Redefining customer experience, growing ROI: how the finance sector successes can work across all sectors
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The document discusses a conference addressing customer experience and ROI in various sectors, particularly focusing on finance and retail. It emphasizes the importance of leveraging social media and multichannel strategies to enhance customer service and reduce costs, highlighting successful case studies from different organizations. The document also explores improving customer service engagement through real-time monitoring of social media conversations, suggesting that a proactive approach can mitigate negative perceptions and build brand loyalty.
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Redefining customer experience, growing ROI: how the finance sector successes can work across all sectors
- 1. Redefining customer experience, growing ROI: how the finance sector successes can work across all sectors @TransversalTalk #askTVL 07/11/2012 1
- 2. Agenda 10:30am.......... Welcome Stephen Sinclair, Business Development Director, Transversal 10.50am.......... Gareth Ham, Social Media Monitoring Industry Expert, Brandwatch. How best to utilize social media monitoring in a multichannel environment. 11.30am.......... Break 11.45am.......... Richard Cooper, Head of eBusiness, AXA PPP. Redefining customer experience to optimize ROI through a multichannel strategy in healthcare insurance. 12.30pm.......... Lunch and networking opportunity @TransversalTalk #askTVL 07/11/2012 2
- 3. Retail is leading the way in customer experience @TransversalTalk #askTVL 07/11/2012 3
- 4. Banking and Finance organizations are following retail in the area of self-service. @TransversalTalk #askTVL 07/11/2012 4
- 5. In the next 12 months, organizations with a customer experience focus will pull ahead of the competition @TransversalTalk #askTVL 07/11/2012 5
- 6. Those moving into more sophisticated customer experience functionalities will be market leaders @TransversalTalk #askTVL 07/11/2012 6
- 7. of CIOs in the Finance & Banking sector said that 80% improving customer experience is in their top three priorities @TransversalTalk #askTVL 07/11/2012 7
- 8. Top questions How do we: » Start? » Deliver a consistent experience and support across multiple channels? » Prevent an increase of calls and un-necessary interactions? » Deflect calls to the helpdesk as regulations change? » Reduce complaints? » Monitor, Report and Respond through social media? » Embrace social media in a service environment? » Elevate and differentiate our customer experience? » Do more with less? @TransversalTalk #askTVL 07/11/2012 8
- 9. What Transversal has learnt… » Moving away from fixing the basics to create more loyalty and satisfaction » Cutting costs of providing service » Moving into new and more sophisticated functionalities, e.g. Web Chat, Social Media Monitoring, SMS, Contactless cards » Self-service on mobile devices is increasing BUT work is needed to encourage repeat use » Integrating across all channels » Social Media programs are directly improving retention levels » Reduce cost per each interaction » Redefining access to Know How for Customers, Staff and Partners » Reassessing their KMS @TransversalTalk #askTVL 07/11/2012 9
- 10. video case study To watch the video, visit: transversal.com/resources/case-studies/carnival-cruises-video-case-study @TransversalTalk #askTVL 07/11/2012 10
- 11. What are Finance and Banking organizations doing now? @TransversalTalk #askTVL 07/11/2012 11
- 12. @TransversalTalk #askTVL 07/11/2012 12
- 13. Rapid ROI » Mothercare » 30% reduction in contact centre calls » 40% reduction in calls to stores helpline, per week » 25.5% increase in direct sales revenues (2009) » Full ROI within 12 weeks of launch » BBC » 99%+ find the right answer first time without escalating to email » Huge reduction in call-handling times and email-per-users rates. » Barclays » 97% of questions answered automatically online » 13% click through rate for online advertisements » £millions in additional online revenue per month @TransversalTalk #askTVL 07/11/2012 13
- 14. Three step approach 1 Invest in software to enhance your most expensive and most frequent interaction channels. @TransversalTalk #askTVL 07/11/2012 14
- 15. Three step approach 2 Involve all relevant functions/departments when redefining a multichannel customer experience strategy. @TransversalTalk #askTVL 07/11/2012 15
- 16. Three step approach 3 Adopt a phased approach @TransversalTalk #askTVL 07/11/2012 16
- 17. What we do We enable clients to exceed customer expectations through web customer service simply and quickly while achieving a rapid ROI » Knowledge Solutions » Customer-facing fixed and mobile websites » Contact centres » Branch, Stores, Kiosks and Partners » Specialists in Natural Language Processing (NLP) » Provide access to know-how Empower organizations » Web Chat to deliver consistent » Predictive and relevant information » Proactive » Multilingual 24/7 @TransversalTalk #askTVL 07/11/2012 17
- 18. @TransversalTalk #askTVL 07/11/2012 18
- 19. Topics of discussion • How are well brands performing customer service online? • More in-depth ways of measuring customer service engagement • What are the benefits of social media monitoring to customer service? • A look at social media monitoring within a multi-channel environment @TransversalTalk #askTVL 07/11/2012 19
- 20. Online customer service conversation about the leading 40 brands declined in tone year-on-year This is further confirmation that consumers are turning more and more to the web to discuss problems about this topic, rather than to praise brands. Although we need not interpret this finding as necessarily indicative of falling customer service standards, this does not make response tactics any less important 17% Positive Up by 1 percentage point from 2011 14k Customer 31% Neutral Down by 5 percentage points from 2011 service mentions 52% Negative Up by 4 percentage points from 2011 @TransversalTalk #askTVL 07/11/2012 20
- 21. John Lewis customer service conversation was far superior in sentiment to any other brand in the study Waitrose, also part of The John Lewis Partnership, was second in the study, proving that the group’s customer service strategy as a whole is on a higher plane than both direct and indirect competitors. Net sentiment Rank Brand Score score 1 John Lewis 57% 42 2 Waitrose 15% 3 3 B&Q 3% 1 4 American Express -2% 0 5 Groupon -3% 0 “ Also had delivery issues with the “ @johnlewisretail Brilliant machine and Amazon UK customer service in Kingston customer service are really today. Faulty toy, no receipt, no poorly trained. Got the quibbles. Thanks from me and replacement machine from John happy toddler! ” Lewis without problems. ” FORUM TWITTER amazon.co.uk @fayebarker @TransversalTalk #askTVL 07/11/2012 21
- 22. TalkTalk was by far the most negatively discussed brand in the evaluation period Three telecoms providers made up the lowest five ranked brands in the CSI 2012. Interestingly, TalkTalk’s members forum acts to concentrate a significant proportion of consumer complaints to one location. Net sentiment Rank Brand Score score 36 Virgin Media -59% -37 37 British Airways -62% -37 38 Vodafone -65% -39 39 Santander -78% -66 40 TalkTalk -74% -119 “ TalkTalk customer service just “ I am having a hell of a time with read from a script with a flow TalkTalk. I keep being passed chart. Not one of them seems to the buck and am being told have the ability to deviate from conflicting information about this and actually apply logical leaving TalkTalk and the early diagnosis. It's most likely a fault termination fees. ” with their equipment. ” FORUM TWITTER talktalkmembers.com @sheffieldforum.co.uk @TransversalTalk #askTVL 07/11/2012 22
- 23. John Lewis was the only brand that was discussed positively overall among the individual sector winners Of the brands in the CSI 2012, the 40 selected for further analysis broke down nicely into seven sectors. As we’ll see on the subsequent slide, retail brands in general were well perceived more often on social media platforms than those in other industries. Sector Brand Score Overall rank Retail John Lewis 42 1 Telecoms Motorola -3 7 Transport Virgin Atlantic -5 10 Financial services American Express 0 5 Logistics Royal Mail -12 19 Technology Hewlett Packard -5 11 Utilities British Gas* -34 24 * British Gas was the only utilities provider among the 40 analysed brands. Despite this, the company can still be held to represent the sector as a whole for the purposes of this study. @TransversalTalk #askTVL 07/11/2012 23
- 24. Brands in the retail sector were clearly more highly regarded by social media users discussing customer service Whilst technology and telecoms providers were the poorest perceived overall. Telecoms brand operate in an industry where consumers largely only take to social media in the event of a problem, rather to praise the brand concerned. This is also the case with utilities, potentially because the brands may not be as ‘fashionable’. Retail Logistics Transport Financial services Utilities Technology Telecoms 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Positive Neutral Negative @TransversalTalk #askTVL 07/11/2012 24
- 25. Retail and transport brands were the most likely to elicit general praise about customer service The chart below corresponds fairly accurately to the findings of slide 12 Retail Logistics Transport Financial services Utilities Technology Telecoms 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Direct request for assistance General discontent General praise Possible request for assistance Other @TransversalTalk #askTVL 07/11/2012 25
- 26. OTHER METRICS @TransversalTalk #askTVL 07/11/2012 26
- 27. John Lewis was the most prolific brand on Twitter in the evaluation period B&Q was the second most regular contributor, posting two-thirds of the output of John Lewis. Four of the leading five brands in the CSI 2012 posted more than five times a day on Twitter. 1,800 “ Appalling service I received at the checkout @bandq still grating. Not an hello,goodbye no 1,600 eye contact. Just talking 2 her friends #b&q ” 1,400 Minimum volume of Twitter posts 1,200 TWITTER @m6wxy 1,000 “ @MrGaz_H Hiya, sorry to hear you received bad service, please 800 email at forumfeedback@b-and- q.co.uk with details and I will look 600 into. Sue ” 400 TWITTER @bandq 200 American John Lewis B&Q Groupon Waitrose Express 0 @TransversalTalk #askTVL 07/11/2012 27
- 28. John Lewis was the fastest of the top five brands to respond to tweeters Combined with the findings of the previous slide, the positive perception of John Lewis within social media customer service discussion becomes slightly clearer. The brand posted nearly as often as the most prolific tweeter, whilst responses to consumers are by far the swiftest. “ @johnlewisretail Hi, online the JohnLewis Barbour Leather Travel Explorer avg. Twitter response Bag, Brown is out of stock. Does 03:23:16 your Solihull store have it in? Thanks.” Waitrose 6:17:21 AM TWITTER @woodhallclare B&Q “ @WoodhallClare Hello! Please 4:55:04 AM contact the Solihull branch on 0121 704 1121 and they will be able to check availability for AmericanExpress you. ” 7:03:33 AM TWITTER Groupon @johnlewisretail 4:59:31 AM @TransversalTalk #askTVL 07/11/2012 28
- 29. Groupon was the leading performer on Facebook of the top-ranked brands, responding to an impressive 88% of posts Interestingly, John Lewis and B&Q, the most prolific tweeters, were significantly behind Groupon in terms of Facebook output, suggesting that the leading brands in terms of customer service could be choosing one platform on which to devote the majority of resources. 350 100% 88% Facebook page posts 90% 300 % responded to 80% 250 70% % of user posts responded to Volume of Facebook posts 53% 54% 60% 200 50% 150 36% 40% 100 30% 20% 50 10% n/a 0 0% John Lewis Waitrose B&Q Groupon American Express @TransversalTalk #askTVL 07/11/2012 29
- 30. Sample John Lewis exchanges The threads singled-out below show three exchanges between customers and official John Lewis representatives. Staff responded to requests of varying severity, even seeking to further enhance consumer loyalty by thanking a complimentary tweeter. The example to the right shows how John Lewis attempts to personalise its dialogue as a means of appearing more empathetic. “ Favourite Shop of mine rapidly “ @johnlewisretail #JohnLewis “ @JLcustserv have forwarded my customer services really are becoming a bit of a nightmare! husbands earlier email to your Dishwasher delivered eventually second to none. Unfailingly polite customer services. Terrible and installed only to leak water and helpful #settingthebarhigh service ” all over my kitchen floor this #happycustomer ” weekend... ” TWITTER TWITTER FACEBOOK @judeandollie @amycs1974 Tracey Collins “ Hi Tracey, it’s Madeleine. Thank “ @AmyCS1974 @johnlewisretail “ @JudeandOllie It's John Lewis you for your post and for bringing It's John Lewis Thank you for thank you we are now following this to our attention, our your kind comment about our up as discussed and the refund apologies you have had this service it good to get your is in process ” experience with your positive feedback ” dishwasher. ” TWITTER TWITTER FACEBOOK @jlcustserv @jlcustserv John Lewis @TransversalTalk #askTVL 07/11/2012 30
- 31. Conclusion For two consecutive years, the Customer Service Index has shown a clear trend towards negative posts in this field on social media. Perhaps unsurprisingly, more than half of all customer service content posted by social media users in the UK in the 2012 study was downbeat towards the companies in question and a mere three of the 40 brands analysed showed more upbeat content. But should we consider this normal? If we consider the reasons driving people to social media to discuss brands, it’s perhaps understandable that complaints and wider negativity is more prevalent online. In the wider context of our interaction with goods and services providers, bad customer service remains anomalous. Despite a range of Twitter users attempting to prove this conclusion wrong, the chances are that consumers rarely turn to the web to convey mundanity - in this case regular, or even good, customer service experiences. Although we may understand this to be the case, this should not present a reason for brands to be blasé. Even if the vast space of online consumer discussion is widely negative, this remains damaging for the companies on the end of the stick, potentially damaging footfall and revenue. Acceptance of this arena should, contrary to relaxation, cajole brands into managing this negativity. Concentrating a social media strategy on building a loyal and vocal fanbase, for example, should help to dilute the importance of downbeat conversation. Why wait for complaints to be posted before carrying out great customer service? @TransversalTalk #askTVL 07/11/2012 31
- 32. WHAT DOES THIS MEAN FOR YOU? @TransversalTalk #askTVL 07/11/2012 32
- 33. Monitoring conversation in real time allows a brand to react to customer service updates as they are posted » Customer service enquiries are frequently posted by social media users – monitoring these using an SMM tool means that responses can be given much sooner » Monitoring this content helps to quickly deal with difficult situations in the form of complaints (left) as well as encourage and escalate complimentary content posted by social media users (right) » Fast monitoring allows for responses to be sent to users by dedicated staff rather than a simple automated message acknowledging receipt of a tweet » Listening to social media conversation has taught us that users by far prefer good quality, personal responses over speed alone @TransversalTalk #askTVL 07/11/2012 33
- 34. SMM also allows data to be analysed over time to gain more insight into what works » Data can be categorised in a multitude of ways to ensure that specific areas of customer service can be reviewed and scrutinised. Rather than simply question the sentiment of brand conversation, we can ask questions such as: Why are complaints about our mobile phone division often negative on Facebook but not on Twitter? » Bespoke metrics and Key Performance Indicators (KPIs) can be used to give a snapshot of whether strategies are working over time » Data can be visualised using charts and other graphics to combine and contrast findings from various places » Sales or NPS data can be overlaid to identify the more tangible impact of good (or bad) customer service @TransversalTalk #askTVL 07/11/2012 34
- 35. Social media strategies can be implemented to provide great customer service before complaints are received » Adidas uses similar approaches on both Twitter and Facebook. The brand engages with social media users proactively by segmenting output by sport, retail product and customer type to build a loyal community of fans @TransversalTalk #askTVL 07/11/2012 35
- 36. SOCIAL MEDIA IN A MULTI-CHANNEL ENVIRONMENT @TransversalTalk #askTVL 07/11/2012 36
- 37. Using social media monitoring as a customer service research tool • Social media can be used in a multi-channel environment in four main ways • As an input to defining customer service strategy • As an input to effective customer service • As an engagement platform • As a measurement tool © 2011 Brandwatch | www.brandwatch.com @TransversalTalk #askTVL 07/11/2012 37
- 38. The benefits of access to unstructured feedback • Traditional research channels can miss the unfiltered, unprompted opinions of people in an uncontrolled environment. • In its rawest form, there are no structures in place to the feedback which social media monitoring records. • For broader social media monitoring queries, this allows customer service strategists to quickly test out many hypotheses on large and readily available data sets. • Customer service conversation can be taken online from off-line sources, or vice-versa, as a means of offering good customer service through more tailored engagement © 2011 Brandwatch | www.brandwatch.com @TransversalTalk #askTVL 07/11/2012 38
- 39. London Underground conversation by hour 1800 1600 1400 Average volume of mentions 1200 1000 800 600 400 200 0 Hour of day » The above chart shows conversation about the London Underground per hour, as an average of the volume of conversation on Twitter about London Underground per hour over the reporting period. » Conversation about the London Underground increases each day during rush hour – generally between 8-10 AM and 4-6 PM. Conversation drops dramatically overnight. @TransversalTalk #askTVL 07/11/2012 39
- 41. Who am I?.....
- 42. Why tactical or strategic?.... If you work for a young company where technology is at the heart of everything you do and integration of new technology is easy then my story will mean very little to you. If, however, you work for a big company which is slow to change, has many legacy systems, traditional IT processes and big company budgeting, then some of this may resonate.
- 43. Who is AXA PPP healthcare…? • Health insurance division of AXA UK. • Based predominantly in Tunbridge Wells. • 70 years of history. • 2nd in the market to BUPA • UK and International businesses.
- 44. Why Transversal….. …so these challenges coupled with; A complex product. A sometimes confusing claiming process. The demands of a modern customer. ...led us to talk to Transversal.
- 45. We knew what we wanted…. Our objective was to give customers more answers on the website and as a result reduce call volumes. The solutions….smart FAQ.
- 46. We knew what we wanted…. Our objective was to give customers more answers on the website and as a result reduce call volumes. The solutions….smart FAQ.
- 47. We knew what we wanted…. Our objective was to give customers more answers on the website and as a result reduce call volumes. The solutions….smart FAQ. But….as part of the build we also developed a secure messaging function…this really took off and Expert Response was born.
- 48. What is ‘Expert Response’….? Visit our website Contact Us Workflow management within AXA PPP Response received Customer gets securely. notification to log-in
- 49. The benefits of secure messaging…. For the customer… • Choice of Channel, previously the options were telephone or letter. • Out-of-hours support, we offer 8am – 8pm call centre hours with Global sites. • Electronic transfer of documents makes access to treatment quicker.. For AXA PPP… • Workflow management of enquires. • Query prioritisation. • Reduction in paper and voice. •Information received in a format we need.
- 50. Some of the challenges…. The main challenges were not technology driven but these are often the most difficult to overcome. The culture – Change is often a challenge. MI is key. The process – How do we introduce a new contact method in to a call centre of 500+ people who are focused on answering telephones? Business security – Data Protection, is our customer data safe? IT Security – ‘Who are these people…?’ • The challenges of outsourcing a technology solution. • The belief that an internal solution will do the same job.
- 51. But we did get it live…. And 5 years on it is still alive and growing….
- 52. What do our customer think… It is great that I can contact you at a time that suits me. The system allows me to contact you at work without needing to discuss my medical condition in an open office.. By getting my documents to me the treatment could start quicker.
- 53. How has this evolved…..? Integration of SMS in to the ‘Expert Response’ framework. Used to notify: • New policy numbers within Acquisition. • Claims number by Customer Service.
- 54. How has this evolved…..? Integration of ‘Expert Response’ in to mobile. Secure forms with iPhone app to allow: • Secure contact. • Claims authorisation
- 55. How has this evolved…..? Integration of Live Chat with Expert Response. • Used to support sales and customer service.
- 56. How has this evolved…..? Integration of Message Centre in to Customer Online. • Full online policy admin and claims management tool with Transversal’s functionality integrated. • Integration between AXA PPP systems and Transversal. • Significant increase in usage expected through the delivery of online servicing.
- 57. What next…..? Predictive search/ FAQ to support the claims process. Video chat to bring the human feel to the brand online.
- 58. The challenges continue…. How do we integrate internal technical support with the Transversal support team? How do we release day-to-day management of the solution to Customer Service but retain control of the infrastructure? Budgeting for developments…..a third party solution within an operational area is not the norm. How do we integrate the technologies…..how does tactical become strategic? E.g. Archiving.
- 59. The stats….. Secure messages – 380,000 in the first 6 months of 2012. SMS messages – 70,000 in the same period. Webchats – expected to reach 10,000 chats this year.
- 60. How has working with Transversal helped this journey…? Working with a 3rd party provider allows cost effective test and learn. It also increases speed to market and allows agile enhancements. Working with a single provider reduces the Procurement involvement and the associated costs. A long term relationship with a single provider increases internal confidence in that provider and therefore makes integration easier.
- 61. Get in touch Find out more about our Solutions: Social Media Monitoring: transversal.com/solutions/social-media-monitoring Correspondence Management: transversal.com/solutions/correspondence-management Web Chat: transversal.com/solutions/web-chat Contact us: 01223 488 700 transversal.com » http://www.facebook.com/pages/Transversal/158958360663 » http://twitter.com/#!/transversaltalk » http://www.linkedin.com/company/transversal @TransversalTalk #askTVL 07/11/2012 61