FST - The CX factor

Copyright © 2014, Oracle and/or its affiliates. All rights reserved. |

Rohini Goyal CX Evangelist Oracle Financial Services December 03, 2014

Oracle Financial Services


Mobile phones at arm’s length when we go to sleep.

3

70%

Over



Mobile phones are used for alarms.

4

50%

Over



1.3 Mobile payment transactions are expected to Quadruple by 2017.

5

Trillion Annually



Mobile payment transaction contenders

Banks

Credit card processors

Retailers

Mobile carriers

Technology and internet firms

1

2

3

4

5

6 Oracle Financial Services


Product Out to “Customer In”



What Is Customer In?



The Telecommunication Customer In Transformation

Engage Activate



Customer In Changes The Way Banks Engage Customers

Checking Mortgage Insurance

Product Out



Architecting Your Business for Customer In



Let’s talk customer



Customer is king or queen

13

…expect more …are informed …have a voice

…trust their peers …have choices



Retention Advocacy Engagement

Customer relationship lifecycle

Acquisition Satisfaction Awareness



Digital on-boarding

26%

50%

24%

Fully digitized on-boarding

Plan to fully digitize on-boarding in the next two years No plans to fully digitize on-boarding in the next two years



Start retention at “Hello” Implementing retention strategies into every customer touch point

Retention strategies

Churn risk

Return on investment

More effective Most expensive Low effectiveness

Not thinking about leaving

Preemptive

Thinking about leaving

Proactive

Left

WinBack

Leaving

Reactive



16% Of Institutions focus on Customer retention.

17

Only



Degree of trust in primary financial institution

0%

10%

20%

30%

40%

50%

60%

Complete trust Moderate Minimum trust No trust at all

Global

Indonesia

Singapore

Vietnam



“Financial comparison websites are used by 65% of customers, eclipsing financial advisors and encouraging customers to take control of their own research and decision making.”

– PwC The new digital tipping point

19

71% Friends and Family

44% Social Networking



Where to go...



Self service

Automated Telephone

Banking

ATMs Internet banking

Mobile banking

Banking Apps

Budgeting Social and Customer

Insight

Suite of Apps

Next gen of Wealth creators

Integration with 3rd

Party

Smarter Branches

Smarter Personalised

Products

Banks to Digital Vaults

Wealth Manager



Important Current capability Market Lag

Real-time synchronization 92% 24% -68%

Location-driven services 82% 19% -63%

Real-time analytics 90% 30% -60%

Social media account management 72% 14% -58%

Gamification 72% 15% -57%

Digital advisory service 83% 28% -55%

Digital personal assistant 67% 12% -55%

Mobile device payments 94% 44% -50%

Comparison services based on financial profile

76% 28% -48%

Offers via social media 78% 34% -44%

22

Q - How important would you say each of the following will be in order to be a successful bank in five years’ time?

Q - What is your organization’s current status in relation to each of the following developments?

For omni-channel customer engagement



Connect with us on Digital Banking

23

Follow the conversation at Twitter @digitize2thrive Ask Rohini at @evoid

Access www.oracledigitalbank.com to read our global survey on Digitization in Retail Banking and the Response to Millennial Demand and participate in the Digitization conversation

Meet us at Stand No. 6, to see how are solutions can help in your Digital Transformation

Copyright © 2014, Oracle and/or its affiliates. All rights reserved. | 24 Oracle Financial Services

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FST - The CX factor

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