title of presentation title of presentation › 792545d4-2de7-485b-aedd-15… · 6/27/2018 cx nyc...

6/27/2018CX NYC 2018

Roxana Strohmenger, VP, CX Index

Alyson Clarke, Principal Analyst

Gina Bhawalkar, Principal Analyst

August du Pont, Researcher

How Leading Banks Use CX To Differentiate And Drive Revenue

Sponsored by Clicktale2© 2018 Forrester Research, Inc. Reproduction Prohibited

2018 CX Index Banking Results

6/27/2018

3© 2018 Forrester Research, Inc. Reproduction Prohibited

CX Index measures…

Source: “The US Customer Experience Index, 2018”, a Forrester report


Base: 13,229 US online adults (18+) who interacted with a specific bank within the past 12 monthsSource: Forrester Analytics Customer Experience Index Online Survey, US Consumers 2018

Multichannel Banking 2018 Rankings

Significant score change between 2017 and 2018 at 90% confidence.

6/27/2018


Base: 7,421 US online adults (18+) who interacted with a specific bank within the past 12 monthsSource: Forrester Analytics Customer Experience Index Online Survey, US Consumers 2018

Direct Banking 2018 Rankings

Significant score change between 2017 and 2018 at 90% confidence.


Source:

Lack of

differentiation

is the current

state

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Source:

Focus on

emotion

and what

matters

most to

customers


Base: 13,345 (2017) and 13,229 (2018) US online adults (18+) who interacted with a specific bank within the past 12 monthsBase: 7,367 (2017) and 7,421 (2018) US online adults (18+) who interacted with a specific bank within the past 12 monthsSource: Forrester Analytics Customer Experience Index Online Survey, US Consumers 2017 and 2018

No significant changes YoY in positive ratings on the Three E’s of CX Quality

2017 2018 2017 2018

Effectiveness 75% 75% 71% 70%

Ease 78% 78% 73% 74%

Emotion 60% 60% 62% 61%

Multichannel Direct

6/27/2018


Base: 13,229 (multichannel) and 7,421 (direct) US online adults (18+) who interacted with a specific bank within the past 12 monthsSource: Forrester Analytics Customer Experience Index Online Survey, US Consumers 2018

Opportunity for differentiation lies in improving the Emotion quality dimension

Multichannel Direct



Another opportunity is focusing on what matters most to customers for good CX

Multichannel Direct

6/27/2018



However, banks don’t do well on key driver categories

Multichannel Direct


Source: “Drive Business Growth With Great Customer Experience, 2017”, a Forrester report

Significant revenue to gain from better CX

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Banking industry trends


Image source: Pixabay

Many consumers

think all banks

are the same

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Base: 11,109 US online adults (18+) (base sizes vary by generation). Source: Consumer Technographics Financial Services Benchmark Recontact, 2018See the “Banking On Millennials: It’s Not All About Mobile” Forrester report

Millennials are more likely to think banks are all the same

Older

Millennials

(28-36)

Gen X

(37-50)

Younger

Boomers

(51-60)

Older

Boomers

(61-70)

Golden

Generation

(72+)

Younger

Millennials

(18-27)

33% 36% 32% 31% 30% 28%



Many don’t

feel respected

by their bank

https://www.forrester.com/report/Banking+On+Millennials+Its+Not+All+About+Mobile/-/E-RES137061

6/27/2018


The underlying problem?

A broken culture.

Image source: PublicDomainPictures.net

18© 2016 Forrester Research, Inc. Reproduction ProhibitedImage source: Etsy

The result?

Banks paying lip service to customer obsession

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Checking or savings account?


Consumers don’t think about

their money that way

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Image source: Wikipedia commons


Source: BNZ iPhone app

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Using data to personalize the

next best offer?


That’s personalization on the

bank’s terms, not the

customer’s terms

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Focus instead on

the next best

interaction


Banks need to put the person back in personalization

Source: Forrester Research.

6/27/2018


Source: RBC (Canada) mobile app


Source: BBVA (Spain) secure website

6/27/2018


Source: BBVA (Spain) secure website

BBVA makes

personalized

recommendations

based on the

customer’s financial

health score


Source: BBVA (Spain)

BBVA uses personas to communicate around its financial health tool

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31© 2018 F OR R ESTER . R EPR OD U C TI ON PR OH I BI TED .

What if you could help

customers uncover a

financial need …

Image source: adsoftheworld.com

… before they even

know they have one?


Do your employees have real-

time access to a 360 degree

view of your customers?

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Profile Sentiment

Affinity

Behaviors

Attitudes

Content

Context

Identity

Accounts/IDs

Tech

ownership/use

Demographics

Preferences

Disposition

Memberships/

networks

Affiliations

Feedback

Ratings/opinions

Interactions

Transactions

Marketing

responses

Testing responses

Time/location

Environment

Situation

Journey/activity

Social media

Applications

Files

Public records


Image source: Pexels

Differentiated,

personalized banking

experiences must be

person first and data

driven

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Image source: Ken Teegardin flickr.com

Achieving it will

require culture

to be mended!


Meet the panel

Pam Piligian

Senior Vice

President,

Marketing and

Communications,

Navy Federal Credit

Union

Marcia Sanford

VP, Member

Research and

Intelligence, Navy

Federal Credit

Union

6/27/2018

37

PG_Piligian

37

Pam Piligian: Senior Vice President of Marketing Marcia Sanford: VP Member Research & Intelligence

3838

6/27/2018


Differentiating through digital


Source: Consumer Technographics North American Financial Services Benchmark Recontact 2017 (US)

Consumers embrace digital for banking tasks

0% 10% 20% 30% 40% 50% 60%

In a branch/in-person with a kiosk or other self service

By mail

Over the phone

In a branch/in-person with a teller

On a tablet

Via ATM

On a smartphone

On a computer

How often do you do your banking in the following ways? (weekly)

Total Sample Size: N=9,889 US Online Adults

6/27/2018


But many digital banking

experiences are lacking…


Forrester’s Mobile

Banking Industry

Wave

6/27/2018


To differentiate through digital…

1. Empower customers to stay on top of their financial

goals.

2. Cut through the confusion of money movement.

3. Consistently reassure customers about security and

privacy.


Empower

customers to stay

on top of their

financial goals.

Source: Pixabay

6/27/2018


Source: Forrester Consumer Technographics North American Financial Services Survey, Q4 2017

“I live paycheck to paycheck”

52%Agree or strongly agree

46© 2018 Forrester Research, Inc. Reproduction ProhibitedSource: Bank of America

Bank of America’s AI bot “Erica” proactively helps customers make smarter decisions

6/27/2018


Source: https://itunes.apple.com/us/app/simple-better-banking/id479317486?mt=8

Simple Bank helps the customer set and protect goals with Safe-to-Spend


Source: Moven app

Moven’s smart savings account suggests when to save and how much

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Cut through the

confusion of

money movement.


Source: Wikipedia commons

Zelle is up against some of the best digital payment experiences

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Source: Chase mobile app

Yet we still see things like this


Source: Zelle usability study conducted by Forrester, May 2018

“How is the person going to receive the

money? I mean, how does it work?

If I send the money to the person’s

phone number do they need Zelle in

order to receive it?”

6/27/2018


Source: Bank of America secure site

Bank of America makes it easy to choose the correct money movement option


Source: US Bank mobile app

US Bank makes it easy to find help to common questions without leaving Zelle

6/27/2018


Clearly and

consistently reassure

customers about

privacy & security.

Source: Pixabay56© 2018 Forrester Research, Inc. Reproduction Prohibited

Sources: The New York Times, The Guardian, TechCrunch, Engadget

6/27/2018


Source: Forrester Mobile Banking Wave 2018

Banks score lowest in “Privacy

and Trust”


1. Offer a security guarantee

2. Explain in plain language how the bank will protect the

account (security policy)

3. Explain in plain language what happens to customers'

information (privacy policy)

4. Make it easy to identify and report fraud (e.g. fraud

alerts)

5. Teach customers how to protect themselves

Leading firms do all of the following to build trust

6/27/2018


Source: Wells Fargo mobile app

Wells Fargo makes privacy and security content easy to find and consume


Source: Monzo website

Monzo uses clear language to explain terms like ‘cookies’

6/27/2018


Source: Lloyds Bank mobile app, Nationwide Building Society mobile app and Barclays mobile app

UK Banks Lloyds, Nationwide & Barclays provide visual reinforcements of security


Source: CIBC.com

CIBC covers privacy, security, and fraud

6/27/2018


What to do this year…

1. Reduce the work to see the effects of spending and

saving

2. Map the money movement journey to identify and

prioritize improvement opportunities – include your

customers!

3. Apply user-centered design to create effective, easy-to-

understand security and privacy content


Meet the panel

Pam Piligian

Senior Vice

President,

Marketing and

Communications,

Navy Federal Credit

Union

Marcia Sanford

VP, Member

Research and

Intelligence, Navy

Federal Credit

Union

6/27/2018Security Center

Navy Federal Partners in SecurityWe’re proud to be your partner in securing your personal and account information.


Meet the panel

Pam Piligian

Senior Vice

President,

Marketing and

Communications,

Navy Federal Credit

Union

Marcia Sanford

VP, Member

Research and

Intelligence, Navy

Federal Credit

Union

6/27/2018Savings Persona

Affluent:

Strategic

Path to Prosperity:

Learner

Moderate Wealth:

Focused

Struggling:

Fighter

Drowning in Debt:

Nervous

6/27/2018


Meet the panel

Pam Piligian

Senior Vice

President,

Marketing and

Communications,

Navy Federal Credit

Union

Marcia Sanford

VP, Member

Research and

Intelligence, Navy

Federal Credit

Union


Questions

6/27/2018Thank youRoxana Strohmenger

Alyson Clarke

Gina Bhawalkar

August du Pont

For further reference

The US Banking Customer Experience

Index, 2018

The Forrester Banking Wave™: US Mobile

Apps, Q2 2018

2017 US Credit Card Digital Sales

Functionality Benchmark

The Forrester Digital UX Review

title of presentation title of presentation › 792545d4-2de7-485b-aedd-15… · 6/27/2018 cx nyc...

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