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Cindy Chastain, SVP Customer Experience & Design, Mastercard
- 1. ©2018 Mastercard. Proprietary and Confidential. APRIL, 2019 Cindy Chastain. @cchastain Building a customer centric digital strategy
- 2. Digital strategy is not About channel solutions A plan for adopting new technologies Visions for shiny objects Digital marketing
- 3. ©2018Mastercard.ProprietaryandConfidential. 3JUNE 27, 2018 Digital strategy is about the design of business
- 4. ©2018Mastercard.ProprietaryandConfidential. 4JUNE 27, 2018 Digital strategy is about the design of business and cultural change.
- 5. 5 Data and AI Fintechs Customer expectations
- 6. ©2018Mastercard.ProprietaryandConfidential. 6 Explore Consider/Evaluate Purchase/Sign up Use/Manage Renew/Extend End-to-end customer experience
- 7. ©2018Mastercard.ProprietaryandConfidential. 7 Customer experiences (CX) has become a key differentiator Institutions Customers
- 8. Creating the conditions for the continuous evolution of your digital customer experience THE CHALLENGE
- 9. ©2018Mastercard.ProprietaryandConfidential. 9 Explore Consider/Evaluate Purchase/Sign up Use/Manage Renew/Extend Positive experiences Negative experiences things that are broken touch points to connect New service opportunities things to evolve or enhance
- 13. ©2018Mastercard.ProprietaryandConfidential. Strategic Priorities * Areas of opportunity derived from consumer needs, business opportunities as well as input from Volvo team interviews and workshops. MARKETINGSALESSERVICE EXPLORE CONSIDER EVALUATE PURCHASE ANTICIPATE ENJOY USE/MAINTAIN REPURCHASE Shopping Purchase Ownership Reinvent the car launch starting with V526 A Make Volvocars.com the flagship brand experience B Turn dealerships into service-ships C Turn MyVolvo into a services platform G Pilot digital services that extend the ecosystem H Create a Volvo Society E Do car sharing the Volvo way F Build a D2C model D Create an intelligent repurchase program I Reinvent the Volvo CPO experience J
- 14. ©2018Mastercard.ProprietaryandConfidential. how it works design your subscription check out and wait for delivery Six years later: Care by Volvo
- 16. 10 + benefits 6 registrations 3 mobile apps 6 websites 4 phone services
- 17. ©2018Mastercard.ProprietaryandConfidential. 17 Aligning our discreet assets into a modular and digitally integrated travel offering THE CHALLENGE Priceless.com MC Travel & Lifestyle Services MC Airport ExperiencesMC Travel Rewards Concierge Travel Insurances Boingo Pay with Rewards Affluent consumer value prop
- 18. ©2018Mastercard.ProprietaryandConfidential. Explore Jobs to be done Pain points – general Purchase Plan & Prepare In transit Find a deal / Ensure maximum value Use desired form and method of payment Get & validate recommendations Plan day-of-arrival meals/activities Determine non-itinerary experiences Find the right destination Find the optimal time to book travel elements within a specific date / desired timeframe Make reservations for activities Get last-minute travel updates & act as needed Find one-of-a-kind and/or cultural experiences Find the right bookings (airline, hotel, etc.) Make multiple bookings (travel, lodgings, etc.) Create itineraries Stay connected to home Keep family entertained Align travel plans with family, partner and/or employer Validate purchases for the travel experience Procure pre-travel services (ex: insurance) Take advantage of upgrade opportunities Allow time to relax Arrange for home needs while away (cat sitter, away message at work, etc.) Enjoy in-transit/at-terminal experiences Solve unexpected card-related problems Find activities & things to do at the destination Find the best possible deal. Manage logistics around travel (packing TSA-compliant snacks for the kids, arranging transit to the airport, etc.) Keep group together & entertained Capture moments Share (to validate & receive recommendations) Identify, gather and keep track of necessary documentation and information for the trip Get to destination Find places to eat • Time spent researching • Hard to find locations that work for the family • Content not personally relevant • Miss opportunities to use points and end up spending more • Difficulty using/redeeming points • Relying on memory to trigger redemption • Confidence in getting the best deal • Can be difficult to keep track of everything across multiple bookings • Finding the best cultural experience that’s right for me • Not knowing whether to trust information • Fear of forgetting something • Lots of documents to gather • Security lines • Bad airport food • Hotel room not ready • Lost luggage • Nervous about missing connections • Unsure about arrival experience • Finding a spur of the moment activity • Losing something • Getting sick • Making sense of local transportation • Not being prepared for the weather • Kids getting bored/don’t like activities • Credit card doesn’t work Pain points – asset specific • (MTS) Can’t browse benefits prior to profile creation • (MTS) Mobile creation can be tedious • (MTS) Have to repeatedly confirm details • (MTS) Have to log into Masterpass to pay • (Emergency Medical Assistance) When insurance ticket is purchased, there is no automatic link • Information isn’t shared between MC assets and must be re-entered for each one. • Frequent re-registrations and redundant signups • Some assets require starting from scratch per-trip • Boingo: Only works in airport, not on plane • MCAE: No MCAE signage, finding lounge not clear, don’t know whether lounge is free or not; need internet to access app; merchant doesn’t recognize program/off • Boingo: Have to remember another username/password; no Mastercard info • MTS: Not communicating other benefits e.g. insurance • Global Services: Cost of call is expensive when travelling Medium value High value High value Medium value Not served by MA assets Served by MA assetsExpand Evolve Not scored Consumer travel journey Experience
- 19. ©2018Mastercard.ProprietaryandConfidential. 19 Out of 57 consumer “jobs to be done” in the travel journey, we landed on seven value territories in which Mastercard can support and/or has a right to play. Purchase Plan & Prepare In-Transit Experience Use desired form and method of payment (including points) and understand the benefits I get by using this card. Have peace of mind about the purchase Find the right things to do at destination. Have smooth experience in transit Find spur-of-the- moment activities Solve unexpected problems Keep family entertained Prioritized jobs to be done WHERE MASTERCARD CAN PLAY 1 2 3 4 5 6 7
- 20. Have smooth experience in transit Affluent traveler with kids | From home to boarding plane START Morning of travel 1 On route to airport 2 Arrive at the airport 3 ‘Good to know’ notification Needs to check important travel info and book a car. She opens her app, sees her itinerary, books a car. Sees a reminder of luggage and car rental insurance benefits. Also reminded to ensure she has entered her details for TSA pre-check. With time in the car, she checks her points –she has amassed loads from her travel booking. Arriving at the airport, she wants to get the family quickly through security. She checks her app and sees security fast track. Departure area 4 Through security and in need of a snack. She gets a notification with lounge directions and remaining visits. Visiting the lounge 5 At the lounge they plan activities for their vacation. They use the app to check out offers and experiences for all the family. ‘Don’t worry’ notification A message from the digital concierge – he can rearrange plans at destination including taxi/hotel/car rental. He also reminds them of travel delay insurance. Flight delayed 6 Need to keep the kids entertained with wifi for all the family. Picks up some treats for the kids using her points. Time to kill 8 END Depart 9 Keeping kids entertained 7 Sees that she has great discounts in the airport. There’s time for some shopping and a spa treatment while the kids are occupied. ‘Lounge Directions’ notification Great, we have priority boarding – first on!
- 22. Gig workers
- 23. ©2018Mastercard.ProprietaryandConfidential. Market insights* (5 regions 25 markets) Gig workers: iterative insights Ethnographic research* (45 gig workers) • Macro landscape • Opportunity sizing • Key demographics • Interview with digital platforms • Needs and behaviors • Pain points • Opportunity areas Co-creation (16 gig workers) • Customer journey/jobs to be done • Critical pain points/commonalities • Detailed behaviors • Emotional sentiment • Product concepts • Product testing • Feature prioritization • Product roadmap User testing (1,800 gig workers) * Marketing Insights & Analytics team
- 24. ©2018Mastercard.ProprietaryandConfidential. 24JUNE 27, 2018 Gig workers case study
- 25. ©2018Mastercard.ProprietaryandConfidential. 25JUNE 27, 2018 Gig workers : jobs to be done
- 28. ©2018Mastercard.ProprietaryandConfidential. 28JUNE 27, 2018 [Mastercard Debit ecommerce case study]
- 29. ©2018Mastercard.ProprietaryandConfidential. 29 Debit Ecommerce Checkout 1. Onboarding New CardCX Opportunitie s Receive new card in mail Check out Abandon cart Check out as guest Log in Register Provide shipping info Provide billing info Authentic ate payment Payment Authorization Update merchant card on file Pay with PayPal Create account Receiving New Card Activate card Update card on file with digital wallets Pay with merchant card on file Abandon cart 2. Becoming Card on File Receive payment confirmation email Contact Issuer Transact ion Decline d Transact ion Authoriz ed Abandon Cart 3. Optimizing Checkout 4. Mitigating Cart Abandonment Steps Selecting Payment Method Authentication & Authorization Post-Transaction Mitigate payment- related cart abandonment 2.1. 4. 3. Opportunities areas for debit ecommerce
- 32. Understanding key customer journeys is foundational to defining your digital strategy KEY TAKEAWAY
- 33. ©2018Mastercard.ProprietaryandConfidential. Forrester Prioritizing what matters is key Design for the end-to-end Never stop learning Involve your customers
- 34. Thank you!
Notes de l'éditeur
- The business landscape is becoming more complex. Technology is changing at a rapid pace. Data and AI are creating altogether new opportunities for relevance and service. Fintechs are launching innovations that address key customer pain points. The benchmarks for consumer expectations are at an all-time high. And you…chances are you are in the midst of your own digital transformation. Legacy systems. Siloed data. And you’re trying to differentiate yourselves with a superior customer experience. You’re trying to understand how to meet them on their own terms. You’re trying to decide if you should partner with a fintech to get ahead of the digital divide. Chances are, you are also thinking about how to avoid some kind of disruption. Since 2005, 40% of S&P 500 companies have gone bankrupt, been acquired, or just ceased to be. Recent studies have told us that up to half the world’s banks will disappear through the cracks opened up by digital disruption of the industry. So how do you differentiate to retain and grow your customer base? True differentiation is hard. Deciding how to respond to a threat of disruption is even harder. Both require getting ahead of the curve to create new value for new and existing customers while you continue to evolve and protect your core. The hard part is in the how. In this presentation, I’m going to talk about a few secret ingredients for continuously re-imagining your digital customer experience, for today and for the long-term. Based on my experience working with companies like Verizon, Nike, and Volvo, and now Mastercard…
- Approaching the challenge of defining your digital future through the lens of the end-to-end customer experience will help you make smarter decisions around how to evolve and why. Why do I say that? Growing and sustaining your competitive advantage is quite literally in the hands of your customers. Their perception of value is no longer just about cost, it emerges from the sum of interactions a person has with a product, service, or brand. And more and more of those interactions are becoming digital.
- Digital customer experiences have become a key differentiator According to Forrester research customer experience (CX) will overtake price when it comes to product differentiation by 2020. Why? Because positive experiences drive loyalty. If you can provide product and service experiences that are not just on par with competitors, but exceed expectations in some way you will increase the likelihood that a customer: will keep existing business with the company will buy additional products and services from the company will recommend the company to others As we like to say inside of Mastercard, the ability to deliver a great customer experience, including all of the services you offer around your core business, has been recognized as critical for creating a sustainable competitive advantage. But let’s be clear: Creating a differentiated and possibly game-changing digital customer experience is not about putting a shiny new mobile app in market, or about launching a single new service.
- It’s about creating the conditions for constant evolution of your end-to-end customer experience so you can stay ahead of the competition as well as follow the needs of your customers. That is the real challenge. My hope is that you will walk away thinking differently about how this can be tackled and with some practical approaches to take into your organization.
- Starting with the end-to-end journey gives you a snapshot of where and how you’re providing value in relation to customer needs today. It starts before your customer has decided to purchase a product and or initiate a relationship (like opening an account) and continues through the moment they break with this relationship, which most companies hope won’t happen for a long time. With this view, you can: Uncover moments where things are just broken. You’ve got to fix it or you’re going to start losing customers. Understand how you can better connect existing digital touch points Understand underlying technical capabilities needed to better service your customers Identify where things “could be” digitized to bring new value and ease of doing business Identify opportunities for evolution or enhancement Uncover white space opportunities for new product and service innovations
- To give you an example, about six years ago Volvo sales were starting to flatline and the CEO decided that they needed to compete in the luxury market, alongside of Mercedes, Audi, BMW, to grow a whole new generation of loyal customers. And digital, was a big part of their strategy. Not only were they re-designing their cars, to appeal to the affluent customer, but they knew they needed to focus on the end-to-end customer journey.
- Volvo wanted to move from a product-centric company focused on selling cars, to a customer centric company who uses digital to serve customers and make cars better.
- Now this is an example for how the customer lifecycle journey can inform decisions at the highest level. Six years later, Volvo is finally launching its direct to consumer subscription service.
- At Mastercard, we are also using a customer journey approach to solving for how we evolve existing solutions for our customers as well as in defining new ones.
- At Mastercard, we are also using a customer journey approach to solving for how we evolve existing solutions for our customers as well as in defining new ones. One such example, was an effort focused on evolving our travel services. We know that the ability to deliver differentiated travel benefits is important for our customers as well our business. But the landscape has changed. Standard travel benefits alone are no longer enough to capture the needs and expectations of today’s affluent traveler.
- As the travel credit industry has matured, once game-changing benefits such as airport lounge access and accelerated rewards have been reduced to a price of admission into the space The travel industry overall is seeing an influx of new, innovative services looking to solve for critical pain points with AI and deep personalization What’s more, the traditional mode of distribution through affluent card products has resulted in a substandard consumer experience. There’s a whole list of benefits that come with the card. If a consumer even understands “what” they have. It’s not so easy to find it. If they do find the thing they are looking for, does it deliver on its promise and is it a good experience? All of these questions are questions of consumer experience. And this is the case with almost all card products out there.
- So, we set out to see how we could evolve our travel service offering to leap ahead of what’s in the market today. How could we align a collection of discreet travel assets, from booking, to lounge access and insurances, into a digitally integrated service that will differentiate our affluent card products?
- At Mastercard, we are trying to create the conditions that enable our teams to uncover underserved jobs to be done that could lead to new products and solutions or enhancements to the end-to-end experience.
- One project, was focused on what we refer to in America as gig workers. A gig worker is: a worker who is paid by task, assignment, or by selling or leasing something on an individual basis. The “gig economy” in the US is described as an environment in which organizations contract with independent workers for short-term engagements. The emergence of digital platforms, enabling “gig workers” to find these short-term assignments is the driving force of the economy. Research told us that 40% of independent workers are expected to exceed 40 percent of the US and European workforce by 2020. They hypothesis was that there was a big opportunity to serve this growing, underserved market with new solutions. To better understand the possibilities, the team set out on a customer-centric approach to product concept development, and a hunt for the jobs to be done.
- This is a view of the timeline of research activities that informed new product ideas. We have an amazing insights and analytics team who conducted market research on this emerging customer segment. That research got to general needs and painpoints Irregular income flow. No pension plans No (little) benefits enjoyed by traditional workforce Lack of financial planning Need for Separation of Business and Personal Accounts That, led to clear territories to focus on in a co-creation workshop Co-creation is where you can get to a level of understanding that helps you design a product Understand and validate the journey and jobs to be done Understand the most critical pain points and commonalities are across types of gig workers Get insights into actual behaviors: what they’re actually doing Uncover emotional jobs to be done
- In the co-creation sessions, the team was able to go deeper into the territories and validate the most critical jobs to be done, and one of those was Money management. Overall, money management of gig workers lacks focus. Income and expense tracking is not streamlined. Inconsistency makes financial planning a challenge. It also revealed some emotional aspects of a gig worker: Tension between freedom and flexibility vs lack of structure As they are a company of one, they miss the community/co-worker part Considered themselves as small business owners: All of this led to the product concept and early prototypes, which we then took out for more testing.
- It also further uncovered the complexity and inspired solutions by how they manage the complexity (multiple streams of income, high volatility, complex logistics, scheduling and cancellations) today.
- My final case study is going to focus on our approach to helping teams get to early prototypes, grounded in consumer needs, more quickly. I love this case because it's not a story of bringing a shiny new product idea to life. It's about optimizing something already in the market. Sometimes innovations are about those small optimizations that can have a tremendous impact on your business.
- More recently our Debit team started looking at how to improve the consumer experience in ecommerce to drive adoption and usage. Debit is the payment method of choice for a large number of consumers in Europe, but the experience online is vastly unpredictable. It’s not easy to know if a merchant accepts debit. Or even whether a bank has made their debit cards ecommerce enabled. With this kind of uncertainty, there was a big opportunity to provide greater clarity and confidence in the way consumers used debit. Many people choose to use debit because it feels safe and easy to use Keeps them from overspending or building up large debts Allows them to spend their money without having to borrow Makes it easy to monitor money going in and out because it is paid for immediately On the other hand, consumers also hesitate to use debit because it doesn’t always feel like the smartest way to pay Need to have the funds available for the purchase before purchasing Consumers weren’t sure if it was as secure as credit And rewards points are not available when using debit (key US barrier) With this kind of tension and uncertainty, there was a big opportunity to provide greater clarity and confidence for consumers when using their debit cards.
- After spending time understanding consumer perceptions and needs, we conducted a deep dive into the existing consumer journey. The goal was to: Deepen understanding of the consumer experience in ecommerce and how it is enabled today Identify critical moments, pain points, and unmet needs that would inform ideation
- That led us to identify four opportunity areas to improve and/or optimize the debit experience Onboarding a new card For people who aren’t in the habit of using debit in ecommerce, how can Mastercard give them a reason to use DMC in ecommerce? (E.g. Getting over security fears, offering incentives) Becoming Card on File For people who aren’t aware they can store their debit card on file, how can Mastercard help them understand the benefit of storing their card? (convenience, security, added value)? Optimizing Checkout For people who aren’t certain whether to choose debit in checkout… (Can I? Should I? Will it be easy? Why is it better?) How can Mastercard make them feel confident checking out with DMC Mitigating Cart Abandonment For people who have had a transaction declined and don’t know why how can Mastercard provide them with transparency so they understand next steps and feel comfortable using DMC in ecommerce again? (E.g. Messaging, notifications)
- This work then informed ideation exercises in each one of the territories. From our ideation sessions, we generated 36 raw concepts and ideas which were eventually prioritized based on rigorous criteria and narrowed to 4 concepts to advance into prototyping.
- And we created one prototype per week over the course of four weeks. Now, I’m showing you these prototypes merely for effect. The larger point is that we couldn’t move forward any of these ideas until we had evidence. We needed a tangible representation of the concepts to share with technology to see if it was viable, and put in front of real consumers, to see if was desirable and useful. A prototype will help you validate if you’re on to a good idea that either solves a real-world problem or truly addresses a consumer need. It also gives you the ability to validate early on if this thing can actually be built.