social media in financial services london conference

Presentation Title Goes Here Listen. Learn. Engage – A structured approach to

enabling better customer experience

Neelesh Sali

© 2012 Copyright Genpact. All Rights Reserved.

2 Customers of financial institutions today make choices based

on information they gather online

“Deciding whether to get

involved means deciding if you

want to be part of the

conversation…There will be a

conversation with or without

you…If you don’t use social

media, then your business will

go elsewhere.”

Hadley Stern, Vice President

at Fidelity Labs, a division of

Fidelity Investments

Source: FIS Enterprise Strategy, “Consumer Mobile Banking Research,” February 2011, n=4,002.

Top Social Channels by Banking Consumers

70 percent of banking consumers are using Facebook, and 27 percent are using YouTube

12%

17%

20%

29%

70%

11%

13%

17%

26%

69%

9%

12%

18%

24%

72%

0% 20% 40% 60% 80%

LinkedIn

Twitter

MySpace

YouTube

Facebook

Credit Unions

Banks 11 to 50

Top 10 Banks

3 Many large organizations are acting on the endless

possibilities already

MasterCard CXOs

look at daily buzz to

monitor any

emerging negativity

USAA identifies

customer service

issues and responds

to them

The Guardian

measures online

sentiments to track

its reputation

E-trade measures

impact of their

media campaigns

and advertisements

LinkedIn tracks

employee perceptions

to advise institutions

on hiring strategies

USAA engages with

influencers to drive

advocacy on their

behalf

XXX


4 What most companies have done well

1 L i s t e n i n g

T r a c k i n g

c o m m e n t s o n

y o u r b r a n d s o r

c o m p a n y i n

s o c i a l m e d i a 2 B a s i c M e a s u r e m e n t

M e a s u r i n g s i m p l e

m e t r i c s l i k e

v o l u m e s , S h a r e o f

v o i c e , t o n a l i t y ,

t h e m e s e t c .

3 C u s t o m e r E n g a g e m e n t

U s i n g s o c i a l

m e d i a t o

r e s p o n d t o

c o m m e n t s a n d

q u e r i e s 4 M a r k e t O u t r e a c h

U s i n g s o c i a l

m e d i a l e d

o u t r e a c h a n d

m a r k e t i n g

p r o g r a m s


5 Companies are engaged at various parts of the social media

lifecycle

Regulatory Bodies

Market

Listen

Learn

Engage


6 But the biggest opportunity today lies in learning from social

media B R E A K F R E E F R O M T H E C R O W D

S o c i a l m e d i a l e d i n s i g h t s

a n d l e a r n i n g c a n h e l p y o u

d i f f e r e n t i a t e y o u r o f f e r i n g s

a n d s e r v i c e s a n d a l i g n t h e m

t o c u s t o m e r e x p e c t a t i o n s

R e a l - t i m e a n d s p o n t a n e o u s

l e a r n i n g f r o m s o c i a l m e d i a

c a n e n a b l e f a s t e r t u r n -

a r o u n d t o i s s u e s a n d d r i v e

g r e a t e r s a t i s f a c t i o n a n d

e x p e r i e n c e


7

K e e p – m e

( R e t a i n )

D e l i g h t – m e

( G r o w )

W i n – m e

( A c q u i r e )

C R E AT I N G T H E R I G H T EXPE R I E N C E D U R I N G

C U STO M ER AC Q U I S I T I O N

H o w s o c i a l m e d i a

c a n h e l p ?

I n s i g h t s o n t a r g e t

s e g m e n t b e h a v i o r ,

i n t e r e s t , a t t i t u d e s ,

i s s u e s , u n m e t

n e e d s , i n f o r m a t i o n

g a p s a n d

e x p e c t a t i o n s

P o s i t i v e i m p a c t o n c u s t o m e r

e x p e r i e n c e

Ta r g e t e d m e s s a g i n g t h a t

a l i g n s w i t h c u s t o m e r n e e d s

l e a d i n g t o b e t t e r

e x p e r i e n c e a n d c o n v e r s i o n

O u t r e a c h p r o g r a m s t h a t

a d d r e s s i n f o r m a t i o n g a p s /

m i s i n f o r m a t i o n p r o a c t i v e l y


8 Case study: understand voice of your customers (and prospects)

S a l e s

a l e r t s

S e r v i c e

a l e r t s

E n g a g e m e n t

a l e r t s

A global leader in insurance

solutions receives opportunity

alerts from social media.

These alerts accurately map

customer needs to company

offerings

I M PA C T

Over 90 qualified alerts are

generated every month

resulting in strong sales and

prospect pipeline

Determine

o Pain areas related to unfulfilled product / service

needs

o Latent needs in terms of service expectations

o Information needs


9

K e e p – m e

( R e t a i n )


( G r o w )

W i n – m e

( A c q u i r e )

ENHANCE CUSTOMER EXPERIENCE

MEASURES FOR GROWTH


c a n h e l p ?

A l e r t s a n d I n s i g h t s o n

s e r v i c e i s s u e s ,

e n g a g e m e n t

o p p o r t u n i t i e s ,

d e v e l o p i n g n e g a t i v i t y ,

a n d e m e r g i n g g l o b a l

t r e n d s i n t h e c a t e g o r y


e x p e r i e n c e

T r a n s f o r m e x p e r i e n c e r e a l -

t i m e b y r e s p o n d i n g t o

s e r v i c e i s s u e s / n e w

r e q u i r e m e n t s

L e a r n f r o m g l o b a l b e s t

p r a c t i c e s i n t h e c a t e g o r y t o

e n a b l e b e s t - i n - c l a s s

c u s t o m e r e x p e r i e n c e

d e l i v e r y


10

0

400

800

1200

1600

27 May 30 May 02 Jun 05 Jun

Case study: tracking and responding to customer issues

C U S T O M E R S E R V I C E

P E R C E P T I O N v s . C O M P E T I T O R

P r o a c t i v e I s s u e R e s o l u t i o n

E a r l i e r N o w

Issues were resolved

only if customer

reported them or called

the contact centre

Proactive / Pre-emptive

resolution of service

issues by learning from

social media leading to

enhanced experience

I M P A C T

Client was ranked #1 in

customer service by its

customers

A leading financial services

provider uses social media to

identify and respond to

customer service issues

proactively


11

K e e p – m e

( R e t a i n )


( G r o w )

W i n – m e

( A c q u i r e )

MEASURE AND ACT ON EXPERIENCE

ISSUES TO PROMOTE RETENTION


c a n h e l p ?

H o l i s t i c i n s i g h t s o n

“ v o i c e o f t h e

c u s t o m e r ” b y

i n t e g r a t i n g i n t e r n a l

d a t a w i t h s o c i a l m e d i a

f e e d b a c k


e x p e r i e n c e

O n g o i n g m e a s u r e m e n t o f

c u s t o m e r e x p e r i e n c e t o

e n a b l e t i m e l y r e c a l i b r a t i o n

o f s y s t e m s a n d p r o c e s s e s

E a r l y i d e n t i f i c a t i o n o f

n e g a t i v e e x p e r i e n c e d r i v e r s

t h a t l e a d t o c u s t o m e r

s w i t c h i n g


12 Case study: understand voice of your customers

30%

48%

26%

58%

33%

59%

Service

Security

Respect

Safe

transactions

won customer

confidence

Unhappy about

verification

charges

premium

cards

provided

were

admired

Sentiments (%)

Client Competitor

3 key areas for CE

improvements identified &

addressed

A global leader in currency

cards integrates internal IVR,

sales, service data with online

feedback to identify customer

experience improvement

areas

I M PA C T


13 In Conclusion

1 L o o k i n g ( n o t L i s t e n i n g )

f o r c u s t o m e r c u e s

C u s t o m e r s a r e

c o n s t a n t l y g i v i n g

y o u s i g n a l s –

“ W i n - m e ” “ D e l i g h t -

m e ”

“ K e e p - m e ” 2

L o o k i n g b e y o n d y o u r

o w n c u s t o m e r s

E n a b l e l e a r n i n g

f r o m c u s t o m e r s

w i t h i n t h e c a t e g o r y

o r e v e n f r o m o t h e r

i n d u s t r i e s 3 T h i n k i n g b e y o n d l i s t e n i n g &

e n g a g i n g

U s e s o c i a l m e d i a

t o l e a r n a b o u t

t h e s e c u s t o m e r

c u e s

4 Ma n a g i n g c u s t o m e r

e x p e r i e n c e p r o a c t i v e l y

C h a n g e t h e g a m e

t h r o u g h p r o a c t i v e

i s s u e a n t i c i p a t i o n

a n d r e s o l u t i o n

social media in financial services london conference

Economy & Finance

case study

social media

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information

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