’s experience will not work with tomorrow’s. Customer Experience and business capability must be systematically
improved based on your measures and continuously enhancing CX Capability. Customers’ expectations evolve at ‘the speed of digital’ and your business
must move as fast. Constant CX improvement is today’s basic business to retain customers in this competitive world.

11.
You can do this today, at scale, without strong
CX Capabilities supported by integrated CX
technology that evolves as you do
But you shouldn’t & without a repeatable,
systematic, technology enabled CX System
you are unlikely to win the ongoing
competitive war for your Digital-First-But-Not-
Digital-Only Multichannel Customers’
business and loyalty

12.
inQuba Worldwide

13.
FINANCIAL SERVICES INSURANCE
RETAIL
TELECOMS & ICT HOSPITALITY & LIFESTYLE

14.
inQuba
Thought Leadership
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:

15.
“Customer Retention
is a process,
not an event.”

16.
Evolving Your CX Maturity
inQuba Tools
Level 1
Traditional
Level 2
Descriptive, Measured
& Managed
Level 3
Comprehensive &
Systematic
Level 4
Prescriptive &
Intelligent
1. Non inQuba VoC Tool 1. inQuba Customer
Experience Model
2. Structured Feedback
3. Unstructured Feedback
4. Case Management
5. Single View
6. Profiled Operational
Reports
7. Communication Nudges
based on customer
profiling
1. Ingestion of journey
transactions from big
data
2. Overlay of interactions
on the journey
3. Journey map production
4. Identification of journey
patterns
5. Engagements based on
combination of single
view and journey paths
6. Rule based escalations
7. Rules based
communication nudges
1. Feeding big data into a
machine learning model
2. Nudges mapped to
customer context
3. Machine learning to
optimize interventions
with customer context
4. Personalised
communication nudges
5. Continuous optimization
based on responses
ART SCIENCECX IMPORTANCE, IMPACT & COMPLEXITY

17.
B U I L D S I N G L E
V I E W
P R O C E S S A N D
O R G A N I S E
P E R C E P T U A L I N S I G H T S
N U D G E T H R O U G H
P E R S O N A L I S E D
C O M M U N I C A T I O N S
I N T E R A C T W I T H
C U S T O M E R S A N D
A S S I S T
C O N S T R U C T
J O U R N E Y P A T H SI N Q U B A
P L A T F O R M
C O L L E C T A D D I T I O N A L
S U R V E Y I N S I G H T S
F U S I O N O F B I G D A T A
O N A N E W R E A L T I M E
B A S I S
inQuba CX
Platform

18.
Real Journeys
Customer journey modeller that builds journeys in real time
and can target customers based upon paths
Big Data Fusion
Structured and unstructured big data fusion from multiple
sources
Case Management
Integrated, real time, closed loop feedback getting the right
feedback to the right person at the right time
Sentiment Measures
Sentiment measurement model that integrates real time
text analytics and surveys across all journeys
Single View
Single view linking all customer insights ensuring
contextual service and engagement
Communication Nudges
Highly personalised, contextual communications supported
by dialogues that update the customer memory
Machine Learning
Machine Learning to optimise goal achievement and
ensure scaled personalisation
Intuitive
Easy-to-use platform with graphical user interface,
integrated into a single experience
inQuba’s
Key Differentiators

19.
Level 2
Descriptive, Measured
&Managed

20.
Journey Design & Planning
CEM Model Anchoring
CEM model Quality attributes linked to experience &
measured through survey questions
Text analytics queries linked to the experience
to anchor themes

21.
inQuba Text Analytics
Real-time, integrated Text
Analytics, anchored to the
steps of the CEM Model
Journey Design & Planning
Text Analytics

22.
inQuba Analytics
Analytical and Operational reports
Journey Design & Planning
Rich Analytics
Research Apply Delivery Activate

23.
Closed loop issue resolution
Filters & search capability
SLAs
Rule-based assignment
Role-based views
Collaboration
Reply to customer
Case Management
Closing the loop

24.
Charlotte Weaver:
cweav@email.com
Spotting at-risk customers
Text Analytics & Actions
Assignee: Martha Willems
Note: Hi Martha, kindly contact…
New Case: Contact Customer
Today, 15:41
Hi Charlotte, we’d like to assist
you with your renewal and have
assigned Martha Willems to help
you personally. Can we have her
call you today?
TransAtlantic Ins.
Today, 15:30
Yes please! ;-)
Charlotte Weaver
Today, 15:40

25.
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

26.
Demonstration

27.
Level 3
Comprehensive &
Systematic

28.
Journey
Management
Approach

29.
Journey Management
Approach
Time
Individuals bring their own
context, experiences,
preferences, history and
sentiment.
Business requires a
real-time single view of
every customer and the
tools to engage them
contextually
= Goal
= Goal
= Goal
Customers are individuals
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

30.
Journey Management
Benefit
Steps towards a customer’s goal
Visualization of a customer’s path
Dead-ends; CJM 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

31.
So, how do we achieve
these in reality?
Let’s look at the four
Journey steps

32.
Big Data
Fusion

33.
Transactions from External
Systems
Example: LOB or Workflow 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 process..
@charlotte99 Today,
15:40
External Internal
Expired Transactions
(no further action)
Elapsed Period
Data Fusion
External & Internal Data

34.
Easy integration into 3rd party
solutions like Salesforce &
custom applications!
No need for custom dev
Easy self-service, but with the
power to ingest and transform
data of all shapes & sizes
Easy & comprehensive data
cleaning, transforming &
processing from many sources
Data Fusion
External Data Ingestion

35.
Data Fusion
External Transactions

36.
Data Fusion
Internal Transactions
Transaction types supported
• Dialogues (answer to question, query matched)
• Opt outs
• Cases
• Social Media & email (query matching)
• Clicks & opens
• Elapsed time (defined duration)

37.
Data Fusion
Single View of Customer
Interactions
• Customer ID
• Email
• Mobile
Transactions
• Customer ID
• Email
• Mobile
Social Media
• Profile IDs
Customer Attributes
Quantitative Feedback
Dialogue responses
Cases
Conversations
Text Profiling
Transactional Information
CRM Data
• Customer ID
• Email
• Mobile
• Profile

38.
Data Fusion
Single View of Customer
Events
• Customer ID
• Email
• Mobile
Transactions
• Customer ID
• Email
• Mobile
Social Media
• Profile IDs
Contact matching allows for the numerous instances of the
customer to be connected across transactions, creating an
unbroken view of their journey
CRM Data
• Customer ID
• Email
• Mobile
• Profile

39.
Journey
Automation &
Orchestration

40.
Servicing
Journey Testing Optimisation,
Automation & Orchestration
Journey Analytics inQuba Single View
Subject: Charlotte, got two minutes?
Hi Charlotte, we’d love to help you with
your renewal and have assigned Martha
Willems…
TransAtlantic Ins. Today, 15:30
Charlotte Weaver
CWeaver@email.com

41.
Journey Testing Optimisation
Real Segmentation
Customer journey insights
75% Promoters
SELECTED PATH
> Application (agent)
> Accept quote (agent)
> Docs (branch)
15%
Detractors – medium
risk
10%
Detractors – high risk

42.
Servicing
Journey Analytics
Dear Charlotte
We would really value your feedback
on your recent quote experience.
Kindly take a minute…
TransAtlantic Ins.
Today, 15:30
inQuba CX
“Dreadful”
Charlotte Weaver
Today, 17:40
Automation & Orchestration
Profiling High Risk Customers
Assignee: Martha Willems
Note: Hi Martha, kindly contact…
New Case: Contact Customer
Today, 15:41

43.
Card application
Journey Analytics inQuba Case Management
Hi Charlotte, we see that you
expressed some frustration with
your application for a second
card. Can we give you a quick
call to resolve it quickly?
TransAtlantic Ins. Today, 15:30
Assignee: Martha Willems
Note: Hi Martha, kindly contact…
New Case: Contact Customer
Today, 15:41
Servicing
Yes please! ;-)
Charlotte Weaver Today, 15:40
Automation & Orchestration
Routing High Risk Customers

44.
Servicing
Journey Analytics inQuba Social Media
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 lack of
communication from you..
@charlotte99 Today, 15:40
Automation & Orchestration
Routing High Risk Customers

45.
Journey Testing Optimisation
Nudging High Risk Customers

46.
Automation & Orchestration
Engagement Orchestration
Subject: Charlotte, this is for you
Hi Charlotte, thank you for your recent credit
limit increase application. Your limit has been
increased to R12,000. But, there’s more –
we’d like to offer you this gift card so that you
can save 15% on your next Amazon order.
Just click below…
TransAtlantic Ins.
Today, 15:30
Event triggers
- Customers that
have recently
applied for a
credit limit
increase
Journey rules
- Customers that
have contacted the
call centre more than
once in the last week
- Customers that
have tweeted about
the limit and shown
frustration
Single View rules
- Existing customers
- Customers that
have indicated poor
value offering in
previous surveys
- Customers that
have been profiled
as high risk based
upon machine
learning
Event triggers, Journey rules and Single View rules all operate in concert in
order to ensure highly personalized and contextual real-time communications

47.
Servicing
Journey Analytics
Automation & Orchestration
Incentive Orchestration
Subject: Charlotte, need some coffee?
Hi Charlotte, we want to apologise for the
delay and give you a Starbucks voucher
to help you through the day! Sound
good?! ;-)
Please click…
TransAtlantic Today, 15:30

48.
Credit Card Case Study
Nudges

49.
Demonstration

50.
Level 4
Prescriptive &
Systematic

51.
Descriptive Analytics
“What happened?”
• Dashboards
• Operational reports
• Exceptions
Predictive Analytics
“What will happen?”
• Statistical Libraries
• R and Python Models
• Reliant on model training
• Sentiment Analysis
• Absent of actions
Prescriptive Analytics
“This is what you need
to do”
Business Model
= Action
Evolving
Capabilities

52.
Collect and Organise Data
Normalise the Data
Feed data in the machine learning platform
Model and Learn
Use the insights to trigger actions
(communications and discussions)
Monitor Effectiveness
Refine
Key
Capabilities

53.
Automation & Orchestration
Machine Learning
inQuba
Platform
Events Rules engine
Machine learning
Subject: Charlotte, got two minutes?
Hi Charlotte, well done for successfully
updating your policy. We’d love to get to
know you. Please click..
TransAtlantic Ins. Today, 15:30
Hi Charlotte, we see that you
may need some help with your
policy update. Can we call.?
TransAtlantic Ins. Today, 15:30

54.
Prescriptive
Model
Optimisation
Specific
Escalations
Specific Action Reports
Specific Action Reports
Specific Action Reports
Specific
Escalations
Specific
Escalations
Prescriptive
Analytics

55.
Demonstration

56.
Know your customer
• Single View
• Text analytics profiling
• Map out journey paths on the way to goals
Understand your business and how you offer
value
• Obtain feedback – solicited and unsolicited
• Put a comprehensive metrics framework in place
• Profile customers
• Measure your CVP
Measure the customer experience and its
correlation to business impact
• Obtain feedback – solicited and unsolicited
• Put a comprehensive metrics framework in place
• Profile customers
• Measure your customer journey with quality attributes
from structure and unstructured sources
Deliver the right experience/s
• Route insights into the organization
• Identify customers being poorly serviced
• Provide information based on customer profile and
channel of choice
Analyze For Understanding and Insight
• Make use of text analytics to understand customers better
• Engage with customers to collect customer information and store
insights (stored in the repository)
• Run surveys for customers that are leaving and analyze results
Continuously Manage & Improve your CX Capability
• inQuba’s Tribe-X methodology provides a framework for change
within the organization
• inQuba’s X-Factor maturity assessment provides a benchmark
for CX maturity within the organization
• Insights gained from operational and analytical reports provide
the impetus for change
Act, Respond, Engage & Improve
• Route unhappy customers to people into the organization to
address their concerns
• Automate nudges to ensure customers are informed and where
necessary incentivized
• Initiate multi channel dialogues with customers
The Science of Retention
Is Evolving

57.
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.

58.
www.inQuba.com