Steven Noels walks through key findings from NGDATA's latest survey of banking customers and discusses how you can easily drive better customer engagement.
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Your Bank Customers Want You to Get More Personal
1. Your Banking Customers Want You to
Get More Personal
December 10th 2014
Steven Noels
CTO, NGDATA
2. Customer Service Above All Others
42.2%
Customer Service
Which quality is most important to consumers
when selecting a bank?
24.3%
Bank Location
22.0%
Efficient Online
Services
11.5%
Financial Rates/Loans
Customer Service is Valued Even More Than Financial Rates/Loans
Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 2
3. Do You Understand Your Customers?
Only 20%
are very confident their bank understands them
Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 3
4. Customer Loyalty is Hard to Come by
Knowing your customer drives credibility, and therefore, loyalty
Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 4
5. Time to Change Your Customer Relationship Approach
Branch-Centered Customer-Focused
Retrofit
web branch
Customer
Product &
Channel
Wrapper
Product
Teams
Branch
journeys
social
media
contact
center
mobile
self-
Service
web
social
ATM
telesales
Know your customers to exceed their expectations for more valuable customer experiences
Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 5
6. Leverage Existing Customer Information
▪ Use all the information you have
▪ Continuously collect
▪ Transform data into actionable insights
→ With real-time insights, banks can be empowered to drive
results that deliver memorable customer experiences and
greater revenue to the business.
Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 6
7. Gain Greater Value with Existing Data
Enhance
Customer Service
Deliver an effective
omni-channel
strategy
Proactively
Engage
Customers
Know All of
Your
Customers
Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 7
8. Know All of Your Customers
Number of bank accounts held
42.5%
of 45-54 year-olds
hold 1-3 bank accounts
▪ Improve customer
relationships with everyone
• automate processes related to
understanding all customers -
tied to context, intent,
preferences
▪ Easily identify high-value
customers
• use behavior-based metrics and
value-scoring models for greater
value
Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 8
9. Deliver an Omni-channel Experience
▪ Online is important but
multichannel is even
more important.
▪ Engage customers
effectively by reaching
them via their preferred
channel(s).
▪ With each interaction,
channels should update
to provide a
personalized, richer
experience.
Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 9
10. Proactively Engage
▪ Empower employees by creating alerts with a specific, actionable notification
such as “The top 50 customers most likely to churn in the next 30 days”
1
OCT
11
OCT
24
OCT
1
NOV
3
NOV
monthly churn
score run
intent to
churn
decision
to churn
monthly churn
score run
churn
event
timeline
churn
score
best
period
of action
too late
to act
Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 10
11. Enhance Customer Service
▪ Anticipate future needs
▪ Using information from
multiple channels.
▪ Deliver unique customer
experiences
▪ Increase customer
retention, up-selling and
cross-selling
Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 11
12. Become Customer Centric
Preferences
Context
Affinities
Behavior
CUSTOMER DNA
Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 12
13. Access to Customer DNA
For Marketers and Data Scientists Alike
Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 13
14. Lily Enterprise – Delivering Customer DNA
Operational Systems
Contract/Product Data
Customer Operational Data
Data
integration
ETL
or
Lily API based
Batch
Lily Enterprise Customer Interaction Data
Campaign Data
ERP/CRM Data
Data Warehouse Data
External Data
Reference Data
Reporting / Analytics
Enterprise BI and reporting
Enterprise Analytics Applications
Marketing and Social Data
Web and Mobile
Customer Website & Social
Mobile Apps
Channel / Campaigns
Mail
SMS
Print
Broadcast
Sales Office
Agent / Advisor
Service Desk
Marketing
Campaign Mgt
Customer CRM and IVR Systems
Integration
Real Time
Integration
Lily Connector
Based
Feedback
Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 14
15. Lily Enterprise Enables You To…
Overcome
“Analysis
Paralysis”
Proactively
Engage with
Customers
Cope with
plethora
of data
Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 15
16. “The opportunity cost of falling behind the competition is extreme.
More than half of all customers opened or closed an account in 2013,
and 40% plan to do so in 2014. Each of these customers represents a
new business opportunity for a competing bank or financial service
provider.”
Global Consumer Banking Survey 2014, Ernst & Young
Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 16
17. Connect with Your Customers
100%
Get to know your
customers and build their
confidence in your
relationship.
Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 17
18. Are you ready to get to get personal?
Learn more about how Lily Enterprise can help your bank.
Schedule an appointment with an NGDATA representative to
get a personalized walkthrough.
stevenn@NGDATA.com
Don’t forget to follow up
and share with a friend
Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission 18
Notas do Editor
Showing customers that you care or understand them
Recognition (treating customer as an individual, know and care them) before loyalty
Consistency and conversation
Showing customers that you care or understand them
Recognition (treating customer as an individual, know and care them) before loyalty
Consistency and conversation
Data processing can create real business value by providing finite and actionable insights for bank employees
Data is only good if it’s actionable and used quickly and effectively.
By effectively using existing customer data, employees are empowered to drive actionable results that deliver great customer experiences and greater revenue to the business.
Define: What is context
Everything happens at a certain time, location, different behavior on vacation, stages of life…
A lot of data is underutilized if not brought into context of for instance, time…
Improve customer relationships with everyone via the most appropriate resources
Automate processes related to understanding all customers - tied to context, intent, preferences
Easily identify high-value customers
use behavior-based metrics and value-scoring models for greater value
Relevant because of consistent omni-channel conversation
Each of those different channels should be in sync and updated so the customer gets a personalized experience (richer experience because each channel will update based on behavioral data)
talk about value of doing so rather than how Lily supports this
Churn trajectory and typical bank churn prevention process (calendar leaves):
1/10/2014: the bank scores its customers for the months of Sept. to predict who is likely to churn in the coming month. Customer John has a low churn score.
11/10/2014: change in behavior: customer John changes his behavior as he feels the bank is not really appreciating his business (e.g. declining in usage of debit/credit cards, increase in outgoing money transfers). If the bank would score John now, he would have a medium high churn score, however the banks only scores customers once a month.
24/10/2014: churn decision: customer decides to churn and evaluates which bank to move his financial portfolio to.
1/11/2014: the bank scores its customers again and John now has a high churn score. He is likely to churn in November. John is added to the churn prevention campaign of November. The marketing team starts preparing the churn campaign for November.
3/11/2014L John churns. The bank did not even have the opportunity to prevent John from churning. The marketing team was still preparing the churn prevention campaign for November and sadly says “our churn campaigns are always too late!”
Timeline of churn
Being proactive is detecting churn before customer decides it themselves
Timeline – 4 days (Lily > know a week in advance…)
(look at Anita’s script for example)
Anticipate future needs, look at behavioral patters, market trends and user experiences.
Deliver personalized, unique and memorable experiences by using information from multiple channels.
Result: Customer feels understood and valued which leads to increased loyalty
Good basis for customer retention, up-selling and cross-selling…
Add example: someone tries to cancel product, fails multiple times, picks up the phone (conversation should reflect recent activity of customer, regardless of the channel)
Relevant based on past experience
Customer DNA:
Is a collection of 1000s of predefined metrics, calculated in real time and organized per identified customer
Is based on a variety of interaction- and fact-based data sources, using a variety of predefined calculation, prediction and/or retrieval methods
Provides actionable data for marketing & customer-centric applications
Build your customers’ confidence in your bank by getting to know them personally
Get to know your customers and build their confidence in your relationship
Know your customers to build confidence