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
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
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
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
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
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
what does the future hold?
transactions
datarelationship
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
what does the future hold?
transactions
datarelationship
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
what does the future hold?
transactions
Money Mapsdatarelationship
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
what does the future hold?
transactions
datarelationship datarelationship
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
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
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
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
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
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
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
consumers engage h thwhen they are
passionate andpassionate-and they’re passionatethey re passionate about moneyy
Katy KeimCMO Lithium
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
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
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
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
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
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
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
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
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
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
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
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
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
customers are flocking to social channelschannels
V
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
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
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
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
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
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
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
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
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
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
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
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
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial
questionsq
Katy Keim Deanna OppenheimerKaty Keimchief marketing officerLithium
Deanna Oppenheimerchief executive officer
CameoWorks
@KatyKeim @LithiumTech @CameoWorks #seriousaboutsocial