Successfully Experience Gap - CUES · Digital Disruption in Financial Services Fueled by…...
Transcript of Successfully Experience Gap - CUES · Digital Disruption in Financial Services Fueled by…...
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Customer Experience Transformation
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To Compete Successfully Close the
Experience GapFebruary 28, 2018
Greg Crandell & Kirk Wright
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Why Are These the Top Retail Banking Trends for 2018
Q: What are the 3 most important trends for retail banking in 2018? Source: Digital Banking Report, 12-17
Removing friction from the customer journey
61%
Enhance data analytics capabilities to ID customer needs
57%
Improvements in integrated multichannel delivery
42%
Open APIs 35%
Building partnerships between banking and fintech
27%
Expansion of digital payments 26%
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Today’s Objectives
Answer the Questions …
• Why Are People Talking About CX?
• What Is CX Management?
• What Does It Mean to Your Organization?
• How Can You Implement CX in Your CU?
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The Process• Assess• Understand• Decide• Act
What We Do• Raise Challenging Questions• Apply Critical Thinking• Develop Inventive Solutions
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Millennials Have Never Known a World without the Internet
and “Truly Ubiquitous”
Computing
Source: VocaLink, 11-16
98%
80%
57%
20%
USE A SMARTPHONE
USE A PC OR MAC
USE A TABLET
USE A WEARABLE
Millennials & Technology Use
Technology Is Omnipresent and Personalized
And the Rest of Us Remember It Less
and Less
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What Can We Learn from Digital Disrupters?
The Digital Experience is Industry Agnostic
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What Is It People Expect
From Connected
Commerce?
• Mobile Friendly Options
• Personal & Customized Experience
• Engaging Brand Content (not
Advertising)
• Hassle Free, Easy to Understand
Products/Services
• Opportunities to Tell You How to do
Better
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…and How Has This Changed
Expectations for Banking
Services?
• Do things for themselves, at their own convenience.
• All banking services available on mobile devices.
• Expect services to be intuitive and simple.
• Able to talk to someone whenever they can’t do something.
• Want complete information. Access data about their business when and where they need it.
• Think banking should be enjoyable.
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Digital Disruption in Financial Services Fueled by…
TechnologyOmnipresentPersonalized
Other IndustriesUser experience migrates across industriesNew retailers define expectations
FSI Players & FinTech CompetitionBig Banks & FinTech startups“FAANG”
DemographicsMillennials and Gen Z
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Is Customer Experience (CX) Management the Response to These Disruptive Forces?
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But What Is Customer
Experience Management?
Traditional Interpretation
Customer experience management is the collection of processes used to track, oversee and organize every interaction between a customer and the organization throughout the customerlifecycle.
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Is CX Thinking Compatible with
Traditional Thinking and
Behavior?
Traditional Thinking Dilutes Impact and Forestalls Outcomes
• Incremental Change will not suffice
• Must Adopt the Disruptors’ Playbook
• Must Alter Behavior to Effect Change and Create a New You.
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CX Thinking and Behavior Must
Break from Traditional Thinking,
Managing, and Leading
CX Initiatives Can’t Be “More of the Same”
• 5 C’s (Company, Customer, Competition, Collaborators, Context)
• Drucker’s Effective vs Efficient Management
• Technical Disruption
• Demographics
• Past is Prologue, until it isn’t
• “Slough off the Past”
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Move “Outside In”
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Why Strive to Improve the
Customer Experience?
Top 3 Reasons Given for CX Initiatives:
1. Improve Customer Retention
2. Improve Customer Satisfaction
3. Increase Cross-Selling & Up-Selling
BUT IS THIS ENOUGH?
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Goals of CX?
“Create and Keep a Customer”
3 Keys to Member Retention
• Ease of conducting business
•Quality service
•Acting in the best interest of members
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Break out your pen and paper!The path to Transformative CX…
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How CX Transforms Your CU
• Acknowledge the Challenge of the CX Gap o Member Service vs Member Experienceo Millennials/Technology/CFI Industry Disruptiono Digital Disruption and the Member Experience Impact
• Identify How CX Initiatives Drive Successo Impact on Member Experienceo Member Experience impact on CU Outcomeso Fix Processes and Improve Engagemento Fix the Digital Disconnect
• Steps to Implement CX (and beyond)o Assess Your Culture and Assign Championso Set Objectives and Prioritize Expectationso Design VoC and CX Processeso Govern Datao Measure to Manage
• Question Everything
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Start by Recognizing and Understanding What You Already Know and Do
• Retail Strategies and Service
• Touchpoints and Customer Journeys
• Digital Delivery
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Successful Customer
Experience Development Begins with an
Assessment
• Strategy/Vision development
• Data capture and customer analysis
• Project/Process design
• Delivery
• Measurement
• Culture development
Please Take Our Brief CX Assessmenthttp://queryconsultinggroup.com/cxsurvey/
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Why Is It Important to Address the
Touchpoints?
• Impact on Customers’
perception of
Ease of conducting business
Quality of service
• Impact on Loyalty
Best Interest of Members
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VOC Platforms/Initiatives
Promote Understanding Ahead of Being
Understood
To Compete Successfully at CX. You Must First Understand the Experiences You Provide. To do that, You Must Listen.
• VOC platforms promote understanding & action in 3 areaso Collection (relevant, real-time,
multichannel)o Analysis (assessment/understanding)o Action (decision/action)
• VOC initiatives impact the whole enterpriseo Customer journeyo All siloso Resource allocationo Employee participation (VOE)
o and more
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If You’re Ready, It’s Time for These CX
Initiatives
• Assess culture; turn to customer-centric listening and learning.
• Assign champions
• Set objectives for capturing and prioritizing customer expectations
• Design VoC & VOE processes and implement technology
• Govern data from multiple sources to understand and act upon
• Measure results, learn from them, and do better each time
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CX’s Impact on Your Organization?
•Mission• Improve the well being of
members
• Strategy• Move from commoditized
services to value creation
•Organization• Build teams across silos • Promote data-driven dialogues
•Culture• Identify leaders and promote
questioning
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The Process -- Questions lead to Decisions and then Actions
Assess
Understand
Decide
Reassess &
Repeat
Act
Follow Through
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Applying The Thinking• Customer Experience Management (CXM):
Vision/Program Development & Education
• Digital Transformation Strategy, Tactics and
Implementation Planning
• Data Strategy in Support of CXM and
Transformation Strategy
• Software Evaluation/Selection (e.g. VOC)
• Marketing Strategy (fintech)
• Business Development Strategy (fintech)
• Strategic Planning
Customer Experience Transformation
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Contact Us / Learn More
http://queryconsultinggroup.com
Please Take Our Brief CX Assessmenthttp://queryconsultinggroup.com/cxsurvey/ Greg Crandell & Kirk Wright
Question Everything