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The Secret to Acquiring and Retaining Customers in Financial Services

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The Secret to Acquiring and Retaining Customers in Financial Services

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Data, when leveraged effectively, can help you segment and target customers, analyze spending habits, and can create a personalized experience that builds value and customer loyalty.

Without a 360-degree view of your customers, you can’t properly target them with real-time personalized offers, advice, and other services. In addition, lack of customer intelligence creates lost opportunities for banks and insurers to cross-sell and upsell new products and services.

Our one-hour webinar covered how customer intelligence platforms can help you engage, acquire, and retain customers.

Data, when leveraged effectively, can help you segment and target customers, analyze spending habits, and can create a personalized experience that builds value and customer loyalty.

Without a 360-degree view of your customers, you can’t properly target them with real-time personalized offers, advice, and other services. In addition, lack of customer intelligence creates lost opportunities for banks and insurers to cross-sell and upsell new products and services.

Our one-hour webinar covered how customer intelligence platforms can help you engage, acquire, and retain customers.

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The Secret to Acquiring and Retaining Customers in Financial Services

  1. 1. The Secret to Acquiring and Retaining Customers in Financial Services
  2. 2. 2 Tom Hogan Chief OperatingOfficer Who We Are AN INTRODUCTION TO We’re a global digital consultancy transforming how the world's leading enterprises and biggest brands connect with customers and grow their businesses. With Perficient, you get experience and expertise, speed and agility, and a healthy dose of pragmatism to drive your business forward.
  3. 3. 3 ~4,500 Employees W E ARE Global in Our Delivery We have office locations across North America and fully owned global and domestic delivery centers around the world. Allentown, PA Ann Arbor, MI Atlanta, GA Boston, MA Bozeman, MT Cedar Rapids, IA Charlotte, NC Chicago, IL Columbus, OH Dallas, TX Denver, CO Detroit, MI Fairfax, VA Fargo, ND Houston, TX Irvine, CA Lafayette, LA Milwaukee, WI Minneapolis, MN New York, NY Seattle, WA St. Louis, MO Toronto, ON Washington, D.C. North America Latin America México City, Mexico Medellín, Colombia Bogotá, Colombia Cali, Colombia Chennai, India Nagpur, India Bangalore, India India Hangzhou, China China Oxford, UK Novi Sad, Serbia Europe
  4. 4. 4 AT-A-GLANCE Perficient Profile Alliance partnerships with major tech vendors Multiple vendor & industry tech and growth awards Global delivery centers in China, India, & Latin America Dedicated solution practices 35 Global Locations $565M 2019 Revenue 1997 Founded in ~4,500 Employees ~90% Repeat Business Rate PRFT Public, NASDAQ
  5. 5. 5 Industry Expertise Our experience empowers us to help companies in the financial services industry serve consumers and businesses with a full range of financial products and services. We also help them enhance their customer experience and achieve operational excellence. INDUST RY Financial Services 50+ of the world's leading public financial services companies count on us. We helped a super-regional bank reduce loan-processing time by 92% through automation and AI. Project Spotlight TechnologyStrategy Digital
  6. 6. 6 Scott Albahary Chief Strategist, Financial Services Scott.Albahary@perficient.com Arvind Murali Chief Strategist, Data Arvind.Murali@perficient.com Today’s Speakers
  7. 7. 7 It’s All About the Data SPOILER ALERT – THERE IS NO SECRET • It’s hard work • It’s challenging • It takes time to get it right
  8. 8. 8 Customer Data Management Challenges Identity Resolution Integrating identifiers across available touchpoints and devices Customer data needs to be trustworthy, holistic, transparent, accessible, and secure Personalization Know customer preferences and interests Collection & Integration Unstructured data, third-party data, transactions, purchase histories, marketing campaigns, and service inquiries Productionizing Prepare data for analytics and increasingly, machine learning Insights Value obtained through analytics Consent & Privacy Protection of personal data across the data supply chain
  9. 9. 99 What We See Increasedinterest in collecting, contextualizing, and analyzing data from consumersto findthe best ways to servethemandgaininsights intobehavior Insurers • Dynamic pricing • Usage-based products • Personalized search experiences • Targeted policyholder outreach • Membership and affinity model distribution Banks • Personalized financial health scores & recommendations • Mobile app alerts • Payment delay offers • Triggered email campaigns • Product recommendations
  10. 10. 10 What Banks and Insurers Are Experiencing • 60% are implementing a personalization strategy • 70% expect to increase personalization budgets • >70% will invest in personalization technology • 70% are getting a positive ROI • 93% offer only basic levels of personalization within digital applications • 75% consider themselves “not adept” at using AI to provide next best-action recommendations • 51% of organizations consider data analytics a major challenge
  11. 11. 11 Challenges Will Require an Overhaul of Systems, Processes, and Leadership . . . Legacy System Modernization Investment Required Lack of In-house Analytical Skills 71% 67% 60% Competition for Investment Dollars 60% No Coherent Strategy 50% Lack of Understanding Among Senior Management 58% Source: Earnix
  12. 12. 12 What You Can Be Doing Now Transformation doesn’t have to happen all at once – it just has to happen Strategy • What do my customers expect? • What data needs to be collected? • What changes are required? Technology • Should we build vs. buy? • Which AI / ML is the best for us? • What integration tools are required? Data • Alignment to goals • Governance & privacy policies • Cleansing & formatting • Identity resolution Organization • Do we have the right skills? • How collaborative is the culture? • What is our analytics maturity
  13. 13. What Is Customer Intelligence?
  14. 14. 14 What Is Customer Intelligence? Customer Experience Customer Intelligence Connected Experiences with Collective Intelligence Customer Intelligence is the essential strategic combination of data, advanced analytics, technology, and operations for the purposes of acquiring and retaining customers. By creating data-driven insights into customers and their behavior, CI strategy empowers high ROI, low risk, greater operational efficiency, and personalized omnichannel experiences. Respond Anywhere,Anytime Connect CX and CI through any channel AddressMy Pain& Passion Provide personalized experience by learning about my pain and my passion Reward MyLoyalty Add continuous value and support to customer and to your profitability ValueMy Privacy Support GDPR and CCPA front and center, and lead with transparency Know Me Comprehensive 360-degree view of the customer and their transactions Enrich and Enable information Enable customers with market trends and any macro factors that will impact me
  15. 15. 15 Customer Intelligence Reference Framework Virtual AgentsContact CenterMobileSocialWeb EmailAds Web Intelligence APIM Embedded BI Customer DashboardAI/ML Analytics Churn/Target/ Segment Unique ID Hierarchies Customer Demographics Privacy Platform Governance Blueprint, DevSecOps, Governance Data Architecture PaaS Availability, Scalability, Pay as you Go Metadata Privacy SaaS Data Integration Optimization Compliance Monitoring Fraud Payments Forecasting Wealth Management Marketing … Agile Devops, Containers…
  16. 16. 16 Digitization in Digital Transformation Digitize the assets used and enabling customersto get better experienceworking with the Financialservices firm. OPPORTUNITY Customer’s Marketing team wanted to analyze their customers interacting in variouschannelsand proactively communicateservices and benefits usinganalytics and data. SOLUTION Using Salesforce.comCRM platform data in addition to other enterprisedatasets, Analyticsand Predictive Models were built to target customersegmentation, marketing automation, and lead generation. RESULTS The analytics portfolio offered new ways of converting leads to prospectsto customers, and cross-sell and upsell new productsand services. In addition, analyticshelped marketing to understand Customerengagement patterns
  17. 17. 17 Measures for Lead Acquisition and Retention Reach Using marketing automation, create targeted campaigns • Leads per event • Lead by channels [webinars, community events, online] Acquire Acquire these leads to schedule appointments with financial advisors • # of Submitted/ /Approved/ Completed Applications Activate Convert the leads to customers • # of Completed Appts/filled up forms • # of Cancelled appts/ filled-up forms Retention Retain customers with higher risk upon correct path • Attribution & Churn • % of Re- engagement with other services and offerings Bond Genuinely caring about financial crisis • Adding a “community” perspective • Preventative measures such as overdrafts and fees DataSources • ERP • CRM • Emails • Finance • Billing & Transactions CIIQCharacteristics: Engagement and Activation
  18. 18. 18 Virus:Using Humans to Attack Systems Cybersecurity: Using Systems to Attack Humans CHALLENGE Customer’s product management, sales operations, and marketing teams were not effectively offeringthe appropriate productsand were not targeting the rightcustomers. SOLUTION A product management Dashboard which can track metrics and measures usingHEART framework(by Google). RESULTS 3x stakeholderengagement [field rep clicks]; 8x digital customer engagement
  19. 19. 19 Metrics for Better Engagement [HEART] Happiness Users feel good using the product • Ease of Use • Net Promoter Score [NPS] • Lead Scoring Engagement For users to discover and ask for more features • Social Media Comments • # of shared uploads / comments Adoption Users using the features • # of Active Licenses • Usage Analytics [Specific Features using A/B test] • XSell Retention Continuation of the products • Active Users [Most and Least Cohorts] • Renewal Rate • Customer Profitability • Customer Churn Task Success Accomplishing Goals • # of errors [against goals] • Types of errors [against goals] DataSources • Product Logs • Social Media • Chat Logs • Survey • Master Data • Orders and Renewals • Release Schedule • CRM CIIQCharacteristics: Activation, Retention, and Engagement, Driven by Events
  20. 20. 20 Customer Intelligence “Envision” INSIGHTS [Why?] Discovery Research Benchmarking Analysis IDEAS [What?] Vision Analytics Capabilities Technology INVESTMENT [How?] Program Outcomes Resources Roadmap
  21. 21. Questions?
  22. 22. 22 Thank You Scott Albahary Chief Strategist, Financial Services Scott.Albahary@perficient.com Arvind Murali Chief Strategist, Data Arvind.Murali@perficient.com

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