Next Best Action in Banking from Accenture & Avanade
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Transcript of Next Best Action in Banking from Accenture & Avanade
© 2015 Avanade Inc. All Rights Reserved.
Building customer trust and profitability using next-best action in banking
Customer Analytics & Insight
© 2015 Avanade Inc. All Rights Reserved.
Changing customer behavior is influencing banking changes
Personalized Care
“I want my bank to give me the answers to my needs.”
“I expect my bank to engage with me where I spend time.”
Omni-Channel
“I am willing to try banking alternatives.“
Willingness to Switch
want their bank to proactively recommend products and
services for their financial needs
51%of millennials would be likely to bank
with non-financial services company with which they do business.
72%More than 80% of banking
customers bank online at least once per month
80%
© 2015 Avanade Inc. All Rights Reserved.
How can banks capitalize on this change?
B U S I N E S S G O A L S
S T R AT E G I E S
Increase Share of Wallet
Increase Customer Loyalty
An indispensable partner in the daily lives and businesses of your customersBecome the Everyday Bank
Compelling product & service ecosystem
Offer personalized financial care
Hi Kathy!
!Become truly omni-channel
Decrease Cost of Service
?
© 2015 Avanade Inc. All Rights Reserved.
Banking leaders are becoming Everyday Banks
Commonwealth bank of Australia launcheda mobile app that generated 110,000 customer downloads enabling multiple channel payment and information services.
American Express increased customer acquisition rate by 50% Card holders benefits from personalized merchant deals by linking their card with Facebook, Twitter and Four Square.
State Bank of India has embarked on pioneering program to build next generation branches that transform the customer experience, including remote experts that can be reached instantly via high-definition videoconferencing.
© 2015 Avanade Inc. All Rights Reserved.
The stakes are high!
By 2020, more than 30% of banking revenues could be at risk thanks to new competitors and new trends
55% of banking customers who want proactive banking services say that such services would strongly increase their loyalty to the bank
© 2015 Avanade Inc. All Rights Reserved.
The Everyday Bank takes full advantage of everyday insight
Achieving the Everyday
Bank
Leverage everyday insight: form a broad, deep, and holistic understanding of customers from internal and external sources
Apply everyday insight: turn insights into proactive, personalized and appropriate recommendations actionable during any customer interaction
Engage with customers on what matters most to them and on their terms
Test and Learn: Track and analyze next-best action results and use understanding to further refine strategies and actions.
What Banks Must Do: Change to the Customer Relationship:
Proactively advise customers on actions to improve their financial health and focus on needs correlating with life-changing events
Personalize experiences across any interaction and any channel.
Understand what different consumer profiles value - and be prepared to deliver it
© 2015 Avanade Inc. All Rights Reserved.
7
Turn challenges into opportunities with Accenture and Avanade
Our approach to the Every Day Bank: Insight and context allows you to enhance every interaction
Engage customers with intuitive recommendations garnered by moving beyond traditional marketing
Leverage your existing infrastructure – surround and enhance inflexible systems
Provide simple to use tools that are also easy to implement
Enable constant improvement through easily accessible refinement tools
It’s difficult to determine customer needs with: Inaccurate customer information
and lack of context
Lack of prescriptive processes
Single-channel or disparate communication methods
Single-product or single-focus business units
© 2015 Avanade Inc. All Rights Reserved. 8
Achieving the Everyday Bank
Customer Analytics & Insight for Microsoft Dynamics CRM
Leverages leading customer analytics tools to create actionable insight
Enables real-time insights to drive decisions and reactions to your customers most pressing requests
Delivers an omnichannel experience by enabling recommendations across any channel
Provides multiple deployment options to support most bank systems environments and strategies
?
INSURANCE
Avanade’s architecture, technical and integration services
Microsoft’s enterprise technology & solutions for banking
Accenture extensive banking and analytics expertise and insight.
Solution harnesses the Power of 3
© 2015 Avanade Inc. All Rights Reserved.
We offer a comprehensive platform for delivering differentiated value
Transform customer data into holistic customer insights
Turn insights into actionable predictive
recommendations
Enable recommendations to be consumed across any
channel system
Harness integrated services to enhance
customer interactions
CUSTOMER ANALYTICS REAL-TIME DECISION ENGINE
INTERACTION SERVICES
OMNI-CHANNEL INTEGRATION
Customer Analytics Record Next-Based Action
APIs
Cross-ChannelOrchestration
A comprehensive platform for enabling next-best action with Microsoft Dynamics CRM
Marketing Services
Sales Services
Care Services
© 2015 Avanade Inc. All Rights Reserved.
We can enable you to dramatically enhance common customer interactions
Delivers a personalized message on mortgage offer to preferred channel.
Builds a profile of the customer to determine targeted offers and actions.
Suggests customer speaks to a specialized agent to help with mortgage selection.
Recommends local real-estate services and presents services via personal loan portal.
Provides customer with value-added services that are appropriate and convenient.
The Everyday Bank….
Evaluates demographics, preferences, and predicts needs to recommend offer.
Aggregates customer data from internal and external sources and creates a household record.
Understands customer’s current and past activity to recommend next best service action.
Recognizes customer’s progress on loan application and recommends value-added services.
Evaluates recommendations and results to refine process and enable an improved experience for the next customer.
Our Solution…
Imagine long-time customers seeking a mortgage for a new home
© 2015 Avanade Inc. All Rights Reserved.
“With the right strategy and level of commitment, banks in developed markets stand to double their annual revenue growth rates and lower
their costs to serve by more than 20 percent”- Accenture Banking 2016 paper
Tomorrow starts today
Our customer analytics and insight solution is designed to help you:
Engage with customers on what matters most to them
Proactively advise them on actions to improve financial health
Personalize recommends across any interaction and any channel
© 2015 Avanade Inc. All Rights Reserved.
Get started today!Discover more about Accenture/Avanade services
Explore how we can help you enable next-best action
Request personalized on-site briefing
For more information, visit www.avanade.com