This is a webinar that I did as a guest speaker for AxientCX and OpenText about how the banking and finance industry can become more customer centric. Download the research here: http://unbouncepages.com/axientassets/

1. How We Can Help
Opportunities
Approaches and Best Practices
Alignment
Misalignment
CMO and CX
3
SMARTPHONES
20202.5 BILLION
Customer Current Landscape and CMO Issues1
2
4
5
6
7
HOW TO BE MORE CUSTOMER CENTRIC?

2. Customers are sharing their experiences in real time. Banks with poor service have
no where to hide.
CUSTOMER LANDSCAPE
Source: Forrester Research Inc
“Getting to Know
You: Building a
Customer-Centric
Business Model for
Retail Banks,”PwC
FS Viewpoint, April
2011.

3. CMO PROBLEMS
UNDERSTAND
THE
CUSTOMER
BREAK
DOWN
THE
SILOS
ENHANCE
THE
CUSTOMER
EXPERIENCE
Source:PwC
CustomerAnalytics
Process
Improvement

4. Source: Gartner
CMO and CX

5. GETTING IT RIGHT
Zuno is the
fastest growing
back in Eastern
Europe. They
welcome a new
customer every 8
minutes
www.zuno.eu

6. GETTING IT RIGHT
www.simple.com
MOBILE

7. GETTING IT RIGHT
www.triodos.com
It is not
about
you, it is
about
your story

8. GETTING IT RIGHT
www.commbank.com.au
Search
By likes
By need
By tools
Shortcuts

9. CUSTOMER MAPPING
http://www.touchpointdashboard.com

10. LEVELS OF CUSTOMER CENTRICITY
Level 1
Lip Service
Level 2
Some
Targeting
Level 3
Customising
Solutions
Level 4
Customer
Orientation
Assure
customers are
at the center of
business but
continue to
market own
products and
services
Gather Date on
customers and
understand they
are different and
tailor offering
according
Focus on
problems
customers are
trying to solve
and then
package those
offerings to
address those
problems
Focus on
solving
customer
problems and
center around
customer
needs. Less
focus on means
and more focus
on ends
Ranjay Gulati, Harvard Business School professor and author of Re-
organise for Resilience

11. KEY INSIGHTS
Unburden me 1.
2.
4.
3.
5.
6.
7.
I don't like to feel burdened or stressed and seek
ways to free myself from any burden as quick as
I can. I particularly dislike when companies
make life harder than it needs to be, when they
themselves add to my burdens. If they were to
do this, I’d most likely start looking around for
another supplier to be free of them
Make it easy,
simple and
quick for me
My finances are a focal point in
my life. I don't want to have to
think about it. So make it as
easy as possible to interact
with you, easy for me to
understand you, and get things
sorted as quickly as possible
Help me avoid surprises
I don’t like surprises. Because surprises
most often cost me a lot of money. Set
and manage my expectations throughout
the relationship - particularly at the
connection, transfer and disconnection
stages
Empower me to make
better decisions about
my power
consumption each
month. It’s hard to
make good decisions
about Finance
because it’s so
confusing. I’m not
sure where to start, I
don’t know what I
need to know, and I
have no clear way to
make comparisons or
navigate through it.
Everyone appears to
be offering the exact
same thing - but with
widely different prices
Empower me
to make better
choices
Value me
If you care about me you’ll
do your best to make
every experience with me
a good one. Treat me like
a human, not a property.
Understand me and my
needs. Show that you
value me as a customer
Help me be to stay
connected without having
to pay for it
I’m a mobile technology savvy person so give
me the choices to stay connected with you. I
expect you to be technology savvy also. I’m
don’t want to pay for the privilege of being
connected.I don’t think
about it…
Most customers don’t
think about their options
because I’m too busy
going to work to earn
the money. You need to
be proactive in helping
and advising me.
Source: Axient

12. Existing customers are
confused when they receive a
welcome pack….or think this
demonstrates a lack of
continuity in their relationship
with ABC Finance
Receive two welcome packs –
one for Credit, the other for
Savings which causes
confusion and drives calls to
call centre
Contact details difficult
to find causing
frustration
Insight
Welcome pack with
account details arrives
3 weeks after purchase
WELCOME PACK

13. .
Give customers access to
their account details and the
details of their new account
as soon as they sign up via
and SMS and email
Provide one account number
per customer, not per
account
Follow up within 2
to 3 days of sign
up with a personal
phone call to
welcome the
customer to ABC
Finance
New opt-in paper option, i.e.
default paperless
Combine credit and
savings welcome into
one to avoid confusion
Don’t welcome existing
customers – thank them for
staying with us
WELCOME PACK
Recommendations

14. Provide one bill per
customer (combine credit
and savings)
Provide breakdown of
costs
Educate them as to how to
save more and spend less
Improve bill
comprehension by
adding graphs to improve
comparison ability and
tracking of expenditure
Reference FAQ website
and contact details more
prominently
Highlight options to add
customer value – high
interest, promotion
CREDIT CARD STATEMENT
Recommendations

15. SHOW HOW YOU ARE LISTENING
Source: Aussiefarmers

16. REAL RESULTS
TANGIBLE INTANGIBLE
Increased expected hit rate from 3% to an actual hit
rate of 20%
Marketing responds to competitors from idea to
execution within 8 hours (Dong Energy) Denmark
Greater brand consistency and alignment of
post-sales communications
Consolidated 7 pages down to 2
Annual savings of over $2.5million Euros
(Postbank)
Improved staff engagement and satisfaction
Created a common graphic profile and reduced the
number of varying documents in circulation from
200 to about 50
80% of the millions of documents distributed
annually are now transmitted electronically, Nordea
Liv & Pension)
Increased direct debit payment and Accelerated
cash collection
Increased policy contract renewal rate by 11%
delivering additional revenue of $2,711,212 per
annum
Single platform to integrate communication
processes into core business systems and
processes
99.78% billing accuracy
17% decrease in billing inquiries to call centre
20% faster handling of billing inquiries (Source
Gas)
Reduce costs by 30% for publications for
customers
Reduced costs by 10% for publications to debtors
(BNP Paribas)
Source: Axient

17. WHAT WE CAN DO FOR YOU
We would like to meet with you to have a conversation.
Look out for our follow up materials or visit www.axientcx.com.au
Wicked technology + innovative services + customer
centric communications. The result: We make your
customer insights and your customer experience
strategy happen in pre and post-sale
communications
Wicked
Technology
and
Services

18. Have you asked a customer about your pre- and post sale customer
communications?
We create customer satisfaction by improving the customer communications, to help
company’s improve on the customer experience.
WHAT WE DO
Some of our customers

19. RESOURCES
We will be sending a link of the webinar to you with these resources
The ROI of Correspondence Management 2009 Forrester Research Inc.1.
Reducing Costs and Increase Profit with Customer Communications. Pitney Bowls2.
The customer lead bank – Bain and Co3.
Getting to know you: Building a customer centric business model for retail banks. PwC4.
Ernst & Young Global Consumer Banking Survey 20125.
Disconnected Report Retail UK, 20116.
Customer Think Webinar on Banking sector : Digital Vs. Human Experiences7.
Outside In – Harley Manning and Kerry Bodine8.
Banking on customer centricity, Transforming banks into customer centric organizations – McKinsey and Company9.
How to make your company think like a customer – Accenture, 11. Winning the customer decision journey –
McKinsey and Company10.
The Impact of Customer Relationship Management Implementation on Cost and Profit Efficiencies: Evidence from the U.S. Commercial
Banking Industry,” A. Krasnikov, S. Jayachandran and V. Kumar, Journal of Marketing, November 200911.
The journey towards great customer centricity Ernst & Young12.
Customer centric strategies taken to a new level in financial services industry,13.
Akendi.com Experience Lifecycle Strategies14.
customercentricity.biz Becoming Customer Centric.15.