Exceptional Customer Experience AND Credit Risk Management: How to Achieve Both

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1 Exceptional Customer Experience AND Credit Risk Management: How to Achieve Both Lynn Brunner Experian and the marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the trademarks of their respective owners. No part of this copyrighted work may be reproduced, modified, or distributed in any form or manner without the prior written permission of Experian.

2 Key messages for today The burning question for organizations is how to deliver a consistently excellent customer experience while also managing credit risk exposure Organizations must truly understand their customers it is no longer an option The key is to personalize services and streamline processes while also minimizing risk The increase in self-service makes this challenge even greater and increases the risk of fraud Organizations must fully embrace customer experience management and provide an integrated engagement roadmap across the business CUSTOMER EXPERIENCE 2

3 Agenda THE CUSTOMER EXPERIENCE LANDSCAPE OPTIMIZING THE CUSTOMER EXPERIENCE CUSTOMER EXPERIENCE AND FRAUD MANAGEMENT GETTING IT RIGHT, THROUGHOUT THE BUSINESS CASE STUDIES ANY QUESTIONS? 3

4 Companies across industry verticals are wrestling with similar issues T E C H N O L O G Y E C O N O M I C C O M P E T I T I O N R E G U L AT O R Y Lack of infrastructure and automation restricts personal interaction at every touch point of the customer s journey Inability to recognize customer loyalty, needs and wants missed opportunities to increase value and revenue Similar products and services with little difference in price difficult to compete and maintain risk targets Increased regulatory and compliance more restrictions on how companies engage with consumers; possible litigation, revenue loss and churn G r o w p r o f i t a b l y M a n a g e r i s k t i g h t l y 4

5 What does this mean for you as an organization? CUSTOMER EXPERIENCE IS MORE IMPORTANT THAN EVER ONLINE AND MOBILE CHANNELS ARE KEY LEADS TO LOYALTY, ADVOCACY AND PROFITS Increasingly transparent Essential to growth Source of differentiation Customer demands Cost efficiencies Business imperatives (cost, customer growth) Loyal customers: Buy more Stay longer Tell others Cost less to serve 5

6 Agenda THE CUSTOMER EXPERIENCE LANDSCAPE OPTIMIZING THE CUSTOMER EXPERIENCE CUSTOMER EXPERIENCE AND FRAUD MANAGEMENT GETTING IT RIGHT, THROUGHOUT THE BUSINESS CASE STUDIES ANY QUESTIONS? 6

7 Optimizing the customer experience What are we talking about? CUSTOMER EXPERIENCE What experience does the client have of the company/brand What s their level of satisfaction? Are they a promoter or a detractor? Are they loyal? Direct Interactions Shopping Buying Transactions Customer service Indirect interactions Marketing Advertisement Product collateral Word-of-mouth OPTIMIZATON What decision should we make? Price, limit, terms, authorization, marketing offer, collections action, fraud action, information How will it affect performance? Profit, customer life-time value, revenue, sales, losses, other costs, satisfaction, advocacy, loyalty Will we breach our constraints or hit our targets? Cost and sales budgets, expected losses, human resources, satisfaction, advocacy, loyalty 7

8 Optimizing the customer experience What s an input and what s an outcome? Customer experience Previous Customer Experience Updated Customer Experience Affinity with brand Expectation of service Propensity to engage Propensity to compare prices and terms Input Outcome of an interaction Outcome Satisfaction Loyalty Advocacy Retention 8

9 An example optimization challenge Pricing for unsecure personal loans Probability of using full credit line Competitive price High conversion, low margin Positive impact on customer satisfaction Uncompetitive price Low conversion, high margin Negative impact on customer satisfaction Price So does optimizing for customer satisfaction reduce margins? 9

10 An example optimization challenge Pricing for unsecure personal loans Customer satisfaction Lots of happy customers, but unhappy shareholders? Some happy customers and fairly happy shareholders? Happy shareholders, but unhappy customers? Margin But surely it s not that simple? 10

11 An example optimization challenge Pricing for unsecure personal loans No because we must not forget about this! Rational value High Low Emotional value High Low Likes the brand and the price Like the price but not the brand Likes the brand but not the price Doesn t like the price or the brand 11

12 We must take into consideration all aspects of what makes a good customer experience TARGETS Marketing ROI Collections / Risk management goals Offer take-up / Conversion Retention Life-time value CUSTOMER EXPERIENCE = LOYALTY & ADVOCACY E M O T I O N A L 12

13 Back to our example optimization challenge Pricing for unsecure personal loans Probability of using full credit line Additional margin possible for the same rate due to customer experience factors? Customer who derives high emotional value from the brand? Customer who has a solid existing relationship with brand? Price 13

14 Snapshot view: Optimizing over segments We can incorporate customer experience optimization over the customer s life-cycle Longitudinal view: Optimizing over life stages and life-cycle DISCOVER, INTEREST EVALUATE, ENQUIRE ENGAGE, BUY IN-LIFE RE-ENGAGE 14

15 KPI 2 (Profit) And what about risk management? We can manage trade-offs across profit, debt, preferences and performance Typical Focus C 1 Current performance Maximize profit 4 C 2 3 Maximize profit at current bad debt levels Increase profit and reduce current bad debt levels 4 Minimize bad debt levels at current profit KPI 1 (Bad Debt) 15

16 Collections treatment can also be significantly improved through customer experience and behavior-based optimization Risk-based segmentation only Incorporating optimization Day Activity Day Activity 1 Bill for $200 1 Bill for $ Bill for $ Disconnect Notice 41 Reminder letter 34 Bill for $ Disconnect notice 35 Automated call 67 Bill for $ Eligible for termination Reminder letter Eligible for termination Terminate for non-pay Final bill for $750 Final bill reminder Agency Write Off Terminate for non-pay Final bill for $550 Final bill reminder Agency Write off Optimizing the treatment path resulted in an average 37 days improvement 16

17 The journey to optimizing customer experience What do we need? CUSTOMER DATA Application, behavioral, third-party and interaction data CUSTOMER SATISFACTION SURVEYS (E.G., NPS) CUSTOMER EXPERIENCE TESTING PROGRAM PREDICTIVE MODELING OF CUSTOMER ENGAGEMENT FINANCIAL IMPACT MEASUREMENT Statistically robust measurement of the customer experience for customers and non-customers Pilot enhancements of customer interaction processes and champion-challenger tests of decision strategies Expected impact of processes and decisions on different types of customer Scoring predicted impact of improved customer satisfaction How valuable is a highly satisfied and engaged customer especially one who becomes a vocal advocate? 17

18 Agenda THE CUSTOMER EXPERIENCE LANDSCAPE OPTIMIZING THE CUSTOMER EXPERIENCE CUSTOMER EXPERIENCE AND FRAUD MANAGEMENT GETTING IT RIGHT, THROUGHOUT THE BUSINESS CASE STUDIES ANY QUESTIONS? 18

19 As digital channels play a larger role in customer engagement, opportunities for fraud increase DATA BREACHES 1,000,000,000 The number of records exposed as a result of data breaches since beginning 2013 RISE OF OMNI-CHANNEL CUSTOMER EXPERIENCE 65% of businesses use at least 6 channels to engage with customers 87% Feel upset, frustrated or betrayed when an online transaction is declined Sources: Data Breach Quick View (Feb 2014), Aberdeen Group, 41 st Parameter (Dec 2013) 19

20 Fraud management must be considered throughout the customer life-cycle IDENTIFY STOLEN IDENTITIES SECURE COMMERCE PROTECT NEW ACCOUNT OPENING DETECT STAGING ACTIVITIES SECURE ACCOUNT LOGIN 20

21 We can help synthesize fragmented identity components covertly so customer is not impacted OFFLINE ONLINE 21

22 To replace anonymity with trust and identification Linking identity and device data improves recognition of good customers by 80% while improving fraud detection 22

23 Improved recognition of good customers supports the transition to digital innovation with a great customer experience Organization business focus Create a Single Customer View Shift from Assisted to Self Service Channels Deliver a frictionless digital customer experience Enable new consumer products and services for a mobile consumer How we can help Aggregate data across all customer touch points, devices to synthesize a single persona Answer the question of Identity in a largely anonymous and diverse channels Reduce false positives, manual reviews and time to decision Require an adaptive, behavioral fraud solution and supporting data layer 23

24 Agenda THE CUSTOMER EXPERIENCE LANDSCAPE OPTIMIZING THE CUSTOMER EXPERIENCE CUSTOMER EXPERIENCE AND FRAUD MANAGEMENT GETTING IT RIGHT, THROUGHOUT THE BUSINESS CASE STUDIES ANY QUESTIONS? 24

25 How does customer experience fit into an organization? And, how well are organizations doing? 80% of executives believe their company is delivering a superior customer experience, yet in 2013, only 8% of companies surveyed received a top grade from their customers for their customer experience Forrester analysis (1/14) Many people in an organization own some part of the customer experience Those who define the customer experience strategy are usually not the ones who implement it This results in a fragmented and less effective customer experience 25

26 Common challenges that prevent a great customer experience RELIANCE ON TECHNOLOGY & AUTOMATION Without really understanding customer service expectations or needs It s still all about real people! INTERNAL VIEW OF CUSTOMER EXPERIENCE Without getting customer input or understanding their pain points Who s customer experience is it? LACK OF CHANNEL INTEGRATION Resulting in an inconsistent and uninformed customer experience Customers expect crosschannel knowledge! LACK OF CLEAR OWNERSHIP Within the organization Who owns it, who supports it and who implements it? Only 20% of organizations say they are fully integrated across channels Forrester analysis (1/14) 26

27 Making it happen across the organization Key areas of focus to deliver a great customer experience ORGANIZATION / PEOPLE Holistic approach, clear ownership 1. Defined a CE strategy 2. Make a CE promise to customers 3. Establish internal CE targets and rewards PROCESSES Simplify all customer processes and be consistent Adapt processes to deliver the CE promise Established procedures for customer feedback TECHNOLOGY Connect the silos! Use IT as an enabler: 1. Integrated channel management 2. Leverage technology to emphasize people COST Focus on CE Clear balance between cost and CE improvement Take a long term view it s about life-time value 27

28 How to achieve these benefits Determine top level goals and objectives for implementing 1 enterprise-wide optimization 5 Create a roadmap that defines strategy, process, organization, knowledge and tool components required to implement Benchmark organization against leading practice in industry and 2 peer group Develop a business case for the investment, using optimized decision 6 strategy approach 3 Identify gaps in current capability and desired future state, using a comprehensive assessment framework 7 Gain executive alignment for a strategy and implementation program Define the opportunities which will generate greatest returns, including 4 quick wins Build a partnership to execute the implementation plan and ensure the 8 benefits are realized 28

29 Agenda THE CUSTOMER EXPERIENCE LANDSCAPE OPTIMIZING THE CUSTOMER EXPERIENCE CUSTOMER EXPERIENCE AND FRAUD MANAGEMENT GETTING IT RIGHT, THROUGHOUT THE BUSINESS CASE STUDIES ANY QUESTIONS? 29

30 Wireless services Customer engagement success A B O U T T H E C L I E N T Leveraging the power of NPS has helped this US wireless Telco improve their customer experience to get more customers. B U S I N E S S C H A L L E N G E Communicate through internal communication that customer experience improvement is the key goal in all management initiatives Understand identify key drivers of NPS, including correlation of NPS with CSAT and engagement Implement action plan deliver on customer expectations and measure impact through NPS and other feedback S O L U T I O N NPS program with monthly phone and interviews targeted to customers and competitor s customers, for competitive benchmarking. Then, implemented suggested changes for improved engagement. 4% reduction in churn Organic growth through loyalty and referrals Fewer detractors who can have a negative impact 7% increase in new referral customers 30

31 Using optimization for targeted customer offer management U.K. retail bank B U S I N E S S C H A L L E N G E A top five European retail bank with over 2000 branches and three million customers, was heavily invested in automated CRM and modeling software but had not achieved ROI goals. Their objective was to achieve Marketing ROI targets with a CRM/customer management cross-sell program. S O L U T I O N Experian s Global Consulting Practice conducted a business review which recommended implementing optimization to maximize ROI from cross-sell / upsell campaigns while satisfying sales goals and customer needs, as well as maximizing profit from direct mail activities. Quantified customer-level decisions on portfolio objectives 28% Increase in revenue, meeting ROI targets 25% Increase in sales Increase in sales 31

32 Providing a great customer experience Remember whose customer experience it is and focus on the customer! A planned and consistent customer experience is the objective, for all interactions, across all channels Ensure that you have the appropriate risk management processes in place Look to optimize the customer experience, through appropriate engagement monitoring, improvements and decisioning QUESTIONS? 32

33 33

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