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Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 1 The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc.,

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Presentation on theme: "Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 1 The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc.,"— Presentation transcript:

1 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 1 The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission Monetizing CX Through Customer Satisfaction for Financial Services Voice of the Customer Customer Experience Empowering People, Empowering Brands Oracle OpenWorld September 25, 2013

2 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 2 The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission THE FOLLOWING IS INTENDED TO OUTLINE OUR GENERAL PRODUCT DIRECTION. IT IS INTENDED FOR INFORMATION PURPOSES ONLY, AND MAY NOT BE INCORPORATED INTO ANY CONTRACT. IT IS NOT A COMMITMENT TO DELIVER ANY MATERIAL, CODE, OR FUNCTIONALITY, AND SHOULD NOT BE RELIED UPON IN MAKING PURCHASING DECISIONS. THE DEVELOPMENT, RELEASE, AND TIMING OF ANY FEATURES OR FUNCTIONALITY DESCRIBED FOR ORACLE'S PRODUCTS REMAINS AT THE SOLE DISCRETION OF ORACLE. The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission

3 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 3 The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission Welcome and Introductions  Panel – Rocky Clancy, JDPA, Practice Lead, Financial Services – Mark Garrett, JDPA, Research Director, Insurance – Paul Dolbec, Oracle, Industry Director, Insurance – David Wright, Oracle, Industry Director, Financial Services  Moderator – Mark Carberry, Oracle, Global Client Advisor

4 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 4 The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission Your customer knows what drives a positive experience. JD Power provides customer insight, Oracle enables the actions to deliver it. Insight. Action. Impact! Making Voice of the Customer Actionable Operationalize the value of “world class research” Tracking CX Requires Metrics – VOC is the metric for CX  If you can’t Measure it you can’t Manage it Insight Independence Integrity CX Solutions Analytics Infrastructure Customer Execution Data Why does CX bring JD Power and Oracle together? Customer Impact

5 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 5 The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission Research & InsightProcess & Execution Client Execution Present “Next Best” Action for Customer Continuous research & execution process Intercept for Reaction CX Solutions Customer Intercepts Analytics Infrastructure Measure Understand Improve Recognize

6 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 6 Agenda  CX Matters –What to Do about It: Research Based Insight  Oracle & JD Power – CX Solution Framework The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission

7 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 7 Problem = Grow the business in the face of a challenged business environment Critical Success Factors:  Customer needs and preferences, in terms of product, pricing, channel, and service levels, at a customer segment level – i.e., what are table stakes and what’s going to give me the winning hand?  What is the financial impact of meeting or not meeting particular segments’ level needs and preferences so I know how to prioritize?  With rapid shifts in channel development, preference, and usage, what does my distribution infrastructure need to look like in 5 years and how do I stage the build?  To keep up with the continued changes, how do I create a feedback loop that’s giving me more rapid input from more of my customers at a reasonable cost? CX Strategies Focus on Target Segments Capture the Changes in the Environment Act with a Heightened Level of Precision Leverage Technology The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission

8 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 8 Points of View 20% Executives estimate that their potential revenue loss for not offering a positive, consistent, and brand-relevant customer experience is 20% of their annual revenue, or $400M for a $2B firm of executives state that improving the customer experience is one of their organization’s top three priorities in the next two years of executives believe that delivering a great customer experience is critical to their business advantage and results 93% 97% Survey SiteFull ReportBenchmark Tool The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission

9 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 9 The Business Benefit of CX 95% Actual Retention % Acquisition Cost 2 Financial Return by Insurer Satisfaction Tier 38% Will not Switch for Any Price 1: Source: 100,000+ households screened by J.D. Power and Associates 2012 Insurance Screener Study 2: Standard and Poor’s; Based on 2011 statutory findings—Insurance Express Exhibit (Part III) od NAIC’s Annual Statement 88% 84% 17.3% 20% 24% 17% High Satisfaction Average Satisfaction Among the Rest The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission

10 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 10 Source: J.D. Power 2013 Small Business Commercial Insurance Satisfaction Study At the respondent level, high satisfaction can lead to deeper product penetration The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission

11 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 11 Impact of Satisfaction on Growth of AUM and Gross Commissions Growth (2008 – 2011) In another proprietary study, financial advisor performance was stronger when satisfaction was higher and/or improving The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission

12 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 12 The association between respondent level satisfaction and share of wallet is clear Source: J.D. Power Retail Banking Satisfaction Study – 15 largest banks Share of Wallet and Retail Banking Satisfaction Among 15 Largest Banks The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission

13 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 13 …And have direct impact on servicing costs Assumptions: 97% use a non-automated channel to interact, an average CSR can handle 6.5 contacts per hour, an average work year of 1,750 hours, and average cost per full time employee is $75,000 18% Problem Incidence A 5 point reduction in problem incidence equates to 16 full time employees for every 1,000,000 customers 1,000,000 Customers 2.5 Problems Per Customer 81% Contact 1.9 Contacts Per Problem 671,774 Total Contacts Per year In-personOnline chat/ Call centerWebsite The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission

14 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 14 The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission Good CX management recognizes that “satisfaction” is not a goal unto itself What types of client behavior are likely to be positively impacted if a you have high client satisfaction? Which levers of financial performance are those behaviors likely to move?

15 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 15 The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission Know what you stand for: Define your value proposition  For whom are you doing what? – Target customers – Tickets to admission – Winning hand  Why should customers do business with you?  What do you have that no one else does?  What problems can you solve in a sustainably differentiating way?

16 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 16 The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission CROSS CHANNEL ENGAGEMENT IS THE NEW NORMAL Browse Web Site Comparison Site Web Search Ask Facebook Friends Visit Branch Chat Order Confirm w/Rec Visit Branch Tweet About Purchase Experience Read Reviews Ask for Help on Community Chat Room Product Info Order Online Kiosk Change Order Select Product Complete Order Online Call for Info about Packaged Services ResearchSelect Buy Use Recommend Receive The issue is how to manage the experience across so many touch points

17 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 17 The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission Buy Market & Sell Own Support & Service Use the Lifecycle to Guide CX Strategy Aligning the ‘brand promise’ with the ‘brand execution’ Differentiate Orchestrated Experience > Profitability, Brand Equity, Enterprise Agility

18 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 18 Where Brand Promise Meets Brand Execution >> Monetization Complete Customer Experience Engagement #3: Contextual Journeys Know the financial impact of my CX initiatives #5: Interaction Precision Structure a continuous improvement process, and ongoing maintenance #4: Continuous Monitoring Ongoing CSAT Sampling & Analysis #7: Mobility / Location Services Leverage channel expansion and ubiquitous access #6: Fulfillment Updates EXECUTE (People, Process, Technology) #10: Social Networking Align social interactions to my Brand strategy #8: Efficient Customer Support Leverage KPI’s which make a difference in my business by LoB, segment, etc. #9: Enduring Loyalty Understand my lifetime value/CSAT performance; Align CSAT and Loyalty, Rewards and CX programs #1: Value Equation Improve Shareholder value, Revenue pressure, Scarce resources, Changing customer, competitive and customer dynamics #2: Industry Benchmarking Compare to my Competition in CSAT #11: Operational data access Align CSAT to my desired Brand strategy; Which customers and prospects do I invest in… The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission

19 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 19 The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission Research & InsightProcess & Execution Continuous research & execution process Intercept for Reaction CX Solutions Customer Intercepts Analytics Infrastructure Operational Information Capture Customer Profile & Propensities Process & Tools for CX Delivery How do I internally incent the “right actions” Measure Understand Improve Recognize Where do I rank competitively? (Benchmarks) What is important to the customer? What do I need to do to get better at what is important ? Client Execution Present “Next Best” Action for Customer

20 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 20 The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission FRAMEWORK: Making Voice of the Customer Actionable Next Action (Presented to Customer) Customer Profile, Sentiment & Attitude Segment Analysis Organization Insight Benchmarking Tracking Consulting & Training Performance Implementation Data Services Analysis Awards (Certification & Brand) Cross Channel Execution Marketing, Sales & Service Social Monitoring & Engagement Customer Data Management Business Intelligence Business Process Enablement Structured & Unstructured Data

21 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 21 The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission Research & InsightProcess & Execution Continuous research & execution process Intercept for Reaction CX Solutions Customer Intercepts Analytics Infrastructure Operational Information Capture Customer Profile & Propensities Process & Tools for CX Delivery How do I internally incent the “right actions” Measure Understand Improve Recognize Where do I rank competitively? (Benchmarks) What is important to the customer? What do I need to do to get better at what is important ? Client Execution Present “Next Best” Action for Customer

22 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 22 The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission Representative Solution Architecture Treatment Analysis Treatment Development Interaction Detection Treatment Presentation Execution Analytical Framework Marketing Data Modeling Data Warehouse Finance & Risk Interaction Management Cross Channel Execution Interaction Manager Channel Determination Interaction Type Treatment Strategy Lead Arbitration Treatment Determination Rules (Determination & Real Time Prediction) Treatment Plan Service Retention Cross-Sell Loyalty Channel Format Content Repository Treatment Execution Lead /Treatment Repository Offers & Response History “Feedback Loop” Customer Profile Interactions Propensities Customer Monitoring Triggers/Events Channel Preferences Customer Profile Interactions Propensities Customer Monitoring Triggers/Events Channel Preferences ECIF Profile Real Time Web/Social

23 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 23 The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission 23 Continuous Survey VOC Propensity Segmentation & Benchmarking Additional KPI & Profile Attributes Performance Implementation Certification & Brand The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission

24 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 24 The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission What is Your Solution Objective? Deliver actionable customer insights from all sources of xChannel data Enable profitable outcomes at the time of each interaction for acquisition as well as retention Help me discover and reveal patterns that will drive differentiationProvide me with the data that will sustain and grow my Brand Allow me to detect and act upon my customers’ digital body language across the value chain

25 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 25 The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission Sample Initiatives: Insight through Digital & Analytical Rigor Seamless Voice of the Customer Capture - Real Time Feedback Survey Dispatch: More Frequent & In Context Leveraging More Frequent Interactions Understanding the “Story” of interactions Digital Intercept Closing the loop; Strategy-Operations- Improvement leveraging a VOC Profile Enabling Interaction/Treatment Optimization Problem Type Detection Mapping the Journey Collect, Process, & Analyze, Customer Interactions & Transactions Aligning Events & Outcomes Understanding the impact of issue resolution Increasing Analysis of Unstructured Data Ongoing KPI Impact Analysis What Really Matters (CX PoV) Perception vs. Reality How to best execute ROI & Relative Priority KPI-Driven Prioritization

26 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 26 The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission Starting Points 1.J.D. Power Studies and Metrics 2.CX Data & Processes 3.Client Operational Systems VOC/CX ASSESSMENT Continuous Incremental Feedback Augmented CSAT Analytics INSIGHT/ACTION/IMPACT 1.Customer Journey Mapping 2.In-process “survey” instruments (bread crumbs) 3.Recommended Impact Points 4.Value Quantification - Financial Model

27 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 27 The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission Audience Questions & Additional Panel Discussion

28 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 28 The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission Call to Action  How does a potential or existing client engage with J.D. Power/Oracle?  What is the next step for an interested company?  Contacts: – J.D. Power: – Oracle:

29 Copyright © 2013, Oracle and/or its affiliates. All rights reserved. 29 The J.D. Power service marks and content are owned by J.D. Power & Associates, Inc., and used by permission


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