Recommended
Recommended
More Related Content
What's hot
What's hot (18)
Similar to Redefine the Delivery of Financial Services Journeys That Clients LOVE! [inQuba & Microsoft WEBINAR]
Similar to Redefine the Delivery of Financial Services Journeys That Clients LOVE! [inQuba & Microsoft WEBINAR] (20)
More from Antony Adelaar
More from Antony Adelaar (17)
Recently uploaded
Recently uploaded (20)
Redefine the Delivery of Financial Services Journeys That Clients LOVE! [inQuba & Microsoft WEBINAR]
- 2. TRENT ROSSINI inQuba MD Redefine the Delivery of Financial Service Journeys That Clients Love SERVAAS VENTER Microsoft FSI Sales lead WELCOME TO OUR WEBINAR!
- 4. Accelerate your customer journey in the New Normal
- 5. COVID-19 FINANCIAL SERVICES POINT OF VIEW Microsoft Platform + Partner Ecosystem Digital Transformation Industry Challenges and Drivers Impacts to Strategy and Prioritization Accelerating to the New Normal Customer And Partner Stories Partnering for Success The Microsoft Partner ecosystem and Microsoft Services Offerings The New Normal An Operating Model
- 6. interest rate adopted by central banks globally Near 0% >$2T in US private equity to deploy 15% of auto premiums to be refunded by large U.S. insurers 25% drop in M&A volume BANKING INSURANCECAPITAL MARKETS added to loan lost reserves Billions Billions lost in the SMB sector – potential solvency crisis for Insurers COVID-19 MACRO IMPACTS ACROSS FSI
- 7. “We saw two years of Digital Transformation in two months” Satya Nadella – April 30th, 2020
- 8. PRE COVID-19 FORCES AT WORK DRIVING CHANGE Changing customer expectations Threat of disruption and disintermediation Legacy systems Changing business models Fraud and cybercrime Complex regulatory environment
- 9. COVID-19 RESPONSE JOURNEY RECOVERRESPOND REIMAGINE
- 10. RESPOND Manage risk across the organization, identifying and managing high risk customers Empower employee teams to meet customer needs
- 11. Combat Financial Crime Deliver differentiated customer and client experiences RECOVER
- 12. Modernize core systems through platform augmentations Enable a financial services industry to shift from product to customer centricity REIMAGINE
- 13. Deliver Differentiated Customer Experiences Manage Risk across the organization Empower your Employees through Teamwork Combat Financial Crime Modernize Core Systems through platform augmentations Microsoft Platform FINANCIAL SERVICE MARKETS PRIORITY SCENARIOS Data and AI Microsoft Partner Ecosystem Powered By:
- 14. ACCELERATE YOUR TRANSFORMATION DIGITISATION SCENARIOS Ensure employee to customer engagement when customers stall Identify dissatisfied customers and proactive engage Put in place proactive communications to customers that are at increased risk Mobilise a process of change to measure and optimize experience delivery Measure the experience from current core systems and deliver experience improvements Tracking the customer’s journey and proactive engaging when the get stuck Ingest all the data from core systems and use this data to drive engagement improvements Distribute Experience Insights to employees to delivery super experiences Engage and Serve customers virtually Liquidity and Stress Testing COVID-19 Scam Prevention AML/Fraud Prevention KYC/Identity Protection Deployment of Neo Banks Modernize Core Systems through Augmentation Combat Financial Crime Manage Risk across the organization Deliver Differentiated Customer Experiences Empower your Employees through Teamwork Rapid Deployment of Remote Work General Solutions Experience Solutions Journey Solutions Respond Reimagine Recover
- 15. ACCELERATE YOUR TRANSFORMATION DIGITISATION SCENARIOS MAPPED TO TECHNOLOGY Empower your Employees through Teamwork Manage Risk across the organization Deliver Differentiated Customer Experiences Combat Financial Crime Modernize Core Systems through Augmentation Respond Recover Reimagine General Solutions Microsoft Teams High Performance Compute Microsoft Dynamics Data and AI Mobile Services Experience Solutions Journey Solutions inQuba CX: Distributed Experience Reports inQuba CM : Complaints Escalations inQuba CX inQuba CM inQuba Social inQuba CX : Monitoring Experience Delivery inQuba Journey : Customer to employee escalations inQuba Journey : High Risk client identification and engagement inQuba Journey inQuba Engage inQuba Journey : Conversational Analytics for Customer Engagement Data and AI Cognitive Services
- 16. Digital Onboarding, KYC, and digital signing Custom experiences for vulnerable/at risk customers Virtual Call Centers/Power Digital Virtual Agents Proactive offers/assistance to customers impacted Rapid Deployment of Government Aid and Stimulus Proactive Cash Management for SMBs Integration with Government Agencies Programs to help Small Businesses to survive and thrive Compliance Transformation through Intelligent Automation Realtime Risk Modelling, stress testing, and reporting Improved/Alternate Credit Scoring with new datasets Business Continuity Protection from COVID-19 Scams Real time Payments/AML Surveillance Continuous Identity Protection Protection from evolving sophisticated Cyber Attacks and Fraud Transformed Culture Remote Work from Home/Any Location Employer + Employee trust relationship Employees are focused on customer relationships/ experience Automation of low value activities A focus on continual improvement of the value delivered Driving Insights to action The New Bank for the New Normal POST COVID-19 DIGITISATION THE OPERATING MODEL Inclusive Customer Experience Drive Stimulus and Recovery Resilience and Risk Management Cyber Security and Financial Crime
- 17. OUR MISSION Expansive platform • Ability to integrate into complex banking systems environment and legacy systems • Ability to augment core systems with focused partner solutions Pervasive Intelligence • Embed analytics and telemetry into the banking platform • Ensure that the embedded analytics translate into systems of insight that drive action Regulatory compliance, natively hybrid • Market making leadership in regulatory for financial services • Ensure that market conduct monitoring ensure fair treatment of all customers
- 18. inQuba Client Journey Management Our Approach to the New Normal Slide is good but check for consistency
- 19. HARD RESULTS I love this slide but it’s not visually consistent with the deck which makes it look like patchwork OUR APPROACH 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 80% to 120% increase in conversion at moments of truth 20-point increase in Net Promoter Score
- 20. CLICK TO EDIT MASTER TITLE STYLELEADING ACROSS VOC & JOURNEY ANALYTICS Gartner Market Guide for Voice-of-the-Customer Solutions November 2018
- 21. Dominant Digitisation Themes In the Next 24 Months
- 22. BIG DATA AND AI Why’s this important? • Obtain a deeper understanding of customer context • Data provides insights on lapse risks and revenue opportunities • Context provides a basis for effective omni- channel engagement and particularly conversational analytics The ability to integrate diverse types of data to obtain a deeper understanding of the underlying stories CUSTOMER DATA PLATFORMS (CDPs) DOMINANT DIGITISATION THEMES Why’s this important? • Simplifies the data collection from multiple sources • Provides a unified customer record with customer context • Context informs personalisation, and the delivery of the right message to the right customer at the right time. Platforms that collect data from multiple sources to obtain a complete view of customers
- 23. CONVERSATIONAL ANALYTICS Why’s this important? • This leverages familiar chat-like engagement without the need for another customised mobile app • Interactions are real-time • Conversations are in the context of customer goals and offerings can be refined as conversations develop • Conversation data informs customer context and segmentation The ability for a business to have a personalised conversation with a customer and to both serve the customer and learn more about them OMNI-CHANNEL ENGAGEMENT DOMINANT DIGITISATION THEMES Why’s this important? • Coherent messaging aligned to the brand promise builds trust • Engaging customer experiences are achieved through coherent multi channel engagement • Customers are more inclined to act in line with messaging when there is a track record of coherence and trust Coherent engagement with customers across multiple platforms that considers the customer context and previous interactions
- 24. Bringing Together Digitisation Themes And Journey Optimisation
- 25. CUSTOMER JOURNEY MANAGEMENT BIG DATA AND AI1 CUSTOMER DATA PLATFORMS2 CONVERSATIONAL ANALYTICS3 OMNI-CHANNELS ENGAGEMENT4 • The customers’ transactional journey • The customers’ emotional journey • Understanding customer context to design appropriate interventions • Hyper-personalisation of contextual interventions • Tracking the impact of interventions on goal achievement HOW CAN WE USE THESE THEMES TO DRIVE CHANGE?
- 26. PRIORITY SCENARIOS MAPPED TO CUSTOMER JOURNEY OPTIMISATION DISCOVER JOURNEYS UNDERSTAND CUSTOMERS REVIEW DEEP INSIGHTS DESIGN A STRATEGY REVIEW & OPTIMISE Deliver Differentiated Customer Experiences Manage Risk across the organization Empower your Employees through Teamwork Modernize Core Systems through platform augmentations CUSTOMER JOURNEY MANAGEMENT
- 27. DISCOVER JOURNEYS Discover where & when clients are leaving or falling off UNDERSTAND CUSTOMERS Understand customers by measuring emotion REVIEW DEEP INSIGHTS Review client behaviour overlaid with emotional context DESIGN A STRATEGY Design systemic and personalised interventions & nudges REVIEW AND OPTIMISE Iterate to maximise journey optimisation SOLVING FOR RETENTION AND AQUISITION IN FINANCIAL SERVICES
- 28. CLICK TO EDIT MASTER TITLE STYLE APPLICATION ACCEPT QUOTE DOCUMENTATION ACTIVATION APPLICATION EXPERIENCE MODELLED CUSTOMER JOURNEY PERFECTLY DESIGNED JOURNEYS vs REALITY DISCOVER JOURNEYS
- 29. CLICK TO EDIT MASTER TITLE STYLE APPLICATION ACCEPT QUOTE DOCUMENTATION PERFECTLY DESIGNED JOURNEYS vs REALITY ACTIVATION APPLICATION EXPERIENCE IN REALITY DISCOVER JOURNEYS
- 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, & where things are going wrong. SOLVING FOR RETENTION AND AQUISITION
- 31. “Listening offers data. Hearing offers empathy and intelligence. Activity, action, and engagement steer perspective and encourage a sense of community and advocacy.” Customer Archetype CUSTOMERS’ EMOTIONAL JOURNEY UNDERSTAND CUSTOMERS
- 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) ! UNDERSTAND CUSTOMERS Reach out to customer cohorts on particular paths to gather feedback and measure sentiment. Feedback collected in real time adds a layer of insight to revealed journeys. SOLVING FOR RETENTION AND AQUISITION ! 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
- 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) REVIEW DEEP INSIGHTS 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. SOLVING FOR RETENTION AND ACQUISITION
- 34. FUNNEL vs INDIVIDUALISED JOURNEY APPROACH Select Audience Response & select Response & select Response Funnel Approach DESIGN AN INTERVENTION STRATEGY
- 35. = Goal = Goal Pam Mark FUNNEL vs INDIVIDUALISED JOURNEY APPROACH Journey Approach DESIGN AN INTERVENTION STRATEGY
- 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) DESIGN AN INTERVENTION STRATEGY Orchestrate client journeys by designing personalised interventions to retain each profile of at-risk clients, through contextual nudges, feedback collection and service recovery SOLVING FOR RETENTION AND ACQUISITION
- 37. OPTIMISATION and ROI Control Group Dear Tim We are excited to offer you the deal of a lifetime that will offer you so much more! Dear Tim Your should consider the premium saver from Transatlantic A/B Tests Test Group A B A B REVIEW AND OPTIMISE
- 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) REVIEW AND OPTIMISE Review the impact of strategies & tests on behaviour & conversion. Iterated & fine-tune interventions for maximum possible optimisation of client journeys and retention of clients. Measure ROI & repeat. SOLVING FOR RETENTION AND ACQUISITION
- 39. Optimising Customer Journeys: An Orchestration Scenario
- 41. Messages matched to the audience. The right creatives and tone to drive the right outcomes 3. CONTENT 2. AUDIENCE 4. BEHAVIOURAL NUDGE TIMING Messages that are synchronized to the needs of the customer at that point in the Journey Understanding the Experiential/Emotional state that the architype is feeling at this point in the Journey 1. EMOTIONAL STATE Profiled audience grouped by architypes to ensure matching of message and profile ORCHESTRATION BASED UPON EMOTIONAL CONTEXT
- 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) PROFILE FEEDBACK Poor service Poor communication Poor workmanship EXPERIENCE AN ORCHESTRATION SCENARIO ! ! Claim (motor), including interactions with numerous suppliers such as vehicle hire and panel beaters High value, high risk
- 43. REGISTER ASSESSMENT PANEL BEAT COLLECT CAR Charlotte waited for 10 days for an update. She eventually received a call on a Friday morning informing her that her car was ready for collection. She wasn’t able to make arrangements on the day so kept the hire car for the weekend Charlotte had an accident on her way to work and registered the claim. She had to call several times for an update and was eventually able to select an available panel beater Charlotte rearranged her meetings and took her car to the panel beater. She took an Uber to the car hire branch to collect her hire car, which was neither ready nor clean Charlotte collected her car from the panel beater, only to find a new scratch and a peculiar scraping sound when reversing.. Charlotte complained Dear Charlotte, thank you for the chat, and apologies once again… I have arranged for your Polo to be collected from you and a hire car delivered at the same time. This will happen tomorrow… The issues on your car will be resolved by one of our premium suppliers by the end of this week… I’m overseeing this personally and will keep you updated daily. Please fee free to reach out to me at any time by replying, or by calling me directly.. Jennifer at TransAtlantic Today, 15:30 Assignee: Jennifer J Note: Hi Jennifer, kindly contact.. New Case: Priority Customer Today, 15:41 CLIENT CONTEXT CLAIM Poor service Poor communication Poor workmanship HIGH VALUE HIGH RISK Assignee: Jennifer J Note: Hi Jennifer, kindly contact.. New Case: Priority Customer Today, 15:41 Dear Charlotte, I’m really sorry to hear about this situation. I’m overseeing this personally and will arrange for an acceptable hire vehicle.. Jennifer at TransAtlantic Today, 15:30 PROFILE-SPECIFIC ROUTING & TREATMENT PROFILE-SPECIFIC ROUTING & TREATMENT ! ! ! Dear Charlotte, we’d really value your feedback on your recent Assessment. Kindly take a minute… TransAtlantic Ins. Today, 15:30 ABC made me wait, and car dirty! Charlotte Weaver Today, 17:40
- 44. REGISTER ASSESSMENT APPROVAL PANEL BEAT CAR HIRE COLLECT CARCLAIM CASE MANAGEMENT Closed-loop service recovery CLIENT JOURNEY OPTIMISATION FOR RETENTION CONTEXT-DRIVEN INTERVENTIONS Interventions & nudges that encourage behaviour FEEDBACK COLLECTION Omni-channel surveying
- 46. 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
- 48. JOURNEY MANAGEMENT Entry point? DISCOVER JOURNEYS UNDERSTAND CUSTOMERS REVIEW DEEP INSIGHTS DESIGN A STRATEGY REVIEW & OPTIMISE CUSTOMER JOURNEY MANAGEMENT
- 49. INQUBA JOURNEY ACCELERATOR 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
- 50. Q&A
- 51. So take that first step of the Journey… Book your Journey Accelerator Workshop now!
- 53. Thank you!
Editor's Notes
- This slide is hidden This slide lays out the structure of the POV and can also be used as an Agenda Slide
- Use this slide or optionally slides 6 and 7 What are the primary forces that continue to drive Financial Services organizations to transform their business? Banking: Lower interest rates to support world economies Near 0% interest rate adopted by the central banks further pressures bank and insurance profitability (Source: Bloomberg, https://www.bloomberg.com/news/articles/2020-03-05/the-stimulus-toolbox-to-help-virus-stricken-economies-quicktake) Banks are increasing loan lost reserves to account for bad debt Drivers for bad debt include unemployment –7% of global working hours lost that is equivalent to 195M full time jobs lost expected (Source: United Nations, https://www.cnbc.com/2020/04/08/ilo-coronavirus-is-set-to-cost-195-million-jobs-in-the-second-quarter.html) Capital Markets 25% drop in in M&A volume. mergers due to market volatility Opportunity in the >2T in US private equity to deploy. Global private equity has been raising money for targeted opportunities and preparing for the surge. For example, the US private equity firms are sitting on $2T war chest (dry powder) Insurance Billions to trillions $ lost in monthly losses from small and medium sized businesses around the world (9 times what insurers paid for 9/11 in the US). Government and small business owners are driving for insurers to cover the lost. Such an action would create a solvency crisis in the insurance industry. Calls from customer advocacy and local/state governments for insurers to cover the cost of business interruptions “If insurers nationwide had to pay business interruption policy claims for which they collected no premium, it could cost the industry each month anywhere from roughly $150 billion to nearly as high as $380 billion,” said Léonard, noting that the smaller amount accounted for the U.S.’s small and medium-size businesses that currently have business interruption coverage and the larger amount includes those who do not. “Pandemic-caused losses are excluded from standard business interruption policies because they impact all businesses, all at the same time.” Triple-I economist – Michel Léonard https://www.iii.org/insuranceindustryblog/2020/04/ Such a requirement creates solvency challenges for insurers 2) Auto premium refunds as less cars are on the road with shelter in place across the world Major insurers are refunding on average 15% of auto premiums. Allstate has said its own telematics data shows that people are driving between 35% and 50% fewer miles in most states. (Source: Insurance Journal, https://www.insurancejournal.com/news/national/2020/04/13/564510.htm) Insurers are reporting a 40-50 percent drop in claims volume for personal auto and a 30-40 percent reduction for commercial auto due to the coronavirus pandemic, an executive for claims-automation provider Snapsheet said Tuesday, April 14, https://www.carriermanagement.com/news/2020/04/15/205491.htm
- Talking Points. Satya Nadella shared this perspective on the Microsoft Q3 earnings call. COVID-19 forced our customers to accelerate their transformation in a way we hadn’t seen before. “From remote teamwork and learning to sales and customer service to critical cloud infrastructure and security — we are working alongside customers every day to help them adapt and stay open for business in a world of remote everything” We are seeing the same patterns playing out in Banking. COVID-19 is accelerating pre-COVID-19 projects that were happening at a slower pace. We don’t see Transformation Strategies changing – just acceleration in terms of execution. Necessity is the mother of invention.
- Pre COVID-19 - The forces at work that are driving banks to change were: 1. Changing customer expectations: Empowered customers are clearly a part of today’s industry landscape. They are: More informed than ever Increasingly mobile Expecting consistent service across channels Not as trusting as they once were As a result, there is increased pressure for new customer engagement models, greater transparency, and the ability to demonstrate business integrity. 2. Non-traditional players leading to threat of disruption and disintermediation Technology is an intrinsic part of the financial services business. However, the gap between consumer expectations and adoption of new technology versus system capabilities is widening. Indeed, new entrants are pushing the innovation envelope, and offering lower pricing and improved customer experiences by capitalizing on technology. This increase in non-traditional players has garnered the attention of younger generations, forcing banks to address these new entrants in the banking industry and appeal to younger customers. 3. Changing Business Models Digital transformation is also affecting how banks used to do business. The rise of non traditional players and FinTech are forcing banks to change their business strategy and embrace new business models that blend 3rd party products and capabilities with bank’s own products. The risk of not considering new business models is great – banks that don’t will be marked irrelevant among customers. 4. Fraud and Cybercrime Financial crime is on the rise, with sanctioned individuals and terrorist financiers using increasingly sophisticated means to move money and circumvent protections. Governments around the world are trying to fight back, and a quarter of banks think cyber risk is the top threat in the industry. Regulators are cracking down and the penalties for banks are growing in severity. Failing to find and stop transactions with sanctioned organizations can be catastrophic to a financial organization. 5. Legacy Systems The drive for a frictionless customer experience calls for banks to transform their legacy technology to support the new demand for the right experience, at the right time, through the right channel. Siloed dates and systems that don’t interoperate fail to keep up with the new pace of business. While the cloud was once considered a major security risk, banks are now looking to leverage the flexibility and scalability of the cloud in a safe, compliant manner. 6. Regulation The industry is experiencing a level of regulatory scrutiny that is unprecedented in its intensity. Indeed, regulatory compliance is having a profound effect on the business models of financial institutions. Therefore, regulatory compliance and risk management remain top priorities as financial institutions navigate the “new normal.” Data is key to the transformation of financial services. The amount of structured and unstructured data that financial institutions need to analyze has grown—and will continue to grow—exponentially. Insight into risk management and regulatory compliance is central and strategic to the industry. Financial institutions that best manage and monetize data will be on a strong path to stronger risk management and improved operational efficiency. Sources: 1Financial Brand, 2016 https://thefinancialbrand.com/wp-content/uploads/files/Retail_Banking_Trends_Predictions_2017.pdf 2PWC, 2016 Source: PwC, Global Economic Crime Survey, 2016 http://www.pwc.com/gx/en/economic-crime-survey/pdf/GlobalEconomicCrimeSurvey2016.pdf 3Capgemini, 2017 https://www.capgemini.com/wp-content/uploads/2017/07/gen_y_whitepaper.pdf 4Capgemini, 2017 https://www.capgemini.com/wp-content/uploads/2017/07/banking_top_10_trends_2016.pdf 5PWC, 2016 https://www.strategyand.pwc.com/media/file/Catalyst-or-threat.pdf 6Celent, 2016 Source: CMS Top Emerging IT Trends in Banking Sector, http://www.cmsitservices.com/blog/category/infographics/ https://www.mckinsey.com/industries/financial-services/our-insights/analytics-in-banking-time-to-realize-the-value https://disruptionhub.com/open-apis-death-retail-banking/ https://www.forbes.com/sites/oliviergarret/2017/03/29/5-industries-that-blockchain-will-likely-disrupt-by-2020/#6e4508fe6692 https://beta.theglobeandmail.com/report-on-business/feature-too-big-to-disrupt/article22163574/?ref=http://www.theglobeandmail.com& https://www.pwc.com/gx/en/industries/financial-services/publications/financial-services-technology-2020-and-beyond-embracing-disruption.html https://www.forbes.com/sites/steveculp/2017/02/15/artificial-intelligence-is-becoming-a-major-disruptive-force-in-banks-finance-departments/#35c4a71e4f62 http://www.businessinsider.com/chatbots-banking-ai-robots-finance-2017-10
- To address those market forces, the additional impact of COVID-19, and customer/analyst feedback, we are now focused on three priorities with our customers: Respond: support our customers’ most pressing needs to maintain business continuity despite the disruptions and restrictions of the moment Recover : help our customers prepare to rebound their business in a time of continued uncertainty and upheaval Reimagine: reimagine our customers’ business to leverage insights, streamline operations, and realize business efficiencies to succeed in a marketplace that will be permanently altered Note that these phases are not sequential – they run in parallel. Our customers have multiple workstreams where we are still adapting to the current crisis, but have projects in flight where they are planning the comeback To that end, we have organized our Industry Priority Scenarios for Financial Services to align with these priorities. Note: highlight the primary roles/functions that we are targeting for these conversations in both Banking and Insurance. Our “standard” list of targets is provided below. Executive suite: Chief Executive Officer (CEO), Chief Operating Officer (COO), Chief Financial Officer (CFO), Chief Strategy Officer, Chief Transformation Officer, Chief Risk Officer, Chief Experience Officer Sales & Marketing: Chief Digital Officer (CDO), Chief Marketing Officer (CMO), VP of Sales, Head of Distribution, VP of Retail Banking/Wealth Mgmt/Private Banking/Commercial Banking, Head of Head of Reinsurance/Actuary/Life actuary, etc… Customer Support: VP of Customer Service/Support IT/Network Operations: Chief Technology Officer (CTO), Chief Information Officer (CIO). Chief Security Officer (CSO)
- Guidance – Use Slides 13/14/15 if you want to present slides with less text - or alternatively use slides 16, 18, or 19 if you want to present with more content on the slides. To support our customers’ most pressing needs to maintain business continuity despite the disruptions and restrictions Empower Employees through Teamwork: Banks and capital markets firms must rapidly transition their front, mid and back office employees to remote work, mount and manage a holistic crisis response, and strengthen virtual connections with both employees and customers with the same level of security measures while meeting regulatory requirements. To support remote collaboration and productivity for secure anywhere/anytime teamwork, we’ve made Microsoft Teams available for free through commercial offers with Fast Track as a free enablement for configuration and adoption for eligible customers. Customer story: TD redefines banking in the digital age with the Microsoft Cloud to empower employees and transform the customer experience, https://customers.microsoft.com/en-us/story/td-banking-capital-markets-office-365-blog “We are deploying Microsoft Office 365 to empower employees to be more mobile and productive, so they can continue to provide the legendary customer service that has always set us apart.” Jeff Henderson, executive vice president and CIO of TD Bank Group Empower Employees and Agents through Teamwork: Insurers need to improve organizational and employee productivity through secure collaboration, communications and virtual connections between their home office and their captive and independent agents - untether agents and claims adjusters to work securely and productively anywhere Customer story: AXA ensures innovation in digital customer service and empowers employees with Microsoft 365 “For AXA, Microsoft 365 is the foundation technology for our workplace to exchange information at scale and accelerate product development and delivery. At the end of the day, if your working environment can’t keep pace with your customers’ personal experience, how are you going to deliver new solutions that are adapted to their way of living?” Astrid Stange, Group Chief Operating Officer at AXA. https://customers.microsoft.com/en-us/story/765562-axa-insurance-m365-casestudy Banks are working to quantify the impact of COVID-19 on their portfolios and to adjust business accordingly Manage risk across the organization: By leveraging the cloud, banks can scale when needed and become more agile while saving on cost from infrastructure capacity to burst and scale processing quickly. Banks can speed decisions with rapid risk analysis and deep insight with high performance compute for workloads like credit risk and portfolio risk for banking. This improves the ability for organizations to assess opportunity costs when allocating capital or undertaking financial risks through the immediate crisis as well as when the economy returns to the new normal. As managing risk compute demand increases, there are opportunities to conduct an audit to identify non-critical workloads that can free up resources to help save on cost. Another opportunity resides in non-production services that can be snoozed when employees are not actively working. Customer story: UBS is currently using Azure to power its risk-management platform, technology that requires enormous computing power, to run millions of calculations daily on demand. The result — speeding calculation time by 100 percent, saving 40 percent in infrastructure costs, gaining nearly infinite scale within minutes — means the firm can have more working capital on hand and employees can make quicker, more informed decisions for their clients. https://news.microsoft.com/2017/04/26/ubs-taps-microsoft-cloud-power-business-critical-tech/
- To help our customers prepare to rebound their business in a time of continued uncertainty and upheaval: Combat Financial Crime: Banks are in an arms race against cybercriminals who are armed with the latest technology and are growing in numbers and sophistication. The cost of mistakes is too great as it is more than liability but real-world consequences of terrorism and drug cartels, etc.. The focus is on Anti-Money Laundering (AML), Know Your Customer (KYC), sanctions screening, and Transaction Monitoring Systems (TMS), fraud detection and prevention. Banks needs to embrace new technology to take on these ever-evolving threats to ensure legitimate customers are onboarded and legitimate transactions are transacted. Customer story: Biocatch To help our customers prepare to rebound their business in a time of continued uncertainty and upheaval: Deliver Differentiated Customer Experience: use data-driven insights and AI to develop a 360-degree view, deliver products customers want, and leverage customer insights to provide extraordinary customer service to differentiate from the competition and take share The global pandemic is straining service centers everywhere, with a massive uptick in call volumes, further complicated by many agents working remotely. With omnichannel capabilities for Dynamics 365 Customer Service, contact center employees can provide consistent, personalized support while working remotely. Customer story: Nedbank electronic virtual assistant handles 80 percent of the inquiries at just 10 percent of the cost of live agents, https://www.microsoft.com/en-us/industry/financial-services/banking-capital-markets/deliver-differentiated-customer-experiences?activetab=pivot%3aprimaryr12
- Modernize payments and core systems to gain cost savings and accelerate new product development that improve time to market in meeting customer needs: Modernize Payments and Core Systems: Microsoft and its partners provide organizations with innovative payments and core systems solutions that increase agility to roll out new payment products and services and to save on cost from infrastructure Customer story: Vipps, More than 2.7 million Norwegians pay for just about anything with the Vipps mobile payment app. In fact, they don’t just send you money in Norway anymore; now they Vippse it to you. Six of every ten Norwegians Vippse—more than 400,000 times on an average day. Vipps holds 98 percent brand awareness in Norway, and almost every bank in the country supports the app. Green Assets as a Service – this is a new solution we are incubating for FY21 - Microsoft and Citi are making it faster and easier to create and issue green bonds. Identifying the right assets and then designing and issuing bonds for the Environmental Societal Governance (ESG) space is labor- and time-intensive which increases costs and limits wider adoption. Microsoft and Citi are creating a tool to streamline and modernize the process and make green and social responsibility investing faster, more impactful, less expensive, and ultimately more profitable.
- This slide is animated and builds in two phases: To help our customers transform we have built out a set of scenarios – to help them address their key challenges and transform to a new operating model For each of these scenarios, we marry the power of our platform and the amazing innovation delivered by solutions from our partners. Our partners have built Banking Industry solutions that can help you to accelerate your evolution with flexible deployment models to meet you where you are (On Premise, Hybrid, and Cloud) All of these solutions are infused with AI and help you drive better insights from your data
- This slide builds from the left, and from the top. Talk your audience through the different scenarios as the slide builds Navigate the Now Empower your Employees through Teamwork As lockdowns took hold, Banks had to protect employee safety by moving rapidly to remote working. Social distancing was also employed inside the middle and back office where current operations could not be done remotely – example Trading scenarios and call centers. Pre COVID-19 Banks were looking to reskill staff – Banks did this using classroom and in person events – now they will need to deliver this virtually Manage Risk across the organization COVID-19 has had massive impacts across all industry sectors – paychecks are not landing in bank accounts and small businesses have closed due to lockdowns. This has stress tested financial risk models like never before and Banks need to find new ways to model risk as their liquidity is impacted. Banks also need to explore new ways to model credit risk as a recovery takes hold. Lastly process compliance will be impacted. Banks need to be deploy new processes for Stimulus programs and many of these have additional compliance overhead in terms of process compliance Plan the Comeback In parallel to Navigating the now, we need to build new customer experiences. Banks need to engage and service customers virtually in advisory scenarios or branch interactions Banks also need to proactively reach out to customers impacted by COVID-19. We have partners like Personetics who use AI to identify customer insights from their transaction history and proactively provide insights or offers of assistance to individual customers experiencing financial difficulties or SMBs who can take advantage of government stimulus programs Contact centers also need to be transformed. Contact centers were overloaded in the early days of the crisis and many of them are practicing social distancing – which means they are operating at reduced capacity and at the same time coping with increased volume. This is a great opportunity to deploy virtual cost centers or even better explore how Power Virtual Agents can service more customer requests Banks also need to build inclusive experiences – for vulnerable customers who might not be technically adept – mobile apps and online banking needs to be accessible and easy to use – so that they can be used by everyone Combat financial crime COVID-19 has seen an increase in fraud activity and identity theft. Microsoft has great solutions to help here in terms of cyber protection and partner solutions to provide better security for customers from account takeovers – such as BioCatch – which provides continuous authentication using Behavorial Biometrics. Shape the new normal Longer term, Banks are looking to modernize their core systems and migrate to the cloud – this will provide more resiliency and continuity of service for future pandemics Banks are also exploring new banks, built separately to their legacy platforms
- This slide is animated and builds from left to right Transformed Culture Remote Working will fundamentally change the culture of our Banks. A couple of weeks ago, no one thought banks could function with a fully remote workforce. As people work remotely for extended periods, the challenge be less around connectivity but keeping employees engaged and supported at an emotional level. A culture of trust will be needed between managers and employees. Note that employees are already coping with home schooling and could have spouses impacted by COVID-19 or have lost their job. Many Banks are putting in additional support programs to help including healthcare benefits and counselling To drive down costs, Banks will look to automate more processes. This should free up employees from low value activities to focus on customer relationships and experience Reskilling was a challenge before COVID-19. Banks have traditionally deployed training in classrooms face to face. With a virtual workforce, Banks need to deploy training virtually and build a culture that promotes continuous reskilling In this slide, we explore the Operating Model for a Resilient Bank, and bring together many of the talking points of the document Customer Experience will need to evolve to a fully digital model. Banks also need to build products that are accessible to customers at risk, with user experiences that Banks will also need to serve their customers as they recover. Use AI to proactively reach out where they see customers with financial difficulties Banks will be more resilient – able to perform front, middle, and back office operations virtually New Datasets and AI will enable the bank to extend credit to customers that were previously too risky Lastly Banks will make extensive use of AI to protect their customers and their internal data estate.
- Expansive platform – Financial Services is a regulated industry. Switching to cloud will be a journey and at Microsoft, we give our customers choice and flexibility to deploy workloads on premise and hybrid models. We even give our customers to manage resources and data across multiple clouds and on-premise with Azure Arc Pervasive Intelligence – leveraging the power of data and AI is critical for our customers. AI is infused across all of our IPSs and we will continue to innovate in this space to bring great telemetry and insights to our customers Regulatory Compliance – We have made tremendous investments in the regulatory compliance space to enable our customers and partners to move to the cloud in a compliant way
- A view of the end-to-end customer journey which we will engage the customer through..
- A view of the end-to-end customer journey which we will engage the customer through..
- A view of the end-to-end customer journey which we will engage the customer through..
- A view of the end-to-end customer journey which we will engage the customer through..
- Solution themes from before: Like journey insights