How Simplify360 helps in Providing Banking Solutions

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Simplify360 for

Banking

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Listen Analyze Act MeasureAnalyze the conversations and discover the context. Identify influencers and loyal customers.

Act on priorities and engage with customers and influencers to build your brand reputation.

Measure your reach, engagement and influence on social media. Gain insights to optimize your action.

OUR SOCIAL APPROACH

Listen to social media buzz around your relevant brand keywords and industry keywords.

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HOW CAN SOCIAL MEDIA LISTENING HELP ?

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Image Source: http://www.tribalcafe.co.uk/social-media-marketing/social-media-management/

Social Media Listening is the Foundation for any Social Media Activities.

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Simplify360 has a case study ready to prove the

usability of the system and its benefits.

Simplify360 was selected in one of most prominent Social CRM competition “CRM IDOL

2013”.

Simplify360 has a strong partnership with the leading

BPOs and Software integrators.

Simplify360 has been featured as Leaders among Analytics Product Companies

by Frost & Sullivan and NASSCOM.

But first, Why Simplify360 in brief.

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Listening

• Simplify360 can track conver-sationsacross all the popular social networking sites, along with over 500 million blogs, news and discussion forum.

Intelligent Prioritization

• Simplify360’s intelligence routing and prioritization technology can automatically identify the threat and assign to the concern team.

Case Management

• Simplify360 consists of user-tested workflows and case handling capability which will allow agents and super-visors to effic-iently handle new cases.

Performance Reporting

• Simplify360 is equipped with an analytics capability to deliver real-time performance reports and customer insights.

Integration

• In addition, Simplify360 has open API framework which makes it easy to integrate with other software.

Simplify360 is technologically equipped to solve this challenge

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Command Centre – Functional Flow

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OUR APPROACH

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The objective is to assess Banks's overall performance on social media and help the brand to enhance its customer Satisfaction and to enable it to lead on social media compared to its competitors

Business need

We use Social Media tools and human analysis as a good indicator to analyze consumer insights for finding the key concern areas of brand and customer analytics helps brand to enhance loyalty

Our approach

• Based on the parameters like severity of negativity, Virality of complaint etc, alerts are prioritized and sent to the concerned stakeholders

CUSTOMER ANALYTICS: GENERATE ALERTS AND ASSESS CHURN RATE

• Brands performance on social media is assessed vis-à-vis its competitors. Performance of Brand across all the social platforms is analyzed. Metrics like Brand Affinity & Exclusivity helps in uncovering much better insights at the industry level

COMPETITIVE ANALYSIS:

• Social media conversations of the bank were tracked across the channels. This buzz is used for assessing the brand health on week on week basis

SOCIAL MEDIA LISTENING

Human Filtering of Noise

• Semantic analysis used to stack up the consumer conversations across the complaint categories. Location of complaints buzz helps in much granular analysis

CONSUMER INSIGHTS: ANALYSIS OF COMPLAINTS612

412

524

424

189

128

96

84

68

74

36

41

36

2323

23

412

512

365

86

164

89

94

64

56

26

24

32

23

21

21

16

213

326

121

69

32

32

41

32

32

12

32

21

21

19

14

5

132

89

269

116

32

94

29

29

7

30

30

14

14

31

1

15

NCT

Maharashtra

Karnataka

Tamil Nadu

Andhra Pradesh

Haryana

West Bengal

Uttar Pradesh

Gujarat

Punjab

Delhi

Kerala

Madhya Pradesh

Bihar

Rajasthan

Assam

Customer Service issues Internet Speed Issues

Billing Issues Network Issues

others

Our 4 step approach to enable banks excel in customer satisfaction

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SOCIAL MEDIA LISTENING

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0

100

200

300

400

500

600

28-Sep 30-Sep 2-Oct 4-Oct 6-Oct 8-Oct 10-Oct 12-Oct 14-Oct 16-Oct 18-Oct 20-Oct 22-Oct 24-Oct 26-Oct 28-Oct

Buzz trend

Data for 28th September – 28th October 2014, Source: Simplify360

4,629 MENTIONSSteve King’s card used fraudulently. His tweet retweeted 2K times and has 142 Million impressions

Fraudulent usage of the credit card of an influencer has gone viral. As a result the perception towards the bank has taken a beating.

Banking sector reform in the news

Illustrative data only

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CONSUMER INSIGHTS: ANALYSIS OF COMPLAINTS

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51.6%

22.6%

12.1%

8.9%

4.7%

Customer Service

Technical Issues

Fee Structure

Card Issues

Account Related issues

Based on Sample Analysis. Percentages could add up to more than 100 as a message can have more than one theme

Sample size (N) = 191

Exhibit: Most common types of complaints

Customer service complaint is the most predominant. Complaints on online banking includes problem with OTP, website not accessible, account locked, etc. Break ups of the types of complaints is given in the following slides.

Customer service issues most predominant


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Customer Service, 51.6%

Technical Issues, 22.6%

Fee Structure, 12.1%

Card Issues, 8.9%

Account Related issues,

4.7%

Break up of customer service issues

Poor

servic

e

Long

time o

n pho

ne

Long

time t

o reso

lve

Not rec

eived

a ph

one c

all as

prom

ised

Expe

nsive

phon

e call

/Not

Willi

ng to

call b

ank

Unhelp

ful/in

compe

tent s

taff

Branch

close

d ear

lier/c

losed

Others

23%

20%

15%14%

7% 7%

3%

11%

Exhibit: Most common types of complaints

Most common types of complaints in Customer service


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45%

13%

5%

5%

3%

3%

3%

Online banking issues

Mobile App not working

IOS App Issues

Windows App

Verified by visa is pain

Security flaw

Online purchase not available

Technical issues: Types

46%

33%

13%

4%

4%

Wrong deductions

Unfair/high charges

Overdraft charges

Wrong transfers

Late payment by bank

Fee Structure issues: Types

40%

13%

13%

13%

7%

7%

7%

Long time to send a card

Card declined

Not able to sort card issues

contact less cards/debit cards not

issued

Problem with the card

Wrong Card sent

Card going to expire

Card related issues: Types

18%

18%

12%

12%

9%

6%

6%

3%

3%

12%

Longer time taken to resolve

Longer time to process

Fraud/Security issues

Long time to open/close an account

rejection of Mortgage/loan

statement not sent

Reason not specified

PIN not sent after 2 weeks

longer time to clear a cheque

Others

Account related issues: Types

Break up of other types of issues


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CONSUMER INSIGHTS: ANALYSIS OF COMPLAINTS

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Responding to the most important cases can help retain those high value customers

Respond to complaints based on priority of

Customers value

CUSTOMER PROFILING CONTACT CENTRESOCIAL MEDIA DATA

Medium

Low Medium

Complaints& Issues

High value customers

Cus

tom

er li

fetim

e va

lue

Probability of switching

USING CUSTOMER ANALYTICS TO MITIGATE AND RETAIN CUSTOMERSSimplify360 prioritization algorithm

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The Case Severity Score at theme level for the various social media buzz can be used to prioritize and sort out the complaints. Based on complaint types and customer profile, the complaints can be further analyzed and a Customer Vulnerability Score can be associated at a customer profile level

Virality

Negativity

Case Severity Score (CSS)(Complaint Type Level)

Complaints & Issues posted on Social media

CORRELATE & REGRESS

Virality

Negativity

Frequency

Customer Vulnerability Score (CVS)(Customer Level)

Proactive monitoring to identify • lead indicators• potential risk profiles

Customer profiling for highly correlated issues

Proprietary model

Parameters for calculations to be standardized

Lifetime valueProbability of

churn

Automated prioritization helps in responding to what matters most

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Negativity Alerts: Critical Issues

AREA DATE MESSAGE ISSUES MEDIA OUTLET CUSTOMER CVS REASONS

NCT, New Haven Hotel

19th

Sep 2013

@CustomerHelp we r not happy with your call centre and the way you keep intruding in our privacy. will discontinue using this bank

Intruding in privacy of customer

Twitter @Arunsinghal

4.2High

probability of leaving

Uttar Pradesh, Greater Noida

19th Sep

2013

@CustHelp - worst decision to apply for account. Account not active for 2 days.No one has a clue what is the issue.

Account issuesTwitter @chuchusax

ena3.9

N/A12th Oct

2013

Unable to use netbanking. Server always under maintenance. Worst Bank.

Netbanking issuesTwitter @RajRocks0

73.4

Maharashtra, Mumbai

17th

Sep 2013

Please do something unnecessary deduction from my account. It is my money.

Wrong deductionsTwitter @bigfish00

9 3.2

Business need Our approachThe objective is to inform the bank about those issues which are over the tipping point so that they can engage with the customers and resolve them

Conversations related to consumers who are extremely disappointed and planning to move/port out can be assessed and alerted to the stakeholders

Automated tagging on commonly occurring themes of complaints


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COMPETITIVE ANALYSIS

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SHARE OF BUZZ ANALYSIS

87.50 75.00

62.50 50.00

37.50 25.00

12.50

HDFC ICICI Kotak Mahindra

Axis Bank SBI Citibank India Standard Chartered

India

FACEBOOK FANS: SHARE OF VOICE TWITTER FANS: SHARE OF VOICE YOUTUBE SUBSCRIBERS: SHARE OF VOICE

14% 3%0%

44%5%

16%

18% HDFC

ICICI

Kotak MahindraAxis Bank

SBI

Citibank India

Standard Chartered India

20%

36%

0%

19%

13%

4% 8% HDFC

ICICI

Kotak Mahindra

Axis Bank

SBI

Citibank India


19%

41%

0%

11%

1%

24%4%

HDFC

ICICI

Kotak Mahindra

Axis Bank

SBI

Citibank India


HDFC Bank led in most aspects


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Apply for demo now!

Found interesting?

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Simplify360, is a leading Social Business Intelligence Firm.

Our latest offerings are Social Marketing Suite for agencies, Social Contact Center for BPOs and Social Command Center for Enterprises.

We enable businesses to perform Online Reputation Management, Customer Service, Community Management, Social Media Research & Brand Auditing; Online Sales Lead Generation, and Consumer Sentiment Analysis.

We serve leading companies including Viacom18, Star TV, Mahindra Retail and ITC Foods, Yamaha and Tata Sky.

Simplify360 operates directly or through partners in the US, India, Malaysia, Korea, South Africa, Saudi Arabia and Brazil.

If you are interested to know more about Simplify360 and its offering, you can contact us at [email protected]

About Simplify360

US Headquarter:1330, Capital Parkway,Carrollton, TX 75006Phone : 347-468-7251

India:3rd Floor, 7/1 Binnamangala,100 Feet Road, Indiranagar,Bangalore 560038.Phone : +91 80 40971130

Address

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