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Next Branch: Humanizing CX

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Banks have used automation to remove friction points for customers to great success. However, automation cannot replicate human interaction, which is more important when it comes to making big financial decisions. Banks have addressed convenience and are working on trust, building customers’ confidence comes next. This will require highly-skilled humans, with automation supporting them behind the scenes.

In this session, you will learn:

The importance of emotionally connecting with customers
The role the branch can play in creating these connections
The new tools available to respond to the fast pace changes in the marketplace

Published in: Economy & Finance
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Next Branch: Humanizing CX

  1. 1. Next Branch: Humanizing CX Jean-Pierre Lacroix President SLDNXT
  2. 2. Challenge: Banks are loosing their emotional connection
  3. 3. Left brain thinking is winning EFFICIENCY Self-service transactions ENGAGEMENT High value relationships
  4. 4. EFFICIENCY: Digital Transformation
  5. 5. 5 ATM Video ATM Digital Branches Smart ATM Universal Banker Robotics Biometrics Security Focus on transactional efficiencies
  6. 6. 7 More technology changes to come The 10 biggest U.S. banks, plus major credit card companies, have applied for at least 2,679 patents since 2013 in hot technologies where fintech startups are encroaching. Relecura Inc.
  7. 7. 8 Technology has not only changed the way people bank . . . it is changing the way people think
  8. 8. 9 Trust a big issue 9% in the UK are likely to trust recommendations based on AI algorithms Global study on trust & tech, HSBC/IPSOS Research, 2017
  9. 9. SECTION TITLE HEADLINE | SUBHEAD 10 ENGAGEMENT: Humanizing CX
  10. 10. Customers want better relationships and not technologies Consumers reacted poorly 11 42% 58% 59% 41% 42% 58% 23% 77% I like the idea I would rather talk to a teller 0% 50% 100% 150% 200% 250% How do you feel about experimental bank branches that have no tellers and every transaction is automated? Gen Z Millennials Gen X Baby Boomers Timetrade:TheStateofRetailBanking:ConsumerSurvey2016 15% 37% 40% 47% 49% I believe I get better rates when negotiating face to face I equate the comfort of branch experiences to shopping in a store I like my overall branch experience I receive more value from my bank when speaking to someone in person I trust my bank more when speaking to someone in person Why do you see yourself going to branches in the future? Accenture Research: 2016 North America Consumer Digital Banking Survey
  11. 11. 12 SLD Stealth Attrition Study 2017 Visits remain high 36% of consumers are not satisfied with the financial advice banks are providing.
  12. 12. 13 SLD Stealth Attrition Study 2017 Why? 70% of the banking relationship is transactional and less focused on expertise. I don't really think about it A way to manage day to day financial needs A good place to have a checking account A place I have to use to access my money A resource for professional financial insight and advice A trusted relationship that has long-term benefits I do not have a primary financial institution Don't Know 0 0.055 0.11 0.165 0.22 3.68% 2.45% 18.32% 3.42% 20.86% 20.16% 16.56% 14.55% How do you view your relationship with your primary financial institution? Please select one from the list below that is the most appropriate.
  13. 13. 14 SLD Stealth Attrition Study 2017 However: 40% of business growth comes from providing expertise and supporting financial well- being. Invests in your financial well-being Provides a plan to help you reach your financial goals Finds new ways to improve how you conduct your business Rewards you for being a loyal customer Finds ways to save you money Provides access to financial experts Customizes products and services to fit your needs Takes overall relationship into account when quoting fees and rates 0.34 0.358 0.375 0.393 0.41 38% 37.6% 41% 36.9% 35.1% 39.5% 37.1% 37.6% Customers would you be willing to add more products, consolidate to one account and actually pay more if their primary financial service provider offered a much better experience.
  14. 14. 15 Loyalty comes from more engagement with people in branches. SLD Stealth Attrition Study 2017
  15. 15. SECTION TITLE HEADLINE | SUBHEAD 16 Strategy #1 MOVE FROM FUNCTIONAL TO EMOTIONAL
  16. 16. 17 The Emotionally Connected customer generates 52% more annual value than one who is Highly Satisfied. Motista 2016 Study
  17. 17. 18 Emotional connections provide multiple growth factors Motista Study, 2017
  18. 18. 19 Motista 2016 Study Emotional connections also drive loyalty
  19. 19. SECTION TITLE HEADLINE | SUBHEAD 20 Strategy #2 MOVE FROM TRANSACTION TO IMMERSIVE
  20. 20. 21 Opportunity: Immersive Emotional Experiences Informative Engaging Seamless ExperientialPersonalFrictionless
  21. 21. Better CX across life stages 22
  22. 22. SECTION TITLE HEADLINE | SUBHEAD 23 Strategy #3 EMPLOYEE ENGAGEMENT AND SALES CHOREOGRAPHY ENGINEERING
  23. 23. 24 People matter 64% seek advice from people My bank branch manager or staff Friends and family Non-bank advisers Bank website Online reviews A competing bank website Google or online search Don't know 0% 7.5% 15% 22.5% 30% 10.64% 11.16% 0.61% 6.65% 6.35% 18.32% 29.38% 16.89% SLD Stealth Attrition Study 2017
  24. 24. 25 Shift from transaction to advice ecosystem Convenient Transactions Financial Confidence Ecosystem
  25. 25. SECTION TITLE HEADLINE | SUBHEAD 26 Strategy #4 MOVE FROM LINEAR TO AGILE PROCESSES
  26. 26. 27 v i s i o n requirements stories Product Backlog Progress through ideation, collaboration and testing SCRUM ROLESProduct Owner Scrum Leader Stakeholders Users Team Members Why not look at what is behind high tech’s success? Agile has been a powerful lever for driving consensus based innovation
  27. 27. DESIRE: the ultimate definition of brand loyalty Book release in June 2018
  28. 28. THANK YOU!JEAN-PIERRE LACROIX jplacroix@sldnxt.com TEDDY MA tma@sldnxt.com

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