FINANCIAL DISRUPTORS & THEIR EFFECT ON CUSTOMER SERVICE

Liron GolanDirector Portfolio Marketing

2

Hong Kong banks urged to

Paul McSheaffrey , Head of HK Banking at KPMG

THINK STRATEGICALLY

TO REMAIN PROFITABLE

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Powerful forces are shaking the core of the financial industry

HIGH CUSTOMER EXPECTATIONS AND

DEMANDS

HIGHLY COMPETITIVE LANDSCAPE

DISRUPTIVE TECHNOLOGIES

STRICTER AUDITS & REGULATIONS

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Millennials?for the

Are you ready

The changing

NEW CHANNELS

NEW DEMOGRAPHICS

SHIFTING VALUES What matters most

The digital revolution

Aging, millennials and women

NOW consumernature of the

Customer demands have changed

Consumers use 5.8 channels on average (NICE survey)OMNI-CHANNEL

“In 2016, companies will increasingly focus on mobile customer service interactions and will provide support for value-added mobile usage.”

“It’s no longer a question of digital channels or “other” when it comes to the customer journey; it’s now intertwined..”

The ‘now customer’ demands service, information, and resolution at that moment.

IMMEDIATE ANSWERS

SIMPLE, PERSONALIZED, CONTEXT-AWARE

MOBILE FIRST

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Significant number of CC calls are due to unresolved issues in other channels…Interaction flow if unable to complete task (2015 survey)

Email

15.1%

IVR

12.5%

Branch

11.5%

Website

6%

Mobile app

6.4%

Text

6.8%

Chat

9.2%

Voice

100%

Branch

11.2%

Email

8%

Chat

6.4%

Website

5.6%

Give Up

3.2% Number in card is percent of

total customers#NICEi2016

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When customers get to a live agent, 40% don’t achieve successful resolutionInteraction flow if unable to complete task (2015 survey)

Email

15.1%

IVR

12.5%

Branch

11.5%

Website

6%

Mobile app

6.4%

Text

6.8%

Chat

9.2%

Voice

Branch

11.2%

Email

8%

Chat

6.4%

Website

5.6%

Give Up

3.2%

40% of respondents continued to other channels, which

indicates only 60% FCR (First Call Resolution)

Number in card is percent of total customers

#NICEi2016

100%

25

35

45

55

Expe

rien

ce Q

ualit

y In

dex*

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Customer satisfaction with voice is at its lowest point

Actual quality of experience – experience map by channel (2015 survey)

*Experience quality index – measure the respondents experience in a channel, calculated based on BAI (Brand Advocacy Index) methodology

Digital PhysicalCare center

Voice

Branch

Email

Website

Chat

IVR

Text

Mobile app

ATM

Care center caries the lowest point in customer

experience

#NICEi2016

By 2018, 67% of Global 2000 CEOs mark digital transformation as core of their corporate strategy

DIGITALTRANSFORMATION

FORCESthat shape the

MARKET

Analytics to drive. $60B in savings for Enterprises by 2020

ANALYTICS OF EVERYTHING

30% of work activities can be automated

AUTOMATION OF KNOWLEDGE WORK ~ 75%

CLOUDVOLUTIONof organizations to adopt cloud strategy by 2016

The Future

Financial Regulators are Stricter then EVER

CFPB Report (Dec 2015)

CFPB Orders Service member Auto Loan Company to Pay $3.28 Million for Illegal Debt Collection Tactics

Hong Kong Monetary Autherty

AIs are subject to potential reputation and legal risk if they offer e-banking services involving transmission of sensitive customer information to and from other institution(s)

Triple-s management corporation settles HHS charges by agreeing to $3.5 million HIPAA settlement

U.S Department of HHS

Research by VUE Software

Company and independent adjusters will have to submit continuing education and all the other certifying processes that agents already have to complete. Education perpetuation for licensed people is going to get harder

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Actions That Insurers Need To Take In 2016

By 2025 there will not only be an evolution in terms of customer expectations, but an evolution in what the very notion of a ‘customer’ is

Build digital capabilities for group, life, and small business lines.

Use digital to create lasting value

Deepen customer engagement and

loyalty using new,

personalized services.

Guide agents in real-time with best practices

Knit digital and agents together to increase sales

Predict customer satisfaction

patterns along the cross-channel

customer journey

Source: TelesPerience