Download - Transforming Customer Experience through Digital Capability: a Banking Customer Journey

October 15, 2015

Deliver Delightful Experiences & Effortless Transactions for Your CustomerCustomer Experience Digital Capability

3© 2015 Cisco and/or its affiliates. All rights reserved. Cisco Confidential© 2015 Cisco and/or its affiliates. All rights reserved. Cisco Confidential

It’s Harder to Compete Now Than Ever Before

3

83% Customers Comfortable with Conducting Their Banking Through Internet and Technology Companies

4© 2015 Cisco and/or its affiliates. All rights reserved. Cisco Confidential

So, How Do You Differentiate?


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


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


Consumers

Switched brands due to poor customer experience*

mailto:[email protected]


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


The Retail Banking Experience… Transformed“A New Job in a New City”


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

Email

Branch

ATM

Kiosk

Home

“My Bank engages with me where I spend time…”

Multi-Channel

Siloed Channels


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


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



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*


Visit Branch• Accelerate the sale • Cross-sell products

Open Mortgage


Elect Benefits


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%


Elect Benefits


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


Elect Benefits

Visit Branch


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?


Why Predict Customer Needs?


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


The Benefit


PredictCustomer Needs – A ‘Socially Engaging’ Bank*


Customers Get

Personalized Recommendations

Simple, Reliable and Quick Service Experience

Easy Access to a Full Suite of Financial Products Across All Channels


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


PredictCustomer Needs – A ‘Socially Engaging’ Bank*



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


Powered by a Cisco Ecosystem Partner

APJCEMEAR

EOS EXD

Virtual Expertise

India Thailand/SG

Vvirtual ExpertiseAR’s

ISV’s

Consultants/SI’s

Virtual Expertise

Watermark

AMERICAS

Mobile Experiences


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

mailto:[email protected]


Questions?


Next Steps

Contact your regional sales repView a demoSchedule an assessment visit


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


“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


“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”

Download - Transforming Customer Experience through Digital Capability: a Banking Customer Journey

Top Related