Digitising the Customer Journey Enterprise Survey 2015

Transcription

1 Digitising the Customer Journey Enterprise Survey 2015

2 Contents The Survey 3 Survey Methodology and Respondents Profile 4 Key Findings 5 Conclusion 10 Appendix 1 - Survey Questions 11 Acknowledgements The survey team at Exec Survey would like to take this opportunity to thank all of those who were kind enough to take part - and especially to those who found the time to offer additional insight through their extra comments. We would also like to thank our partner, Software AG, for their assistance in compiling the survey questions, scrutinising the responses and analysing the results. Digitising the Customer Journey 2015 copyright Unless explicitly stated otherwise, all rights including those in copyright in the content of this publication are owned by or controlled for these purposes by Exec Survey. Except as otherwise expressly permitted under copyright law or Exec Survey s Terms of Use, the content of this publication are owned by or controlled may not be copied, reproduced, republished, downloaded, posted, broadcast or transmitted in any way without first obtaining Exec Survey s written permission or that of the copyright owner. To contact the Exec Survey team: dcross@ingenium-ids.org Tel: Address: FAO David Cross, Ingenium IDS Ltd, Mansion House, Wellington Road South, Stockport, Cheshire, SK1 3UA Page 2 of 14 Digitising the Customer Journey 2015

3 The Survey Today s digital environment is constantly and rapidly changing as new technological advances are made every day, and each one can dramatically affect the way businesses across the UK interact with and serve their customers. As citizens increasingly embrace new technologies in their every day life, demands for financial organisations to do so in the way they serve their customers rises. Consumers now expect to be able to access a wide range of services via multiple devices and channels, at any time and from any location. In light of this, Exec Survey - in collaboration with our survey partners, Software AG - have now conducted research into the ways in which financial organisations including banks, building societies and insurance groups are digitising their customer journeys to improve their services, and how they plan to building on the work already underway in the future. Page 3 of 14 Digitising the Customer Journey 2015

4 Survey Methodology and Respondents The survey was conducted by Exec Survey during the summer of The online questionnaire was completed by 36 senior managers, directors and c-suite executives from the finance industry. All survey participants will have received a complimentary copy of the survey report. The results have been collated and presented in percentages. The answers to each question have been analysed and key findings are presented in the following pages. To see the full list of questions asked, please see appendix 1. Page 4 of 14 Digitising the Customer Journey 2015

5 Key Findings In terms of digitising their customer s journey, over half (58%) believe their company is in transition Less than a third (32%) believed their company was a digital leader within their industry, whilst 10% admitted to struggling to keep pace with developments in digital technology. 58% 10% WHICH OF THE FOLLOWING STATEMENTS DO YOU BELIEVE BEST DESCRIBES YOUR COMPANY IN TERMS OF DIGITALISING YOUR CUSTOMER S JOURNEY? 32% We are a digital leader We are currently in transition We struggle to keep pace with digital developments We are not at all up to date with changes in digital technology Moreover, the majority of participants (55%) reported that less than 50% of their customer journey was automated. In contrast, just 9% told us that over 75% of the journey had been automated. 9% 21% 15% 26% 29% APPROXIMATELY, WHAT PERCENTAGE OF YOUR CUSTOMER JOURNEY HAS BEEN AUTOMATED? 0-25% 26-50% 51-75% Over 75% Don't know Page 5 of 14 Digitising the Customer Journey 2015

6 As customers and their expectations of services change, 92% of survey participants reported that security of information was a high priority This was closely followed by both providing a multichannel presence and responsiveness (74%), and transparency and instant access to information (59%). CUSTOMERS AND THEIR EXPECTATIONS OF SERVICES ARE CHANGING. WITH THIS IN MIND, PLEASE STATE WHAT PRIORITY IS PLACED ON THE FOLLOWING AREAS: High priority Medium priority Low priority Don't know Multichannel presence Instant information Responsiveness Transparency Security of information 0% 25% 50% 75% 100% Page 6 of 14 Digitising the Customer Journey 2015

7 Improving customer experience was reported as the more important driver for digitisation of the customer journey by 82% of participants Furthermore, a third (33%) reported keeping up with their competition was also a highly important factor. In contrast, surprisingly few participants reported that regulation or cost reduction were top priorities (18% and 19% respectively). RANK IN ORDER OF IMPORTANCE THE DRIVERS FOR DIGITISING YOUR CUSTOMER JOURNEY? PLEASE RANK WHERE 1 = HIGHEST PRIORITY AND 4 = LOWEST Regulation Improving customer experience Competition Cost reduction 0% 20% 40% 60% 80% 100% Page 7 of 14 Digitising the Customer Journey 2015

8 Just under half of survey participants (44%) believe that the most important success factor when digitising their customer journey was understanding the process for supporting a customer s journey In comparison, under a quarter (24%) believed the most important factor was simulating and enhancing new customer acquisition across multiple channels, whilst both leveraging Big Data to important customer understanding and automating the journey were ranked as the top priority by 16%. 24% 16% 16% 44% OF THE FOLLOWING STATEMENTS, WHICH IS THE MOST IMPORTANT SUCCESS FACTOR TO THE DIGITISATION OF THE CUSTOMER JOURNEY? Leveraging Big Data to improve customer understanding Understanding the process for supporting a customer journey Automating the customer's journey Simulating and enhancing new customer acquistions across multiple channels In addition, almost a half of survey respondents believe the most important internal component for delivering a digitised customer journey was systems and processes. 28% stated people and skills were the biggest internal component. 28% 20% 4% 48% WHICH OF THE FOLLOWING DO YOU BELIEVE IS THE MOST IMPORTANT INTERNAL COMPONENT FOR DELIVERING A DIGITISED CUSTOMER JOURNEY? Systems and Processes Data Culture People and Skills Page 8 of 14 Digitising the Customer Journey 2015

9 The vast majority (71%) believe that legacy systems and technology are inhibiting the digitisation of their customer journey Half of survey participants (50%) also reported that they planned to manage the inflexibility of these technologies by migrating to capabilities on new package solution(s). 29% 71% ARE LEGACY SYSTEMS AND TECHNOLOGY INHIBITING THE DIGITISATION OF YOUR CUSTOMER S JOURNEY? Yes No 33% 17% 50% WHAT ARE YOUR PLANS TO MANAGE THE INFLEXIBILITY OF LEGACY SYSTEMS? No plans Migrating to capabilities on new package solution(s) Rationalise/consolidate legacy systems & implement agility middleware platform Moreover, legacy technology is also the most commonly reported barrier preventing organisations from delivering a digitised customer journey (63%). OF THE FOLLOWING LIST, WHICH AREAS ARE PREVENTING YOU FROM DELIVERING A DIGITISED CUSTOMER JOURNEY? PLEASE TICK ALL THAT APPLY. Siloed Information Legacy Technology Budget Regulation Department Co-operation Other 0% 14% 28% 42% 56% 70% Page 9 of 14 Digitising the Customer Journey 2015

10 Conclusion by Filippo De Montis, Director of Industry Solutions, Banking and Insurance at Software AG This survey confirms the strong focus of banks executives and senior managers on digitising the customer journey as a way of providing a frictionless experience to their customers and meet multi-channel hoppers expectations. While customer experience projects allocate the larger portion of the budgets to front-end capabilities, it s the under-investment in streamlining the underlying processes that creates one of the biggest challenges and inhibitors to success. Respondents confirm banks awareness that understanding and designing the journey and its supporting processes, automating and optimising such processes, and finally integrating with existing legacy systems are the fundamental steps that banks needs to take to ensure success. In sum, while branches, portals and apps as the customer journey touch-points must be able to provide a friendly, intuitive and complete experience, banks must not forget that customers also expect their experience to be seamless, information is consistent and always up-to-date with a fast response time. That requires banks to look beyond the touch-points and focus on processes and integration. Page 10 of 14 Digitising the Customer Journey 2015

11 Appendix 1 - Full Survey Questions Question: Which of the following statements do you believe best describes your company in terms of digitalising your customer s journey? We are a digital leader 32% We are currently in transition 58% We struggle to keep pace with digital developments 10% We are not at all up to date with the changes in digital technology 0% Question: Approximately, what percentage of your customer journey has been automated? 0-25% 26% 26-50% 29% 51-75% 15% Over 75% 9% Don t know 21% Grid question: Customers and their expectations of services are changing. With this in mind, please state what priority is placed on the following areas: Multichannel presence High priority 74% Medium priority 15% Low priority 11% Don t know 0% Instant information High priority 59% Medium priority 30% Low priority 7% Don t know 4% Page 11 of 14 Digitising the Customer Journey 2015

12 Responsiveness High priority 74% Medium priority 18% Low priority 4% Don t know 4% Transparency High priority 59% Medium priority 30% Low priority 7% Don t know 4% Security of information High priority 92% Medium priority 4% Low priority 4% Don t know 0 Grid question: Rank in order of importance the drivers for digitising your customer journey? Please rank where 1 = highest priority and 4 = lowest: Regulation 1 18% 2 37% 3 15% 4 30% Improving customer experience 1 82% 2 7% 3 4% 4 7% Page 12 of 14 Digitising the Customer Journey 2015

13 Competition 1 33% 2 23% 3 33% 4 11% Cost reduction 1 19% 2 26% 3 44% 4 11% Question: Of the following statements, which is the most important success factor to the digitisation of the customer journey? Leveraging Big Data to improve customer understanding 16% Understanding the process for supporting a customer journey 44% Automating the customer s journey 16% Simulating and enhancing new customer acquisition across multiple channels 24% Question: Which of the following do you believe is the most important internal component for delivering a digitised customer journey? Systems and process 48% Data 4% Culture 20% People & Skills 28% Question: What are your plans to manage the inflexibility of legacy systems? No plans 17% Migrate to capabilities on new package solution(s) 50% Rationalise and consolidate legacy systems and implement agility middleware platform 33% Page 13 of 14 Digitising the Customer Journey 2015

14 Question: Are legacy systems and technology inhibiting the digitisation of your customer s journey? Yes 71% No 29% Question: Of the following list, which areas are preventing you from delivering a digitised customer journey? Please tick all that apply. Siloed information 42% Legacy technology 63% Budget 58% Regulation 29% Department co-operation 21% Other - please specify 13% Question: What are your timescales for delivering a fully digitised customer journey platform? 0-1 years 14% 1-2 years 39% 2-3 years 39% More than 3 years 4% Not applicable 4% Page 14 of 14 Digitising the Customer Journey 2015