Digital Banking: Enhancing Customer Experience; Generating Long-Term Loyalty
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Winning the customer experience revolution
- 1. © 2015 Catalyst February 25, 2015 The Customer Experience Revolution Damir Saracevic, Director of Digital Marketing
- 2. 2 ‘95 UR EE graduate Cofounded Auragen Communications in 1995, sold to Catalyst in 2007 ’09 Simon MBA Director, Digital Marketing @Catalyst Leadership principles: Excite Energize Guide
- 3. About Catalyst 3 #1 direct and digital marketing agency in Greater Rochester Catalyst combines Science + Soul to develop more profitable customer relationships Our approach yields deeper insights that anticipate customers’ needs better
- 4. What Is Customer Experience
- 5. Wikipedia 6 Customer experience (CX) is the sum of all experiences at various touchpoints a customer has with a supplier of goods and/or services, over the duration of their relationship with that supplier. This can include awareness, discovery, attraction, interaction, purchase, use, cultivation and advocacy.
- 6. Why It Matters 7 According to the Gartner Group, Inc.: By 2016, companies will compete primarily on the customer experiences they deliver Leading customer experience is the #1 expectation CEOs have of CMOs It’s the area where CMOs have made the least amount of progress
- 7. 8
- 8. Good Customer Experiences Count 9 60% of shoppers who excluded an institution from consideration did so because of a bad experience or hearing negative things. Which financial institutions would you NOT consider banking with and why? Source: Novarica © 2014 The Financial Brand
- 9. Bad Customer Experiences are Shared … 10
- 10. … and Shared … 11
- 11. It’s All About the Customer 12 “There are only three ways a company can grow. First, earn more business from your current customers. Second, attract customers from your competitors. Or third, buy another company. If you can’t do the first, what makes you think you can earn more business from your competitors’ customers or from customers you buy through acquisition?” John Stumpf, chairman and CEO, Wells Fargo
- 12. Implications for Marketing
- 13. Implications for Marketing 14 Consumers are in the driver’s seat: More ways to engage and share content More ways to opt out of traditional “push” channels Marketing must evolve to meet customers’ expectations: Must shift from brand push to consumer pull Must develop better data-driven customer intelligence Must optimize customer experiences across every touch point and in real time
- 14. Implications for Marketing 15 Most organizations still struggling: Structured around channels, touch points, technologies or features, not customer’s relationship with brand
- 15. Customer Journey
- 16. Forrester Research, Inc. 17 “Organizations that use consumer intelligence to drive business strategy and customer engagement will thrive in the age of the customer.”
- 17. The Customer Journey 18 Also known as a Customer Experience Map Research methodology that tells you what customers are thinking, feeling and doing at each stage of the customer life cycle First step to better customer understanding Results in opportunities for more relevant communications, better customer relations, higher retention, and increased customer value
- 18. Four Key Components 19 The journey – shows you what customers have actually done Qualitative online and offline research – conversations with customers to gain insight about what they are thinking and feeling
- 19. Four Key Components 20 Opportunities – gaps in the customer experience that can be closed with improved marketing and customer service Guiding principles – these emerge as you begin to understand your customer’s journey
- 20. Sample Customer Journey Map 21
- 21. Developing the Customer Journey
- 22. Customer Life Cycle 23 Looks at each stage of the customer life cycle
- 23. Process 24 Triggers, touch points and channels inventory Look at the gaps in your touch point inventory – are those opportunities?
- 24. Process 25 Triggers, touch points and channels inventory Customer research (online bulletin boards) Large geographic reach Easier for customers to participate Participants can remain anonymous Moderator can probe for clarification No “group think” and bias Immediate results
- 25. Process 26 Triggers, touch points and channels inventory Customer research (online bulletin boards) Special deals are sometimes put out there to attract new customers. I want my bank to make special offers to me...to show they value my continued relationship with the bank. Linda C. Talk to me to find out which accounts work best for me now...everyone wants to feel important no matter how much money they have. But also, they want to be understood and valued as a customer. Jessica F. I want them to feel like they already know me. Not by a number. Bill M.
- 26. Process 27 Triggers, touch points and channels inventory Customer research (online bulletin boards) Customer experience workshops Include stakeholders who can impact the final customer experience Workshop participants gain customer empathy
- 27. Process 28 Triggers, touchpoints and channels inventory Customer research (online bulletin boards) Develop initial model of customer feelings Customer experience workshops
- 28. Process 29 Triggers, touchpoints and channels inventory Customer research (online bulletin boards) Develop initial model of customer feelings Customer experience workshops Complete analysis of customer research
- 29. 30
- 30. 31 Who do my friends and family bank with? How do I choose the best account for my needs? Does the bank offer the services and technology I need? How close are the nearest branches and ATMs? How do fees and rates compare to other banks? How big is the bank’s presence (local, national, international)? Does the bank take an interest in my community? How helpful and knowledgeable are the bank employees? Will the bank help me grow and progress financially?
- 31. 32
- 32. Gaps Lead to Opportunities 33 Pinpoint opportunities for improvement: For each stage in the customer life cycle Which customer segments? What channel or touch point?
- 33. 34
- 34. Customer Journey Impact What the Bank Did to Improve
- 35. Using Data to Deliver Relevant Communications 37
- 36. Personalized Onboarding 38
- 37. Systematic Customer Cross-Sell 39 What is best next product for customer? Self-reported interests Behavioral inference Modeled fit What offers has customer recently received? What are business priorities for quarter? What channels are cost effective? Q1: HELOC Customer told bank representative that he wanted to consolidate debt and reduce monthly payments Q2: Money Market Account Customer has significant checking balances and can earn more interest Q3: World MasterCard Great rewards card without a fee because of PinnaclePlus checking account Q4: Interest Survey Show customer we care about their needs, and use info for subsequent targeting
- 38. Key Takeaways
- 39. Key Takeaways 41 1. Good customer experiences matter 2. Bad customer experiences impact the bottom line
- 40. Key Takeaways 42 3. Develop a customer experience map to learn what customers are thinking, feeling and doing at each stage of the life cycle 4. Use relevant, personalized communications
- 41. Key Takeaways 43 5. Put the customer’s needs first, not your organization’s needs; CEO expects CMO to lead this 6. Organizations who do all this will be positioned for success. Organizations who don’t are doomed to fail
- 42. Thank you!
