Financial Disruptors & their effect on Customer Service - HK
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Financial Disruptors & their effect on Customer Service - HK
- 1. FINANCIAL DISRUPTORS & THEIR EFFECT ON CUSTOMER SERVICE Liron Golan Director Portfolio Marketing
- 2. 2 Hong Kong banks urged to Paul McSheaffrey , Head of HK Banking at KPMG THINK STRATEGICALLY TO REMAIN PROFITABLE
- 3. 3 Powerful forces are shaking the core of the financial industry HIGH CUSTOMER EXPECTATIONS AND DEMANDS HIGHLY COMPETITIVE LANDSCAPE DISRUPTIVE TECHNOLOGIES STRICTER AUDITS & REGULATIONS
- 4. 4 Millennials? for the Are you ready
- 5. The changing NEW CHANNELS NEW DEMOGRAPHICS SHIFTING VALUES What matters most The digital revolution Aging, millennials and women NOW consumer nature of the
- 6. Customer demands have changed Consumers use 5.8 channels on average (NICE survey)OMNI-CHANNEL “In 2016, companies will increasingly focus on mobile customer service interactions and will provide support for value-added mobile usage.” “It’s no longer a question of digital channels or “other” when it comes to the customer journey; it’s now intertwined..” The ‘now customer’ demands service, information, and resolution at that moment. IMMEDIATE ANSWERS SIMPLE, PERSONALIZED, CONTEXT-AWARE MOBILE FIRST
- 7. 7 Significant number of CC calls are due to unresolved issues in other channels… Interaction flow if unable to complete task (2015 survey) Email 15.1% IVR 12.5% Branch 11.5% Website 6% Mobile app 6.4% Text 6.8% Chat 9.2% Voice 100% Branch 11.2% Email 8% Chat 6.4% Website 5.6% Give Up 3.2% Number in card is percent of total customers #NICEi2016
- 8. 8 When customers get to a live agent, 40% don’t achieve successful resolution Interaction flow if unable to complete task (2015 survey) Email 15.1% IVR 12.5% Branch 11.5% Website 6% Mobile app 6.4% Text 6.8% Chat 9.2% Voice Branch 11.2% Email 8% Chat 6.4% Website 5.6% Give Up 3.2% 40% of respondents continued to other channels, which indicates only 60% FCR (First Call Resolution) Number in card is percent of total customers #NICEi2016 100%
- 9. 25 35 45 55 ExperienceQualityIndex* 9 Customer satisfaction with voice is at its lowest point Actual quality of experience – experience map by channel (2015 survey) *Experience quality index – measure the respondents experience in a channel, calculated based on BAI (Brand Advocacy Index) methodology Digital PhysicalCare center Voice Branch Email Website Chat IVR Text Mobile app ATM Care center caries the lowest point in customer experience #NICEi2016
- 10. By 2018, 67% of Global 2000 CEOs mark digital transformation as core of their corporate strategy DIGITAL TRANSFORMATION FORCES that shape the MARKET Analytics to drive. $60B in savings for Enterprises by 2020 ANALYTICS OF EVERYTHING 30% of work activities can be automated AUTOMATION OF KNOWLEDGE WORK ~ 75% CLOUDVOLUTION of organizations to adopt cloud strategy by 2016 The Future
- 11. Financial Regulators are Stricter then EVER CFPB Report (Dec 2015) CFPB Orders Service member Auto Loan Company to Pay $3.28 Million for Illegal Debt Collection Tactics Hong Kong Monetary Autherty AIs are subject to potential reputation and legal risk if they offer e-banking services involving transmission of sensitive customer information to and from other institution(s) Triple-s management corporation settles HHS charges by agreeing to $3.5 million HIPAA settlement U.S Department of HHS Research by VUE Software Company and independent adjusters will have to submit continuing education and all the other certifying processes that agents already have to complete. Education perpetuation for licensed people is going to get harder
- 12. 12
- 13. Actions That Insurers Need To Take In 2016 By 2025 there will not only be an evolution in terms of customer expectations, but an evolution in what the very notion of a ‘customer’ is Build digital capabilities for group, life, and small business lines. Use digital to create lasting value Deepen customer engagement and loyalty using new, personalized services. Guide agents in real-time with best practices Knit digital and agents together to increase sales Predict customer satisfaction patterns along the cross-channel customer journey Source: TelesPerience
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- Opening statement. I would now tell the bear story… Let me start by sharing a story that we may all be familiar with about 2 back-packing friends who were on a camping adventure. One of them ran into the tent and shouted to his friend that there was a bear running towards them. The other friend quickly started to put on his running shoes. As he started lacing up his shoes, his partner was incredulous and asked how on earth he thought he would be able to outrun the bear. His response is very instructive, ‘I do not have to run faster than the bear, I only have to run faster than you’ – Survival Tactics lesson 101.
- Tech: Macro-economic conditions Zero interest environment Still recovering from 2008 crisis Limited growth opportunities in Mature markets Regulation: Aims for sustainability. Mostly lags the market in following and predicting trends Regulatory compliance effects 30-50% of discretionary IT budget in banking Regulation capping revenues in some revenue streams Markets: Post-crisis financial markets still recovering: loans and mortgages Interests spread Market volatility Cost and availability of capital Revenues: existing revenue steams are less accessible due to regulation, maturing market, market recovery after crisis, competition from new entrants and existing players Growth model: physical locations and expanding customer base can’t be used as main growth engines Millennial generation is emerging – expect different and more service ------------------------------------------------------------------------ Banks post crisis are more risk averse leaving a void of new product development for new entrants Business leaders will need to disrupt their own business models Banks look also to provide service to Under-banked and unbanked segments -------------------------------------------------------------------------------------- Compeition - New Entrants eating away at customer life cycle value and disintermediating value chains
- I want to start off today's discussion taking a look at today's consumers 98% of customers are multi-channel users. Millennials - the largest US population cohort Will soon be entering peak earning and spending years and already spend $1.3T ($430B discretionary) Shift in what matters for US consumers – things that have become less important "Luxury" and "Status", "wealth" has remained unchanged – those that are rising in importance – "value for money", "saving" and "stability" (same in Europe). Some other interesting values that have increasing importance: family, friends, home, environment, local communities
- Omni-channel experience Customers now expect to receive service from your organization on the channel of their choice, which might be voice, email, SMS/text, web, mobile or social media. According to the latest NICE survey (2013) among end customers: 56% use multiple channels because they cannot reach resolution with a channel or it is not working well An average of 5.8 channels were used by customers in 2013 36% of customers use Self-Service on Website daily or weekly People both prefer and use a Live Phone Rep most 73% have used multiple contact methods in the past 6 months Forrester in their recent survey found that web self-service was the most widely used communication channel for customer service, surpassing use of the voice channel for the first time. By 2015, customers will explore new communication channels such as video chat with screen sharing and annotation. Companies are beginning to provide service on all of these channels – but too often, those channels may exist in silos. According to Forrester 58% of companies inconsistently measure, or fail to measure their customer’s cross channel journey. Mobile As of the end of 2019, more than five billion individuals will own a smartphone globally. Today, virtually all customer service vendors offer some mobile customer service capabilities, and many offer robust mobile field-service capabilities. In 2015, companies will increasingly focus on mobile customer service interactions and will provide support for value-added mobile usage scenarios. They will provide succinct mobile interactions that can be stopped, restarted, or switched to another device without a loss of context. (Forrester) However, customer service mobile applications remain an afterthought. As a result, for many businesses their customer service solutions are in the survival phase in terms of maturity and derived business value. Simple, Personalized, Context-Aware A customer takes a journey to complete a specific task. Sometimes the customer completes the task easily, with one self-service activity; sometimes the journey goes on for days, or even longer. But when the customer gets to the point of making contact with the company, the expectation is that the agent knows what steps he or she already has taken along the way and is able to continue the process from that point. The customer, in other words, does not want to have to start all over from the beginning. In 2015, Forrester predicts that customers will continue to demand effortless interactions over web and mobile self-service channels. Managing the customer journey is becoming increasingly difficult. Many organizations struggle and some even fail to meet their customers’ expectations. Immediate Answers Customers require immediate resolution, in the moment. Yet what organizations have to deal with are interactions that are growing more and more complex, as simple service issues are often solved by customers via self-service channels.
- Here you can see the percentage of customers that failed to achieve what they wanted on a specific channel and called the contact center to speak with a live rep. You can see it’s not a low percentage at all. These customers are calling the CC expecting the agent to solve the problem they couldn’t solve on the previous channel.
- And you know what happens then? 40% of these customers still don’t get an answer from the agent. So they continue wondering the different channels hoping to find a solution. 60% FCR is not high enough and it’s impacting customer experience.
- The contact center gets the lowest satisfaction rate out of all the different channels we surveyed. You can argue that it gets the most difficult customers and issues, and you’ll be right but in the age of the customer experience we can’t let our most strategic touch point produce such low rates.
- Four fundamentals of workplace automation, McKinsey & Company - Dec 2015 The International Institute for Analytics (IIA) Gartner. Michael Maoz Ovum research Automation -- By 2018, the total cost of ownership for business operations will be reduced by 30% through smart machines and industrialized services. (Gartner) Smart machines are an emerging “super class” of technologies that perform a wide variety of work, of both the physical and the intellectual kind. Smart machines will automate decision making. Therefore, they will not only affect jobs based on physical labor, but they will also impact jobs based on complex knowledge worker tasks. Analytics will take center stage as the volume of data generated by embedded systems increases and vast pools of structured and unstructured data within and outside the enterprise are analyzed. Organizations will achieve an extra $430 billion in productivity benefits over their less analytically oriented peers. "Every app now needs to be an analytic app," says Gartner’s Cearley. "Organizations need to manage how best to filter the huge amounts of data coming from the IoT, social media and wearable devices, and then deliver exactly the right information to the right person, at the right time. Analytics will become deeply, but invisibly embedded everywhere." Big data remains an important enabler for this trend, but Gartner says the focus needs to shift to thinking about big questions and answers first and big data second — the value is in the answers, not the data. Cloud -- 25% of total IT budgets will be allocated to cloud computing in 2016 Contact centers of all sizes and types are considering moving their call centers to the cloud. Contact center technology can dramatically impede organizations ability to support day to day operations and expand its business. Digital Transformation -- CEOs expect their digital revenue to increase by more than 80% by 2020.
- Government regulators have established state-run “wind pools” to take the business out of the private market, because it was unwilling to provide insurance to homeowners in these areas at any price. So these premiums are very high—and traditional carriers are losing business as a result.