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Why Banking Customers Switch: Covid-19's Impact on Loyalty
- 1. OCTOBER 30, 2020 WHY BANKING CUSTOMERS SWITCH: COVID-19'S IMPACT ON CUSTOMER LOYALTY & EXPECTATIONS
- 2. D.J. Haskins VP Strategy SilverCloud Bruce Paul Managing Director, CXLign - Banking TODAY’S SPEAKERS
- 3. Switching and COVID The Rivel Banking Benchmarks Customer Experience Self-Assessment AGENDA
- 4. 4 How much market share is in play? Why are customers switching? What are they looking for in a new financial institution? SWITCHING AND COVID
- 5. 5 THE RIVEL BANKING BENCHMARKS® Largest syndicated Brand & Customer Experience Study in the world: Interviewing customers & prospects of 2,793 banks, CUs 170,000+ annual interviews and 4,750,000+ reviews Customer Benchmarks & Prospect Benchmarks 19 of 20 top metros, coast to coast Double-blind survey (for accuracy) Non-sponsored (for objectivity)
- 6. IS COVID-19 DRIVING BANK SWITCHING? Takeaway: play defense, then aggressive offense Market Share Moving Today HOUSEHOLDS BUSINESSES 29.9 MILLION 8.3 MILLION Vulnerable 25%HOUSEHOLDS BUSINESSES 30% Defecting Today 7%HOUSEHOLDS BUSINESSES 15% Rising rapidly
- 7. 73% My bank did well: KEY COVID IMPACT: BANK PERFORMANCE, HOUSEHOLDS Community banks 80% Large banks Georgia Pennsylvania HOUSEHOLDS BEST WORST New HampshireCalifornia Takeaway: Not as bad as reported
- 8. 71% My bank did well: Community banks 72% Large banks KEY COVID IMPACT: BANK PERFORMANCE, COMMERCIAL COMMERCIAL BEST WORST New YorkNew Hampshire WORST MassachusettsCalifornia Takeaway: Community banks not winning as they thought
- 9. WHAT DO THEY COST TO ACQUIRE? WHAT DO THEY COST TO LOSE? $301 $3,852 Customer Acquisition Customer Retention $198 $1,000,000
- 10. 0 10 20 30 40 Lack of Branches Too Pushy Runaround Rates on Deposits Bad Tech Training Not Responsive Not Proactive Not Friendly Low Value for Fees Bad Technology Data Not Safe REASONS VULNERABLE CUSTOMERS ARE UNHAPPY
- 11. 0 10 20 30 Lack of ATMs/Branches Too Pushy Runaround Bad Phone Support Bad Tech Training Not Responsive Not Proactive Not Friendly Low Value for Fees Bad Technology Data Not Safe Percentage Indicating Dissatisfaction REASONS VULNERABLE CUSTOMERS ARE UNHAPPY
- 12. 0 10 20 30 Lack of ATMs/Branches Too Pushy Runaround Bad Phone Support Bad Tech Training Not Responsive Not Proactive Not Friendly Low Value for Fees Bad Technology Data Not Safe Percentage Indicating Dissatisfaction REASONS VULNERABLE CUSTOMERS ARE UNHAPPY
- 13. 0 10 20 30 40 Lack of Branches Too Pushy Runaround Rates on Deposits Bad Tech Training Not Responsive Not Proactive Not Friendly Low Value for Fees Bad Technology Data Not Safe Percentage Indicating Dissatisfaction TALE OF TWO CITIES 0 10 20 30 40 Lack of Branches Too Pushy Runaround Rates on Deposits Bad Tech Training Not Responsive Not Proactive Not Friendly Low Value for Fees Bad Technology Data Not Safe Percentage Indicating Dissatisfaction LOS ANGELES BALTIMORE
- 14. 81.7 79.2 76.9 71.3 70.1 69.4 69.1 68.7 68.1 67.6 67.2 66.1 63.9 61.0 58.7 58.3 58.0 57.8 57.5 56.5 56.3 55.7 55.2 54.8 53.5 TDECU Amoco Federal Credit Union Chase Bank Capital One Frost Bank JSC Federal Credit Union Allegiance Bank Bank of America Capital Bank Texas First Bank Wells Fargo Members Choice Credit Union BBVA Amegy Bank Prosperity Bank Woodforest National Bank Regions Bank Comerica Bank Cadence Bank IBC Bank Texas Citizens Bank BancorpSouth Bank BB&T Smart Financial Credit Union First National Bank Texas HOUSTON TECHNOLOGY Ratings Ratings by those with direct experience Interviewing conducted from Oct 2019 – Feb 2020 14 KNOW THYSELF
- 15. 15 IN THEIR OWN WORDS Proactivity: “They are really nice, but I always have to research about what bank services are best for a small company like mine, and then go in and ask if they have them. They usually have them, but I wish they could tell me first rather than having to figure it out for myself.” Runaround: “You look on the website and can’t figure it out. You call the help line, and they are no help. You go into the branch and the teller immediately picks up the phone to ask the call center. Seriously!”
- 16. 0 10 20 30 40 Lack of Branches Too Pushy Runaround Rates on Deposits Bad Tech Training Not Responsive Not Proactive Not Friendly Low Value for Fees Bad Technology Data Not Safe VULNERABLE MILLENNIALS
- 17. 0 10 20 30 40 Lack of Branches Too Pushy Runaround Rates on Deposits Bad Tech Training Not Responsive Not Proactive Not Friendly Low Value for Fees Bad Technology Data Not Safe Percentage Indicating Dissatisfaction VULNERABLE MILLENNIALS
- 18. 0 10 20 30 40 Lack of Branches Too Pushy Runaround Rates on Deposits Bad Tech Training Not Responsive Not Proactive Not Friendly Low Value for Fees Bad Technology Data Not Safe Percentage Indicating Dissatisfaction VULNERABLE MILLENNIALS
- 19. THE BANKING BENCHMARKS® A lot of market share in play Reasons for switching vary by area, segment Focus on solving local pain points Eliminate your own customers’ pain points BENCHMARKS TOP LINE
- 21. “You look on the website and can’t figure it out. You call the help line, and they are no help. You go into the branch and the teller immediately picks up the phone to ask the call center. Seriously!” CUSTOMER EXPERIENCE
- 22. Customer Preferences “It’s important that customers not feel forced into channels. We have been allowing customers to work with us in the fashion we feel they are comfortable with.” Brianna Elsass, Managing Director and Head of U.S. Digital October 22, 2020
- 23. Customer Expectations Are Formed by Digital Only Brands
- 24. Customer Expectations But FIs should be looking at big retailers
- 25. Understanding Your Customer Experience 75%+ of Financial Institutions “shop” their branch experience 85%+ of Financial Institutions have NEVER “shopped” their digital experience Source: James Robert Lay, Digital Growth Institute What about your contact center experience?
- 27. Customer Experience Self-Assessment Are you delivering access across all digital channels? Are you providing the right prompts at the right time? Are you surrounding your customers with access to information? Are you empowering your frontline staff?
- 28. Navigational Beacons Surrounding your customers with access to information
- 29. Navigational Beacons Are you providing the right context?
- 30. Contextual Guidance Do you provide tutorials for high-volume technology questions?
- 31. Contextual Guidance Does your content provide actionable next steps? Card Replacement Notary Cashier’s Check Loan “Processing”
- 32. Mobile & Online Banking Common mistakes and missed opportunities
- 33. Mobile & Online Banking Delivering easy access to support & service
- 34. Knowledge Management Are you providing your employees single source of truth?
- 35. Knowledge Management Are you making information easy to find?
- 36. Knowledge Management Are you making information easy to follow? Vs.. 37-page doc
- 37. Customer Experience Self-Assessment Mobile & Online Banking: Are you delivering access across all digital channel? Contextual Guidance: Are you providing the right prompts at the right time? Navigational Beacons: Are you surrounding your customers with access to information? Knowledge Management: Are you empowering your frontline staff?
- 38. The Results 25% Of support inquiries simply go away More productive staffMore digital adoption 30% 40%
- 39. Breaking Down Service Silos To deliver better service, support, and experiences Delivering better experiences for over 200+ banks and credit unions
- 40. SilverCloud Employee Support The knowledge management solution built for banking “Our Employees love it. The feedback that we’re getting from employees is that they’re very excited about it. They love the fact that they can ask a question and then get the answer. And they love that if they can’t find the answer, they can be part of the process of making it better.”
- 41. SilverCloud Consumer Support 24/7 digital service & support “SilverCloud is the epitome of helping our members help themselves. Members type in a question, they get their answer, and then they move along with their day,”
- 42. 0 10 20 30 Lack of ATMs/Branches Too Pushy Runaround Bad Phone Support Bad Tech Training Not Responsive Not Proactive Not Friendly Low Value for Fees Bad Technology Data Not Safe Percentage Indicating Dissatisfaction TURNING UNHAPPY CUSTOMERS HAPPY “It’s important that customers not feel forced into channels. We have been allowing customers to work with us in the fashion we feel they are comfortable with.” Brianna Elsass, Managing Director and Head of U.S. Digital October 22, 2020
- 43. Copy of the Presentation Customer Experience Self-Assessment Specific benchmark data of your institutions and / or market A B C Learn how SilverCloud helps you be the financial institution of choiceD NEXT STEPS
- 44. D.J. Haskins VP Strategy SilverCloud djhaskins@silvercloudinc.com Bruce Paul Managing Director, CXLign – Banking bpaul@rivel.com QUESTIONS?