According to research findings released by NTT DATA Services, voice-controlled virtual assistants such as Amazon’s Alexa and Apple’s Siri will influence the future of online and mobile interactions between consumers and their financial services institutions and insurance carriers.

1. © 2017 NTT DATA, Inc. All rights reserved. 1
Digital CX in 2020:
Cracking the Code on Data
Lisa Woodley, Vice President, Customer
Experience, FSI Business Consulting
December 5, 2017

2. © 2017 NTT DATA, Inc. All rights reserved. 2
1
2 What do consumers want from their digital
customer experience in the future?
3
4
Key Questions
Are consumers happy with the digital
customer experience offered by financial
services institutions?
Is the digital customer experience a priority
for financial services institutions?
What challenges do financial services
institutions need to overcome to improve the
digital customer experience?
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Consumer:
• 1,102 consumer survey
responses
• Online survey
• U.S. based
• Required to be 18+
Financial Firms:
• 102 FSI surveys conducted with
executives involved in decision-
making, budgeting, strategy or
execution
• Director level employees
and above
• Total assets of financial firms
ranged from $10 billion to $500
billion or more
Household Income Age Distribution
Overall mix of respondents reflects a
higher income base
Even distribution of respondents
across age segments
Financial Services Institutions Interview Summary
102 surveys were conducted with executives involved in decision-making, budgeting, strategy or execution of
customer experience and customer-related data
9%
18%
33%
40%Banks
45%
33%
18%
5%
Less than $49,999
$50,000 to $99,999
$100,000 to $199,999
$200,000 or more
23%
42%
36%
18-34
35-54
Over 55
Survey
Snapshots
Insurance Company
Brokerage Firms
Other
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Totally disagree2%
Totally agree16%
Disagree2%
Agree52%
Neutral28%
of respondents are
totally satisfied with
their digital CX
Only 16%
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Customers Satisfaction of
FSI Digital CX is Lukewarm
Q18: Do you agree or disagree with the following statement?
Overall, I'm satisfied with my digital CX with FSIs.

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Check balances Pay bills Monitor savings
FSI’s Handle the Easy Tasks Well
Excellent Digital CX
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Open a credit card
• Basic tasks involving transactions monitoring and applications are
considered straight forward
– They are also the most common activities conducted on mobile
devices
• Small and online banks have the highest percentage of
respondents providing and “excellent” rating
Q20. Generally, how would you rate your digital CX with each of the following interactions with this institution?
Ranking based on Excellent rating for Top 5 Banks

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What’s Annoying
Customers the
Most …
Top 5 Most Annoying Customer Experiences
Not being able to accomplish what I wanted to do
There are a number of
areas that remain a
challenge with CX
1
Options provided are not relevant to me2
Having time being wasted by tasks that take too
long to complete
3
Having to enter the same information multiple times in a
single transaction
4
When too many options make completing the
task difficult
5
Q21. Which of these customer experiences make you most annoyed?
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Explorers
27% of Survey
Settlers
73% of Survey
Fast & Simple CX
Occasional mobile user
Get it done quickly
Values an intuitive user interface
and minimal effort to complete
transactions
More Loyal
Digital CX needs to improve
Prefer or would consider using
Alexa or Siri
Would leave FSI for a better
digital CX
18%
12%
0%
73%
41%
86%
Know me and guide me CX
Habitual mobile user
Looking for customized and
intelligent support
Value tools, advice and reminders
Less Loyal
Survey Consumer
Profile:
Some consumers just
want to complete the
task while others view
digital CX as a lifestyle
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Settlers: Older: 81% of all respondents over 55
Technology Laggards: More likely to use the desktop and to
conduct online banking on the web
Loyalty: Prefer to work with fewer FSIs
Value Relationships: Not all digital. Prefer access to a
local storefront
Security: More concerned about security when it comes to
devices such as Alexa or Siri
CX Preferences: Stroger CX preferences for responsiveness
and keeping it simple
Transaction users are
less likely to change
FSIs and prefer to
keep it simple and
responsive
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Explorers:
Younger: This small segments represents 41% of all
respondents between 18 and 34
Technology Early Adopter: Much more willing to consider
using artificial intelligence agents such as Alexa and Siri
Lack of Commitment: Doesn't mind managing multiple
FSI relationships
Value Cost-savings: Higher preference to spend less on
products and services
Data Sharing: A much higher willingness to provide
household purchase information if it helps with financial goals
CX Preferences: Stronger preferences for honesty,
respect and trust
Digital Lifestyle users
are less loyal to their
FSI and willing to share
data to make an
experience more
customized
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Guidance.
• Provides tools and recommendations
• Predict my needs
• Uses innovative technology
Personalization.
• Easy to identify products
• Knows who I am
• Customize my preferences
Ease of Use.
• Intuitive navigation
• Able to complete tasks quickly
• Minimal errors
3
2
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Evolution of the Digital CX
1
Settlers
73% of Survey
Explorers
27% of Survey

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Mobile Banking Continues to Accelerate
36% accessing their accounts habitually,
4+ times a week
67% access their mobile banking more
than 2-3 times per week
access their mobile
banking weekly
accessing their
accounts habitually,
4+ times a week
Mobile Banking
Continues to
Accelerate
The most positive
customer experiences
are the ones that are
fast and easy.
36% 67%
40%
growth in daily use of mobile
devices over the past
three years
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Q16. How frequently do you use your mobile device for banking?Q11: How frequently do you use one of your online or mobile devices to support your FSI needs?

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Settlers Explorers
Explorers Seek More
Personalization and Guidance to
Reach their Financial Goals
Advise me on my options in insurance
Connect the dots between my income, expenses, and savings
– recommending to save that bonus instead of buying a new car
Proactively send me reminders on upcoming major payments
Intervene and prevent major purchases
Act as a voice of reason on major overall spending decisions –
recommending against purchases to help stay within budget
45% 77%
40% 75%
52% 75%
32% 66%
22% 61%
Q24: I would like my FSI to provide the option to: (% of respondents who agree with the statement)
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Explorers
are Willing to
Share Personal
Data for an
Improved DCX
Providing FSIs with
access to a wide range
of data if it enables
them to provide advice
to meet their
financial goals.
ExplorersSettlers
In-store retail purchase information
Geo location information
Information at other FIs (excluding credit cards)
Airline Programs (frequent flyer information)
Credit card information (from other banks)
Online retail purchase information
Uber/Lyft/ OpenTable information
Facebook and Twitter information
Willing to share …
81%
80%
77%
76%
75%
74%
64%
62%
64%
55%
56%
52%
58%
51%
44%
35%
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Data
Mining
Data
Quality
Data
Access
Data
Analytics
Data Strategy
How to Start
Thinking About
Data Differently
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 Treat data as an
asset
 Create a vision for
how to leverage data
 Focus on the 5
essential elements
of a good data
framework
Retention
Loyalty
Advocacy
Wallet Share
LoremGreater Lifetime Customer Value

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Conclusion
• FSIs recognize the importance of
Digital CX
• There is a distinct group of consumers – who
represent the future customer base – that are
less loyal to their FSI and willing to share
data for more personalization and guidance
• Major data challenges exist for FSIs to
improve the Digital CX
• Data makes the difference in Digital CX
• FSIs must focus on four essential elements of
a good data framework in order to elevate the
Digital CX and future proof their business
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16. © 2017 NTT DATA, Inc. All rights reserved.
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