The Power of Building a Multi-Dimensional View of Your Customer

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1 The Power of Building a Multi-Dimensional View of Your Customer Gary Class Wells Fargo May 2016

2 Wells Fargo's Vision & Values 1

3 In 2015 Wells Fargo supported ~7.4 billion Customer interactions in the physical & virtual channels Physical Channels Store 0.6B transactions per year #1 U.S. retail bank branch network; >6,000 in 39 states and D.C. (1) #1 retail deposit share nationally; #1 or #2 in 24 of our 39 states (2) Located within 2 miles of half the U.S. census households and small businesses in our footprint (3) ATM 0.9B transactions per year 13,000 ATMs running our exclusive software; personalized experience for what customers do most 3 rd largest U.S. bankbranded ATM network; 90% with Envelope-Free SM deposits 3,000 Offsite ATMs (1) Q (2) Source: FDIC data, SNL Financial, as of June Retail deposit data is pro forma for acquisitions and caps deposits at $1 billion in a single banking store and excludes credit union deposits. (3) Source: Nielsen Claritas (2015); includes both Wells Fargo retail stores and ATMs. (4) February (5) Keynote Mobile Banking Scorecard (1Q16). 2

4 In 2015 Wells Fargo supported ~7.4 billion Customer interactions in the physical & virtual channels Physical Channels Virtual Channels Store ATM Digital Contact Center 0.6B transactions per year 0.9B transactions per year 5.4B sessions per year 0.4B contacts per year #1 U.S. retail bank branch network; >6,000 in 39 states and D.C. (1) #1 retail deposit share nationally; #1 or #2 in 24 of our 39 states (2) Located within 2 miles of half the U.S. census households and small businesses in our footprint (3) 13,000 ATMs running our exclusive software; personalized experience for what customers do most 3 rd largest U.S. bankbranded ATM network; 90% with Envelope-Free SM deposits 3,000 Offsite ATMs 26MM active online customers, including nearly 16MM active mobile Customers (4) #1 in overall mobile Performance, Functionality, Ease of Use, and Quality & Availability (5) Provide voice, , text, and social contact for service and sales Advanced contact center technology and telephony infrastructure Over one-third of contacts are outside of normal business hours (1) Q (2) Source: FDIC data, SNL Financial, as of June Retail deposit data is pro forma for acquisitions and caps deposits at $1 billion in a single banking store and excludes credit union deposits. (3) Source: Nielsen Claritas (2015); includes both Wells Fargo retail stores and ATMs. (4) February (5) Keynote Mobile Banking Scorecard (1Q16). 3

5 Retail Banking In order to meet customers need for convenience & control, a myriad of channels are evolving within banking at an accelerating rate: Branch ATM Phone Online Teller Banker Desktop-based Banker IVR Mobile device-based SMS-based Inbound Social Media 4

6 Retail Banking Our focus on the Customer identifies a set of key value drivers Value Driver Outcome to Manage Acquisition On-boarding Customers Retention (i.e. Churn) Revenue Expansion Attrition Mitigation Product Cross-sell Margin Preservation Channel Usage Business intelligence and predictive analytics are focused on delivering actionable insights toward these value drivers We call these Customer Dynamics models. 5

7 Good data makes for good models Underlying data needs to be valid, documented, reliable, and available. There is no substitute for extensive domain knowledge on the part of the exploratory data analyst & predictive model builder. Ultimately one must uncover the source of the Nile : i.e. the explicit conditions wherein the data was captured. If you want to understand what the enterprise warehouse contact center data is actually all about, take a road-trip and listen to calls and watch people answer the phone. 6

8 Novel data makes for great models The search is never ending for the operational or systems data that provides incremental information about customer behavior while engaged in the company s business process. Caveat utilitor! Incremental information about the detailed business-customer ecosystem can often uncover deeply hidden unpleasant truths about the existing business process and the customers lack of satisfaction with it. The insights from novel data can attract a response from the stakeholders in the existing process, remember Pioneers attract arrows! 7

9 Customer Interactions Data in Retail Banking The over-arching goal is to transform the available systems data into a model of the business process that reflects the customers experience in interacting with the bank with as much detail and precision as possible. Customer: Who is the party requesting service? Session: Begin & end time of the activity 8

10 Customer Interactions Data in Retail Banking The over-arching goal is to transform the available systems data into a model of the business process that reflects the customers experience in interacting with the bank with as much detail and precision as possible. Customer: Who is the party requesting service? Session: Begin & end time of the activity Sojourn: Beginning & end of the customers journey across the company s myriad of channels in order to accomplish a task 9

11 Customer Interactions Data in Retail Banking The over-arching goal is to transform the available systems data into a model of the business process that reflects the customers experience in interacting with the bank with as much detail and precision as possible. Customer: Who is the party requesting service? Session: Begin & end time of the activity Sojourn: Beginning & end of the customers journey across the company s myriad of channels in order to accomplish a task Task: Inferred from the predicate knowledge about the Customer, the context of the interactions, the sequence of the interactions, and any insight from primary research. 10

12 Customer interactions: Phone banker channel Phone agent client-side message logs via Passive Logging User Client Front-end system for Agent <Get Account_Number> <Get Account_Balance> Business Service Middleware messages System of Record Checking account file Account Number: Average Balance $1, Data Checking account ledger 11

13 Customer interactions: Session For Inbound Phone Calls, Passive Logging Identifies: Date & Time Agent Customer Content of Interaction Get checking account balance Return $1,

14 Phone banker channel metrics Traditional metrics are operational Operational Average speed of answer 13

15 Customer interactions: Sojourn Customer calls Agent 1 services customer Agent 1 transfers customer to Agent minutes 3 minutes 14

16 Customer interactions: Sojourn Customer calls Agent 1 services customer Agent 1 transfers customer to Agent 2 Agent 1, Customer & Agent 2 on the line minutes 3 minutes 1 minute 15

17 Customer interactions: Sojourn Total = 19 minutes! Customer calls Agent 1 services customer Agent 1 transfers customer to Agent 2 Agent 1, Customer & Agent 2 on the line Customer & Agent 2 left on the line. 5 minutes 3 minutes 10 minutes 1 minute 16

18 Customer Value Metrics: Impact on value drivers Customer Value Metrics identify impact on Customers Customer- Centric Elapsed time until customer s problem is resolved Operational Average handle time where the Quality of Customer Service Issue Resolution is critical and can be directly related to Value Drivers such as Retention 17

19 Multi-Dimensional View of Your Customer -- the breadth & depth of channel interactions BUSINESS INTELLIGENCE TOOLS DATABASE TOOLS MONITORING TOOLS BIG DATA ANALYTICS 18

20 The Power of Building a Multi-Dimensional View of Your Customer Gary Class Wells Fargo May 2016

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