how simplify360 helps in providing banking solutions
TRANSCRIPT
www.simplify360.com
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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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
www.simplify360.com10
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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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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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
Illustrative data only
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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
Illustrative data only
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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
Illustrative data only
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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
Illustrative data only
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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
Standard Chartered India
19%
41%
0%
11%
1%
24%4%
HDFC
ICICI
Kotak Mahindra
Axis Bank
SBI
Citibank India
Standard Chartered India
HDFC Bank led in most aspects
Illustrative data only
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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