1) The document discusses a presentation given by Katy Keim, CMO of Lithium, and Deanna Oppenheimer, CEO of CameoWorks, about the challenges facing the financial services industry and how social media can help address them.
2) Major challenges mentioned include low trust in the industry, high costs, and changing customer expectations and behaviors, especially the rise of digital interactions.
3) The presentation argues that financial institutions need to transform their customer experience by embracing social media and communities to engage customers, gain insights, and improve relationships. This could help increase loyalty and trust over time.
FULL ENJOY Call girls in Paharganj Delhi | 8377087607
Get Serious About Social or Get Spanked
1. ffinancial services:inancial services:ffinancial services:inancial services:
get seriousget serious
about socialabout social——
or get spanked!or get spanked!
Katy Keim, CMO Lithium
D O h i CEO C W kDeanna Oppenheimer, CEO CameoWorks
Sept 19, 2013
3. leading on the
diagonal in a
ti llvertically
challenged worldchallenged world
Deanna Oppenheimer
CEO, CameoWorks
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
4. financial service industry challengesy g
trust is at an all time low
cost pressures are at an all time highcost pressures are at an all time high
technology has a triple whammy of legacy maintenance,
cost to decommission, and deploying the brave new world of, p y g
mobile apps, digital and cloud platforms and big data
regulators are invasive to say the least
growth on the top line is elusive at best
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
5. financial service customer challengesg
2 90%=2 90%=
90% of 18-29
year olds sleep
with smart phone
90% of all Data
since the beginning
of time created in
th t 2
95% of customer
interactions in
retail banking will
b di it l b 2020
1 billion mobile
banking users
globally by 2013
the past 2 years be digital by 2020
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
6. what does the future hold?
transactions
datarelationship
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
7. what does the future hold?
transactions
datarelationship
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
8. what does the future hold?
transactions
Money Mapsdatarelationship
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
9. what does the future hold?
transactions
datarelationship datarelationship
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
10. what banks
should be
thinking aboutg
1 the tipping point has arrived1 the tipping point has arrived
2
rebalance Investments from
2 “Run The Bank” to “Change the Bank”
3 lead on the diagonal3 g
• Vertical hierarchy to administrate
• Informal Teams to Innovate
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
11. why the social
customer
experience
matters
1
Amazon to Uber driving
1 banking customer expectations
2
customer engagement follows
2
g g
transaction channel
ll d i i3 colleague, cost and competition
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
12. communities are
one way to lead
on the diagonal
• source of innovation includes
third parties; effectivethird parties; effective
partnership with smaller
companies is a key capability
• think diagonally with all
stakeholders: regulators,
unions, and
definitely….customersdefinitely….customers
13. authentic communication isauthentic communication is
required; everything else is lip
service
required; everything else is lip
serviceserviceservice
• information sharing
and transparency
• information sharing
and transparencyand transparency
• authenticity means
and transparency
• authenticity means
being willing to make
yourself vulnerable
being willing to make
yourself vulnerable
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
14. consumers engage
h thwhen they are
passionate andpassionate-and
they’re passionatethey re passionate
about moneyy
Katy Keim
CMO Lithium
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
15. recognize this industry?g y
• low NPS and trust
• large numbers of customers
• complex to buy complex to use• complex to buy, complex to use
• highly competitive, low switching
costs = churn issues
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
16. why CSPs invest in social CXPy
top social motivestop social motives
doing plan to do
68%
15%
59%27%
44%
27%
loyalty innovation operational commercial
20% 32%
loyalty
use social to
engage
customers
innovation
bring customer
driven ideas to
market
operational
enable existing
customers to help
other customers
commercial
enlist customers
to give purchase
advice to new
tcustomers
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
17. CSPs maturing social CXP goalsg g
82% enlist customers to help other
customers (social support)
82% enlist customers to share ideas
(social innovation)
73% use social to transform the CXP73% use social to transform the CXP
64% reduce support call volume in 2012
18% decreased call center spending in 2012p g
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
18. CSPs maturing social CXP goalsg g
82% enlist customers to help other
customers (social support) Think FinServ is
diff ? hi k82% enlist customers to share ideas
(social innovation)
different? Think
again!
73% use social to transform the CXP
64% reduce support call volume in 2012
18% decreased call center spending in 2012
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
19. financial services NPS isn’t stellar
NPS by SectorNPS by Sector
Sector Average NPS
i i
Sector Average NPS
H /C I 41Airlines 30
Auto Insurance 41
Banking 29
Brokerage/Investments 45
Home/Contents Insurance 41
Hotels 32
Internet Services 9
Laptop Computers 41g
Cable/Satellite TV Service 25
Cellular Phone Service 25
Credit Cards 25
/S i l S 62
Life Insurance 23
Online Entertainment 27
Online Shopping 43
S h 41Dptmt/Specialty Stores 62
Drug Stores/Pharmacies 26
Grocery/Supermarkets 36
Health Insurance 12
Smartphones 41
Software & Apps 24
Tablet Computer 45
Travel Websites 21
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
20. FinServ customers want more
bank account holders online would like to see
more sophisticated online tools
23%32% 29%
wanted
web chat
wanted
peer review sections
wanted
bank comparisonweb chat
facilities
peer review sections
on websites
bank comparison
services
Source: You Gov’t Plc / n = 6 500 global consumersSource: You Gov t Plc / n = 6,500 global consumers
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
22. customers are flocking to social
channelschannels
V
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
23. the market is moving for good reasong g
need to rebuild trust
product commoditization
regulatory compliance
low interest rates so back to basics
changing customer behavior
h l hif f b h lichannel shift from branch to online
highly competitive market
customer
experience
trusted
content
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
24. Barclaycard Ring’s innovative levels of simplicity,
transparency, and service are impacting the way we do
business…we believe this is the way all companies will
engage with customers in the future.
Paul Wilmore
General Manager Consumer Markets, Barclaycard
customer
retention
25% $
$improved by 25%
along with other
customer
$
$
decreased
customer
experience
initiatives,
Barclaycard Ring
contributed to
$10m
complaints
by
50%
$10m
in annual benefit
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
26. latest indices and traded
stocks constantly update
1.
2.
stocks constantly update
within the community
members buy and
sell stock directly
from within the
3
community, monitor
stocks via watch lists,
or conduct detailed
research
sentiment indicator allow3. sentiment indicator allow
members to discuss stock and
alert CommSec if they think it’s a
buy, hold, sell, reduce or
accumulate
27. Community
URLs drive
39%URLs drive
39% of traffic from
search engines
7,943,701messages read
per month 20,000 posts per month
By year
41%
More on
FICO
three forum
members
spend
products
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
28. 25,000+ sales agents
Forums used to share sales tips
amongst an intergenerational
g
have community access
amongst an intergenerational
community of sales agents
Documentation is hosted for agents
to improve their productivity
Ideas are captured for new products
and process improvements
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
30. we're lithium
we make software that
powers the social customerpowers the social customer
experience
300+ iconic brands as customers
1B+ community visits per year1B+ community visits per year
named a leader
by forrester & gartner
100% uptime SLA
on SaaS platform
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
So let’s start here. Because your competition isn’t just the other big banks or insurers in the room or even the disrupters like Moven and Simple, it could be Google or Facebook or Apple because those consumer internet companies have established a level of ease of use, convenience, and connectedness that consumers have now come to expect from all the brands they interact with. In our world, this means every consumer wants “the bank of me”
There is a ton of innovation going in the payments space, I know Square isn’t in Australia yet but companies like Square and Paypal and many others are clearly changing customer expectations about how transactions need to happen. It may still be your pipes behind the scenes but others are defining that customer experience through UI and design.
Then customers want data that makes them smarter. Lots of companies are cropping up to help aggregate data from all over the web and help people make better financial choices.
And ultimately consumers want to be connected, it’s the notion of investing in each other or with each other. The idea of community is as old as mankind, but the internet has made it much more scalable.
Use this slide to set the stage for the importance of social media and customer experience. Get the heads nodding.We live in an age where customers have higher expectations and more power than ever. As more brands seek to differentiate by delivering better customer service, the bar of expectations gets higher. And social media has given every customer a megaphone to tell the world what they think and feel about your brand in seconds. What’s more, customers now expect you to use the latest technologies in the marketplace to meet their service needs. They want:an immediate response on social channelsself-help tools they can easily find on your website and via search enginesa great service experience – they know they’re in control and they’re highly likely to find another company to meet their needs if you deliver even one bad service experience
Use this slide to set the stage for the importance of social media and customer experience. Get the heads nodding.We live in an age where customers have higher expectations and more power than ever. As more brands seek to differentiate by delivering better customer service, the bar of expectations gets higher. And social media has given every customer a megaphone to tell the world what they think and feel about your brand in seconds. What’s more, customers now expect you to use the latest technologies in the marketplace to meet their service needs. They want:an immediate response on social channelsself-help tools they can easily find on your website and via search enginesa great service experience – they know they’re in control and they’re highly likely to find another company to meet their needs if you deliver even one bad service experience
From Forrester Research: Increase in agent productivity. “Research shows that agents' productivity increases with access to the content in community postings. The reason for this is the content developed for the knowledge management database is often based on “known” problems or customer issues and their “known” solutions. However, research shows that more than 90% of customers' issues haven’t been unearthed, and the organization doesn’t have structured answers for them. These “exceptions” lead to long support calls, poor FCR, agent stress, and customer dissatisfaction. The community provides more relevant content to agents, making them more efficient. The savings from increasing agent productivity can be evaluated by looking at the increase in the number of calls agents can answer per hour.”
Talk about the trends on the leftAll these have existed for the last couple yearsThe wild card has been regulatory uncertainty. As governments issue guidance and first movers ask for forgiveness instead of permission, the risk has been reduced though not eliminated.This points FSIs towards focusing on the customer experience and on digital channels. Hello Lithium!
Objective:Launch a new credit card offering driven 100% by its community of card members. Provide complete transparency between the bank and customers by giving card members the visibility into how Barclays makes money and help shape the card’s profitability. Approach:Launched community for card members to exchange ideas, vote on product features and earn “credits” through community participation.Results: since launch in April 2012, 50+ ideas have been voted on and the use of game dynamics to incent beneficial customer behaviors, such as paying on time and going paperless. Barclaycard won the Forrester VOC award and Ring was one of the customer experience initiatives that helped them achieve a $10m annual benefit, improve customer retention by 25% and decrease complaints by 50%. 2012 Groundswell submission: http://lithosphere.lithium.com/t5/Lithium-View-blog/Ring-Barclaycard-Turns-Cardmembers-into-Company-Stakeholders-and/ba-p/590702012 Forrester VoC award winner: http://www.businesswire.com/news/home/20120626006756/en/Forrester-Research-Announces-2012-Voice-Customer-AwardHow It Works The mechanism that brings Ring cardmembers together and empowers them to influence business decisions is the social hub at barclaycardring.com. The Ring site is endowed with branded social tools such as: - gamification – points are earned for helping others with useful information, and badges are awarded for taking positive actions such as paying on time and going paperless- ideas – members submit ideas in a structured format that includes prioritization based on member voting, and status updates on what action Barclaycard is taking with an idea- ask-and-answer – members ask a variety of financial questions and receive useful answers from peers in minutesdiscussions – members discuss timely personal finance topics, and award each other kudos for interesting insights- polls – members answer multiple-choice questions on card features such as fee structure and agreement terms, which, rather than merely being used as additional feedback, are considered to be votes in a final decision to shape these features- blogs and announcements – Barclaycard community managers and high-status members keep members up to date with the latest happenings in the community, including descriptions of how Barclaycard is taking action on members’ ideas and feedback
Objective:Launch a new credit card offering driven 100% by its community of card members. Provide complete transparency between the bank and customers by giving card members the visibility into how Barclays makes money and help shape the card’s profitability. Approach:Launched community for card members to exchange ideas, vote on product features and earn “credits” through community participation.Results: since launch in April 2012, 50+ ideas have been voted on and the use of game dynamics to incent beneficial customer behaviors, such as paying on time and going paperless. Barclaycard won the Forrester VOC award and Ring was one of the customer experience initiatives that helped them achieve a $10m annual benefit, improve customer retention by 25% and decrease complaints by 50%. 2012 Groundswell submission: http://lithosphere.lithium.com/t5/Lithium-View-blog/Ring-Barclaycard-Turns-Cardmembers-into-Company-Stakeholders-and/ba-p/590702012 Forrester VoC award winner: http://www.businesswire.com/news/home/20120626006756/en/Forrester-Research-Announces-2012-Voice-Customer-AwardHow It Works The mechanism that brings Ring cardmembers together and empowers them to influence business decisions is the social hub at barclaycardring.com. The Ring site is endowed with branded social tools such as: - gamification – points are earned for helping others with useful information, and badges are awarded for taking positive actions such as paying on time and going paperless- ideas – members submit ideas in a structured format that includes prioritization based on member voting, and status updates on what action Barclaycard is taking with an idea- ask-and-answer – members ask a variety of financial questions and receive useful answers from peers in minutesdiscussions – members discuss timely personal finance topics, and award each other kudos for interesting insights- polls – members answer multiple-choice questions on card features such as fee structure and agreement terms, which, rather than merely being used as additional feedback, are considered to be votes in a final decision to shape these features- blogs and announcements – Barclaycard community managers and high-status members keep members up to date with the latest happenings in the community, including descriptions of how Barclaycard is taking action on members’ ideas and feedback
Loyalty has been a serious concern in the real estate industry. Homebuyers are often mistrustful of real estate brokers. But Redfin’s innovative business model and its thriving community are winning back the trust of consumers. Redfin CEO Glenn Kelman says that “For too long, real estate has been a monologue, with the brokerage doing all the talking. Lithium is helping us to make it a dialog.”It’s that dialog that drives engagement and loyalty. Redfin attributes its recent 5% rise in Net Promoter Score to its community strategy. The community provides a refreshing level of transparency for customers, so they’re more likely to be willing to recommend Redfin to others.With the help of the word-of-mouth marketing emanating from its community, Redfin has grown revenues 40% year-over-year, while reducing marketing expenses by 82%. It’s easy to tie that revenue and margin growth back to the community: 51% of customers who have used Redfin said they were influenced by their conversations in the community.
Lithium makes software that powers the social customer experience. We serve the world’s most iconic brands. (highlight relevant examples)Our communities are exceptionally vibrant - each year we host more than 1 billion visits from engaged customers exploring trusted content.We’ve been recognized as a leader by top analyst firms, and we are the only social customer platform that operates as a SaaS business with a 100% uptime SLA and monthly product releases.This is all great, but what we’re most proud of is the success our customers have achieved. Let me share a few examples.