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Interactive Mobile Messaging: A Next Generation Communication Strategy that Works


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Learn why interactive text messaging provides greater value and improves customer service through low-cost, actionable conversations that are fully-automated.

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Interactive Mobile Messaging: A Next Generation Communication Strategy that Works

  1. 1. Interactive Mobile Messaging: A Next-Generation Communication Strategy That Works<br />1<br />
  2. 2. Why Interactive Text Messaging Is Critical To Your Organization <br />2<br />
  3. 3. Why Alerts Matter<br />Alerts can serve as the customer’s financial nervous system and touch almost every aspect of banking.<br />Alerts will introduce customers to mobile banking and payments.<br />Financial alerts are conversation-starters with customers.<br />Timely alerts can deputize the customer.<br />Alerts can build customer trust. <br />3<br />
  4. 4. Javelin’s Five-Year Forecast for Financial Alerts<br />62 Million Online Households Will Receive Alerts by 2014 <br />4<br />
  5. 5. Bullish Signs for Mobile Banking<br />Ubiquitous devices.<br />More banks are offering it.<br />Consumers are switching banks for it.<br />8% of switchers in first quarter!<br />Smartphone frenzy.<br />Affordable data plans.<br />Demand for downloads.<br />Range of products and <br />price points.<br />
  6. 6. 2 of 3 Consumers Consider Alerts Useful<br />Usefulness of Alerts to Detect Fraud and Manage Finances<br />6<br />
  7. 7. Most Consumers Want to Share Responsibility for Protecting Their Accounts<br />Consumer Attitudes for Who Bears Primary Responsibility for Account Security<br />7<br />
  8. 8. All Generations View Alerts as Effective Fraud-Fighting Tools<br />Usefulness of Financial Alerts to Prevent Fraud (by Generation)<br />8<br />
  9. 9. What Is Slowing Consumer Adoption Of Mobile Alerts? <br />9<br />
  10. 10. Seven Critical Flaws of Alerts<br />10<br />Not useful enough<br />Not woven into everything an FI does<br />Headache to set up and tailor<br />Not timely enough<br />Not actionable enough<br />Poor marketing<br />Not safe enough<br />
  11. 11. Early-Stage Volatility: Preferences for Alerts Shift Over Time<br />Most Valuable E-Mail or Text Alerts (2007-2009)<br />11<br />Consumer ratings for four alerts plunged 8-16 percentage points from 2008.<br />
  12. 12. Hispanics and Asians are Growth Segments; Multilingual Programs Help Remove Barriers to Entry<br />12<br />90%<br />85%<br />80%<br />1960<br />70%<br />67%<br />2005<br />2050<br />60%<br />50%<br />47%<br />40%<br />29%<br />30%<br />20%<br />14%<br />13%<br />13%<br />11%<br />9%<br />10%<br />5%<br />4%<br />1%<br />0%<br />White<br />Hispanic<br />African<br />-<br />American <br />Asian<br />©<br />2010 Javelin Strategy & Research<br />U.S. Demographic Projections<br />Pew Research Center – U.S. Population Projections 2005 – 2050 February 2008<br />
  13. 13. How to Identify Which Mobile Alerts Can Add Customer Value And Reduce Costs<br />13<br />
  14. 14. Consumers Desire to be Contacted Through Various Channels<br />14<br />
  15. 15. Six Segments That Show Significantly Higher Use of Alerts<br />Usage of Alerts in Previous 30 days (By Market Segments)<br />15<br />iPhone users are pace-setters – once again.<br />
  16. 16. ‘Moneyhawks’ are Heavy Users of Banking Services<br />Figure 6: Services Used in Past 30 Days Cumulatively (Moneyhawks vs. Consumers)<br />16<br />Moneyhawks<br /><ul><li>They receive alerts at least quarterly.
  17. 17. They comprise 23% of respondents.</li></li></ul><li>9 of 10 Consumers Take Action When They Receive an Alert<br />How Consumers Respond to Financial Alerts<br />17<br />
  18. 18. How To Incorporate Interactive Text Messaging Into A Multi-Channel Communications Strategy <br />18<br />
  19. 19. Customer-Driven Architecture Will Define the Future of Interactive Finance<br />Customer Experience and Business Impact<br />(From collective analysis of Javelin’s 265,000 proprietary industry research of consumers, merchants, FIs, vendors) <br />© 2010 Javelin Strategy & Research<br />
  20. 20. Two-Way Interactive Alerts Allow Customers to Participate in Fraud Prevention<br />20<br />
  21. 21. Priority No. 1: Identify Alerts That Matter Most To Consumers And Financial Institutions<br />Javelin Method for Prioritizing Alerts<br />21<br />Target alerts that will score highly for both parties.<br />
  22. 22. Priority No. 2: Minimize The Need To Set Or Tailor Alerts At An Intimidating Online Control Panel<br />Four ways to improve:<br />Default consumers into alerts.<br />Recommend “starter bundles.”<br />Enable customers to set alerts on the fly.<br />Experiment with predictive analytics.<br />22<br />
  23. 23. SoundBite CommunicationsInteractive Mobile Messaging<br />Alan Berrey<br />July 21, 2010<br />
  24. 24. Breaking Through the Noise<br />24<br />direct mail<br />text messaging<br />email<br />social media<br />voice<br />To get desired results, <br />communications must be...<br />Relevant<br />Personal<br />Timely<br />Interactive<br />
  25. 25. Interactive Mobile Messaging<br />“Interactive Mobile Messaging” is a set of mobile features that are available on SoundBite’s Engage Platform. Based on intelligent rules-based processing, the features include automated mobile conversations, via voice, text, email, or a combination thereof.<br />More than one-way mobile alerts<br />Sufficient detail and adequate response alternatives<br />Clear call to action<br />Support for mobile originated conversations<br />Channel blending and escalation<br />25<br />
  26. 26. Corporate Benefits<br />Consumer Benefits<br />Cost Savings<br />Reduced operations and telephony costs<br />Reduced Agent time/cost (multi-tasking)<br />Service Improvement<br />Fewer dropped calls due to hold times<br />Expanded options for customers<br />Preferred Channel<br />Convenience/Productivity<br />No waiting on hold<br />Privacy<br />Reduced redundancy<br />Control<br />No feeling of being stuck on the phone<br />Consumer controls the pace of the conversation<br />26<br />Benefits of Interactive Text Messaging<br />
  27. 27. About SoundBite Communications<br />
  28. 28. Introduction to SoundBite Communications<br />Proactive Customer Communications Market Leader<br />Intelligent platform enables clients to design, execute, measure and optimize customer communications <br />Multi-channel: voice, text, email<br />Software-as-a-Service (SaaS)<br />Solutions span clients’ customer lifecycle <br />Over 200 clients<br />~50 Fortune 500 B2C companies<br />Strong financial position<br />$36M cash<br />No debt<br />28<br />Company Facts<br /><ul><li>Founded: 2000
  29. 29. Headquarters: Bedford, MA
  30. 30. NASDAQ Ticker: SDBT
  31. 31. 2009 Revenue: $40M
  32. 32. 2009 Messages: 2.0B</li></li></ul><li>Key Strengths<br />29<br />Clients andMarket Position<br />Innovation<br />Expertise<br />Financial<br />Technology<br /><ul><li>Proactive Customer Communications (PCC) Market leader
  33. 33. 200+clients, including ~50 Fortune 500 B2Cs
  34. 34. Valued set of business partners
  35. 35. Emerging global position
  36. 36. 2B+ messages annually
  37. 37. 10 Years providing PCC
  38. 38. ~200 R&D man years
  39. 39. Domain expertise: verticals, channels, and customer lifecycle applications
  40. 40. Flexible, on-demand platform
  41. 41. Extensive patent portfolio
  42. 42. Intelligent, interactive, multi-channel communications
  43. 43. SAS70 Type II & PCI Level 1 compliant
  44. 44. Publicly traded (NASDAQ: SDBT)
  45. 45. $40M+ TTM revenue establishes SDBT as a market leader
  46. 46. Strong cash position
  47. 47. No debt
  48. 48. Free-to-end-user text messaging
  49. 49. Preference Management
  50. 50. Interactive mobile
  51. 51. Contact Center Text Messaging Solution
  52. 52. First with integrated AVM, text, predictive, and email
  53. 53. Blending and escalation</li></li></ul><li>7 of the top 10 global issuing banks<br />7 of the top 10 U.S. telecom & media providers<br />5 of the top 12 U.S. retailers<br />12 of the top 20 U.S. utility providers<br />~90 collections firms<br />30<br />SoundBite Users Include ~50 Fortune 500 Companies<br />Financial Services<br />Telecom& Media<br />Retail<br />Energy & Utilities<br />Collection Agencies<br />More than 200 clients actively use <br />SoundBite’s Proactive Customer Communications offering<br />
  54. 54. SoundBite Engage Platform<br />ClientData<br />Contact Center<br />Business <br />Applications<br />Functional /<br />Business Unit<br />Clients<br />FTP Automation<br />Agent Portal<br />Web Services API<br />Client Web Interface<br />Enterprise Management<br />SoundBite Engage™ Platform <br />Contact and Preference Management<br />Campaign StrategyManager<br />Campaign and Contact Center Management<br />Analyticsand Reporting<br />Security and Compliance<br />Dialog Engine<br />Voice<br />Text<br />Email<br />31<br />Consumers<br />
  55. 55. Interactive Mobile Messaging<br />Empowers your organization to communicate with consumers over a preferred communications channel using their mobile devices<br />Leverages two features unique to SoundBite Multi-Channel Communications Platform<br />SoundBite Dialog Engine<br />SoundBite Agent Text Portal<br />32<br />Dialog Engine<br />Agent Text Portal<br />Consumer<br />
  56. 56. Interactive Mobile Messaging Solutions with SoundBite Engage ™<br />
  57. 57. 34<br />Communications Across the Customer Lifecycle<br />Sales & Marketing<br />Collections & Risk Mgmt<br />Customer Lifecycle<br />Customer Care<br />Payments<br />
  58. 58. Banking Example: Proactive Payment<br />35<br />Your Bank National account is almost due.(acct# ending 3333) For payment options reply PAY. Questions reply HELP or call 888-000-0000.To end alerts reply STOP<br />Customer<br />Dialog Engine<br />PAY<br />Bank National: Balance $723.44.Minimum pmt $42.18.You can pay from debit acct#_7372. Pay entire balance or make minimum payment. Reply PAYALL, or PAYMIN<br />PAYMIN<br />Bank National: Please confirm you want to make a payment of $42.18 using debit acct#_7372. To confirm and make payment reply CONFIRM. To cancel reply CANCEL<br />CONFIRM<br />Bank National: Thank you, your payment of $42.18 has been processed. Confirmation #88128. For more text message options reply MENU<br />
  59. 59. Banking Example 2: Agent Support<br />Free Msg: Welcome to First National! Did you know customer support can be reached by text message? For options, or to send a text msg to a live agent, reply MENU<br />Customer<br />Dialog Engine<br />36<br />MENU<br />First Nat’l:You can get info about your acct, service, billing, and more. Reply PHONE, SERV,or BILL. Or to send text to an agent reply AGENT plus your question<br />AGENT how do I change my payment due date to the 15th of each month<br />First Nat’l has received your message. An agent will reply shortly. For more text options reply MORE<br />Agent Text<br />Portal<br />This is Jen from First Nat’l, I am happy to change your payment due date …<br />
  60. 60. Mobile Originated Conversation<br />A printed piece or web site says,“For support text SUPPORT to 77053”<br />Customer<br />Dialog Engine<br />37<br />SUPPORT<br />Welcome to First National Bank Support. To check your balance at any time reply BALANCE. To sign up for new product alerts reply ALERT<br />ALERT<br /> …<br />Agent Text<br />Portal<br />…<br />…<br />
  61. 61. Multi-Channel Blending<br />38<br />“Press 1 to hear your balance due now…”<br />“Your account balance is $795.62. To speak with a representative, press 1…”<br />1<br />Free msg: Balance due: $795.62 To pay, send reply code “PAY” or call 1-800-123-1234<br />“Press 2 to receive a text message…”<br />Your e-payment of $795.62 has been credited to your account. Thanks!<br />2<br />e-bill Center<br />“Press 3 to receive an e-bill balance-due alert…”<br />Online Billing Alert<br />Account Number: ********23Amount due: $795.62View and pay bill<br />Enter Online ID to view and pay bill:<br />3<br />
  62. 62. SoundBite Financial Services Customer Lifecycle Solutions<br />39<br />Proactive Marketing<br />Message Opt-in Cross-Sell/Up-Sell<br />Preference Management  Loyalty/Rewards<br />Proactive Collections <br />& Risk Management<br />Pre-Collections Reminder<br />Past Due Reminder  Self-Cure<br />Fraud Monitoring  Risk Management<br />Proactive Customer Care<br />Welcome Call  Card Activation<br />Contact Verification  Program Enrollment  Application/Account Updates  Preference Management<br />Proactive Payments<br /><ul><li> Payment Reminders  Self-Service Payments
  63. 63. Expedited Payments  Prepay Replenishment</li></li></ul><li>SoundBite CommunicationsInteractive Mobile Messaging<br />Contact SoundBite Communications<br /><br />(877) 768-6324<br />
  64. 64. Javelin provides superior direction on key facts and <br />forces that materially determine the success of <br />customer-facing financial services, payments and <br />security initiatives. Our advantages are rigorous <br />process, independent position, and expert people.<br />For questions regarding access <br />to Javelin research please contact: <br /><br />© 2010 Javelin Strategy & Research.  All rights reserved. This data was provided to accompany a report which was licensed for use by the original subscribing client only. The data and report is protected by copyright and other intellectual property laws. Licensors may display or print the content for their use only, and may not sell, publish, distribute, re-transmit or otherwise provide access to the content of this report without permission.<br />Thank You<br />41<br />