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

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. 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. HELPING CLIENTS TO PROFIT BY BETTER FITTING
IN TO THEIR CUSTOMER’S LIVES

4. THE ROLE OF COMMUNICATIONS HAS OBVIOUSLY
EVOLVED OVER THE LAST 50 YEARS

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. 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. 1. BIGGER THAN ANY OF US

8. COLLECTIVE CAMPAIGNS CAN HELP ALL IN SOME SECTORS
EVEN COMPETITORS’ WILL COLLABORATE ON
COMMUNICATIONS, WHEN IT MATTERS TO CONSUMERS

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. 2.DIGITALLYNAÏVE

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. 3. ONE STEP AHEAD

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. 4. RESULTS – RIGHT HERE RIGHT NOW

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. 5. CHANGE THE CURRENCY

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. …..2) IN THE EXPERIENCE. THE JOURNEY IS PART OF
THE VALUE EQUATION AND AGAIN BECOME A POINT
OF COMMINICATIONS IF OPTIMISED WELL

19. 6.REWARDINGRECOVERY

20. CUSTOMER FEEDBACK PROGRAMMES ARE NOT JUST A
REVIEW OF THE COMMUNICATION & EXPERIENCE, THEY
ARE ACTUALLY A BRANDED COMMUNICATION TOUCH POINT

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. 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. 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. 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. 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. THANK YOU
christopherbrooks@lexdengroup.com
The Courtyard, Windhill, Bishops Stortford, Herts CM23 2ND| 01279 902205
www.lexdengroup.com | @LEXDENGROUP