Customer Loyalty. A multi-channel approach. 25 April 2012

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1 Customer Loyalty A multi-channel approach 25 April 2012

2 Introduction Douglas Blakey, Editor, Retail Banker International

3 Ian Walsh, Retail Banking Partner, Boston Consulting Group Arunnima B S, Principal Consultant Finacle Product Strategy, Infosys

4 Ian Walsh, Retail Banking Partner, Boston Consulting Group

5 Customer Centricity in Retail Banking Report Summary April 2012

6 Banks believe they should deliver a fair deal to the customer to create loyalty and capture share-of-wallet Consumer trends Confidence Advocacy Information transparency Consumers have less confidence Consumers opinions more impactful through social media Internet facilitates selecting the bank with best fit Shift toward a more customer-centric approach to banking Market trends Structural industry trends Low growth Competition Basel III Regulatory pressure Government support Reduced market growth in core mature markets forces banks to compete for growing share-of-wallet A customer-centric approach increasingly a differentiating factor in overcrowded markets and/or for new entrants 'Sticky' customers important with new liquidity requirements Increased regulation around pricing transparency, product suitability, possibly around lower barriers to switch State-owned or government supported banks drive new industry standards for acting in customers' best interest Copyright 2011 by The Boston Consulting Group, Inc. All rights reserved. The Banker Customer Centricity 25Apr12.pptx 1

7 Our definition of Customer Centricity: a knowledge-based approach to value creation "A way of banking, based on trust and fairness, using knowledge of the customers to meet their needs, to achieve a sustainable and valuable long-term relationship" Copyright 2011 by The Boston Consulting Group, Inc. All rights reserved. The Banker Customer Centricity 25Apr12.pptx 2

8 Customer Centricity manifests itself to the customer in brand, distribution and proposition... Essence of Customer Centricity Brand Marketing & Communication Image Two-way dialogue with the customer, centered on their needs and concerns, with messages tailored to the customer's personal circumstances, and explicit commitments from the bank to the customer Perceived as a trusted partner to the customer, by striking a sustainable balance of the interests of shareholders and customers, whilst acting as a responsible corporate citizen with a positive contribution to society Distribution Proposition Sales process Channels Product offering Pricing Servicing & customer experience Personalized and proactive offers originating from a holistic knowledge of the customer's needs, that suit their risk profile, while counseling the customer throughout their lifecycle A seamless and personalized channel experience, making it simple to interact with the bank, across multiple available channels, at a time and place of the customer's preference Propositions tailored to customer needs, with product features that are simple to understand, and with full transparency on the alternatives, both during and after the sale, to enable the customer to make the best choice A way of pricing that is fair and transparent to the customer, based on the value of the relationship, being honest about total fees and proactive in communicating alternatives which are more valuable to the customer Using knowledge of the customer to define and deliver their expectations, whilst selectively exceeding on moments that really matter either through execution or tone with the aim of transforming satisfaction into loyalty and advocacy Copyright 2011 by The Boston Consulting Group, Inc. All rights reserved. The Banker Customer Centricity 25Apr12.pptx 3

9 ...and is enabled through customer-centric infrastructure, capabilities and organization Essence of Customer Centricity Infrastructure & capabilities Organization Customer intelligence System and IT landscape Operations & processes Governance DNA Disciplined approach to collecting comprehensive data on customer behavior and sentiment consolidating across multiple interactions and leveraging this for a deep understanding of current and predicted customer needs Customer needs as a key driver of design choices, through early collaboration between IT and the business on requirements and constraints, enabling an easy banking experience for the customer and agility for the bank to adapt End-to end processes designed and optimized around the needs of the customer, making critical processes fast, with customer input as an integral part of ongoing process improvement The customer perspective as a key factor in organizational design, by hardwiring customer satisfaction into incentives throughout the organization, and by reflecting customer segments in the organization's governance Thinking, acting and collaborating in the customer 's interests, as an integral part of the bank's strategy, culture and capabilities, supported by strong executive commitment, and institutionalized through training and recruiting Copyright 2011 by The Boston Consulting Group, Inc. All rights reserved. The Banker Customer Centricity 25Apr12.pptx 4

10 Customer Centricity's impact can be assessed by understanding motivations at moments of value...and they told us customer centricity was a prime factor in their decisions We asked Canadian and French customers on their motivations for selecting a bank for... (Canadian results shown here; French results available) Acquisition (of primary relationship) How/why did you select bank X as your new banking provider? The bank was reasonable, transparent and honest in its rates "Other' external motivations Customer-centric motivations & pricing Customer-centric motivations 100% 5% 12% 34% 27% 22% Someone else opened the account for me It was mandatory (e.g. with a new mortgage, checking account, etc) The bank was closest to my home I liked the bank's service, products, rates, interaction (branches, telephony, internet, mobile) The bank was and/or its image & reasonable, advertising transparent and honest in its rates Sale (buying more) How/why did you choose specifically for bank X to increase volume? Attrition (of primary relationship) The Banker Customer Centricity 25Apr12.pptx 5 100% 11% 36% 32% 10% 11% There was no other option (e.g. bank was only provider/willing to sell/was forced to take this at my bank) I wanted to consolidate everything at the same bank I decided only on rates (fees, interest) I liked the bank's service, products, rates, interaction (branches, telephony, internet, mobile) and/or its image & advertising How/why did you decide to terminate your relationship with bank X? The bank was unreasonable, non-transparent or dishonest in its rates Prime factor in decisions to switch, less of a factor in decisions to buy more products at a particular bank 100% 7% 18% 24% 16% 34% The bank closed/ ceased to exist It was mandatory (e.g. with a new mortgage, checking account, etc) I moved to an area where the bank was not present I was not satisfied with the bank's service, products, rates, interaction (branches, telephony, internet, mobile) and/or its image & advertising Copyright 2011 by The Boston Consulting Group, Inc. All rights reserved.

11 Five key insights on what customers find important on customer-centric banking Customer Centricity value is best understood by exploring motivations at moments of value I Customer Centricity is the key factor in customer decisions to switch their main bank, but less of a factor in their decisions to buy more products at a particular bank II III IV V In deciding to switch banks, customers attach strong importance to themes in 5 out of 7 dimensions of our framework, in addition to looking for competitive rates Customer service requires hard skills in error-free execution and product knowledge Customer service and sales process need to be underpinned by soft qualities and capabilities Products and channels need to offer ease & simplicity Pricing and products need to acknowledge the individual (loyalty pricing, customizable products) In deciding to buy more (cross-sell, deep-sell, up-sell) key to success is to 'make it happen' in delivery Channels must be accessible and must make it easy to set-up and manage products Customer service requires speed and effectiveness in execution Actual decisions of customers to switch banks or buy more are strongly influenced by advocacy We expect most of these observations to hold in other markets, with a few qualitative differences Copyright 2011 by The Boston Consulting Group, Inc. All rights reserved. The Banker Customer Centricity 25Apr12.pptx 6

12 Banks have many inspiring examples of meeting the needs and preferences of their customers Branches like retail stores Customer input integral part of E2E process optimization Explicit customer charter Customer-driven overhaul of core-banking system Copyright 2011 by The Boston Consulting Group, Inc. All rights reserved. True customer knowledge through sophisticated CRM Proactive loyalty pricing Economically viable seamless multi-channel integration Holistic sales process to better meet customer's value needs Strong organisational culture around service experience Surgical improvements through knowledge of satisfaction drivers Radical simplification of product portfolio Top retail experience by focus on emotional attributes Mobile leader through convenience and value-added functionalities The Banker Customer Centricity 25Apr12.pptx 7

13 Arunnima B S, Principal Consultant Finacle Product Strategy, Infosys

14 Customer Loyalty An Integrated Multi-channel Approach Arunnima B S Finacle Product Strategy Infosys Ltd 1

15 Agenda Why banks need to relook at their customer service strategy An integrated multi-channel approach towards customer service Driving growth and profitability through customer loyalty 2

16 4

17 How loyal are your customers? Satisfied but Not Loyal ~33% of satisfied customers are willing to switch banks % of satisfied customers are not willing to recommend their bank Sample Satisfied Satisfied & not willing to switch Satisfied & would reselect their bank Satisfied & would recommend their bank Satisfied & have recommended their bank LEVELS OF LOYALITY Source; Financial services 360, McKinsey&Co Proprietary Customer Experience Survey 5

18 Rethinking your customer service strategy Diversified customer segments Traditional branch banking customers Digital Consumer HNI Customers Unbanked/Under-banked Customer Changing lifestyle of customer 97% adults owns a computer 94% adults owns a mobile phone Internet and Mobile based shopping on demand Spending more time online than watching TV Doing everything online and wanting to do everything at a click or a single touch Rise of Social media Customer Service Strategy Pervasive Affordable Technology Facebook - More than 500 million active users in Facebook with 50% logging in every day.1 in every 13 people on earth have a Facebook acct Twitter - Half a billion registered users; 1M accounts added every day Youtube million users, over 1 trillion video views Smart phones Tablets Video conferencing Other electronic gadgets Social media 6

19 To match customer s expectation SERVe your customers SIMPLE EMPOWER REASSURE VIABLE Easy to use and easily accessible service touch points, spend less time Informative, 360 degree view, personalized dashboards, financial planning tools, and save money Offer personalized products and provide advisory services wherever required and let them know that you care using viable technology, making it affordable 7

20 offering seamless multi-channel experiences to SERVe your customers Branches Smart Phones Diversified customer segments Changing lifestyle of customer Internet Customer Service Strategy Tablets Rise of Social media Pervasive Affordable Social media Kiosks Mobile devices 8

21 to enhance your loyal customer base Must have services for successful multi-channel banking. Personalization across channels Cross channel experiences Personalized dashboards Aggregated accounts/transactions view Online account origination Financial management tools Alerts Analytics Advisory services Online communities/interactions With differentiated experiences that are.. Personalized Persona based user experience design Personalized services and products suiting each customer s needs Contextual Contextual to the needs of the customer Interactive Social media interactions Audio, video interactions Innovative Touch banking Contactless services Remote Deposits Branchless banking 9

22 And most importantly. Be Customer Aware at all stages of your customer lifecycle Engage Acquire Service Enrich Launch New Products Manage brand Generate interest to buy Registrations Web Apps/Tools Applications Community participation Online Checking/Savings Bill Pay Personal Budget Up-selling/cross-sell Listen to customer needs Resolve issues Ensure loyalty 10

23 And drive growth and profitability Relationship based pricing Expansion of Relationship A loyal customer buys more number of products Extent of Relationship is deeper Higher Frequency of Transactions Recommendations Word of Mouth Recommends you positively to friends and family Uses social media to positively endorse Is willing to pay for products, services and brand image, even at a premium 11

24 And drive growth and profitability Is willing to pay for products, services and brand image, even at a premium Customer Experience Boosts Revenue, by Bruce D. Tempkin, June 22,

25 Ian Walsh, Retail Banking Partner, Boston Consulting Group Douglas Blakey Editor Retail Banker Interactive Arunnima B S, Principal Consultant Finacle Product Strategy, Infosys

26 This webinar will be available for replay at Retail Banker Interactive from 26 April You will receive an containing a link to the webinar slides and recording. The next webinar in this series will be held in May. Please register by following the link on

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