delivering a great customer experience in the new age of always-connected consumers: 8 things to...
DESCRIPTION
BAI Retail Delivery Conference Presentation, 2012TRANSCRIPT
Page 1
Michael J. McEvoy
Managing Director ath Power Consulting
Delivering a Great Customer Experience in the New Age of Always-Connected Consumers
8 Things to Consider
www.athpower.com
Page 2
If you plan to switch banks within the next 12 months, what are the main reasons?
11%
11%
12%
13%
16%
20%
21%
22%
24%
25%
28%
52%
58%
0% 20% 40% 60% 80%
Want a bank with better mobile banking
There was a security issue with one or more of my accounts
Other
Do not trust my current bank
Want a bank with better online banking
Current bank has made account errors
Want a bank that has more ATMs
Recommendation by friends/family/colleagues
Want a bank with more convenient banking hours
Want a bank that has more conveniently located branches
Not happy with the customer service at my current bank
Another bank has a good offer or promotion to join
Want better rates and fees on my accounts
Source: ath Power 2012 Ideal Banking Study™
Customer Expectations are Rising: Quality of Digital Channel Offerings Matters More Than Ever
© 2012 ath Power Consulting Corporation. All Rights Reserved.
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© 2012 ath Power Consulting Corporation. All Rights Reserved.
49%
37%
30%
27%
30%
26%
10%
17%
24%
14%
16%
20%
0% 25% 50% 75% 100%
Mobile Banking2010
Mobile Banking2011
Mobile Banking2012
Do Not Need Would Like To Have Must Have Would Make Ideal
Soon, Majority of Customers Will See Mobile Banking As Core to Banking Relationship
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Gap in Mobile User Support Needs Addressing…. Or Customer Experience, Retention Will Suffer
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3% 0%
14%
6%
38%
7%
23%
14%
0%
25%
50%
Text interaction with abanking agent
Video interaction with abanking agent
A tutorial on mobilebanking features
Banking advice
Available Feature Would Like
© 2012 ath Power Consulting Corporation. All Rights Reserved.
Source: ath Power 2012 Mobile Banking Study™
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Many Opportunities to Improve Customer Experience in Mobile…
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Source: ath Power 2012 Mobile Banking Study™
15%
27%
60%
Personalization or Configuration options
Links to tutorials or banking advice
Links/Contact Info for Technical Support
“The mobile banking application functioned properly, but without having any type of instructions on how to maneuver the site, it was very difficult to figure out.”
"This mobile banking application should have instructions on how to use it or it should have a tutorial. Need some guidance!“
What is an improvement you would like to see for your mobile banking application?
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12%
16%
17%
19%
56%
61%
62%
Apply for a mortgage
Purchase a CD
Apply for an auto or other loan
Invest money in stocks or bonds
Conduct debit transactions at a store orrestaurant
Receive special offers, promotions,coupons
Store and maintain rewards points
Percent Who Would Use Feature
Drive Online and Mobile Adoption, Improve Customer Experience By ‘Giving Them What They Want’
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Source: ath Power 2012 Mobile Banking Study™
Which of the following banking functions would you do on your mobile device, were it a possibility?
Page 7 7 © ath Power Consulting Corporation. All Rights Reserved.
Align ‘Customer Experience’ with the Device
Bigger Screen: • Detailed information (e.g. PFM) • Viewing statements / documents • Graphical representation
Less Mobile than Smartphone:
• Less useful for ‘on-the-go’ activities
Potential for Small Business Banking: • Less mobile device less likely to be lost • No alternate primary function (e.g. telephone)
Tablet
© 2012 ath Power Consulting Corporation. All Rights Reserved.
Smartphone Small Screen:
• Quick transactions (e.g. checking balances) • Check what’s available for spending – like opening a wallet
Device Mobility:
• Location based services • P2P Payments • Point-of-sale transactions
‘Always on’:
• Alerts (fraud, stock trades, balance alerts)
Page 8 8
• Device Convergence: Laptop / Tablet / Smartphone
• HTML5 to assist convergence
• Touchscreen laptops, Windows 8 ‘Tabletization’ of websites?
– Expect websites to be reengineered for Touchscreen devices: ‘Point-and-click’ to be replaced by ‘tap-and-swipe’
– Shift away from sequential navigation paradigms to Tablet-like experience
– Feedback from Tablet apps. to websites
• Meanwhile: How to serve up the ‘right’ customer experience???
Convergence of Online, Mobile Will Follow Device Convergence
Touchscreen Laptops
Smaller Models Emerging
Larger Screens
© ath Power Consulting Corporation. All Rights Reserved. © 2012 ath Power Consulting Corporation. All Rights Reserved.
Page 9
No Problem
6% 15%
40%
Resolved Problem Unresolved Problem
LIKELIHOOD TO SWITCH BANKS Whether a Problem Occurred in the last 3 Months and the Outcome
Added Challenge of Problem Resolution in a Digital World: Do Not Let Problems Escalate
Source: ath Power 2012 Ideal Banking Study™
© 2012 ath Power Consulting Corporation. All Rights Reserved.
Problems Themselves Do Not Cause Attrition, But Lack Of Resolution Does
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© 2012 ath Power Consulting Corporation. All Rights Reserved.
Leverage Technology to Meet Elevated Expectations of Always-Connected Customer
IT Has Major Role in Improving Customer Experience… potentially matching likes of Amazon, Apple
Examples:
Call Center Analytics: First call resolution; menu optimization
Branch: Teller platform technology for offers, automating referral handoff to personal banker
ATM: Recognition of relationship, product offers
Mobile Banking: Alerts (e.g. stock prices, credit card fraud)
Online Banking: International transfers (remembering the details for future use)
Embrace Technology