The Power of the Micro-Moment
•Transferir como PPTX, PDF•
0 gostou•77 visualizações
Discover how the trends shaping the modern customer experience impact your digital banking efforts and what you can do about it
Recomendados
Recomendados
Mais conteúdo relacionado
Mais procurados
Mais procurados (20)
Semelhante a The Power of the Micro-Moment
Semelhante a The Power of the Micro-Moment (20)
Último
Último (20)
The Power of the Micro-Moment
- 1. The Power of the Micro-Moment W INNING CUSTOMERS IN THE BLINK OF AN EYE
- 2. ERIC HATHAWAY VP MARKETING ZOOT ENTERPRISES BRIE TASCIONE CMO RELAY NETW ORK
- 3. Today’s Webinar • Logistics and Introduction • Changes in Customer Experience Expectations • The Micro-Moment and its Impact on Financial Services • Conclusion • Question/Answer
- 4. OVERVIEW
- 5. E X P E R I E N C E | B R E AD T H | D E P T H Offering unmatched customer-centric targeted solutions to solve your business decisioning needs. D E C I S I O N I N G O R I G I N AT I O N P R E S C R E E N - O F - O N E P R E Q U AL I F I C AT I O N E N T E R P R I S E C R O S S - S E L L ® D ATA AC Q U I S I T I O N F R AU D M E R C H AN T
- 8. Trends Shaping Customer Experience Expectations
- 9. Digitization internet users globally (53% global population)1 1. Mcdonald, N. (2018, January 30). Digital in 2018: World's Internet Users Pass the 4 Billion Mark [Web blog post]. Retrieved August 29, 2018, from https://wearesocial.com/us/blog/2018/01/global-digital-report-2018 2. Marvin, R. (2018, June 11). Tech Addiction By the Numbers: How Much Time We Spend Online. Retrieved August 27, 2018, from https://www.pcmag.com/article/361587/tech-addiction-by-the-numbers-how-much-time-we- spend-online 3. Neiger, C. (2015, January 24). The Average American Uses This Much Wireless Data Every Month. How Do You Compare? Retrieved August 29, 2018, from https://www.fool.com/investing/general/2015/01/24/the-average- american-uses-this-much-wireless-data.aspx; Dano, M. (2018, January 03). 'Alarming' Unlimited Data Usage: 31.4 GB Per Month and Rising. Retrieved August 29, 2018, from https://www.fiercewireless.com/wireless/alarming- unlimited-data-usage-31-4-gb-per-month-and-rising in daily hours spent with digital media since 2008 (US) (Avg 6 hours a day on connected devices) 2 in data consumption on a monthly basis since 2012 3 4.021 BILLION 118% INCREAS E 6,878% INCREAS E
- 10. Proliferation of Mobile Devices 5 billion unique mobile subscribers globally 4 4. Hollander, R. (2017, September 19). Two-thirds of the World's Population are Now Connected by Mobile Devices. Retrieved August 29, 2018, from https://www.businessinsider.com/world-population-mobile- devices-2017-9 By 2020, nearly 75% of the global population will be connected via mobile device 4
- 12. The Amazing Shrinking Timeline 6. Marous, J. (2018, June 18). How The Consumer's Connected Lifestyle Is Impacting Banking. Retrieved August 28, 2018, from https://thefinancialbrand.com/73098/digital-technology-banking- consumer-journey/ i Your application has been approved! EXPECTATIONS ARE FOR SEAMLESS TRANSACTIONS, CLOSE TO IMMEDIATE SATISFACTION 6 INCREASING FRUSTRATION WITH “FRICTION” IN BUYING PROCESS 6 AMAZON PRIME & PRIME NOW
- 13. So what? Self-service is no longer good enough
- 14. Why? Customer effort directly impacts revenue Gartner/CEB The Effortless Experience
- 15. Customer satisfaction scores are suffering Source: NPSBenchmark.com; 2016 Satmetrix Systems, Inc, Avg Net Promoter Scores for US consumer sectors, as of June 2018
- 18. What is the Micro-Moment? Meeting very specific customer needs /expectations at the discrete point of engagement Every interaction is an opportunity to engage Every interaction is a chance to win - or lose
- 19. Impacts of Shifting Expectations in Financial Services
- 20. Banking Behavior Is Shifting To Mobile 5. PWC. (2018, June). PwC’s 2018 Digital Banking Consumer Survey: Mobile Users Set the Agenda (Rep.). Retrieved August 29, 2018, from PWC website: https://www.pwc.com/us/en/financial- services/publications/assets/pwc-fsi-whitepaper-digital-banking-consumer-survey.pdf 25% 10% 15% 20% 15% 14% ONLINE/PC DOMINANT MOBILE DOMINANT BOTH 2017 2018
- 21. Where are Expectations Changing? MOBILE Only 24% of bank account and loan products available 7 33% of consumers want to open accounts digitally8 ONLINE Less than 9% are successful in applying for and opening an account entirely online9 IN BRANCHES Banks are working to incorporate value added digital services with a human touch Education and exposure to digital initiatives10 7. Barba, R. (2018, February 19). Navigating the Gateway To Digital Banking. Retrieved August 27, 2018, from https://www.bankrate.com/banking/the-sign-up-process-for-online-bank-accounts-can-still-be-challenging/ 8. Novantas. (2017). 2017 Omni-Channel Shopper Survey A Digital Inflection Point for Banking (Rep.). Retrieved August 29, 2018, from Novantas Research website: http://www.consumerbankers.com/sites/default/files/Novantas 2017 Omni Channel Shopper Survey.pdf 9. Marous, J. (2018, July 14). Consumers Prefer Digital Banking Capabilities Over Branch Proximity. Retrieved August 25, 2018, from https://thefinancialbrand.com/66357/digital-banking-branch-preference-trends/ 10. Joyce, L. (2018, March 03). Digital Bank Transformation: The Evolution of Branch Banking. Retrieved August 24, 2018, from https://thefinancialbrand.com/67893/banking-branch-network-strategy-design/
- 22. Deloitte digital banking customer survey it’s all about speed, context and ease. Top areas for improvement indicated by new account holders: FAILURE TO PROVIDE CLEAR INSTRUCTIONS LACK OF PROACTIVE FOLLOW UP HAVE TO INITIATE CONTACT
- 25. Common Areas of Breakdown
- 26. Bottlenecks and Sticky Places ACQUISITION Mobile, Online, Branch ONBOARDING ACCOUNT MANAGEMENT Contact Centers Online Portals Branches
- 27. Capitalize on the Micro-Moments
- 28. Real Time Data REQUIRED Connections Translations Technical expertise NECESSARY TECHNOLOGIES & CAPABILITIES API IP/TCP Secure and Agnostic
- 29. Real Time Data DATA-AGNOSTIC PLATFORM CONNECTED SYSTEMS ENTERPRISE OUTREACH SOLUTIONS ENTERPRISE DECISIONING LAYER
- 30. Real Time Engagement • Required – Collect, store and manage mobile numbers and consents – Digitize customer experiences – Orchestrate interactions – Automate engagement on a secure channel – Track performance and optimize in real-time New mobile engagement automation technologies help enterprise businesses get solutions to market faster.
- 31. Conclusion
- 32. Micro-Moments are Here to Stay • Changes are happening throughout the customer lifecycle • Changes are happening because of forces outside finance • Build or Buy? • You have to change to succeed
- 34. Questions?
Notas do Editor
- Talk track: answering business needs via capabilities
- Relay helps businesses overcome the two biggest challenges getting in the way of profitability and customer satisfaction: adoption and engagement. Our solution reaches more customers, and engages them with guided, personalized experiences in their neediest moments.
- We offer 3 core components for secure, immediate customer engagement: An invitation engine for collecting mobile numbers and consent. A dedicated customer feed for delivering personalized experiences without any downloads. A customer experience builder for creating, sending and automating the experiences.
- This milestone of 5 billion unique mobile subscribers globally was achieved in Q2 2017. By 2020, almost 75% of the global population will be connected by mobile. By 2020, new smartphone users will account for 66% of new global connections, up from 53% in Q2 2017. https://www.businessinsider.com/world-population-mobile-devices-2017-9 Firstly, the expansion of mobile internet has resulted in seamless and omnipresent connectivity, which has enabled 3 billion people internet access at any time and place. https://www.information-age.com/digitalisation-revolutionising-banking-123466742/ Customer Channel Behavior Trends (PWC Digital Banking Consumer Survey) 2017 Online/PC Dominant – 25% Mobile Dominant – 10% Both – 15% 2018 Online/PC Dominant – 20% Mobile Dominant – 15% Both – 14%
- This proliferation of mobile has led customers to want experiences that are personalized and above all, easy. Their expectations have fundamentally changed because of what technology enables for all of us. Companies are now being evaluated at every single interaction on what they are doing to simplify experiences, and this is creating immense pressure on businesses to meet their customers where there are, right in their moments of need.
- the consumer is increasingly expecting seamless interactions that result in close to immediate satisfaction. Where in the past, consumers would be patient with the availability of products and services they wanted, the desire for simple purchasing processes and lightning-fast delivery is changing the business models across all industries. Consumers are increasingly frustrated with ‘friction’ in a buying process. This includes long forms, lack of transparency and the inability to complete an entire transaction digitally. Financial organizations will be expected to provide end-to-end account opening capabilities without the need to visit a branch office. Very soon (if it hasn’t happened already) a significant percentage of consumers will make purchase decisions based on this capability. https://thefinancialbrand.com/73098/digital-technology-banking-consumer-journey/ Amazon 2 hr delivery etc.
- As Marketers, CX Leaders and Product owners, we’ve invested a lot of time and resources into developing content and tools in order to be mobile and help customers self-serve. But this takes a lot of effort, and we know that easy is key. It’s no longer enough to say information is in the app, or it’s on your portal somewhere. Reducing your customers’ effort means cutting out the steps they need to take to find solutions. That means you have to anticipate their needs, deliver answers before the customer has to ask, and on the channel your customer prefers, and overwhelmingly that’s mobile. It’s for this reason that Forrester predicts that mobile messaging will be essential to engagement and will surpass apps in terms of importance. The good news is that in most cases, your content already exists, it’s just buried somewhere. The right mobile engagement strategy will deliver the specific content your customer needs, at the specific time they need it.
- So why’s this important? Because customer effort actually directly impacts revenue. Customers with a low effort experience are 94% likely to repurchase from you, vs 4% with a high effort experience. Customers with a low effort experience are 88% likely to increase spend, vs 4% with a high effort experience. A whopping 96% of customers with a high effort experience will be disloyal.
- Across all industries, customers want proactive, easy, personalized experiences but largely aren’t receiving it – leading to low Net Promoter Scores. Within financial services, scores average somewhere between 34 and 45, showing a lot of room for improvement.
- The broad implication to businesses is that we need to rethink the customer engagement model itself. We must move toward delivering proactive, hyperpersonalized content and services when and where a customer needs or wants them. But this is in conflict with how we’ve traditionally approached engagement, which is to build apps and websites to do all things for all people and encourage customers to self serve.
- This milestone of 5 billion unique mobile subscribers globally was achieved in Q2 2017. By 2020, almost 75% of the global population will be connected by mobile. By 2020, new smartphone users will account for 66% of new global connections, up from 53% in Q2 2017. https://www.businessinsider.com/world-population-mobile-devices-2017-9 Firstly, the expansion of mobile internet has resulted in seamless and omnipresent connectivity, which has enabled 3 billion people internet access at any time and place. https://www.information-age.com/digitalisation-revolutionising-banking-123466742/ Customer Channel Behavior Trends (PWC Digital Banking Consumer Survey) 2017 Online/PC Dominant – 25% Mobile Dominant – 10% Both – 15% 2018 Online/PC Dominant – 20% Mobile Dominant – 15% Both – 14%
- A recent study by Deloitte brought these findings to life. 3000 customers who had recently opened a checking account were asked to rate the experience. They named speed, ease and context as the most important factors of the experience. The top areas for improvement listed by these accountholders were all around engagement and communication: Failure to provide clear instructions Lack of proactive follow up Having to initiate contact Customers are looking for banks to simplify the process for them. Don’t make me do all the work…know what I need and deliver to me the solutions I need.
- It’s helpful to see how this is playing out in the real world. This is the first 60 days of a new credit card holder in the eyes of a marketer. We have our standard kits, mailings, and emails all timed to various points along the journey. It’s a campaign-based approach.
- But there’s a different way to look at that same 60 days, which is in the eyes of the customer. Their journey is one that is filled with a lot of questions. These questions are like street signs for where your customer needs assistance, and points out where you can sharpen and personalize your engagement by delivering answers and solutions before they have to go looking for them. This is needs-based, micro-moments driven approach.
- Every business has friction points that are quite visible. They present themselves as things like calls into your call center, common questions in customer forums, or drop off points in a process. These are a good place to start. Looks for micro-moments that are important to both sides and where improvement can be measured.
- Delivering personalized, proactive mobile experiences at scale requires automation. The right partner will help you with all of the key competencies needed to achieve secure, immediate engagement including: This is absolutely achievable with advanced technologies in the market today, and they can even integrate with your existing systems for greater efficiency.
- Every business wants higher LTV and CSAT. Effective engagement is critical. This requires a new method for reaching customers in their unique moments of need. At the end of the day, as a customer I don’t want you to sove the problem, I want you to solve my problem.
- Engagement partners integrate with existing systems? What’s needed to get started? How is this being used today in banking? Improve early onboarding and account activation, pull applicants through an application process, improve utilization for HELOCs, increase digital adoption.