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6/27/2018CX NYC 2018
Roxana Strohmenger, VP, CX Index
Alyson Clarke, Principal Analyst
Gina Bhawalkar, Principal Analyst
August du Pont, Researcher
How Leading Banks Use CX To Differentiate And Drive Revenue
Sponsored by Clicktale2© 2018 Forrester Research, Inc. Reproduction Prohibited
2018 CX Index Banking Results
6/27/2018
3© 2018 Forrester Research, Inc. Reproduction Prohibited
CX Index measures…
Source: “The US Customer Experience Index, 2018”, a Forrester report
4© 2018 Forrester Research, Inc. Reproduction Prohibited
Base: 13,229 US online adults (18+) who interacted with a specific bank within the past 12 monthsSource: Forrester Analytics Customer Experience Index Online Survey, US Consumers 2018
Multichannel Banking 2018 Rankings
Significant score change between 2017 and 2018 at 90% confidence.
6/27/2018
5© 2018 Forrester Research, Inc. Reproduction Prohibited
Base: 7,421 US online adults (18+) who interacted with a specific bank within the past 12 monthsSource: Forrester Analytics Customer Experience Index Online Survey, US Consumers 2018
Direct Banking 2018 Rankings
Significant score change between 2017 and 2018 at 90% confidence.
6© 2016 Forrester Research, Inc. Reproduction Prohibited
Source:
Lack of
differentiation
is the current
state
6/27/2018
7© 2016 Forrester Research, Inc. Reproduction Prohibited
Source:
Focus on
emotion
and what
matters
most to
customers
8© 2018 Forrester Research, Inc. Reproduction Prohibited
Base: 13,345 (2017) and 13,229 (2018) US online adults (18+) who interacted with a specific bank within the past 12 monthsBase: 7,367 (2017) and 7,421 (2018) US online adults (18+) who interacted with a specific bank within the past 12 monthsSource: Forrester Analytics Customer Experience Index Online Survey, US Consumers 2017 and 2018
No significant changes YoY in positive ratings on the Three E’s of CX Quality
2017 2018 2017 2018
Effectiveness 75% 75% 71% 70%
Ease 78% 78% 73% 74%
Emotion 60% 60% 62% 61%
Multichannel Direct
6/27/2018
9© 2018 Forrester Research, Inc. Reproduction Prohibited
Base: 13,229 (multichannel) and 7,421 (direct) US online adults (18+) who interacted with a specific bank within the past 12 monthsSource: Forrester Analytics Customer Experience Index Online Survey, US Consumers 2018
Opportunity for differentiation lies in improving the Emotion quality dimension
Multichannel Direct
10© 2018 Forrester Research, Inc. Reproduction Prohibited
Base: 13,229 (multichannel) and 7,421 (direct) US online adults (18+) who interacted with a specific bank within the past 12 monthsSource: Forrester Analytics Customer Experience Index Online Survey, US Consumers 2018
Another opportunity is focusing on what matters most to customers for good CX
Multichannel Direct
6/27/2018
11© 2018 Forrester Research, Inc. Reproduction Prohibited
Base: 13,229 (multichannel) and 7,421 (direct) US online adults (18+) who interacted with a specific bank within the past 12 monthsSource: Forrester Analytics Customer Experience Index Online Survey, US Consumers 2018
However, banks don’t do well on key driver categories
Multichannel Direct
12© 2018 Forrester Research, Inc. Reproduction Prohibited
Source: “Drive Business Growth With Great Customer Experience, 2017”, a Forrester report
Significant revenue to gain from better CX
6/27/2018
13© 2018 Forrester Research, Inc. Reproduction Prohibited
Banking industry trends
14© 2016 Forrester Research, Inc. Reproduction Prohibited
Image source: Pixabay
Many consumers
think all banks
are the same
6/27/2018
15© 2018 Forrester Research, Inc. Reproduction Prohibited
Base: 11,109 US online adults (18+) (base sizes vary by generation). Source: Consumer Technographics Financial Services Benchmark Recontact, 2018See the “Banking On Millennials: It’s Not All About Mobile” Forrester report
Millennials are more likely to think banks are all the same
Older
Millennials
(28-36)
Gen X
(37-50)
Younger
Boomers
(51-60)
Older
Boomers
(61-70)
Golden
Generation
(72+)
Younger
Millennials
(18-27)
33% 36% 32% 31% 30% 28%
16© 2016 Forrester Research, Inc. Reproduction Prohibited
Image source: Pixabay
Many don’t
feel respected
by their bank
6/27/2018
17© 2018 Forrester Research, Inc. Reproduction Prohibited
The underlying problem?
A broken culture.
Image source: PublicDomainPictures.net
18© 2016 Forrester Research, Inc. Reproduction ProhibitedImage source: Etsy
The result?
Banks paying lip service to customer obsession
6/27/2018
19© 2018 Forrester Research, Inc. Reproduction Prohibited
Checking or savings account?
20© 2018 Forrester Research, Inc. Reproduction Prohibited
Consumers don’t think about
their money that way
6/27/2018
21© 2016 Forrester Research, Inc. Reproduction Prohibited
Image source: Wikipedia commons
22© 2018 Forrester Research, Inc. Reproduction Prohibited
Source: BNZ iPhone app
6/27/2018
23© 2018 Forrester Research, Inc. Reproduction Prohibited
Using data to personalize the
next best offer?
24© 2018 Forrester Research, Inc. Reproduction Prohibited
That’s personalization on the
bank’s terms, not the
customer’s terms
6/27/2018
25© 2016 Forrester Research, Inc. Reproduction Prohibited
Image source: Pixabay
Focus instead on
the next best
interaction
26© 2018 Forrester Research, Inc. Reproduction Prohibited
Banks need to put the person back in personalization
Source: Forrester Research.
6/27/2018
27© 2018 Forrester Research, Inc. Reproduction Prohibited
Source: RBC (Canada) mobile app
28© 2018 Forrester Research, Inc. Reproduction Prohibited
Source: BBVA (Spain) secure website
6/27/2018
29© 2018 Forrester Research, Inc. Reproduction Prohibited
Source: BBVA (Spain) secure website
BBVA makes
personalized
recommendations
based on the
customer’s financial
health score
30© 2018 Forrester Research, Inc. Reproduction Prohibited
Source: BBVA (Spain)
BBVA uses personas to communicate around its financial health tool
6/27/2018
31© 2018 F OR R ESTER . R EPR OD U C TI ON PR OH I BI TED .
What if you could help
customers uncover a
financial need …
Image source: adsoftheworld.com
… before they even
know they have one?
32© 2018 Forrester Research, Inc. Reproduction Prohibited
Do your employees have real-
time access to a 360 degree
view of your customers?
6/27/2018
33© 2018 F OR R ESTER . R EPR OD U C TI ON PR OH I BI TED .
Profile Sentiment
Affinity
Behaviors
Attitudes
Content
Context
Identity
Accounts/IDs
Tech
ownership/use
Demographics
Preferences
Disposition
Memberships/
networks
Affiliations
Feedback
Ratings/opinions
Interactions
Transactions
Marketing
responses
Testing responses
Time/location
Environment
Situation
Journey/activity
Social media
Applications
Files
Public records
34© 2016 Forrester Research, Inc. Reproduction Prohibited
Image source: Pexels
Differentiated,
personalized banking
experiences must be
person first and data
driven
6/27/2018
35© 2016 Forrester Research, Inc. Reproduction Prohibited
Image source: Ken Teegardin flickr.com
Achieving it will
require culture
to be mended!
36© 2018 Forrester Research, Inc. Reproduction Prohibited
Meet the panel
Pam Piligian
Senior Vice
President,
Marketing and
Communications,
Navy Federal Credit
Union
Marcia Sanford
VP, Member
Research and
Intelligence, Navy
Federal Credit
Union
6/27/2018
37
PG_Piligian
37
Pam Piligian: Senior Vice President of Marketing Marcia Sanford: VP Member Research & Intelligence
3838
6/27/2018
39© 2018 Forrester Research, Inc. Reproduction Prohibited
Differentiating through digital
40© 2018 Forrester Research, Inc. Reproduction Prohibited
Source: Consumer Technographics North American Financial Services Benchmark Recontact 2017 (US)
Consumers embrace digital for banking tasks
0% 10% 20% 30% 40% 50% 60%
In a branch/in-person with a kiosk or other self service
By mail
Over the phone
In a branch/in-person with a teller
On a tablet
Via ATM
On a smartphone
On a computer
How often do you do your banking in the following ways? (weekly)
Total Sample Size: N=9,889 US Online Adults
6/27/2018
41© 2018 Forrester Research, Inc. Reproduction Prohibited
But many digital banking
experiences are lacking…
42© 2018 F OR R ESTER . R EPR OD U C TI ON PR OH I BI TED .
Forrester’s Mobile
Banking Industry
Wave
6/27/2018
43© 2018 Forrester Research, Inc. Reproduction Prohibited
To differentiate through digital…
1. Empower customers to stay on top of their financial
goals.
2. Cut through the confusion of money movement.
3. Consistently reassure customers about security and
privacy.
44© 2018 F OR R ESTER . R EPR OD U C TI ON PR OH I BI TED .
Empower
customers to stay
on top of their
financial goals.
Source: Pixabay
6/27/2018
45© 2018 Forrester Research, Inc. Reproduction Prohibited
Source: Forrester Consumer Technographics North American Financial Services Survey, Q4 2017
“I live paycheck to paycheck”
52%Agree or strongly agree
46© 2018 Forrester Research, Inc. Reproduction ProhibitedSource: Bank of America
Bank of America’s AI bot “Erica” proactively helps customers make smarter decisions
6/27/2018
47© 2018 Forrester Research, Inc. Reproduction Prohibited
Source: https://itunes.apple.com/us/app/simple-better-banking/id479317486?mt=8
Simple Bank helps the customer set and protect goals with Safe-to-Spend
48© 2018 Forrester Research, Inc. Reproduction Prohibited
Source: Moven app
Moven’s smart savings account suggests when to save and how much
6/27/2018
49© 2018 F OR R ESTER . R EPR OD U C TI ON PR OH I BI TED .
Cut through the
confusion of
money movement.
50© 2018 Forrester Research, Inc. Reproduction Prohibited
Source: Wikipedia commons
Zelle is up against some of the best digital payment experiences
6/27/2018
51© 2018 Forrester Research, Inc. Reproduction Prohibited
Source: Chase mobile app
Yet we still see things like this
52© 2018 Forrester Research, Inc. Reproduction Prohibited
Source: Zelle usability study conducted by Forrester, May 2018
“How is the person going to receive the
money? I mean, how does it work?
If I send the money to the person’s
phone number do they need Zelle in
order to receive it?”
6/27/2018
53© 2018 Forrester Research, Inc. Reproduction Prohibited
Source: Bank of America secure site
Bank of America makes it easy to choose the correct money movement option
54© 2018 Forrester Research, Inc. Reproduction Prohibited
Source: US Bank mobile app
US Bank makes it easy to find help to common questions without leaving Zelle
6/27/2018
55© 2018 F OR R ESTER . R EPR OD U C TI ON PR OH I BI TED .
Clearly and
consistently reassure
customers about
privacy & security.
Source: Pixabay56© 2018 Forrester Research, Inc. Reproduction Prohibited
Sources: The New York Times, The Guardian, TechCrunch, Engadget
6/27/2018
57© 2018 Forrester Research, Inc. Reproduction Prohibited
Source: Forrester Mobile Banking Wave 2018
Banks score lowest in “Privacy
and Trust”
58© 2018 Forrester Research, Inc. Reproduction Prohibited
1. Offer a security guarantee
2. Explain in plain language how the bank will protect the
account (security policy)
3. Explain in plain language what happens to customers'
information (privacy policy)
4. Make it easy to identify and report fraud (e.g. fraud
alerts)
5. Teach customers how to protect themselves
Leading firms do all of the following to build trust
6/27/2018
59© 2018 Forrester Research, Inc. Reproduction Prohibited
Source: Wells Fargo mobile app
Wells Fargo makes privacy and security content easy to find and consume
60© 2018 Forrester Research, Inc. Reproduction Prohibited
Source: Monzo website
Monzo uses clear language to explain terms like ‘cookies’
6/27/2018
61© 2018 Forrester Research, Inc. Reproduction Prohibited
Source: Lloyds Bank mobile app, Nationwide Building Society mobile app and Barclays mobile app
UK Banks Lloyds, Nationwide & Barclays provide visual reinforcements of security
62© 2018 Forrester Research, Inc. Reproduction Prohibited
Source: CIBC.com
CIBC covers privacy, security, and fraud
6/27/2018
63© 2018 Forrester Research, Inc. Reproduction Prohibited
What to do this year…
1. Reduce the work to see the effects of spending and
saving
2. Map the money movement journey to identify and
prioritize improvement opportunities – include your
customers!
3. Apply user-centered design to create effective, easy-to-
understand security and privacy content
64© 2018 Forrester Research, Inc. Reproduction Prohibited
Meet the panel
Pam Piligian
Senior Vice
President,
Marketing and
Communications,
Navy Federal Credit
Union
Marcia Sanford
VP, Member
Research and
Intelligence, Navy
Federal Credit
Union
6/27/2018Security Center
Navy Federal Partners in SecurityWe’re proud to be your partner in securing your personal and account information.
66© 2018 Forrester Research, Inc. Reproduction Prohibited
Meet the panel
Pam Piligian
Senior Vice
President,
Marketing and
Communications,
Navy Federal Credit
Union
Marcia Sanford
VP, Member
Research and
Intelligence, Navy
Federal Credit
Union
6/27/2018Savings Persona
Affluent:
Strategic
Path to Prosperity:
Learner
Moderate Wealth:
Focused
Struggling:
Fighter
Drowning in Debt:
Nervous
6/27/2018
69© 2018 Forrester Research, Inc. Reproduction Prohibited
Meet the panel
Pam Piligian
Senior Vice
President,
Marketing and
Communications,
Navy Federal Credit
Union
Marcia Sanford
VP, Member
Research and
Intelligence, Navy
Federal Credit
Union
70© 2018 Forrester Research, Inc. Reproduction Prohibited
Questions
6/27/2018Thank youRoxana Strohmenger
Alyson Clarke
Gina Bhawalkar
August du Pont
For further reference
The US Banking Customer Experience
Index, 2018
The Forrester Banking Wave™: US Mobile
Apps, Q2 2018
2017 US Credit Card Digital Sales
Functionality Benchmark
The Forrester Digital UX Review