Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

The Rising Importance of Customer Experience (CX) Programs in Financial Services

2,153 views

Published on

The Financial Services industry is under a lot of pressure. The list of industry disrupters continues to grow, adding to the expanding competitive landscape. New technologies are pushing legacy banks to their limits and consumer behavior is demanding better experiences across the board.

These external factors push for big changes in financial services while the internal organizational issues keep the business from evolving and adapting in ways that allow them to remain competitive. All this leads to a buying spree of the FS industry, buying up design and product innovation firms who know how to make Customer Experience (CX) a more integral part of their competitive strategies.

Successfully implemented CX programs can help offset the external factors while bringing necessary attention to internal issues that need the most change.

Published in: Business
  • Be the first to comment

The Rising Importance of Customer Experience (CX) Programs in Financial Services

  1. 1. | 1 Webinar November 13, 2015 THE RISING IMPORTANCE OF CUSTOMER EXPERIENCE (CX) PROGRAMS IN FINANCIAL SERVICES
  2. 2. | 2 • Who is Centerline? How we’re adapting and why we’re here • External factors impacting the Financial Services industry • Internal Environments Impacting the Financial Services Industry • How World Class CX Programs are Developed • How to Assess The Maturity Of Your CX Program • Roadmap: 180 Day Action Plan • Comprehensive Centerline Offering Agenda
  3. 3. | 3 WHO IS CENTERLINE HOW WE’RE ADAPTING WHY WE’RE HERE
  4. 4. | 4 Centerline is a Modern Marketing Laboratory, creating custom success formulas for the world’s most progressive enterprises. We work with banks frequently. The people speaking here today are from this team. MCM =
 Marketing Change Management Our Company
  5. 5. | 5 Centerline Marketing Change Management (MCM) is a team that enacts change within our client’s organizations, with specific focus on designing and implementing CX/CEM programs and initiatives. Over the course of the past five years, Centerline has been adapting to help clients improve their internal organizational environments. This helps ensure the best strategies can be executed.
 
 Mostly, we help with agility, adaption and simplification. We help design more agile and effective teams, prioritization and process improvement and developing cultures of measurement and accountability. Our Team
  6. 6. | 6 By Centerline: Collective Centerline Banking Experience: How We Keep Busy
  7. 7. | 7 EXTERNAL FACTORS IMPACTING THE FINANCIAL SERVICES INDUSTRY
  8. 8. | 8 There are three primary External pressures. 1. Financial Tech Start-ups 2. Regional Competition 3. Hyper-dynamic Customer Expectations
  9. 9. | 9 1. Financial Tech Startups: “The Unbundling Effect”
  10. 10. | 10 1. Financial Tech Startups: “The Unbundling Effect”
  11. 11. | 11 1. Financial Tech Startups: “The Unbundling Effect” Consumer/retail bank customers are being intercepted by products and services that are changing the conventional customers’ relationship with their money. People are being shown that they don’t really need “banks,” they need “banking.” As this FinTech wave crosses the Atlantic, American banks will begin to experience unbundling resulting in a loss of new account-holders. What this means: The largest national banks are working to improve their innovation “reflexes” by investing in more adaptive innovation management programs. Many larger regional banks are the slowest to react or are focusing heavily on CX efforts for existing products. How banks are reacting:
  12. 12. | 12 1. Evaluate your future competitive landscape with Competitive Research.
 2. Develop or enhance your org’s Innovation Management Program to consider impact of FinTech incursions.
 3. Develop a modern CX Center of Excellence to enhance your org’s CX “reflex” speed and quality.
 4. Explore integration of light-weight Business Intelligence capabilities to become more predictive. Pro Tips: Competitive Research Innovation Management Program CX Center of Excellence Light-weight Business Intelligence 1. Financial Tech Startups: “The Unbundling Effect”
  13. 13. | 13 Regional banks are feeling the pressure from both the larger national chains and their smaller regional competition. What this means: Many of the largest national banks are setting the curve, so to speak—forcing smaller regional players to “up their offering game” or lose out to stronger, more mobile application-based products. Many regional banks are constricting their competitive efforts, focusing on Voice of Customer surveys and applying conventional CX to enhance “light touch” elements of the customer experience. How banks are reacting: 2. Regional Competition
  14. 14. | 14 1. Evaluate your future competitive landscape with Competitive Research.
 2. Develop or enhance your org’s Innovation Management Program to consider impact of FinTech incursions.
 3. Develop a modern CX Center of Excellence to enhance your org’s CX “reflexes.”
 4. Expand measurement beyond Voice of Customer to deepen understanding of customer needs and expectations. Pro Tips: Competitive Research Innovation Management Program CX Metrics Strategy CX Center of Excellence 2. Regional Competition
  15. 15. | 15 Customers are perpetually re-evaluating new paths of convenience and accessibility. They’re also being taught through other industries (entertainment, hospitality, retail, travel) that their phones are how they want to manage more of their lives. Banks and Financial Services companies have to find better ways to remain relevant as customers redefine their relationship with money—on mobile devices. What this means: Most banks are confident that their brand strength protects them and that most customers will be patient. A smaller number of banks are adapting by increasing (up to 15%) their investments in innovation and more accountable customer experience programs. How banks are reacting: 3. Hyper-Dynamic Customer Expectations
  16. 16. | 16 Discontent 3. Hyper-Dynamic Customer Expectations
  17. 17. | 17 Discontent 3. Hyper-Dynamic Customer Expectations
  18. 18. | 18 The following list represents a growing tally of mobile banking innovations customers are beginning to expect from their banks. The question is, where is par? • Simple, instant, personal UI • Integrated bill pay with alerts • Photo bill pay • Real-time/actionable alerts • Untethered login/mobile only • Voice/biometric authentication • PIN login/2 factor payment • Quick balance / text tie-in • Network agnostic payments • NFC/proximity payments • A2A (real-time option) • P2P (instant option) • Social/connection payments • Proximity controls • Social service hooks • Services/merchant discovery • Multi-language support • Cross-app service launches • Email/personal info edits • Basic account opening • Insurance/other products • Product calculators • Contextual offers • Click-to-call/calendar appt • Secure/contextual chat • Video/Facetime support • Virtual assistant • Intra-FI transfers • Debit/credit card off/on toggle • Card ordering • Mobile RDC/check deposit • Transaction gamification • Mobile PFM/Aggregation • Safe to spend/budget • P2P and B2P invoicing • Integrated statements 3. Hyper-Dynamic Customer Expectations
  19. 19. | 19 1. Expand your awareness of the gaps between customer expectation and experience.
 2. Develop or enhance your org’s Innovation Management Program to accelerate innovations to market.
 3. Develop a modern CX Center of Excellence to enhance your org’s CX “reflexes.”
 4. Expand measurement beyond Voice of Customer to deepen understanding of customer needs and expectations. Pro Tips: Comprehensive CX Programming Innovation Management Program CX Metrics Strategy CX Center of Excellence 3. Hyper-Dynamic Customer Expectations
  20. 20. | 20 INTERNAL FACTORS IMPACTING THE FINANCIAL SERVICES INDUSTRY
  21. 21. | 21 There are three primary internal pressures. 1. How you're organized 2. The priorities and processes you follow 3. Your culture
  22. 22. | 22 Key Internal Inhibitors of CX Success: Organizational Friction Map
  23. 23. | 23 IDIOSYNCRATIC COMMON Different silos Different CX methodology Isolated BI teams, not focused on CX Disconnected innovation methodology Different levels of authority in play Varying levels of IT involvement Different budgets The org not set up for success No agile processes in place The culture was totally disengaged Key Internal Inhibitors of CX Success:
  24. 24. | 24 Key Internal Inhibitors of CX Success: IDIOSYNCRATIC COMMON Different silos Different CX methodology Isolated BI teams, not focused on CX Disconnected innovation methodology Different levels of authority in play Varying levels of IT involvement Different budgets The org not set up for success No agile processes in place The culture was totally disengaged This is where we end up spending most of our time
  25. 25. | 25 CUSTOMERS PROSPECTS PROSPECTS Environment This white space represents your financial institution, surrounded by typical products and channels. Current CX efforts tend to focus on the space between you and the market. available market PRODUCTS checking savings insuranceloans lineofcredit billpay money marketcredit planning advisory moneytransferanalysis retirement financial CHANNELS mobile branch phone online social CX CX CX CX serviceablemarket MARKET
  26. 26. available market PRODUCTS checking savings insuranceloans lineofcredit billpay money marketcredit planning advisory moneytransferanalysis retirement financial CHANNELS mobile branch phone online social CX CX CX CX serviceablemarket MARKET | 26 ORG Environment Factor 1: Your Organizational Structure.
 There are three key organizational segments that require holistic balance in order for CX initiatives to prove truly successful. CUSTOMERS PROSPECTS PROSPECTS
  27. 27. available market PRODUCTS checking savings insuranceloans lineofcredit billpay money marketcredit planning advisory moneytransferanalysis retirement financial CHANNELS mobile branch phone online social CX CX CX CX serviceablemarket MARKET ORG | 27 PROCESS priority Environment Factor 2: Your Organizational Process By having a process aligned with structure, you begin to achieve a defined priority of operations and strategy. CUSTOMERS PROSPECTS PROSPECTS
  28. 28. available market PRODUCTS checking savings insuranceloans lineofcredit billpay money marketcredit planning advisory moneytransferanalysis retirement financial CHANNELS mobile branch phone online social CX CX CX CX serviceablemarket MARKET ORG PROCESS priority | 28 CULTURE effectiveness capability Environment Factor 3: Your Culture Aligning your culture with your structure and process reaps an effectiveness and capability crucial for CX. This in turn, leads you organizational quality. = Quality CUSTOMERS PROSPECTS PROSPECTS
  29. 29. | 29 1. Prototype a more effective organization. 
 2. Develop an CX-oriented operations strategy that redefines priority and process with customers at the center.
 3. Develop a “canonized” CX Shift that refocuses key employees on CX- centricity. Embed it in a CX Center of Excellence. 
 4. Develop an employee engagement program Pro Tips: Organizational Prototyping CX Operations Strategy Employee Engagement Program CX Shift, CX Center of Excellence Have you experienced a misalignment with your org? Process & Culture connected but not connected to leadership (org)? Or Leadership (org) and process are connected but Culture is not engaged? These are examples of misalignments.
  30. 30. | 30 HOW WORLD CLASS CX PROGRAMS ARE DEVELOPED
  31. 31. | 31 HOW TO DIAGNOSE NEED FOR IT: 1. I am a new executive and know I want to make changes in Marketing but am not sure where we stand today. 2. We are not sure where we need to start the changes we feel are necessary. 3. What are the most modern/progressive marketers doing that may be applicable to us? 4. How can we know what marketing approach is optimal for our company? 5. How do I justify significant marketing transformation (sponsoring/funding the initiative) to the C suite? 6. We want to know what changes can free up some capital to fuel new growth initiatives. 7. We want to know how to develop a business model and operating model to increase our competitive advantage. 8. We want to plan a major re-alignment that of our investment in technology, people and process and need to figure out how to roadmap it all. How World Class CX Programs are Developed OUTPUTS:
 • Audits/Analysis
 • Future State Vision & Planning
 • Marketing Maturity Modeling
 • Business Case Design 1. Organizational Audit
  32. 32. | 32 HOW TO DIAGNOSE NEED FOR IT: 1. Our employees aren’t owning responsibilities. They’re not clear on roles. 2. Departments are silo’d. Authority unclear when it comes to decisions. 3. Executive decisions made irrespective of other departments. 4. Employees morale is low. They feel that their voice is not heard. They say they don't know what changes are happening. 5. Wrong talent and/or capabilities to perform the right task necessary. 6. There's a lack of organizational accountability. 7. Need to be set up for sustainable high performance. 8. We need to establish the strategic direction for growth but aren't sure how to get there? How World Class CX Programs are Developed OUTPUTS:
 • Organization Map
 • Roles/Responsibilities
 • Authority Matrix
 • Employee Engagement Programs 2. Organizational Prototype Design
  33. 33. | 33 HOW TO DIAGNOSE NEED FOR IT: 1. We need to make significant changes and ensure that they stick. 2. How can we centralize all the necessary leading practices, knowledge and planning? 3. We want to continuously improve. 4. We need to empower our people with change. 5. How can we manage the change? 6. How can we build in accountability of these changes into our processes and structure? How World Class CX Programs are Developed OUTPUTS:
 • Centers of Excellence Design
 • Future Vision
 • Implementation/Integration Plans
 • Process/Prioritization Re-engineering
 • Governance 3. Centers of Excellence
  34. 34. | 34 HOW TO DIAGNOSE NEED FOR IT: 1. We have to shift to listening more to our customer but not sure what works. 2. What options, vendors, tools are there that can help me engage with my customers better? 3. How can I build a program that will help us better capture customer insights? 4. I want to take customers insights and fold that back into business improvements. How do we do that? How World Class CX Programs are Developed OUTPUTS:
 • VOC Integration Strategy • Vendor/Tool Selection • Program Integration/Support 4. Voice of Customer Programs HOW TO DIAGNOSE NEED FOR IT: 1. It's not clear what specific things we need to do to remain aligned to our corporate strategy. 2. We're not planning our resources appropriately to accomplish all the things this company needs to do. OUTPUTS:
 • Operations Maps
 • Strategic Operations Alignment 5. Operations Strategy
  35. 35. | 35 HOW TO ASSESS WHERE YOU ARE WITH YOUR CX EFFORTS
  36. 36. Where does your organization currently sit on a CX maturity scale? What are your current CX goals and are you doing all that is needed to achieve those goals? Where could you use additional help to achieve these goals?
 The following CX Maturity Program will help to answer these questions. It will also provide a trajectory for your CX program. | 36 BUILD MOMENTUMESTABLISH CX FOUNDATION GETTING STARTED CX Maturity Model
  37. 37. | 37 BUILD MOMENTUMESTABLISH CX FOUNDATION GETTING STARTED ORG CX GOALS Action Needed To Achieve ORG CX GOALS • CX need within the org defined • The org’s CX benchmark determined • Start CX strategy • CX leadership identified •Establish CX initiative goals •Create CX charter •Obtain senior buy-in on funding and charter • Nominate CX leaders • Identify BI desires - what you wish you had (i.e. data, visualizations, technologies, etc.) • Prioritize BI desires • Design coalition story • Build business case for CX program • Roadmap 180 journey • Start of CX strategy (align strategy with biz strategy) • Review cultural landscape • Review innovation management methods • Marketing/Sales/Ops financial ecosystem • Review customer segmentation/journeys • Review competitive landscape • Review operations strategy • Conduct BI current state assessment Your Organization Centerline CX Maturity Model: Level One
  38. 38. | 38 BUILD MOMENTUMESTABLISH CX FOUNDATION GETTING STARTED ORG CX GOALS Action Needed To Achieve ORG CX GOALS • CX team established • CX advisory board established • Measurement defined • Established system for CX data/ results capture and measuring • Governance established • Internal CX Comms strategy established • Better understand audiences • Better understand and identify customer behavior • Determined if any additional tools are needed for CX program (i.e. VOC tool) - If yes, bring on a tool to capture data • Design and assemble CX team • Assemble CX advisory board • Integrate CX with BI and IM • Start to capture and review CX data/results • Kickoff CX internal communications strategy • Launch internal blog • Assemble core CX team leadership mandate • Perform a CX team skills/capabilities audit • Create roles, responsibilities and range of authority matrix for CX team • Design centralized data environment • Design data models • Build initial data model within centralized environment based on prioritized BI • Build reporting and dashboards • Define data governance plan • Develop internal blog • Develop internal communications plan • Customer segmentation • Customer Journey Mapping • Audit tools/capabilities to capture data Your Organization Centerline CX Maturity Model: Level Two
  39. 39. | 39 BUILD MOMENTUMESTABLISH CX FOUNDATION GETTING STARTED ORG CX GOALS Action Needed To Achieve ORG CX GOALS • CX team grows • CX knowledge integrated into the org culture • CX integrated across more channels/divisions • CX, IM and BI fully integrated • Expand CX tool(s) across all channels and divisions • Hire additional needed CX specialists • Establish a CX coalition • Employee Engagement Program • Employee CX Training programs • Build out Journey maps across all channels for all divisions • Distribute Channel Matrix to all org divisions • Establish KPI framework • Continue to capture and review CX data/ results • Make business changes and IM updates based on CX data/results (BI) • Continuous improvement of processes • Progress internal communications • Document process for external comms • Conduct employee survey on CX • Develop Employee Engagement Program • Develop CX Training Program • Build comprehensive journey maps • Build Channel Matrix • Establish core intake prioritization schema • Co-establish KPI framework • Prototype CX innovation management method • Prototype BI/data ETL approach/warehouse • Develop series of video content on the changes • Tie CX to financial outcomes Your Organization Centerline CX Maturity Model: Level Three
  40. 40. | 40 Once you know where you are then you can start your journey…
  41. 41. | 41 HOW TO GET TO “CX-PERT” IN 180 DAYS
  42. 42. | 42 Establish initiative goals Build business case Define CX Agenda Roadmap 180 day Journey Design CX team Align CX strategy with business strategy Build CX coalition Design coalition story Assemble core CX team leadership mandate Perform a CX skills/ capabilities Audit Perform an rapid BU collaboration audit Interview leadership, BU heads Develop CX internal blog CENTERLINEYOURBANK CX Roadmap: 180 Day Action Plan
  43. 43. | 43 Establish CX funding Co-present business case Create CX Charter Gather and review all CX data/results Obtain Sr. buy in on funding and Charter Review all customer and Market BI/data/analytics Kickoff CX comms Review innovation management methods Marketing/Sales/Ops financial ecosystem Review customer segmentation/journeys Review competitive landscape Review operations strategy Review cultural landscape Develop Comms Plan Launch internal blog CENTERLINEYOURBANK Establish initiative goals Build business case Define CX Agenda Roadmap 180 day Journey Design CX team Align CX strategy with business strategy Build CX coalition Design coalition story Assemble core CX team leadership mandate Perform a CX skills/ capabilities Audit Perform an rapid BU collaboration audit Interview leadership, BU heads Develop CX internal blog CX Roadmap: 180 Day Action Plan
  44. 44. | 44 Present Prototype Ecosystem Establish core intake prioritization schema Establish hardened measurement/reporting Prototype CX innovation management method Prototype X-channel data collection Prototype BI/data ETL approach/warehouse Prototype KPIs/metrics Prototype CX process Prototype org structure Collaborate on prototypes Co-establish KPI framework Progress Communications Establish Prototype Environment Establish CX funding Co-present business case Create CX Charter Gather and review all CX data/results Obtain Sr. buy in on funding and Charter Review all customer and Market BI/data/analytics Kickoff CX comms Review innovation management methods Marketing/Sales/Ops financial ecosystem Review customer segmentation/journeys Develop Comms Plan Launch internal blog Establish initiative goals Build business case Define CX Agenda Roadmap 180 day Journey Design CX team Align CX strategy with business strategy Build CX coalition Design coalition story Assemble core CXIMBI team leadership mandate Perform a CX skills/ capabilities Audit Perform an rapid BU collaboration audit Interview leadership, BU heads Develop CX internal blog Review competitive landscape Review operations strategy Review cultural landscape CENTERLINEYOURBANK CX Roadmap: 180 Day Action Plan
  45. 45. | 45 Present CXIMBI ecosystem to leadership Run two successive 2 week CX sprints Develop series of video content on the changes Tie CX to financial outcomes Refine ETL for BI/data and metric outputs Create CX governance Refine CX processes Design executive dashboards Launch video content on CX blog Collaborate on CXIMBI Sprints Collaborate on ETL for BI/data Co-create video content for blog Collaborate on Executive Dashboards Present Prototype Ecosystem Establish core intake prioritization schema Establish hardened measurement/reporting Prototype CX innovation management method Prototype X-channel data collection Prototype BI/data ETL approach/warehouse Prototype KPIs/metrics Prototype CX process Prototype org structure Collaborate on prototypes Co-establish KPI framework Progress Communications Establish Prototype Environment Establish CX funding Co-present business case Create CX Charter Gather and review all CX data/results Obtain Sr. buy in on funding and Charter Review all customer and Market BI/data/analytics Kickoff CX comms Review innovation management methods Marketing/Sales/Ops financial ecosystem Review customer segmentation/journeys Review competitive landscape Review operations strategy Review cultural landscape Develop Comms Plan Launch internal blog YOURBANKCENTERLINE Establish initiative goals Build business case Define CX Agenda Roadmap 180 day Journey Design CX team Align CX strategy with business strategy Build CX coalition Design coalition story Assemble core CX team leadership mandate Perform a CX skills/ capabilities Audit Perform an rapid BU collaboration audit Interview leadership, BU heads Develop CX internal blog CX Roadmap: 180 Day Action Plan
  46. 46. | 46 CENTERLINE’S OFFERINGS
  47. 47. | 47 Marketing Strategy Creative Content & Experiences Marketing Change Management Organizational Audit Future State Vision & Planning Maturity Modeling Business Case Design Data-based Marketing Assessment Organizational Design Organizational Map Roles, Responsibilities, and Authority Matrices Employee Engagement Programs Digital Transformation Transformation Frameworks Change Roadmaps Change-Ops Planning Implementation Planning/Support Training/Skills Development Center of Excellence Future Vision Integration Plans Process/Re-prioritization Organizational Governance Operations Strategy Operations Map Strategic Ops Alignment Performance Management Programs People/Teams Performance Metrics/KPI Strategy Executive Dashboards Content Performance Management Customer Experience (CX) Programs CX program design CX Axis Shift Plans CX Governance Program Design Voice of Customer Programs VOC Tools/Program Selection VOC Integration Strategy Program Integration/Support Discovery & Consensus Stakeholder interviews Ignitor Sessions Thought Leadership Workshops Digital Ecosystem Mapping Map Working Session Map Development Business Intelligence Programs Full-Cycle BI/Analytics Programs Data Warehouse BI Conceptual Architecture Data Models Visualization Reporting Analytics Dashboards Data Governance Measurement Goals Governance Governance Workshops Governance Model & Plan Content Auditing Content Inventory Asset Inventory Qualitative Assessment Quantitative Assessment Audience Research Rapid Persona Session Customer Interviews Persona Development Supplementary Research Content Strategy Content Types Content Flow Channel Matrix Content Model Taxonomy & Metadata Content Effectiveness Programs User Experience UX Evaluation & Plan User Flows Wireframes & Prototypes Usability Testing Information Architecture Card Sorting — Logical Groupings Information Architecture Development Competitive Research Competitor Analysis Social Monitoring/Reach Technology Evaluation Enterprise Content Management Marketing Automation Social Monitoring/Automation Social Media Activation Audience and Influencer research Activation Strategy Media Relations Social Monitoring and Reporting Benchmarking / Share of Voice Marketing Automation Email Marketing Retargeting Newsletters Brand Brand Identity Visual System Storytelling Design Style Guide Template Designs Social Tiles/Datagrams Development CMS Configuration Site Development QA/Testing Technical Requirements Content Creation Websites Interactives Mobile Apps Sales Tools/Enablement Infographics/Data Visualization eBooks/Whitepapers Presentations Blog/Vlog Video Animations
  48. 48. | 48 QUESTIONS?
  49. 49. | 49 Thank you Connect with us: www.centerline.net/MCM steven@centerline.net Steven Keith Exec. Dir. Consulting @stevenkeith

×