How to Benefit from Digital Distruption
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This document discusses how banks can benefit from digital disruption. It begins by outlining some of the seeds of disruption banks are facing, such as declining customer loyalty and branch visits. It then discusses some of the digital problems banks face related to customer relationships, journeys, segmentation, and innovation. The document proposes solutions for banks to address these problems by better understanding customer pain points, streamlining journeys, personalizing experiences, and innovating more quickly. It emphasizes using digital tools to measure these areas and provide faster insights to drive better customer outcomes. The presentation concludes with a Q&A section.
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How to Benefit from Digital Distruption
- 1. How to Benefit from Digital Disruption in Banking
- 2. ©2016 QUALTRICS LLC. Speakers Kelly McManus Director of Market Research and Customer Experience Capital One Bruce Paul Principal Consultant, Banking and Financial Services Qualtrics
- 3. 1. Seeds of Disruption 2. The Digital Problems Facing Banks 3. Using Digital to Solve Those Problems 4. Interactive Q&A with Kelly McManus, Capital One ©2016 QUALTRICS LLC. Agenda
- 4. ©2016 QUALTRICS LLC. Seeds of Disruption Change in banking relationships Loyalty drops, switching increases Branch visits declining Fintech is encroaching Trickle up
- 8. ©2016 QUALTRICS LLC. Seeds of Disruption Change in banking relationships Loyalty drops, switching increases Branch visits declining Fintech is encroaching Trickle up
- 9. ©2016 QUALTRICS LLC. Seeds of Disruption Change in banking relationships Loyalty drops, switching increases Branch visits declining Fintech is encroaching Trickle up
- 11. ©2016 QUALTRICS LLC. Seeds of Disruption Change in banking relationships Loyalty drops, switching increases Branch visits declining Fintech is encroaching Trickle up
- 12. ©2016 QUALTRICS LLC. Fin Tech
- 13. ©2016 QUALTRICS LLC. Seeds of Disruption Change in banking relationships Loyalty drops, switching increases Branch visits declining Fintech is encroaching Trickle up
- 14. ©2016 QUALTRICS LLC. The Problems Customer Relationships > becoming more transactional Customer Journeys > becoming more complex, omnichannel Customer segmentation > becoming more individualized Innovation > becoming much faster
- 15. ©2016 QUALTRICS LLC. The Solutions Customer Relationships > becoming more transactional o Retail: eliminating pain points o Commercial & Wealth: encouraging better quarterbacks o Call Center: empowering real-time solutions
- 16. ©2016 QUALTRICS LLC. The Solutions Customer Journeys > becoming more complex, omni-channel o Map the paths to resolution o Eliminate steps, hurdles o Test the results o Rinse and repeat
- 17. ©2016 QUALTRICS LLC. The Solutions Customer segmentation > becoming more individualized o Customers are offering A LOT of information o Get all the tools working together o Measure the change in cost to serve (for your career!) o You can be the bank they want
- 18. ©2016 QUALTRICS LLC. The Solutions Innovation > becoming much faster o More testing o Faster pilots o Cheaper failure
- 19. ©2016 QUALTRICS LLC. Digital Disruption Directive Forces (and enables) you to measure: • Pain points in retail • Teamwork in commercial/wealth • Empowerment in the call center • Journey, not channels • Perfect fit, by customer • Quickly (fail cheap and fast)
- 20. Q & A
- 21. Key stages of the customer journey Application Process Pre-Sales Onboarding Use & Support Cross-sell & Expansion Capture new customer insights instantly on any channel. Drive customer conversion by delivering exactly what customers want. Improve the application process to increase customer satisfaction and drive completion rates. Optimize the onboarding process to ensure new customers are satisfied and responsive to cross-sell efforts. Empower your organization to optimize how it responds to feedback and ensure customer satisfaction by closing the feedback loop. Increase share of wallet and drive cross-sell rates by staying ahead of customer decisions and improving processes that most affect CX. • Website & mobile satisfaction • Page-level feedback • Market research • Website feedback • Teller CSAT • Post-onboarding CSAT • Holistic financial evaluation and barriers to conversion • Problem incidence & resolution feedback • Teller CSAT • Post-loan/Line application CSAT • Opportunity identification by teller/branch manager TargetOutcomesSolutions
- 22. 8 point INCREASE IN NET PROMOTER SCORE “America First Credit Union has to provide the best possible experience to its members every day. Qualtrics allows us to act quickly on real-time feedback better than any other insights tool we’ve ever used.” -VP Service Quality ©2015 QUALTRICS LLC. “WithQualtrics,insightsbecomeactionin real-timeacrossourentireorganization.” AMERICA FIRST CREDIT UNION + QUALTRICS $14M INCREASE IN REVENUE IN 12-MONTHS Increased revenue by over $14M in 12-months, driven in part by insights acted upon from Qualtrics data which provided organization- wide understanding of member needs and expectations. 50% DECREASE IN COSTS + IMPROVED KPI VISIBILITY AFCU reduced survey and overhead costs by 50% by implementing a single, enterprise research platform, and integrating Qualtrics with Tableau to give all 114 branch managers a performance dashboard. As a result, they’ve gained better-than- ever visibility to the KPIs needed to grow. 5X HIGHER RESEARCH SPEED & 3X PRODUCTIVITY “As a result of Qualtrics, today every one of our branches has the data they need to know exactly what to do to increase their promoters and drive up their NPS. That’s making a real impact for our entire organization. It’s a perfect example of insights to action.”
- 23. +43 points HUGE INCREASE IN NET PROMOTER SCORE (NPS) 96,000 NEW ACCOUNTS BRINGING $9.3B IN ASSETS IN 2015 50% FASTER RESEARCH FOR 70% LESS COST ON 2-5X VOLUME Integration WITH SALESFORCE AND OTHER APPLICATIONS “Qualtrics makes all the difference. They make our entire organization more efficient, agile and smart.” -Richard Shakarchi, Director of Market Research “We turned our focus to customer-facing enhancements, providing a series of new tools and revamped functionality across our site, trading platform, and mobile apps. E*TRADE is in a better position than it has ever been,” -Paul Idzik, Chief Executive Officer. “With Qualtrics, E*TRADE executes five times the amount of advertising research—and we do it in half the time for less than one- third the cost. We can’t afford to wait weeks for reports. Qualtrics drives efficiency!” “With Qualtrics, now we can consolidate all our voice of the customer data into a single location by integrating with Salesforce.com.” ©2015 QUALTRICS LLC. “Qualtricsmakesourentireorganization moreefficient,agileandsmart.” E*TRADE + QUALTRICS
- 24. “We use Qualtrics to evaluate our conference and school attendee satisfaction. Our surveys ask attendees to rate speakers/instructors on overall satisfaction and NPS. We are now able to get better information from our attendees, allowing us to make better decisions regarding our programs and schools. By incorporating these insights, our events have grown considerably in the past few years.” America Bankers Association
Hinweis der Redaktion
- Loyalty: 11% switch per year. We used to focus on satisfaction, but highly satisfied customers still leave
- Quickly to next slide
- Almost 40% didn’t even go into a branch in a year. That number grows year by year
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- Fintech (start ups and Apple, Google). Starbucks 42million purchases in just over a year, Mint 10 million users. Since my days in silicon valley, like to keep up to date. #1 venture capital area (more than social media)
- Trickle: Customers want banking to be as easy as all other iphone/android apps (single sign on, single touch, gamification) WE all have apps that instanly tell us all about our health (calories consumed and burned, steps taken, even vital signs), or social networks (how the world at large is reacting to my vacation photos or my comments about the presidential campaign). They can even suggest immedaite action (my son’s iwatch tells him he has been sitting too long) IT seems logical that we should be able to see the same for our financial health. Maybe the iwatch can say that my excess cash has been sitting in a money market too long.
- Customer Relationships: Many people (esp millennials) aren’t looking for a relationship The bane of customer service leaders everywhere: even satisfied customers can defect if they see another more convenient alternative I hear over and over: “Our customer satisfaction numbers are really high”, or “our members always tell us how much they love us” and yet we can’t stem the attrition Kelly Journeys: used to be walking to the branch, but now can be multi-mode My favorite example I have seen from customer verbatims: tried to look for an answer online, couldn’t find it and went into a branch. and the branch staff has to call the service center to answer the question (and you know the service center agent is checking the website!) We mostly evaluate those as isolated interactions, but they are not. Segments: Used to be one segment: the neighborhood around the branch. Now there are many. Kelly Innovation: have to keep up with the Jones, or not too far behind. Kelly.
- Customer Relationships Retail: get feedback about all touch points (branch, online, mobile app) and play whack-a-mole; Commercial & Wealth: businesses understand that one person cannot know everything (show old bankers the customer feedback about wanting a QB) Call center: CRM solutions that can show recent transactions, and immediately coach to solutions and cross sell
- Customer Journeys: KELLY Start with deep dives with customers (qual) Can do sophisticated process mapping, but I find most banks can make the quick accurate decisions Gather quantitative feedback at each crucial point measure to make sure you got it right Journeys continually change, so you gotta re-test every year or two. Used to do driver analysis every 5 years, then every 3, then 2
- Customer Segmentation: We know more about customers actions and desires than ever before—how they bank, when they bank, how they learn, how they interact Great tech tools: Tie in CRM, website, direct feedback to customize or “skin” their touchpoints. All while lower the cost to serve. Ask for 1% of the savings to be paid to you in a bonus. I worked with a commercial bank that historically had the policy that every customer deserved the same high level of service. But then they were underserving b/c of too large a book of business. They changed the model and increased retention and cross sell at the top without impacting the bottom very much. For small business customers, manage their expectations. Instead of assigning 400 businesses to 1 banker who will never respond, tell the little ones they need to go into the branch or call center. Had a super regional client who did this, and improved EVERYONE’s satisfaction. Have they looked at how-to videos? Did they read about privacy? Get financial advice when they want it. Weekend in the branch, 2am on the app. KELLY
- Innovation: Simple A/B testing on the website Or branch design Or call center scripting Kelly
- US and Canadian banks are far better than elsewhere. This presentation is more dire in Europe, Australia, Asia, Latin America
- Industries: Financial Services Company Size: Medium Type: B2C, B2B Use Cases: CX, MR, EI Background: Founded in 1939, America First Credit Union is a progressive member-owned, not-for-profit cooperative financial institution with 114 branches, 736,000 members, and $7.1B in assets, making it the 7th largest credit union in the United States. Dedicated to putting its members first, America First sets itself apart in the competitive financial industry through superior member service and tailored products to help its members achieve financial well-being. https://www.americafirst.com/ Challenge: Service Quality department required a reliable survey platform that was available to members at any time, from any location Lacked flexible reporting capabilities for easy data trending and distribution of findings Wanted to consolidate member comments, regardless of the channel, for one version of feedback Needed a way to gather innovative ideas from employees. Solution America First Credit Union uses Qualtrics Research Suite to: Survey over 200,000 members annually to gather feedback on where they plan to spend their money, evaluate their preparedness for retirement, and track member confidence to understand how we’re doing as well as track NPS to improve member loyalty. Integrated Qualtrics with Tableau to give all 114 branch managers a dashboard and a scorecard with 10 areas of focus to help them see how they’re performing relative to other branches in the company. Improve processes, systems and behaviors across the organization based on employee and member feedback Facilitate branch performance metrics through quantitative and qualitative member feedback to evaluate service quality Collect member feedback on a transactional basis to improve one-time experiences and allow for consistent, prompt follow up from management Gather member feedback via the website to learn of compliments, suggestions, and concerns that require immediate action Capture employee compliments, suggestions, and concerns via the intranet to drive improvements and foster employee recognition through Service Star Awards Results Established benchmarks for service goals based on member feedback Increased organization-wide understanding of member needs and expectations Increased revenue by over $14M in 12-months, driven in part by insights acted upon from Qualtrics data. Increased response rates by 33%. Increased member loyalty and advocacy, growing NPS +8 points in 6-months, from an already high NPS baseline Increased research speed up to 5X over previous solutions Increased research productivity by 3X Increased research flexibility & control by 100% over full-service solutions Delivered insights that helped increased employee engagement across 114 branches Delivered insights that helped connect employee engagement to better customer experiences Reduced survey and overhead costs by 50% by implementing a single, enterprise research platform Improved member and employee satisfaction with real-time visibility into urgent issues requiring immediate attention Can prioritize feedback across the organization to drive critical process changes Bottom line Delivered customer experience insights that contributed to increased satisfaction and revenue growth in a highly competitive industry with relatively low switching costs. Quotes: “Since we don’t have a commodity to offer in the financial services market, America First Credit Union has to provide the best possible experience to its members every day. Qualtrics allows us to put our members first because we can act quickly on real-time feedback.” -Tammy Gallegos VP of Marketing, Communication and Service Quality “As a result of Qualtrics, today every one of our branches has the data they need to know exactly what to do to increase their promoters and drive up their NPS. That’s making a real impact for our entire organization. It’s a perfect example of insights to action.” – Jake Bingham, Service Quality Manager
- Industries: Financial Services / Online Retail Investment Brokerage Company Size: Medium organization Type: B2C Use Cases: MR, CX Background: Founded in New York City in 1982, E*TRADE Financial is a leading financial services company with over $1.8 billion in annual revenue. E*TRADE is a pioneer in the online brokerage industry. Having executed the first-ever electronic trade by an individual investor more than 30 years ago, the Company has long been at the forefront of the digital revolution, offering easy-to-use solutions for individual investors and stock plan participants. Founded on the principle of innovation and determined to level the playing field for individual investors, E*TRADE is a digital-first brokerage experience providing the tools and educational material, supported by professional assistance, to help individual investors and traders meet their near- and long-term investing goals. With 3,400 employees today, the Company provides these services to customers primarily online via its award-winning digital platforms and through its network of industry-licensed customer service representatives and Financial Consultants — over the phone at two national branches and in-person at 30 E*TRADE branches across the United States. Challenges: Needed real-time insights to help E*TRADE make better, easier investing experiences for customers Survey creation was time-consuming and required dedicated staff with advanced programming skills Fielding and reporting could take weeks Solution: E*TRADE uses the Qualtrics Insight Platform to: Create secure and complex surveys in-house without the need for programmers, including sophisticated features such as skip logic, branching and embedded video Conduct ad testing feedback in days, rather than weeks, to support award-winning advertising campaigns with the famous E*TRADE babies Conduct detailed product testing to refine online financial offerings, as well as the E*TRADE mobile app Consolidate all voice of the customer data into a single location by integrating with Salesforce.com Expand both the quantity and range of projects for departments across the organization including marketing, sales, service, PR and product teams Results: Retained customers and millions of dollars in assets by acting quickly on real-time customer feedback Improved Net Promoter Score (NPS) by 43 points Reduced advertising research time by 50% Reduced advertising research costs by 70% Provided more timely reporting to more effectively guide executive decision-making Enabled a small research team to double the volume of research Customer Story Webpage: Coming soon Customer Webpage: www.etrade.com