hey, financial services - get serious about social, or get spanked!

ffinancial services:inancial services:ffinancial services:inancial services:get serious get serious about socialabout social——or get spanked!or get spanked!Katy Keim, CMO LithiumD O h i CEO C W kDeanna Oppenheimer, CEO CameoWorks

Sept 19, 2013

today’s speakersy p

Katy Keim Deanna OppenheimerKaty Keimchief marketing officerLithium

Deanna Oppenheimerchief executive officer

CameoWorks

@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial

leading on the diagonal in a

ti llvertically challenged worldchallenged world

Deanna Oppenheimer CEO, CameoWorks


financial service industry challengesy g

trust is at an all time low

cost pressures are at an all time highcost pressures are at an all time high

technology has a triple whammy of legacy maintenance, cost to decommission, and deploying the brave new world of , p y gmobile apps, digital and cloud platforms and big data

regulators are invasive to say the least

growth on the top line is elusive at best


financial service customer challengesg

2 90%=2 90%=

90% of 18-29 year olds sleep with smart phone

90% of all Data since the beginning of time created inth t 2

95% of customer interactions in retail banking will b di it l b 2020

1 billion mobile banking users globally by 2013

the past 2 years be digital by 2020


what does the future hold?

transactions

datarelationship



transactions

Money Mapsdatarelationship



transactions

datarelationship datarelationship


what banks should be thinking aboutg

1 the tipping point has arrived1 the tipping point has arrived

2rebalance Investments from

2 “Run The Bank” to “Change the Bank”

3 lead on the diagonal3 g• Vertical hierarchy to administrate• Informal Teams to Innovate


why the social customer experiencematters

1Amazon to Uber driving

1 banking customer expectations

2customer engagement follows

2g g

transaction channel

ll d i i3 colleague, cost and competition


communities are one way to lead on the diagonal

• source of innovation includes third parties; effectivethird parties; effective partnership with smaller companies is a key capability

• think diagonally with all stakeholders: regulators, unions, and definitely….customersdefinitely….customers

authentic communication is authentic communication is required; everything else is lip servicerequired; everything else is lip serviceserviceservice

• information sharing and transparency

• information sharing and transparencyand transparency

• authenticity means

and transparency

• authenticity means being willing to make yourself vulnerablebeing willing to make yourself vulnerable


consumers engage h thwhen they are

passionate andpassionate-and they’re passionatethey re passionate about moneyy

Katy KeimCMO Lithium


recognize this industry?g y

• low NPS and trust• large numbers of customers• complex to buy complex to use• complex to buy, complex to use• highly competitive, low switching

costs = churn issues


why CSPs invest in social CXPy

top social motivestop social motivesdoing plan to do

68%

15%

59%27%44%

27%

loyalty innovation operational commercial

20% 32%

loyalty use social to

engage customers

innovation bring customer driven ideas to

market

operational enable existing

customers to help other customers

commercial enlist customers to give purchase

advice to new tcustomers


CSPs maturing social CXP goalsg g

82% enlist customers to help other customers (social support)

82% enlist customers to share ideas(social innovation)

73% use social to transform the CXP73% use social to transform the CXP64% reduce support call volume in 201218% decreased call center spending in 2012p g


CSPs maturing social CXP goalsg g

82% enlist customers to help other customers (social support) Think FinServ is

diff ? hi k82% enlist customers to share ideas(social innovation)

different? Think again!

73% use social to transform the CXP

64% reduce support call volume in 201218% decreased call center spending in 2012


financial services NPS isn’t stellar

NPS by SectorNPS by Sector

Sector Average NPS

i i

Sector Average NPS

H /C I 41Airlines 30

Auto Insurance 41

Banking 29

Brokerage/Investments 45

Home/Contents Insurance 41

Hotels 32

Internet Services 9

Laptop Computers 41g

Cable/Satellite TV Service 25

Cellular Phone Service 25

Credit Cards 25

/S i l S 62

Life Insurance 23

Online Entertainment 27

Online Shopping 43

S h 41Dptmt/Specialty Stores 62

Drug Stores/Pharmacies 26

Grocery/Supermarkets 36

Health Insurance 12

Smartphones 41

Software & Apps 24

Tablet Computer 45

Travel Websites 21


FinServ customers want morebank account holders online would like to see

more sophisticated online tools

23%32% 29%

wantedweb chat

wantedpeer review sections

wantedbank comparisonweb chat

facilitiespeer review sections

on websitesbank comparison

services

Source: You Gov’t Plc / n = 6 500 global consumersSource: You Gov t Plc / n = 6,500 global consumers


engaging with peers…g g g p


customers are flocking to social channelschannels

V


the market is moving for good reasong g

need to rebuild trust

product commoditization

regulatory compliance

low interest rates so back to basics

changing customer behavior

h l hif f b h lichannel shift from branch to online

highly competitive market

customer experience

trusted content


Barclaycard Ring’s innovative levels of simplicity, transparency, and service are impacting the way we do business…we believe this is the way all companies will engage with customers in the future.

Paul WilmoreGeneral Manager Consumer Markets, Barclaycard

customer retention 25% $$improved by 25%

along with other customer

$$decreased customer

experience initiatives, Barclaycard Ring contributed to

$10m

complaints by

50%$10m in annual benefit


ideas submitted600retail brancheswith iPad appsfor posting ideas and voting

1200and voting

latest indices and traded stocks constantly update

1.

2.

stocks constantly update within the community

members buy and sell stock directly from within the

3

community, monitor stocks via watch lists, or conduct detailed research

sentiment indicator allow3. sentiment indicator allow members to discuss stock and alert CommSec if they think it’s a buy, hold, sell, reduce or accumulate

Community URLs drive 39%URLs drive 39%

of traffic from search engines

7,943,701messages read per month 20,000 posts per month

By year

41%More on

FICO

three forum members spend

products


25,000+ sales agents

Forums used to share sales tips amongst an intergenerational

ghave community access

amongst an intergenerational community of sales agents

Documentation is hosted for agents to improve their productivity

Ideas are captured for new products and process improvements


advisor-to-

drive advisor product awareness and

advisor community

awareness and advocacy

facilitate continuing education and amplify events

interact with firm’s

executives and experts


we're lithium

we make software that powers the social customerpowers the social customer experience

300+ iconic brands as customers

1B+ community visits per year1B+ community visits per year

named a leader by forrester & gartner

100% uptime SLA on SaaS platform


questionsq

Katy Keim Deanna OppenheimerKaty Keimchief marketing officerLithium

Deanna Oppenheimerchief executive officer

CameoWorks


thank you!

hey, financial services - get serious about social, or get spanked!

Business

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future hold

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customer engagement

banking customer expectations

customer interactions

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