Customer Experience Mega Trends For Financial Services
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Webinar: Customer Experience Mega Trends For Financial Services. Featuring Mike Hennessy, Vice President, IntelliResponse Systems Inc. and Bruce Temkin, Managing Partner of the Temkin Group.
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Customer Experience Mega Trends For Financial Services
- 1. Welcome to the Webinar May 12, 2011 Start time: 1:00PM EST Customer Experience “MegaTrends” For Financial Services
- 2. Housekeeping Minimize webinar console here Use chat window to submit questions at any time during the session! Copyright © 2009, IntelliResponse Systems Inc. All rights reserved. The trademarks identified herein are the trademarks or registered trademarks of IntelliResponse Systems Inc. or other third party.
- 4. Customers’ Benefiting Today - More than 510 live, customer facing implementations - Answering over 100 million questions with one right answer - A SaaS company with credentials in large enterprise delivery Financial Services Consumer & Corporate Higher Education 4
- 5. Today’s Presenters Bruce Temkin Managing Partner Temkin Group Mike Hennessy Vice President
- 6. Customer Experience Mega Trends For Financial Services Bruce Temkin Customer Experience Transformist & Managing Partner TEMKIN GROUP May 12, 2011
- 7. The core insight… Copyright © 2011 Temkin Group. All rights reserved.
- 8. The core insight… “Do what you do so well that they will want to see it again and bring their friends.” - Walt Disney Copyright © 2011 Temkin Group. All rights reserved.
- 9. Customer experience correlates to loyalty 30% Amount above or below industry average for Temkin Loyalty Rating 20% 10% 0% -20% -15% -10% -5% 0% 5% 10% 15% 20% -10% Amount above or below industry average for -20% Temkin Experience Rating Base: 143 companies Source: Temkin Group Q1 2011 Consumer -30% Experience Survey Copyright © 2011 Temkin Group. All rights reserved.
- 10. Financial services loyalty is up for grabs Top 2-box percentage on 7-point scale 43% Banks 45% 56% 42% Credit card issuers 44% 53% Likely to recommend Unlikely to switch 47% Likely to buy more Insurance carriers 43% 60% 54% Investment firms 48% 63% Base: US Consumers Source: Temkin Group Q1 2011 Consumer Experience Survey Copyright © 2011 Temkin Group. All rights reserved.
- 11. Rate the overall customer experience that your company delivers Better than all companies in 2% any industry 7% The best in our industry 5% Considerably above industry 28% average Slightly above industry average 25% Average for our industry 27% Slightly below our 10% industryaverage Considerably below industry 3% average The worst in our industry 0% Base: 169 companies with $1 billion or more in annual revenues Source: Temkin Group Q4 2010 Survey Copyright © 2011 Temkin Group. All rights reserved.
- 12. Rate the overall customer experience that your company delivers Better than all companies in 2% any industry 7% 60% The best in our industry 5% What’s your goal Considerably above industry 28% in three years? average Slightly above industry average 25% Average for our industry 27% Slightly below our 10% industryaverage Considerably below industry 3% average The worst in our industry 0% Base: 169 companies with $1 billion or more in annual revenues Source: Temkin Group Q4 2010 Survey Copyright © 2011 Temkin Group. All rights reserved.
- 13. 2011 Temkin Experience Ratings Copyright © 2011 Temkin Group. All rights reserved.
- 14. Financial services firms know that they need to do better Companies that rate these experiences that their company delivers as “good” or “excellent” Phone agent experience 61% In-store experience 46% Web experience 46% Phone self-service experience 35% Mobile experience 28% Social media experience 26% Cross-channel experience 17% Base: 54 financial services companies with $500 million or more in annual revenues Source: Temkin Group Q4 2010 Survey Copyright © 2011 Temkin Group. All rights reserved.
- 15. Four customer experience megatrends • Customer Insight Propagation • Customer Service Rejuvenation • Interaction iPodization • Social Media Assimilation Copyright © 2011 Temkin Group. All rights reserved.
- 16. Customer Insight Propagation A major shift in market research… Statistical analysis Contextual insights Hypotheses about the Observations drawn from business created from an data that resonates with an analysis of significant understanding of the variations in the data business Copyright © 2011 Temkin Group. All rights reserved.
- 17. Customer Insight Propagation Copyright © 2011 Temkin Group. All rights reserved.
- 18. Customer Service Rejuvenation Base: 144 companies with $500 million or more in annual revenues Source: Temkin Group May 2010 Survey Copyright © 2011 Temkin Group. All rights reserved.
- 19. Customer Service Rejuvenation Copyright © 2011 Temkin Group. All rights reserved.
- 20. Interaction iPodization Copyright © 2011 Temkin Group. All rights reserved.
- 21. Interaction iPodization Copyright © 2011 Temkin Group. All rights reserved.
- 22. Interaction iPodization Copyright © 2011 Temkin Group. All rights reserved.
- 23. Social Media Assimilation Copyright © 2011 Temkin Group. All rights reserved.
- 24. Social Media Assimilation How consumers give feedback… Told friends about it via 51% email, phone, or in-person 63% Sent feedback directly to the 21% company via a call, letter, email, or on their Website 34% Wrote something about it on 13% After a VERY Facebook 20% GOOD Put a comment or rating about the experience 7% company on a 3rd party site like Yelp or TripAdvisor 11% After a VERY BAD experience 3% Wrote something about it on Twitter 4% Base: US Consumers Source: Temkin Group Q1 2011 Consumer Experience Survey Copyright © 2011 Temkin Group. All rights reserved.
- 25. Social Media Assimilation A few tips on social media common sense: • Don’t ignore existing customer conversations. • Listen first, long before you start responding. • Don’t overreact to Dave’s Guitar. • Get brand promoters to speak for you. • Don’t lose sight of who you are. Copyright © 2011 Temkin Group. All rights reserved.
- 26. Thank you! Bruce Temkin Customer Experience Transformist & Managing Partner TEMKIN GROUP www.temkingroup.com Email: bruce@temkingroup.com Phone: 617/916-2075 Twitter: @btemkin Blog: Customer Experience Matters (experiencematters.wordpress.com) Copyright © 2011 Temkin Group. All rights reserved.
- 27. The Case for Self-Service as a MegaTrend 27
- 28. A Myriad of Channels Traditional + Digital + Mobile 28
- 29. 24x7 – 365 World 29
- 30. Content Overload
- 31. Your Customers WANT to Self-Serve! 31
- 32. CIBC 32
- 33. CIBC Bank Results • Emails decreased by 50% • Calls decreased by 25% • "Voice of Customer" data informing web/product • Single message via web, mobile and e-mail agent
- 34. ING 34
- 35. ING Direct – Improvements in FCR 45,000 40,000 35,000 30,000 25,000 Escalations before IR 20,000 Escalations after IR 15,000 10,000 •50% reduction in 2nd line escalations 5,000 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 35
- 36. Social Media • Can be creatively included in Facebook Walls, Twitter, Digg, Delicious and other social platforms
- 37. Actionable Insights • How do I switch my account? • How do I know XXX is right for me? • What is XXX switch mortgage? • What is the XXX switch kit? • What is the new switch program? • How do I switch from my current bank? 37
- 38. Actionable Insights • When does your Android app come out? • Why do you only offer an iphone app? I use Android. • Mobile banking - does it work on an HTC Desire Smart phone? • Where is the android app? I was excited to see you promoting mobile banking, but releasing via itunes and only for iphone was a disappointing move. • Will there be an application for the android mobile phone operating system as other banks already have? 38
- 39. Thank-You HAVE A QUESTION? New Whitepaper: Is Web Self-Service Right for You? http://www.intelliresponse.com/White-Papers/ Copyright © 2011 Temkin Group. All rights reserved. Copyright © 2010, IntelliResponse Systems Inc. All rights reserved. The trademarks identified herein are the trademarks or registered trademarks of IntelliResponse Systems Inc. or other third party.
Editor's Notes
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- Perhaps the most interesting trend affecting the newfound drive towards self-service is the final one It’s a fact that the modern customerdemonstrates a major — and increasing — appetite for self-service, yet what is interesting is that some companies continue to run their operations as if customers prefer to interact with them live. It’s simply not the case!!! -- use example of waiting in line at an ATM or Airport Kiosk – JUST to serve yourself – when the bank line or ticket line is wide open…-- Self Service is a modern imperative on the customer interaction landscape – and it matters how effectively your organization can deploy it….A recent study of 75,000 B2C and B2B customers by the corporate execute board and published by Harvard Business Review confirms this notion by stating that“57% of inbound contact center calls come from people who first attempted to resolve their issue on the website.”And over 30% of callers are on the website at the same time that they are talking to a rep on the phone.