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WESTPAC
GROUP
Westpac Banking Corporation ABN 33 007 457 141.
When CRM meets CEM Lea Wright
Head of Consumer CRM
27 February 2013
CRM PURPOSE
Help our customers achieve their goals and wellbeing
by understanding and anticipating their needs
and deepening customer relationships
By doing that we expect to achieve:
Deep and Valuable customer relationships
Customer Profitability
Productivity Benefits
TRENDS – MARKET
Aging Population
Mass Digitisation
– World that is Always On
Economic Transformation – at home
Rise of Asian Economies
Post GFC World
TREND - RISE OF BIG DATA
Increasing Volumes of Data
Blurring of Online and Offline presence
Challenge in funding nuggets
of gold in customer data
– insights and relevance
Timeliness and latency
Speed to action and execute
WORLD IN CHANGE – WAY WE UNDERSTAND AND APPROACH CUSTOMER
Faster we move to an Always On
Data Driven World
– where big data informs and delivers
offers
Faster we move back to principles of
Customer Service, Loyalty and
Recognition in addition to Sales
IT ALL STARTS WITH DATA DRIVEN, RELEVANT AND MEANINGFUL INSIGHTS
There are two sources of
Competitive Advantage:
Learn about your customers
faster than your
competitors
Put that learning into action
faster than your
competitors
LINKAGE BETWEEN INSIGHTS AND COMPETITIVE ADVANTAGE
Jack Welch GE Capital
INTERSECTION OF CRM, IT AND CUSTOMER EXPERIENCE
CIO, CMO and CX are
intersecting
and interdependent
3Cs
Capability
Campaigns
Customer Service
CUSTOMER LIFESTAGE AND INSIGHTS
Recognising key life events and customer behaviour to determine behavioural triggers for Always On offers and communications
• Life Triggers
• Event Triggers
• Behaviour Triggers
ONBOARDING – FIRST IMPRESSIONS COUNT
A customer will take up additional products if experience is positive
Or disengage with if a negative experience is left unresolved
Time to Active • Median Days
• Average Days
Active
The probability that
the remaining will
activate
Normal account
usage achieved
and transactions
Average days to
1st Transaction
SERVICE INTERVENTION: NEXT BEST OFFERS
Demonstrating a 1:1 relationship through our people,
providing the right offer and message,
delivered to the right customer through the right channel
at the right time
Service Intervention NBOs
eStatements
Data Quality
Avoiding Fees
Old tran/new tran
No/Inactive Internet Banking
(Q1)
Sales/Revenue NBOs
Credit Card X-Sell
Home & Contents X-Sell
Credit Limit Increase
Consumer Bundle
Consumer Savings
No Debit MasterCard
Personal/Flexi Loan X-Sell
(Q4)
1:1 PERSONALISED COMMUNICATIONS
Personalise Relevant
Communications
Sales Channel Tools
Named
contact
Local
feel
ALWAYS ON - MULTI CHANNEL MARKETING
Delivering data driven campaigns in the customer’s environment
in an integrated multi-channel multi-step way
Mobile
SMS
Tablet
Direct Mail
Inbound and Outbound
Voice Marketing
NBOs
eDM
Branch Leads
NBOs / Special Leads
ATMs
Online Offers
Online Splash Pages
Message Centre
Statement Messages
Statement Inserts
Operational Letters
Compliance Communications
Customer
INSIGHT DRIVEN DATA IS INFORMING “NEW FASHIONED” CUSTOMER SERVICE
Leveraging insights of customer behaviour and service failures
to create positive moments of truth and outcomes,
before they become complaints or defections
Complaints as a data source
Triggers for servicing ‘conversations’
Proactive service intervention and service experience
RECOGNITION OF CUSTOMER VALUE AND MOMENTS OF TRUTH
Structure Programs Around Key Moments of Truth:
• Onboarding – Welcome in Onboarding experience
• Retention – Recognised Value at early Attrition/Retention
milestones
• Recognise - High Value, long term customers with deep
relationships
• Servicing – Proactive Servicing intervention
THE WAY FORWARD – CRM MEETS CEM
Always On Multi Channel campaigns
Data Driven and Customer Lifestage Insights - relevant and timely communications to customers
Service Intervention - addressing moments of truth before customer defection
Recognition of Customer Value
REASON WHY – EMBEDDED CUSTOMERS MAKE GOOD BUSINESS
Questions