Maybank Customer Relationship Management project
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The document outlines recommendations to improve Maybank's customer relationship management based on research findings. It recommends focusing on human capital management through staff selection, training and empowerment to improve service quality and efficiency. It also recommends enhancing consistency of tangible aspects and increasing awareness of alternative channels to boost efficiency. Retail outlet improvements like service ambassadors and beverages are suggested to elevate the customer experience. Implementing these changes could increase Maybank's net promoter score by improving customer satisfaction ratings.
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Maybank Customer Relationship Management project
- 1. Maybank: Customer Relationship Management Chua Xin Ni Crystal Devki Khosla Koh Zhen Yang Lim Sim Yee, Desiree Nah Yi Yun Deirdre Stine Slinger
- 2. OUTLINE OF PRESENTATION Introduction Design Methodology Survey Findings Recommendations Summary Improve customer relationship given SGD400,000 2
- 3. Overview of Maybank Mission Statement Humanizing financial services Business Overview 22,000 branches Revenue: RM 574B 20 countries Introduction 3
- 5. Porter’s Five Forces Threat of New Entrant • • • Supplier Power High capital Anti-trust laws LOW Financial regulations Rivalry • Subjected to LOW regulations • End-consumers HIGH • Little differentiation • Strong competitors Threat of Substitutes • Technological substitutes MODERATE Introduction Buyers Power • • Low switching costs Many available MODERATE options
- 6. Porter’s Five Forces Threat of New Entrant High capital Anti-trust laws Financial regulations • • • Competition Supplier Power • Subjected to regulations • End-consumers • • Little differentiation Strong competitors Threat of Substitutes • Introduction Technological substitutes Buyers Power • • Low switching costs Many available options
- 7. Porter’s Five Forces Threat of New Entrant • • • High capital Anti-trust laws Financial regulations Overall: Competitive industry Pertinent to have effective CRM Competition Supplier Power • Subjected to regulations • End-consumers • • Little differentiation Strong competitors Threat of Substitutes • Introduction Technological substitutes Buyers Power • • Low switching costs Many available options
- 9. Research Methodology Focus group Primary research Online survey Observational study Methodology Secondary research Design Methodology Official sources User generated Industry report Maybank Report
- 10. Primary Research Overview Focus Group Survey 11 individuals Convenience sampling Between 48 to 60 years old 70 data points Objectives: Determine potential customer satisfaction drivers, learn consumers’ vocabulary Respondents 11 28 Observation Study Maybank DBS UOB 2 hours at Maybank’s North Bridge Road branch Design Methodology 31 10
- 11. Survey Findings
- 12. NPS Scores -32% -9% 25.8% Negative NPS scores might be attributed to bad practices in the banking industries Survey Findings
- 13. Perceptual Mapping Key findings Traditional banks Traditional banks: Value, family, safe, establis hed Yuppie banks: Young, exciting, profession al Yuppie banks Survey Findings Maybank: Doesn’t fall in the groups above; Absence of strong customer perception 13
- 14. Model and Model Fit 0.415 0.039 0.328 0.052 Legend: Significance level below 0.05 is indicated with *. Significance level below 0.01 is indicated with **. 0.308 Significance level below 0.001 is indicated with ***. Survey Findings Relatively good model fit Insights likely to be insightful
- 15. Identifying the “Hot Buttons” Ranking Variable Sig. value 1 Value*** 0.000026 2 Efficiency*** 0.000066 3 Service quality*** Survey Findings 0.000161
- 16. Maybank’s Perceived Performance Attributes Average Maybank DBS UOB Value 4.33 4.36 4.26 4.45 Efficiency 4.24 4.08 4.23 4.63 Service 4.77 4.04 5.30 5.00 Accessibility 4.84 3.76 5.63 5.18 Emotional 3.24 4.40 4.54 quality 3.98 value Survey Findings 16
- 17. Maybank’s Perceived Performance Significant drivers Maybank: Performs well for perceived value Maybank: Service Quality and Efficiency are potential roots of dissatisfaction Non-significant drivers Maybank: All below industry average Survey Findings 17
- 18. Recommendation Priorities Low High Performance Performance High Improve: 1 st Importance Priority Maintain Value Service Quality Efficiency Low Improve if Importance Resources Allow Maintain - Accessibility Emotional Value Survey Findings 18
- 19. Recommendations
- 20. Overview of Recommendations Objectives Improve Maybank’s performance in Service and Efficiency Improve customer satisfaction and customer retention Overview of Recommendations Human capital management: Staff selection, staff training, staff empowerment Consistency of tangibles Recommendations Improvement of awareness of other channels Retail Outlet Improvements
- 21. Human Capital Management Staff Selection Staff Training Increase product knowledge and ability to react to unpredictable situations Personality test Specific customer-centric characteristics Example: Role playing Technique/ Adjusting SOP Enhance customer service oriented culture Improve service quality and efficiency Staff Empowerment Monetary empowerment Recognition of service excellence Recommendations 21
- 22. Consistency of Tangibles Uniforms Convey professional image and service quality Uniforms for front-line service staff Improve service quality and reputation Recommendations Consistency Across Outlets Furniture, wall decoration, floor layout, procedures Consistent brand image to resonate in people’s minds 22
- 23. Awareness of other Channels Other channels Better advertise mobile application, website with more detailed steps as to where they can obtain information Example: Place physical signage at their retail outlets Recommendations Results Reduce the waiting time due to reduced need to visit the bank Improve efficiency increases customer satisfaction 23
- 24. Retail Outlet Improvements Improvements Service ambassador SMS service Results Reduces perceived waiting time Improves efficiency Beverages TV Recommendations Increase emotional value 24
- 25. Impact of Change Current Net Promoter Continue to Weighted Segment Purchase Average Promoter 16% 77.50% 0.12400 Passive 32% 71.11% 0.22756 Detractors 48% 46.67% 0.22400 Total (weighted average) NPS 0.57556 -32% Projected Net Promoter Continue to Weighted Segment Purchase Average Promoter 17% 77.50% 0.13175 Passive 32% 71.11% 0.22756 Detractors 47% 46.67% 0.21933 Total (weighted average) NPS Increasing 1% customers from passive to promoter category and 1% from detractor to passive category brings about an increased contribution of 0.38% 0.57864 -30% Recommendations 25
- 26. Budget Item Description Cost (S$) Retail Improvements $230,000 Maybank Uniform $112,000 Training $20,000 Staff Rewards System $35,000 Maintenance $2,500 Total $399,500 Recommendations
- 27. Customer Portfolio Management Customer Satisfaction 80% of Satisfied Customers are 61years and above 100% of customers aged 26 to 30 are only moderately satisfied 60% of the above customers have no intention to revisit Recommendations It is important for Maybank to convert younger customers Aggressive Branding and cross-selling to younger customers 27
- 28. Conclusion Short-term Mid-term Human Resource Management Consistency of Tangibles Channel Awareness Target youth and Young Professionals Retail Outlet Improvements 28
Editor's Notes
- Market Value Forecast CAGR used for this slide.The beer market consists of retail sales of ales, stouts & bitters, low/no alcohol beers, premium lager, specialty beers and standard lager. The spirits market consists of the sale of brandy, liqueurs, rum, specialty spirits, vodka, whisky and other (Tequila & Mezcal and Gin & Genever).The wine market consists of retail sale of champagne, fortified wine, sparkling wine and still wine.
- customer profilescustomer activity
- Human resource managementStaff trainingStaff selectionConsistency of intangiblesImprovement of awareness of other distribution channel
- Customer service training - full-day/half-day to increase product knowledge and ability to react to unpredictable situations Example: Role playing Technique/ Adjustments in Standard Operational Procedures
- Customer service training - full-day/half-day to increase product knowledge and ability to react to unpredictable situations Example: Role playing Technique/ Adjustments in Standard Operational Procedures
- Thank you Deirdre. The next recommendation is to increase Maybank customers’ awareness of alternative channels to obtain information. Currently, maybank has self-help channels such as its website and mobile app. However, most customers are unaware that they are able to obtain quick answer to simpler enquiries through these channels. Hence, making customers aware, it would help divert human traffic from their retail branches. One way they can do so is through placing a physical signage at their retail front. Hence, this would reduce waiting time and improve efficiency.
- Our last key recommendation is to improve the “stage of the performance”, which is the retail outlet. Firstly, Maybank can have a dedicated staff situated near the entrance to greet customers. This staff will be known as the service ambassador and he or she will understand customer’s needs and direct them to 2 different queues based on their needs. If it is a specific enquiry, the customer will be directed to a financial consultant who will offer his help at the side counters. For general enquiries, customers will scan their IC and verify their particulars. After that, they will receive an SMS with their queue no. and expected waiting time. They then can choose if they want to wait in the branch or return later. While waiting, they will be offered beverage options. One of it could be a cup of coffee from our brand new coffee machine. They are then able to enjoy some retailtainment in the form of TV programmes on our new 32” LED TV. Examples of some programmes include CNA news and their CSR efforts. When there are only 3 customers ahead, customer will receive a 2nd SMS informing them they should return to the branch as it will soon be their turn. As a result, perceived waiting time is reduced and efficiency and emotional value is increased.
- So, by implementing the above recommendations, we expect an increase in 1% customers from passive to promoters and also 1% customers from detractors to the passive category, which would result in an increased contribution of 0.38%.
- For our budget, this is our estimated cost breakdown for our recommendations. We will spend a total of 399 thousand and 500 dollars. Next, ZY will bring you through our mid-term strategy.