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Few would argue that customers crave simplicity. But from a business perspective, does it really matter? +Gain insights into the findings of our Global Brand Simplicity Index — a report that evaluates the simplicity of 400+ global brands, including top national financial services providers +Learn which interactions matter most and how simplifying the customer experience can create lasting brand relationships + Understand how innovative companies have made simplicity pay, and consider how to get started creating simpler, high-impact brand experiences Siegel+Gale is a global strategic branding firm committed to building world-class brands through elegantly simple, unexpectedly fresh strategies, stories and experiences. We deliver comprehensive services in brand development, simplification, research and digital media. Since our founding by brand sage and simplification pioneer Alan Siegel in 1969, Siegel+Gale's mantra has been "Simple is Smart."
Citation preview
The financial services customer experience:Understanding the impact of simplicity
April 2, 2014
2
Let’s talk
Simplicity paysWhy are things so complicated?Achieving simplicity
3
4
GBSI 2013
consumers
10,000+
countries
7in
52009 2010 2011 2012 2013
through Aug 2nd
-50%
0%
50%
100%
150%
200%
Since 2009, the Simplicity Portfolio has beaten the average global stock index by
+167% Simplicity
Portfolio
+83% S&P
+72% Dow+69% DAX
+45% FTSE100%
Percentage of growth of index/portfolio
6
75%of consumers are more likely to recommend a brand because it provides simpler experiences
Simplicity increases loyalty
6
7
For simpler experiences, customers would pay:
Banks/RetailShipping/MailGeneral insuranceUtilitiesMediaTelecom/Cable
Social mediaTravel/HotelsTelecom/Cell phoneInternet retailTravel/BookingTravel/AirTravel/TrainTravel/Car rental
AppliancesAutomotiveRetail/Health and beautyInternet searchHealth insuranceRetail/GeneralRestaurants
Retail/GroceryElectronicsRetail/FashionFitness
5.4% and more4.8–
5.3% more
4.5–4.7% more
up to
4.4% more
8
For simpler experiences, customers would pay:
Banks/RetailShipping/MailGeneral insuranceUtilitiesMediaTelecom/Cable
Social mediaTravel/HotelsTelecom/Cell phoneInternet retailTravel/BookingTravel/AirTravel/TrainTravel/Car rental
AppliancesAutomotiveRetail/Health and beautyInternet searchHealth insuranceRetail/GeneralRestaurants
Retail/GroceryElectronicsRetail/FashionFitness
5.4% and more4.8–
5.3% more
4.5–4.7% more
up to
4.4% more
9
Industry rankings—Global Simplicity Score
1. Internet search950
736
734
723
719
711
663
657
625
602
595
574
565
2. Electronics
3. Restaurants
4. Internet retail
6. Retail/Grocery
5. Appliances
13. Telecom/ Cell phone
7. Media
8. Retail/General
9. Travel/Hotels
10. Retail/Fashion
11. Travel/Booking
12. Travel/Air
14. Shipping/Mail
15. Retail/Health and beauty16. Social media
17. Automotive
19. Banks/Retail
18. Fitness
20. Travel/Train
21. Telecom/Cable
22. Utilities
23. Travel/Car rental24. Health insurance25. General insurance
565
564
530
529
524
517
501
484
473
445
329
258
10
Industry rankings—Global Simplicity Score
1. Internet search950
736
734
723
719
711
663
657
625
602
595
574
565
2. Electronics
3. Restaurants
4. Internet retail
6. Retail/Grocery
5. Appliances
13. Telecom/ Cell phone
7. Media
8. Retail/General
9. Travel/Hotels
10. Retail/Fashion
11. Travel/Booking
12. Travel/Air
14. Shipping/Mail
15. Retail/Health and beauty16. Social media
17. Automotive
19. Banks/Retail
18. Fitness
20. Travel/Train
21. Telecom/Cable
22. Utilities
23. Travel/Car rental24. Health insurance25. General insurance
565
564
530
529
524
517
501
484
473
445
329
258
11
Let’s talk
Simplicity paysWhy are things so complicated?Achieving simplicity
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Why simplicity mattersThe brand that customers know is the one they interact with every day
Online interfaces
Call center
Statements
Mobile self-
service
Correspondence
Applications and welcome
kits
Loyalty programs
13
The all-too-frequent experience
14
For questions about your
existing account, press 1.
For information on opening
a new account, press 2.
For questions about your bill,
press 3. For questions about the
status of your order, press 4.
For questions about our products
and services, please visit our
website at www...
14
15
For any breach or default by IBM under the provisions of Section 11 above or otherwise in connection with this Agreement, even for breach or default entitling you to rescind or be discharged as aforesaid and whether in the nature of a breach of a condition or a fundamental term or a fundamental breach or breaches, your exclusive remedy, in addition to electing if so entitled to rescind or be discharged as aforesaid, shall be to receive payment from IBM for damages to a maximum amount equal to, and IBM shall in no event be liable in excess of, the greater of $100,000 or the purchase price stated in the applicable Supplement for the specific machine or machines that caused the damages or that are the subject matter of or that are directly related to the breach or default. In no event shall such damages include, nor shall IBM be liable for: 1) any special, indirect or consequential damages even if IBM has been advised of the possibility thereof including but not limited to lost profits, lost business revenue, or failure to realize expected savings, or 2) any damages claimed against you by any other party. 15
16
Why are things so complicated?
Average number of 401k options
8
191997
2012
“Large 401(k) menus result in lower participation rates, overly conservative allocations, inferior investment options and other adverse effects that, collectively, cost workers billions of dollars every year.”
Mercer Bullard17
18
+ Business silos create a fractured customer experience
+ Mergers and acquisitions create redundant and incompatible systems
+ Adhering to the letter of the law does not meet the spirit of disclosure
+ Lack of expertise in true best practices allows the same old stuff to proliferate
+ Senior executives have the attention span of gnats
Why are things so complicated?
19
Let’s talk
Simplicity paysWhy are things so complicated?Achieving simplicity
20
HAPIfork: helps you lose weight by notifying you if you’re eating too fast
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21
Nike+ FuelBand: a personal coach tracks and inspires progress
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Lifestraw: simplicity in problem-solving saves lives
But what about those everyday touchpoints?
23
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A loyalty program that rewards you for your actions—and doesn’t make you take extra steps to redeem
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A statement that really answers, “How am I doing?”
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Prototype of a one-page
consumer credit card agreement
A credit card agreement that complies with regulations in a single page…
27
…followed by statements that actually clarify required information
28
An online application that balances clear explanations with simple steps
29
Simplified patient reporting that makes data actionable…
Before
30
Simplified patient reporting that makes data actionable…
After
31
…in any channel the patient prefers
3131
The solution:The Simplification Blueprint
32
What, when and how should you communicate with members to drive engagement and satisfaction?
33
34
The Simplification Blueprint
Define customer and business needs
Map the current customer experience
Envision the optimized experience that will meet customer and business needs more effectively
Identify and prioritize specific work plans to implement the optimized experience
Test and refine prototypes of the highest-priority touchpoints and plan for long-term implementation
35
Mileage Plus
35
36
The situation
Although United’s Mileage Plus loyalty program was intended to enhance customer relationships and drive customer engagement, the reality was a fragmented customer experience with uninspired and disengaged members.
Website
IVR and call center
Membership application
Direct mail
Airport CSR Airport kiosk
Statement
37
Getting to the root of low engagementMember research revealed three distinct segments within the member base—yet none felt well-served by the loyalty program.
38
The solution
Our audit of all member touchpoints revealed an airline-centric mentality as the root of the problem. We outlined an engagement strategy to transform every communication or interaction into a member-centric experience. No matter what the specific functional purpose of any touchpoint, it’s an opportunity United should seize to “show, encourage, help and recognize” the member.
Communications pillars
Member need fulfilled
39
Defining a new contact strategy
Before
After
We began by outlining a new contact strategy that increases the number of touchpoints and integrates messaging across them to reinforce the member relationship across the entire life cycle.
39
40
Delivering the right information
at the right time
Elite benefits and
more
Benefits by status level
My Upgrades landing page
My Upgrades tab
My Upgrades
detail pages
Terms and conditions
Summary Detail
Each touchpoint consistently reinforces key messaging, but the level of detail modulates based on the primary purpose and delivery channel of the communication.
41
Speaking with a unique brand voiceVoice guidelines ensure that all member communications reflect a common tone and support the brand attributes.
42
Removing airline jargon
More detailed writing guidelines specify how to replace numerous “insider” terms with simple program architecture that employs descriptive language.
43
Reaching members when and how they preferThe most frequent point of interaction is Mileageplus.com. Our redesign is simple, appealing and built around the tasks users most frequently want to do.
44
Carrying the themes and content through email…
45
…and onto the mobile experience
46
+ Truly simple, customer-focused products and services
+ Systems investment in a central customer database
+ Commitment to derive and act on true insights from consumer research
+ Disclosure that is truly commensurate with risk or exposure
+ Decision-making at the right level with the right information
+ Fewer initiatives undertaken at the same time with the right skills and unrelenting support
Key factors for success
47
Q+A
47
Thank you.
Today’s presenters:Maria Boos, Group Director, Simplification – [email protected] Stella, Senior Marketing Director – [email protected]
Related Links
Global Brand Simplicity Indexhttp://simplicity.siegelgale.com/
For questions or more information on Siegel+Gale and our Simplification practice, please email [email protected]