Webinar: Customer Experience Mega Trends For Financial Services.
Featuring Mike Hennessy, Vice President, IntelliResponse Systems Inc. and Bruce Temkin, Managing Partner of the Temkin Group.
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Customer Experience Mega Trends For Financial Services
1. Welcome to the Webinar
May 12, 2011
Start time: 1:00PM EST
Customer Experience
โMegaTrendsโ
For Financial Services
2. Housekeeping
Minimize webinar console
here
Use chat window to submit
questions
at any time
during the session!
Copyright ยฉ 2009, IntelliResponse Systems Inc. All rights reserved. The trademarks identified herein are the trademarks or registered trademarks of IntelliResponse Systems Inc. or other third party.
4. Customersโ Benefiting Today
- More than 510 live, customer facing implementations
- Answering over 100 million questions with one right answer
- A SaaS company with credentials in large enterprise delivery
Financial
Services
Consumer
& Corporate
Higher
Education
4
5. Todayโs Presenters
Bruce Temkin
Managing Partner
Temkin Group
Mike Hennessy
Vice President
6. Customer Experience Mega
Trends For Financial Services
Bruce Temkin
Customer Experience Transformist
& Managing Partner
TEMKIN GROUP
May 12, 2011
8. The core insightโฆ
โDo what you do so well
that they will want to
see it again and bring
their friends.โ
- Walt Disney
Copyright ยฉ 2011 Temkin Group. All rights reserved.
9. Customer experience correlates
to loyalty
30%
Amount above or below
industry average for
Temkin Loyalty Rating 20%
10%
0%
-20% -15% -10% -5% 0% 5% 10% 15% 20%
-10%
Amount above or below
industry average for
-20% Temkin Experience Rating
Base: 143 companies
Source: Temkin Group Q1 2011 Consumer -30%
Experience Survey
Copyright ยฉ 2011 Temkin Group. All rights reserved.
10. Financial services loyalty is up for grabs
Top 2-box percentage on 7-point scale
43%
Banks 45%
56%
42%
Credit card issuers 44%
53% Likely to recommend
Unlikely to switch
47% Likely to buy more
Insurance carriers 43%
60%
54%
Investment firms 48%
63%
Base: US Consumers
Source: Temkin Group Q1 2011 Consumer Experience Survey
Copyright ยฉ 2011 Temkin Group. All rights reserved.
11. Rate the overall customer experience
that your company delivers
Better than all companies in
2%
any industry
7%
The best in our industry 5%
Considerably above industry
28%
average
Slightly above industry average 25%
Average for our industry 27%
Slightly below our
10%
industryaverage
Considerably below industry
3%
average
The worst in our industry 0%
Base: 169 companies with $1 billion or more in annual revenues
Source: Temkin Group Q4 2010 Survey
Copyright ยฉ 2011 Temkin Group. All rights reserved.
12. Rate the overall customer experience
that your company delivers
Better than all companies in
2%
any industry
7% 60%
The best in our industry 5% Whatโs your goal
Considerably above industry
28% in three years?
average
Slightly above industry average 25%
Average for our industry 27%
Slightly below our
10%
industryaverage
Considerably below industry
3%
average
The worst in our industry 0%
Base: 169 companies with $1 billion or more in annual revenues
Source: Temkin Group Q4 2010 Survey
Copyright ยฉ 2011 Temkin Group. All rights reserved.
14. Financial services firms know that they
need to do better
Companies that rate these experiences that their
company delivers as โgoodโ or โexcellentโ
Phone agent experience 61%
In-store experience 46%
Web experience 46%
Phone self-service experience 35%
Mobile experience 28%
Social media experience 26%
Cross-channel experience 17%
Base: 54 financial services companies with $500 million or more in annual revenues
Source: Temkin Group Q4 2010 Survey
Copyright ยฉ 2011 Temkin Group. All rights reserved.
15. Four customer experience megatrends
โข Customer Insight Propagation
โข Customer Service Rejuvenation
โข Interaction iPodization
โข Social Media Assimilation
Copyright ยฉ 2011 Temkin Group. All rights reserved.
16. Customer Insight Propagation
A major shift in market researchโฆ
Statistical analysis Contextual insights
Hypotheses about the Observations drawn from
business created from an data that resonates with an
analysis of significant understanding of the
variations in the data business
Copyright ยฉ 2011 Temkin Group. All rights reserved.
18. Customer Service Rejuvenation
Base: 144 companies with $500 million or more in annual revenues
Source: Temkin Group May 2010 Survey
Copyright ยฉ 2011 Temkin Group. All rights reserved.
24. Social Media Assimilation
How consumers give feedbackโฆ
Told friends about it via 51%
email, phone, or in-person 63%
Sent feedback directly to the
21%
company via a call, letter, email, or
on their Website 34%
Wrote something about it on 13%
After a VERY
Facebook 20%
GOOD
Put a comment or rating about the experience
7%
company on a 3rd party site like Yelp
or TripAdvisor 11%
After a VERY
BAD experience
3%
Wrote something about it on Twitter
4%
Base: US Consumers
Source: Temkin Group Q1 2011 Consumer Experience Survey
Copyright ยฉ 2011 Temkin Group. All rights reserved.
25. Social Media Assimilation
A few tips on social media common sense:
โข Donโt ignore existing customer conversations.
โข Listen first, long before you start responding.
โข Donโt overreact to Daveโs Guitar.
โข Get brand promoters to speak for you.
โข Donโt lose sight of who you are.
Copyright ยฉ 2011 Temkin Group. All rights reserved.
26. Thank you!
Bruce Temkin
Customer Experience Transformist
& Managing Partner
TEMKIN GROUP
www.temkingroup.com
Email: bruce@temkingroup.com
Phone: 617/916-2075
Twitter: @btemkin
Blog: Customer Experience Matters
(experiencematters.wordpress.com)
Copyright ยฉ 2011 Temkin Group. All rights reserved.
33. CIBC Bank
Results
โข Emails decreased by 50%
โข Calls decreased by 25%
โข "Voice of Customer" data informing web/product
โข Single message via web, mobile and e-mail agent
35. ING Direct โ Improvements in FCR
45,000
40,000
35,000
30,000
25,000
Escalations before IR
20,000 Escalations after IR
15,000
10,000 โข50% reduction in
2nd line escalations
5,000
0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
35
36. Social Media
โข Can be creatively included in
Facebook Walls, Twitter, Digg,
Delicious and other social
platforms
37. Actionable Insights
โข How do I switch my account?
โข How do I know XXX is right for me?
โข What is XXX switch mortgage?
โข What is the XXX switch kit?
โข What is the new switch program?
โข How do I switch from my current bank?
37
38. Actionable Insights
โข When does your Android app come out?
โข Why do you only offer an iphone app? I
use Android.
โข Mobile banking - does it work on an HTC
Desire Smart phone?
โข Where is the android app? I was excited
to see you promoting mobile banking, but
releasing via itunes and only for iphone
was a disappointing move.
โข Will there be an application for the
android mobile phone operating system as
other banks already have?
38
39. Thank-You
HAVE A QUESTION?
New Whitepaper:
Is Web Self-Service Right for
You?
http://www.intelliresponse.com/White-Papers/
Copyright ยฉ 2011 Temkin Group. All rights reserved.
Copyright ยฉ 2010, IntelliResponse Systems Inc. All rights reserved. The trademarks identified herein are the trademarks or registered trademarks of IntelliResponse Systems Inc. or other third party.
Editor's Notes
.
Perhaps the most interesting trend affecting the newfound drive towards self-service is the final one Itโs a fact that the modern customerdemonstrates a major โ and increasing โ appetite for self-service, yet what is interesting is that some companies continue to run their operations as if customers prefer to interact with them live. Itโs simply not the case!!! -- use example of waiting in line at an ATM or Airport Kiosk โ JUST to serve yourself โ when the bank line or ticket line is wide openโฆ-- Self Service is a modern imperative on the customer interaction landscape โ and it matters how effectively your organization can deploy itโฆ.A recent study of 75,000 B2C and B2B customers by the corporate execute board and published by Harvard Business Review confirms this notion by stating thatโ57% of inbound contact center calls come from people who first attempted to resolve their issue on the website.โAnd over 30% of callers are on the website at the same time that they are talking to a rep on the phone.