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The future of financial services marketing communications

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Lexden's presentation made to the PROTECT (life, health and payment insurance forum) in response to FCA consultation paper. Covering how marketing communications will change to meet consumers changing needs

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The future of financial services marketing communications

  1. 1. September 2015 THE CHANGING ROLE OF COMMUNICATIONS IN FINANCIAL SERVICES christopherbrooks@lexdengroup.com The Courtyard, Windhill, Bishops Stortford, Herts CM23 2ND| 01279 902205 www.lexdengroup.com | @LEXDENGROUP
  2. 2. LEXDEN IS A CUSTOMER STRATEGY CONSULTANCY WE ACHIEVE THIS BY PUTTING CUSTOMERS AT THE START AND THE HEART OF THE DECISION FOR OUR CLIENTS WE WORK WITH CLIENTS TO ATTRACT AND RETAIN PROFITABLE CUSTOMERS
  3. 3. HELPING CLIENTS TO PROFIT BY BETTER FITTING IN TO THEIR CUSTOMER’S LIVES
  4. 4. THE ROLE OF COMMUNICATIONS HAS OBVIOUSLY EVOLVED OVER THE LAST 50 YEARS
  5. 5. THE FCA’S 2015 TOPICS FOR FOCUS ON ‘SMARTER CONSUMER COMMUNICATIONS’ SUGGESTS THAT THERE’S PLENTY OF WORK STILL TO DO PRESENTATION OF TERMS AND CONDITIONS FEE AND CHARGES DIRECTING QUERIES TO THE RELEVANT PART OF A FIRM AWARENESS OF THE OMBUDSMAN COMMON GI TERMINOLOGY TRANSPARENCY ON SCOPE/ COST OF INVESTMENT ADVICE INFORMATION AT RETIREMENT
  6. 6. 1. BIGGER THAN ALL OF US 2. DIGITALLY NAÏVE 3. ONE STEP AHEAD 4. RIGHT HERE, RIGHT NOW 5. CHANGING THE CURRENCY 6. REWARDING RECOVERY HOWEVER, OUR EXPERIENCE OF WORKING WITH CONSUMERS AND ACROSS OTHER SECTORS SUGGESTS SMARTER COMMUNICATIONS MEANS A WHOLE LOT MORE
  7. 7. 1. BIGGER THAN ANY OF US
  8. 8. COLLECTIVE CAMPAIGNS CAN HELP ALL IN SOME SECTORS EVEN COMPETITORS’ WILL COLLABORATE ON COMMUNICATIONS, WHEN IT MATTERS TO CONSUMERS
  9. 9. IN FINANCIAL SERVICES THE FOCUS IS MORE ON STOKING UP THE COMPETITION, RATHER THAN PUTTING THE CUSTOMER FIRST. in this ad the starting point is already ‘choosing your new bank’. why isn’t it 1. ‘consider how well your bank delivers what it is you want from them. if it works, stay where you are . if not, tell them what more they need to do better. if they don’t meet your standard check how others fulfil these important things to you to ensure others do it better. only then think about switching.
  10. 10. 2.DIGITALLYNAÏVE
  11. 11. MOBILE FIRST THINKING HAS BECOME BRAND LAST THINKING. WITH LESS AND LESS PROTECTION OF BRAND AND ENGAGEMENT OPPORTUNITIES SACRIFICED FOR SELF- SERVE AND DIGITALISATION OF EXISTING SERVICES COMMUNICATION OPPORTUNITIES VANISH! MOBILE TRADING PLATFORM CONTACTLESS APPLE PAY WATCH
  12. 12. 3. ONE STEP AHEAD
  13. 13. A CONNECTED HOME, CAR OR HUMAN MEANS MORE ENGAGEMENT OPPORTUNITIES, ASSUMING PROVIDERS CAN GET BEYOND PRICE We visited the Grand Design Show to discover what opportunities existed from the connected home. We discovered great opportunities for customers which could be provided via insurers. However, we found an insurers stand where connected was offered as a promotional discount! The opportunity of ‘connected home’ for communication engagement How the insurers see connected World of Connected
  14. 14. 4. RESULTS – RIGHT HERE RIGHT NOW
  15. 15. Hotel real time feedback Banking real time feedback TECHNOLOGY ENABLES REAL-TIME FEEDBACK. IT CREATES MULTIPLE COMMUNICATION OPPORTUNITIES. HOWEVER, REAL- TIME MEANS JUST THAT. IT’S A PACE FINANCIAL SERVICES BRANDS STRUGGLE WITH…SO WILL THEY BE ABLE TO CAPITALISE? Whilst hotels employ real-time technology to deal with customers issues as they occur,, this example highlights the lost credit card request reported in branch as part of a mystery shop. As soon as it was entered on the teller’s system a text appeared on my phone…much to the surprise of the teller, who also told me it would be with me in 7 days (where as the txt said 5).
  16. 16. 5. CHANGE THE CURRENCY
  17. 17. IT IS SAID THE CONSUMER IS OBSESSED BY PRICE & CONVENIENCE. NOT SO. THE CONSUMER SEEKS FULFILMENT 1) IN THE OUTCOME &…. New companies like Nutmeg help consumers understand how much longer they will work to earn the retirement they want. Realising that trading in a commodity of value to consumers today keeps it relevant. Being relevant creates communication opportunities.
  18. 18. …..2) IN THE EXPERIENCE. THE JOURNEY IS PART OF THE VALUE EQUATION AND AGAIN BECOME A POINT OF COMMINICATIONS IF OPTIMISED WELL
  19. 19. 6.REWARDINGRECOVERY
  20. 20. CUSTOMER FEEDBACK PROGRAMMES ARE NOT JUST A REVIEW OF THE COMMUNICATION & EXPERIENCE, THEY ARE ACTUALLY A BRANDED COMMUNICATION TOUCH POINT
  21. 21. COMPENSATION, COMPLAINTS AND CUSTOMER RECOVERY ARE AN INCREASINGLY IMPORTANT AND FREQUENT CUSTOMER TOUCH POINT When FS brands deliver responses dealing with negative issues it often leaves a less favourable, or ‘non-plus’ perception with customers of the brand. However, the opportunity is there to do make much more, as this Ritz Carlton example of a hotel having fun dealing with a lost toy customer issue
  22. 22. LEXDEN IS A LEADING INDEPENDENT SPECIALIST IN CUSTOMER EXPERIENCE. Our leadership team includes Dr Phil Klaus, whose award winning research has led industry thinking on CX management and profitability. He also feature on the world CX speaking circuit and is a top Amazon ranking business author. We bring a variety of real world experiences diverse and varied, having worked across several sectors at all levels. However, when it comes to putting customers first to drive greater profitability returns, we are all united. ABOUT US
  23. 23. OUR SPECIALISM WE CREATE POSITIVE CONNECTIONS BETWEEN OUR CLIENT’S BRANDS, THEIR EMPLOYEES AND THEIR CUSTOMERS. WE HELP CLIENTS UNLOCK INCREMENTAL PROFITS BY PROVIDING COMPELLING VALUE PROPOSITIONS AND DELIVERING ENHANCED CUSTOMER EXPERIENCE WHEN IT MATTERS. Our specialist subject is customers and we use customer insights, behaviours and expectations to create practical integrated strategies which clients can activate to make this most precious of all currencies work for them. IS HELPING DRIVE BOTTOM LINE PROFITABILITY THROUGH BETTER EXPERIENCES
  24. 24. THE LEXDEN DIFFERENCE THINK CUSTOMER, BE CUSTOMER • We are there because the customer needs to be REPRESENTED. • Keep the customer close to your thoughts. Make sure you understand them. • Become them. Represent them. Protect them. • Strive to make the brands RELATIONSHIP with the customer better for all involved. VALUED OUTSIDE IN PERSPECTIVE • We have a PERPETUAL CURIOSITY for what makes people tick and what destines lives. • We observe how other business’ fulfil this through branded customer experience and propositions. • We hunt globally for better customer outcomes and INTERPRET them into our clients worlds. COMMERCIALLY ATTUNED • The business defines healthy in terms such as the value of its share or its brand equity or revenues etc. • Customer as a strategy delivers these as a consequence of increased PREFERENCE, ADVOCACY and loyalty. • We work to direct customer fulfilling improvements to connect with these commercial driver enablers.
  25. 25. OUR CLIENTS CUSTOMERS MATTER TO US They always provide the highest quality reviews and output that is grounded in the commercial realities of the business. Colin Robertson, Customer Director, MORE TH>N Working with Lexden has been great, inspirational and a highly rewarding experience starting from a complex business case - deployed in a demanding environment, they came with a first class approach to define and develop customer experience initiatives for over 110 hotels throughout Europe, Middle East and Africa. Marie - Laure Blaise, Manager, Quality Assurance, Park Inn by Radisson Hotels Christopher delivered a first class presentation on Putting Customers First at our Protect Association conference. As Simon Cowell would say, ‘He nailed it!’ Steve Devine, Chairman, PROTECT I had the pleasure of working with Christopher to establish a new Customer Experience team. He directed us deftly through the course of forming a team and taught me a tremendous amount about what it means to really ‘think customer’. Christopher used his extensive experience to help us examine the choices we make for our customers and reconsider our approach. I can’t speak highly enough of Christopher as a customer champion and master of original thinking.“ Celia Felgate, Customer Experience Manager, npower The team at Lexden helped us to structure and prioritise our customers listening programme at key stages of their journey with us. With their help we were able to define which aspects of the customer experience were most important and therefore where fix and build investment should be placed. Thanks to Lexden we were able to introduce a customer experience tracker where feedback became focused and usable by our internal teams. Lucy Carter, Head of Brand & Insight, William Hill The method of work & fundamentally the results, demonstrated an intelligent progressive and creative marketing approach. It consumed everyone. Hugo Pinea, Oney Bank, Portugal
  26. 26. THANK YOU christopherbrooks@lexdengroup.com The Courtyard, Windhill, Bishops Stortford, Herts CM23 2ND| 01279 902205 www.lexdengroup.com | @LEXDENGROUP

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