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Your Bank Customers Want You to Get More Personal
The document asserts that customer service is the most valued aspect for banking customers, even more than financial rates. It emphasizes the necessity for banks to utilize and leverage existing customer data to create personalized experiences and build customer loyalty. The collective insights recommend a shift towards a customer-centric approach, advocating for multi-channel engagement and proactive customer interaction to enhance satisfaction and retention.
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Similar to Your Bank Customers Want You to Get More Personal
Your Bank Customers Want You to Get More Personal
- 1. Your Banking CustomersWant You to Get More Personal December 10th 2014 Steven Noels CTO, NGDATA
- 2. Customer Service AboveAll Others 42.2% Customer Service Which quality is most important to consumers when selecting a bank? 24.3% Bank Location 22.0% Efficient Online Services 11.5% Financial Rates/Loans Customer Service is Valued Even More Than Financial Rates/Loans Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 2
- 3. Do You UnderstandYour Customers? Only 20% are very confident their bank understands them Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 3
- 4. Customer Loyalty isHard to Come by Knowing your customer drives credibility, and therefore, loyalty Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 4
- 5. Time to ChangeYour Customer Relationship Approach Branch-Centered Customer-Focused Retrofit web branch Customer Product & Channel Wrapper Product Teams Branch journeys social media contact center mobile self- Service web social ATM telesales Know your customers to exceed their expectations for more valuable customer experiences Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 5
- 6. Leverage Existing CustomerInformation ▪ Use all the information you have ▪ Continuously collect ▪ Transform data into actionable insights → With real-time insights, banks can be empowered to drive results that deliver memorable customer experiences and greater revenue to the business. Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 6
- 7. Gain Greater Valuewith Existing Data Enhance Customer Service Deliver an effective omni-channel strategy Proactively Engage Customers Know All of Your Customers Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 7
- 8. Know All ofYour Customers Number of bank accounts held 42.5% of 45-54 year-olds hold 1-3 bank accounts ▪ Improve customer relationships with everyone • automate processes related to understanding all customers - tied to context, intent, preferences ▪ Easily identify high-value customers • use behavior-based metrics and value-scoring models for greater value Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 8
- 9. Deliver an Omni-channelExperience ▪ Online is important but multichannel is even more important. ▪ Engage customers effectively by reaching them via their preferred channel(s). ▪ With each interaction, channels should update to provide a personalized, richer experience. Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 9
- 10. Proactively Engage ▪Empower employees by creating alerts with a specific, actionable notification such as “The top 50 customers most likely to churn in the next 30 days” 1 OCT 11 OCT 24 OCT 1 NOV 3 NOV monthly churn score run intent to churn decision to churn monthly churn score run churn event timeline churn score best period of action too late to act Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 10
- 11. Enhance Customer Service ▪ Anticipate future needs ▪ Using information from multiple channels. ▪ Deliver unique customer experiences ▪ Increase customer retention, up-selling and cross-selling Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 11
- 12. Become Customer Centric Preferences Context Affinities Behavior CUSTOMER DNA Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 12
- 13. Access to CustomerDNA For Marketers and Data Scientists Alike Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 13
- 14. Lily Enterprise –Delivering Customer DNA Operational Systems Contract/Product Data Customer Operational Data Data integration ETL or Lily API based Batch Lily Enterprise Customer Interaction Data Campaign Data ERP/CRM Data Data Warehouse Data External Data Reference Data Reporting / Analytics Enterprise BI and reporting Enterprise Analytics Applications Marketing and Social Data Web and Mobile Customer Website & Social Mobile Apps Channel / Campaigns Mail SMS Print Broadcast Sales Office Agent / Advisor Service Desk Marketing Campaign Mgt Customer CRM and IVR Systems Integration Real Time Integration Lily Connector Based Feedback Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 14
- 15. Lily Enterprise EnablesYou To… Overcome “Analysis Paralysis” Proactively Engage with Customers Cope with plethora of data Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 15
- 16. “The opportunity costof falling behind the competition is extreme. More than half of all customers opened or closed an account in 2013, and 40% plan to do so in 2014. Each of these customers represents a new business opportunity for a competing bank or financial service provider.” Global Consumer Banking Survey 2014, Ernst & Young Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 16
- 17. Connect with YourCustomers 100% Get to know your customers and build their confidence in your relationship. Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 17
- 18. Are you readyto get to get personal? Learn more about how Lily Enterprise can help your bank. Schedule an appointment with an NGDATA representative to get a personalized walkthrough. stevenn@NGDATA.com Don’t forget to follow up and share with a friend Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 18
Editor's Notes
- #5 Showing customers that you care or understand them Recognition (treating customer as an individual, know and care them) before loyalty Consistency and conversation Showing customers that you care or understand them Recognition (treating customer as an individual, know and care them) before loyalty Consistency and conversation
- #7 Data processing can create real business value by providing finite and actionable insights for bank employees Data is only good if it’s actionable and used quickly and effectively. By effectively using existing customer data, employees are empowered to drive actionable results that deliver great customer experiences and greater revenue to the business.
- #8 Define: What is context Everything happens at a certain time, location, different behavior on vacation, stages of life… A lot of data is underutilized if not brought into context of for instance, time…
- #9 Improve customer relationships with everyone via the most appropriate resources Automate processes related to understanding all customers - tied to context, intent, preferences Easily identify high-value customers use behavior-based metrics and value-scoring models for greater value
- #10 Relevant because of consistent omni-channel conversation Each of those different channels should be in sync and updated so the customer gets a personalized experience (richer experience because each channel will update based on behavioral data)
- #11 talk about value of doing so rather than how Lily supports this Churn trajectory and typical bank churn prevention process (calendar leaves): 1/10/2014: the bank scores its customers for the months of Sept. to predict who is likely to churn in the coming month. Customer John has a low churn score. 11/10/2014: change in behavior: customer John changes his behavior as he feels the bank is not really appreciating his business (e.g. declining in usage of debit/credit cards, increase in outgoing money transfers). If the bank would score John now, he would have a medium high churn score, however the banks only scores customers once a month. 24/10/2014: churn decision: customer decides to churn and evaluates which bank to move his financial portfolio to. 1/11/2014: the bank scores its customers again and John now has a high churn score. He is likely to churn in November. John is added to the churn prevention campaign of November. The marketing team starts preparing the churn campaign for November. 3/11/2014L John churns. The bank did not even have the opportunity to prevent John from churning. The marketing team was still preparing the churn prevention campaign for November and sadly says “our churn campaigns are always too late!” Timeline of churn Being proactive is detecting churn before customer decides it themselves Timeline – 4 days (Lily > know a week in advance…) (look at Anita’s script for example)
- #12 Anticipate future needs, look at behavioral patters, market trends and user experiences. Deliver personalized, unique and memorable experiences by using information from multiple channels. Result: Customer feels understood and valued which leads to increased loyalty Good basis for customer retention, up-selling and cross-selling… Add example: someone tries to cancel product, fails multiple times, picks up the phone (conversation should reflect recent activity of customer, regardless of the channel) Relevant based on past experience
- #13 Customer DNA: Is a collection of 1000s of predefined metrics, calculated in real time and organized per identified customer Is based on a variety of interaction- and fact-based data sources, using a variety of predefined calculation, prediction and/or retrieval methods Provides actionable data for marketing & customer-centric applications
- #18 Build your customers’ confidence in your bank by getting to know them personally Get to know your customers and build their confidence in your relationship Know your customers to build confidence