Customer Experience Mega Trends For Financial Services

Welcome to the Webinar

May 12, 2011Start time: 1:00PM EST

Customer Experience “MegaTrends”For Financial Services

Housekeeping

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Customers’ Benefiting Today

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- 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

Higher Educatio

n

Consumer&

Corporate

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Today’s Presenters

Bruce Temkin Managing PartnerTemkin Group

Mike HennessyVice President

Customer Experience Mega Trends For Financial ServicesBruce TemkinCustomer Experience Transformist& Managing PartnerTEMKIN GROUP

May 12, 2011

Copyright © 2011 Temkin Group. All rights reserved.

The core insight…


The core insight…

“Do what you do so well that they will want to

see it again and bring their friends.”

- Walt Disney


Customer experience correlates to loyalty

Amount above or below industry average for

Temkin Experience Rating

Amount above or below industry average for

Temkin Loyalty Rating

Base: 143 companiesSource: Temkin Group Q1 2011 Consumer

Experience Survey

-20% -15% -10% -5% 0% 5% 10% 15% 20%

-30%

-20%

-10%

0%

10%

20%

30%

40%


Financial services loyalty is up for grabs

Investment firms

Insurance carriers

Credit card issuers

Banks

63%

60%

53%

56%

48%

43%

44%

45%

54%

47%

42%

43%

Likely to rec-ommendUnlikely to switchLikely to buy more

Top 2-box percentage on 7-point scale

Base: US ConsumersSource: Temkin Group Q1 2011 Consumer Experience Survey


Rate the overall customer experience that your company delivers

The worst in our industry

Considerably below industry average

Slightly below our industryaverage

Average for our industry

Slightly above industry average

Considerably above industry average

The best in our industry

Better than all companies in any industry

0%

3%

10%

27%

25%

28%

5%

2% 7%

Base: 169 companies with $1 billion or more in annual revenuesSource: Temkin Group Q4 2010 Survey


Rate the overall customer experience that your company delivers

The worst in our industry

Considerably below industry average

Slightly below our industryaverage

Average for our industry

Slightly above industry average

Considerably above industry average

The best in our industry

Better than all companies in any industry

0%

3%

10%

27%

25%

28%

5%

2% 7%

Base: 169 companies with $1 billion or more in annual revenuesSource: Temkin Group Q4 2010 Survey

What’s your goal in three years?

60%


2011 Temkin Experience Ratings


Financial services firms know that they need to do better

Cross-channel experience

Social media experience

Mobile experience

Phone self-service experience

Web experience

In-store experience

Phone agent experience

17%

26%

28%

35%

46%

46%

61%

Companies that rate these experiences that their company delivers as “good” or “excellent”

Base: 54 financial services companies with $500 million or more in annual revenuesSource: Temkin Group Q4 2010 Survey


Four customer experience megatrends

• Customer Insight Propagation• Customer Service Rejuvenation• Interaction iPodization• Social Media Assimilation


Customer Insight Propagation

Statistical analysisHypotheses about the

business created from an analysis of significant variations in the data

Contextual insightsObservations drawn from

data that resonates with an understanding of the

business

A major shift in market research…


Customer Insight Propagation


Customer Service Rejuvenation

Base: 144 companies with $500 million or more in annual revenuesSource: Temkin Group May 2010 Survey


Customer Service Rejuvenation

MOMENTS OF TRUTH

LOYALTY


Interaction iPodization






Social Media Assimilation



Wrote something about it on Twitter

Put a comment or rating about the company on a 3rd party site like Yelp or

TripAdvisor

Wrote something about it on Facebook

Sent feedback directly to the company via a call, letter, email, or on their

Website

Told friends about it via email, phone, or in-person

4%

11%

20%

34%

63%

3%

7%

13%

21%

51%

After a VERY GOOD expe-rience

After a VERY BAD experience

Base: US ConsumersSource: Temkin Group Q1 2011 Consumer Experience Survey

How consumers give feedback…



A few tips on social media common sense:

• Don’t ignore existing customer conversations. • Listen first, long before you start responding.• Don’t overreact to Dave’s Guitar.• Get brand promoters to speak for you. • Don’t lose sight of who you are.


Thank you!

Bruce TemkinCustomer Experience Transformist& Managing Partner

TEMKIN GROUPwww.temkingroup.com

Email: [email protected]: 617/916-2075Twitter: @btemkinBlog: Customer Experience Matters (experiencematters.wordpress.com)

The Case for Self-Service as a MegaTrend

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A Myriad of Channels

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Traditional Digital Mobile+ +

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24x7 – 365 World

Content Overload

Your Customers WANT to Self-Serve!

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CIBC

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CIBC Bank

Results• Emails decreased by 50% • Calls decreased by 25%• "Voice of Customer" data informing web/product• Single message via web, mobile and e-mail agent

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ING

http://www.google.ca/imgres?imgurl=http://www.csia.com.au/awards/ING%20logo.GIF&imgrefurl=http://www.mgkrum.com/section2.cfm&usg=__9ZFVNYoMIWuVGx8k0q9CTpcPZF4=&h=298&w=1200&sz=18&hl=en&start=10&tbnid=8rWOzrblw4gIFM:&tbnh=37&tbnw=150&prev=/images?q=ING+direct+logo&hl=en

ING Direct – Improvements in FCR

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Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

Escalations before IR

Escalations after IR

• 50% reduction in 2nd line escalations

http://www.google.ca/imgres?imgurl=http://www.csia.com.au/awards/ING%20logo.GIF&imgrefurl=http://www.mgkrum.com/section2.cfm&usg=__9ZFVNYoMIWuVGx8k0q9CTpcPZF4=&h=298&w=1200&sz=18&hl=en&start=10&tbnid=8rWOzrblw4gIFM:&tbnh=37&tbnw=150&prev=/images?q=ING+direct+logo&hl=en

Social Media

• Can be creatively included in Facebook Walls, Twitter, Digg, Delicious and other social platforms

Actionable Insights

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•How do I switch my account?

•How do I know XXX is right for me?

•What is XXX switch mortgage?

•What is the XXX switch kit?

•What is the new switch program?

•How do I switch from my current bank?

Actionable Insights

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•When does your Android app come out?

•Why do you only offer an iphone

app? I use Android.

•Mobile banking - does it work on an HTC Desire Smart phone?

•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.

•Will there be an application for the android mobile phone operating system as other banks already have?


Thank-You

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Customer Experience Mega Trends For Financial Services