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Transforming Customer Experience through Digital Capability: a Banking Customer Journey

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Digitization and technological innovations have changed the face of the marketplace and competitors. In this presentation we emphasize the need to create coherent customer journeys to enable the 3 imperatives- Create (Consistent customer information across all channels, when they want it, where they want it: Omni- channel experience); Enhance (Rich and effortless experience at every touch-point.); and Predict (Personalized messaging that is very relevant to your consumers.)

Published in: Technology

Transforming Customer Experience through Digital Capability: a Banking Customer Journey

  1. 1. October 15, 2015 Deliver Delightful Experiences & Effortless Transactions for Your Customer Customer Experience Digital Capability
  2. 2. It’s Harder to Compete Now Than Ever Before 83% Customers Comfortable with Conducting Their Banking Through Internet and Technology Companies
  3. 3. So, How Do You Differentiate? Quicker Pace of Innovation Implies • Transaction optimization is not a sustainable advantage • Transactional banking is table-stakes Stricter Regulation Forces • Identical Processes • Similar Operational Efficiencies New Competitive Battlefield Customer Experience is the New Competitive Battlefield for Differentiation
  4. 4. sridesik@cisco.com How Important is Customer Experience? In 2016 89%66%In 2013 Of companies will compete based on customer experience (up from 36% in 2012)** CompaniesConsumers Switched brands due to poor customer experience*
  5. 5. What is Superior Customer Experience? Next Generation Banking Model * Accenture, Banking 2016 – Accelerating growth and optimizing costs in distribution and marketing Banking Experience Today Savings Checking ESPP Mortgage Trading 401K 529 Banking is Moving from Transactions to Relationships Savings Acct. Checking/ Current Accts. 401K IRA HSA Stocks Mutual Funds Bonds Trust Management ESPP 529 ID Monitoring Credit Monitoring Umbrella Coverage Checks, Demand Drafts Lockers Credit Cards Bill Payments Home Equity & Mortgage Car Loans Personal Loan Metals & Jewels LoansCertificate of Deposit Banking Experience TomorrowWhat Do Customers Want? Easy Access to a Full Suite of Financial Products Across All Channels Simple, Reliable and Quick Service Experience How Can You Deliver? Enhance Service Experience – Transform into a Financial/Non-Financial Digital Bank* Create A Multichannel Bank* Personalized Recommendations Predict Customer Needs – A ‘Socially Engaging’ Bank* Deliver Delightful Experiences and Effortless Transactions for Your Customer
  6. 6. The Retail Banking Experience… Transformed “A New Job in a New City”
  7. 7. 65% Customers interact with their bank through multiple channels** 61% Of 18-25 yr. olds use Mobile Banking* 66% Of all service contact will happen online*** Why Create an Intelligent Multi-channel Experience? * Montise – The Mobile Money Landscape: Market Statistics and Expert Views 2015 ** McKinsey & Company: Retail Banking Insights *** Boston Consulting Group – Distribution 2020: The Next Big Journey for Retail Banks SMS Chat Social Media Mobile Voice Web Email Branch ATM Kiosk Home “My Bank engages with me where I spend time…” Siloed Channels
  8. 8. 44% Chose a Bank Based on Recommendations From Family and Friends • Influence choices made • Discover preferences Social Miner Social Miner monitors social media communities for questions posted, queuing them to the right expert for pro-active customer engagement
  9. 9. I am looking for a short term low risk investment. When do you plan to withdraw your money? I am thinking of buying a house in 2 years. Let me show you our tax-free bonds. Ok. 83% of Consumers Want Some Sort of Support in Their Online Journey • Bring the advisor to the customer • Accelerate decision to invest Remote Expert Mobile delivers a rich consultation experience using chat, HD video, co-browse, content share and annotation features Contact Center enables seamless authentication from chat to video and routes to the right sales agent First Day on the Job
  10. 10. Why Enhance Service and Branch Experience? * Oliver Wyman, September 2014, The Financial Brand ** Boston Consulting Group - Distribution 2020: The Next Big Journey for Retail Banks 66% Of all customer service requests will be conducted online by 2020** 70% Open checking accounts in a branch* 40% Of consumers switched bank due to negative bank experience*
  11. 11. • Accelerate the sale • Cross-sell products First Day on the Job Elect Benefits
  12. 12. • Accelerate the sale • Cross-sell products Remote Expert Kiosk provides rich self-service ability to browse catalogs, find prices and compare products Connected Mobile Experiences facilitates quick identification of customers, offer in-store promotions, reward loyalty and upsell products Digital Branch Platform assures rich store experience through intelligent bandwidth management, local catalog caching and application hosting, QoS management for apps Digital Signage Displays Increase the Average Customer Spend by 29.5% First Day on the Job Elect Benefits
  13. 13. 66% of All Service requests Will Be Conducted Online by 2020 • Loyalty through exceptional service Remote Expert Mobile & Insight delivers identical rich support experience any where, any time and on any mobile device with prior engagement insight Contact Center with Finesse and Web Interaction Manager enables quick authentication and efficient routing to the best support agent First Day on the Job Elect Benefits Visit Branch
  14. 14. 59% Customers thinking of opening a service did so after receiving something from the bank ** 60% Of on-site recommendations resulted in a sale*** 69% Of consumers would provide private information for more personalised service* * Cisco Consulting Services ** Gallup US Retail Banking Survey *** Fortune magazine article by JP Mangalindan quoting Sucharita Mulpuru, a Forrester analyst: Amazon's recommendation secret Know Your Customer Who, Wants What, Where, When, Why And How? Why Predict Customer Needs?
  15. 15. The Agent’s Seamless View Historical Insight Customer need not re-explain issue Metrics Identify loyal and loc-cost-to-serve customers CLV | FCR | CSATContext for Upsell Predict customer intent to purchase Sentiment | Call History Predict customer state of mind and engagement level Manage to Delight • Decrease repeat calls and churn • Improve first call resolution • Increase customer life time value Remote Expert Insight with Finesse enables the support agent upsell products by viewing a 360 degree view of customer’s interactions and preference 89% of Customers Switched Brands Due to a Bad Customer Experience
  16. 16. The Benefit Enhance Service Experience – Transform into a Financial/ Non-Financial Digital Bank* Predict Customer Needs – A ‘Socially Engaging’ Bank* Create A Multichannel Bank* Customers Get Personalized Recommendations Simple, Reliable and Quick Service Experience Easy Access to a Full Suite of Financial Products Across All Channels
  17. 17. How Can You Start? Location-Based Analytics (CAM,EMSP,CVP) Virtual Expertise (REM, REB) Intelligent Contact Center (UCCE/UCCX, CUCM, CVP) Mobile Experience (CMX, EMSP) Digital Branch Platform (ISR, UCS) Connected Analytics (CAC,CACC,CMX) CiscoServices&Partners Enhance Service Experience – Transform into a Financial/ Non-Financial Digital Bank* Predict Customer Needs – A ‘Socially Engaging’ Bank* Create A Multichannel Bank*
  18. 18. Enabled by Cisco Services • Align IT strategy to business objectives • Identify best solution design based on industry best practices and needs • 24x7 global access • Monitor proactively • Ensure business continuity • Consumption model options • Managed or cloud, on or off premises • Prove, pilot, design • Build and measure outcomes • Optimize and secure solution
  19. 19. Powered by a Cisco Ecosystem Partner APJCEMEAR EOS EXD Virtual Expertise India Thailand/SG Vvirtual ExpertiseAR’s ISV’s Consultants/SI’s Virtual Expertise Watermark AMERICA S Mobile Experiences
  20. 20. Cisco Collaboration Architecture Cisco Unified Datacenter Architecture Cisco Enterprise Networks Architecture • Network Security • Unified Access • Intelligent WAN • Application Centric Infrastructure Innovate Why Cisco? Growing Catalog Manage Partner Ecosystem Pay Commercial Models Build Cisco® Services Design • Day 0: Consulting Services • Day 1: Implementation Services • Day 2: Support and Managed Services • Cisco Capital financing • Multiple Consumption Models • Trained Ecosystem of Partners • Continual Partner Certification • Growing Solution Portfolio • End-to-End Solutions Contact Srivatsan Desikan (sridesik@cisco.com) for questions • Tested Proven Architectures • Validated Offer Blocks & Published BOM Robust Catalog
  21. 21. Questions?
  22. 22. Next Steps Contact your regional sales rep View a demo Schedule an assessment visit
  23. 23. In working with businesses across the globe we have found that connecting via video collaboration delivers a more personalized experience over voice alone. With the new video collaboration capability, American Express is taking their Relationship Care brand of service to the next level of personalization. Simplicity and ease of use for the customer is key. It takes the personality of American Express to a new, more engaging level for their customers. Retail American Express (Amex) Serving the Emerging Digital Customer Challenge • Looking to provide increased service to high value (Blackcard) customers • Deliver new Omni-channel business models • Transform customer experience Solution • Exciting new customer interaction experiences on mobile • Deploy customer-facing, virtual advisors (Remote Expert Mobile) Results • NPS increased by 38% for customers using the capability • Amex immediately broadened the reach to include Costco-Amex-Card members
  24. 24. “The Cisco solution has helped us improve customer satisfaction and staff efficiency while at the same time increasing mortgage sales. The business case in favor of the Cisco solution stacked up quickly.” Andrew Nation, Senior Manager, Future Customer Outcomes at Nationwide Retail Nationwide Building Society Increases Profitable Wallet-share Capture in Mortgage Lending Challenge • Improve customer satisfaction • Enhance access to experts • Reduce leakage of business to competitors Solution • Deploy customer-facing “Virtual Advisors” enabled by Cisco • Enable the close of mortgage sales in branch by accessing mortgage advisors from central pool • Manage ad-hoc and scheduled meetings Results • 60+% improvement in new mortgage business • Double digit improvement in client net satisfaction • 66% reduction in cost of sale
  25. 25. “More Australians are feeling increasingly time poor and many employees are working long or irregular hours. ME Bank is taking banking to the customer, rather than making them come to us.” Mr. Ian Hendey, Group Executive Sales, ME Bank Retail ME Bank Customer convenience and full service Challenge • Expand reach of bank without building branches • Enhance access to experts • Manage costs Solution • A video phone to access ME Bank’s call center • A private office space for meetings with a banker • Access to internet banking Results • Increased customer satisfaction • Added convenience for ME Bank customers • Helping businesses become/stay an “employer of choice”

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