transforming customer experience through digital capability: a banking customer journey
TRANSCRIPT
October 15, 2015
Deliver Delightful Experiences & Effortless Transactions for Your CustomerCustomer Experience Digital Capability
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It’s Harder to Compete Now Than Ever Before
3
83% Customers Comfortable with Conducting Their Banking Through Internet and Technology Companies
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So, How Do You Differentiate?
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Quicker Pace of Innovation Implies• Transaction optimization is not a sustainable advantage• Transactional banking is table-stakes
Stricter Regulation Forces• Identical Processes• Similar Operational EfficienciesNew Competitive Battlefield
Customer Experience is the New Competitive Battlefield for Differentiation**Customer Experience Emerges as the Marketers' Next Battlefield, Jake Sorofman, Oct 2014
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Contact srrivatsan desikan [email protected] for questions
How Important is Customer Experience?
In 2016 89%66%In
2013Of companies will compete based on customer experience (up from 36% in 2012)**
*Accenture 2013 Global Consumer Pulse Survey (13,168 consumers in 33 countries )**Gartner Survey Finds Importance of Customer Experience is on the Rise; Marketing is on the Hook, Jake Sorofman, Laura McLellan, Sep 2014
Companies
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Consumers
Switched brands due to poor customer experience*
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What is Superior Customer Experience?Next Generation Banking Model
* Accenture, Banking 2016 – Accelerating growth and optimizing costs in distribution and marketing
Banking Experience Today
Savings
Checking
ESPP
Mortgage
Trading
401K
529
Banking is Moving from Transactions to Relationships
Savings Acct.
Checking/Current Accts.
401KIRA HSA
Stocks
Mutual Funds
Bonds
Trust Management
ESPP
529
ID Monitoring
Credit Monitoring
Umbrella Coverage
Checks, Demand Drafts
Lockers
Credit Cards
Bill Payments
Home Equity & Mortgage
Car Loans
Personal Loan
Metals & Jewels LoansCertificate
of Deposit
Banking Experience TomorrowWhat Do Customers Want?
Easy Access to a Full Suite of Financial Products Across All Channels
Simple, Reliable and Quick Service Experience
How Can You Deliver?
Enhance Service Experience – Transform into a Financial/Non-Financial Digital Bank*
Create A Multichannel Bank*
Personalized RecommendationsPredict Customer Needs – A ‘Socially Engaging’ Bank*
Deliver Delightful Experiences and Effortless Transactions for Your Customer
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The Retail Banking Experience… Transformed“A New Job in a New City”
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65%Customers interact with
their bank through multiple channels**
61%Of 18-25 yr. olds use
Mobile Banking*
66%Of all service contact will happen online***
Why Create an Intelligent Multi-channel Experience?
* Montise – The Mobile Money Landscape: Market Statistics and Expert Views 2015** McKinsey & Company: Retail Banking Insights*** Boston Consulting Group – Distribution 2020: The Next Big Journey for Retail Banks
SMS
Chat
Social Media
Mobile
Voice
Web
Branch
ATM
Kiosk
Home
“My Bank engages with me where I spend time…”
Multi-Channel
Siloed Channels
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44% Chose a Bank Based on Recommendations From Family and Friends
First Day on the Job• Influence choices made• Discover preferences
Choose Bank, Brokerage …
Social MinerSocial Miner monitors social media communities for questions posted, queuing them to the right expert for pro-active customer engagement
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I am looking for a short term low risk investment.
When do you plan to withdraw your money?
I am thinking of buying a house in 2 years.
Let me show you our tax-free bonds.
Ok.
83% of Consumers Want Some Sort of Support in Their Online Journey
Elect Benefits• Bring the advisor to the customer• Accelerate decision to invest
Click-to-ChatChat-to-Video CallAnnotate & Co-browse
Remote Expert Mobiledelivers a rich consultation experience using chat, HD video, co-browse, content share and annotation features
Contact Centerenables seamless authentication from chat to video and routes to the right sales agent
First Day on the Job
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Contact srrivatsan desikan [email protected] for questions
Why Enhance Service and Branch Experience?
* Oliver Wyman, September 2014, The Financial Brand** Boston Consulting Group - Distribution 2020: The Next Big Journey for Retail Banks
66%Of all customer
service requests will be conducted online
by 2020**
70%Open checking accounts
in a branch*
40%Of consumers switched
bank due to negative bank experience*
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Visit Branch• Accelerate the sale • Cross-sell products
Open Mortgage
First Day on the Job
Elect Benefits
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Visit Branch• Accelerate the sale • Cross-sell products
Tailored Signage When Approached
Remote Expert Kioskprovides rich self-service ability to browse catalogs, find prices and compare products
Connected Mobile Experiencesfacilitates quick identification of customers, offer in-store promotions, reward loyalty and upsell products
Digital Branch Platformassures rich store experience through intelligent bandwidth management, local catalog caching and application hosting, QoS management for apps
Digital Signage Displays Increase the Average Customer Spend by 29.5%
First Day on the Job
Elect Benefits
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66% of All Service requests Will Be Conducted Online by 2020
Support Anywhere Anytime• Loyalty through
exceptional service
Ryan gets a raise - Wants to Re-balance his portfolio
Support Agent Walks Through Investment Options
Remote Expert Mobile & Insight delivers identical rich support experience any where, any time and on any mobile device with prior engagement insight
Contact Centerwith Finesse and Web Interaction Manager enables quick authentication and efficient routing to the best support agent
First Day on the Job
Elect Benefits
Visit Branch
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59%Customers thinking of
opening a service did so after receiving something
from the bank **
60%Of on-site recommendations
resulted in a sale***
69%Of consumers would provide private information for more
personalised service*
* Cisco Consulting Services** Gallup US Retail Banking Survey*** Fortune magazine article by JP Mangalindan quoting Sucharita Mulpuru, a Forrester analyst: Amazon's recommendation secret
Know Your CustomerWho, Wants What, Where, When, Why And How?
Contact srrivatsan desikan [email protected] for questions
Why Predict Customer Needs?
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The Agent’s Seamless ViewHistorical InsightCustomer need not re-explain issueMetricsIdentify loyal and loc-cost-to-serve customers
CLV | FCR | CSATContext for UpsellPredict customer intent to purchaseSentiment | Call HistoryPredict customer state of mind and engagement level
Manage to Delight
Single Pane of Glass• Decrease repeat calls and churn• Improve first call resolution • Increase customer life time value
Remote Expert Insightwith Finesse enables the support agent upsell products by viewing a 360 degree view of customer’s interactions and preference
89% of Customers Switched Brands Due to a Bad Customer Experience
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The Benefit
Enhance Service Experience – Transform into a Financial/Non-Financial Digital Bank*
PredictCustomer Needs – A ‘Socially Engaging’ Bank*
Create A Multichannel Bank*
Customers Get
Personalized Recommendations
Simple, Reliable and Quick Service Experience
Easy Access to a Full Suite of Financial Products Across All Channels
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How Can You Start?
Location-Based Analytics(CAM,EMSP,CVP)
Virtual Expertise(REM, REB)
Intelligent Contact Center(UCCE/UCCX, CUCM, CVP)
Mobile Experience(CMX, EMSP)
Digital Branch Platform(ISR, UCS)
Connected Analytics(CAC,CACC,CMX)
Business Offers
Cis
co S
ervi
ces
& P
artn
ers
Enhance Service Experience – Transform into a Financial/Non-Financial Digital Bank*
PredictCustomer Needs – A ‘Socially Engaging’ Bank*
Create A Multichannel Bank*
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Enabled by Cisco Services
• Align IT strategy to business objectives
• Identify best solution design based on industry best practices and needs
• 24x7 global access • Monitor proactively• Ensure business continuity
• Consumption model options
• Managed or cloud, on or off premises
• Prove, pilot, design• Build and
measure outcomes• Optimize and
secure solution
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APJCEMEAR
EOS EXD
Virtual Expertise
India Thailand/SG
Vvirtual ExpertiseAR’s
ISV’s
Consultants/SI’s
Virtual Expertise
Watermark
AMERICAS
Mobile Experiences
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Cisco Collaboration Architecture Cisco Unified Datacenter Architecture Cisco Enterprise Networks Architecture
• Network Security• Unified Access• Intelligent WAN• Application Centric Infrastructure
Innovate
Why Cisco?Growing Catalog
Manage
Partner Ecosystem
Pay
Commercial Models
Build
Cisco® Services
Design
• Day 0: Consulting Services• Day 1: Implementation Services• Day 2: Support and Managed Services
• Cisco Capital financing• Multiple Consumption Models
• Trained Ecosystem of Partners• Continual Partner Certification
• Growing Solution Portfolio• End-to-End Solutions
Contact Srivatsan Desikan ([email protected]) for questions
• Tested Proven Architectures• Validated Offer Blocks & Published BOM
Robust Catalog
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Questions?
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Next Steps
Contact your regional sales repView a demoSchedule an assessment visit
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In working with businesses across the globe we have found that connecting via video collaboration delivers a more personalized experience over voice alone. With the new video collaboration capability, American Express is taking their Relationship Care brand of service to the next level of personalization. Simplicity and ease of use for the customer is key. It takes the personality of American Express to a new, more engaging level for their customers.
Retail
American Express (Amex)Serving the Emerging Digital Customer
Challenge• Looking to provide increased service to high
value (Blackcard) customers• Deliver new Omni-channel business models• Transform customer experience
Solution• Exciting new customer interaction
experiences on mobile• Deploy customer-facing, virtual advisors
(Remote Expert Mobile)
Results• NPS increased by 38% for customers using
the capability• Amex immediately broadened the reach to
include Costco-Amex-Card members
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“The Cisco solution has helped us improve customer satisfaction and staff efficiency while at the same time increasing mortgage sales. The business case in favor of the Cisco solution stacked up quickly.”
Andrew Nation, Senior Manager,
Future Customer Outcomes at Nationwide
Retail
Nationwide Building SocietyIncreases Profitable Wallet-share Capture in Mortgage Lending
Challenge• Improve customer satisfaction• Enhance access to experts• Reduce leakage of business to competitors
Solution• Deploy customer-facing “Virtual Advisors”
enabled by Cisco • Enable the close of mortgage sales in branch
by accessing mortgage advisors from central pool
• Manage ad-hoc and scheduled meetings
Results• 60+% improvement in new mortgage
business• Double digit improvement in client net
satisfaction• 66% reduction in cost of sale
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“More Australians are feeling increasingly time poor and many employees are working long or irregular hours. ME Bank is taking banking to the customer, rather than making them come to us.”
Mr. Ian Hendey, Group Executive Sales, ME Bank
Retail
ME BankCustomer convenience and full service
Challenge• Expand reach of bank without
building branches• Enhance access to experts• Manage costs
Solution• A video phone to access ME Bank’s
call center• A private office space for meetings
with a banker• Access to internet banking
Results• Increased customer satisfaction• Added convenience for ME Bank customers • Helping businesses become/stay an
“employer of choice”