The document discusses customer intelligence in the financial services industry. It defines customer intelligence as the strategic combination of data, analytics, technology, and operations to acquire and retain customers through data-driven insights. It outlines challenges such as legacy systems, lack of skills, and no coherent strategy. It provides examples of how insurers and banks are using customer data for personalization. It also presents a customer intelligence framework and discusses measures for customer engagement, acquisition, and retention.
The Secret to Acquiring and Retaining Customers in Financial Services
1. The Secret to Acquiring and Retaining
Customers in Financial Services
2. 2
Tom Hogan
Chief OperatingOfficer
Who We Are
AN INTRODUCTION TO
We’re a global digital consultancy transforming how the
world's leading enterprises and biggest brands connect
with customers and grow their businesses.
With Perficient, you get experience and expertise,
speed and agility, and a healthy dose of pragmatism to
drive your business forward.
3. 3
~4,500
Employees
W E ARE
Global in Our Delivery
We have office locations across North America and fully owned
global and domestic delivery centers around the world.
Allentown, PA
Ann Arbor, MI
Atlanta, GA
Boston, MA
Bozeman, MT
Cedar Rapids, IA
Charlotte, NC
Chicago, IL
Columbus, OH
Dallas, TX
Denver, CO
Detroit, MI
Fairfax, VA
Fargo, ND
Houston, TX
Irvine, CA
Lafayette, LA
Milwaukee, WI
Minneapolis, MN
New York, NY
Seattle, WA
St. Louis, MO
Toronto, ON
Washington, D.C.
North America
Latin America
México City, Mexico
Medellín, Colombia
Bogotá, Colombia
Cali, Colombia
Chennai, India
Nagpur, India
Bangalore, India
India
Hangzhou, China
China
Oxford, UK
Novi Sad, Serbia
Europe
4. 4
AT-A-GLANCE
Perficient Profile
Alliance partnerships
with major tech
vendors
Multiple vendor &
industry tech and
growth awards
Global delivery
centers in China, India,
& Latin America
Dedicated
solution
practices
35
Global Locations
$565M
2019 Revenue
1997
Founded in
~4,500
Employees
~90%
Repeat Business Rate
PRFT
Public, NASDAQ
5. 5
Industry Expertise
Our experience empowers us to help companies in the financial services industry
serve consumers and businesses with a full range of financial products and
services. We also help them enhance their customer experience and achieve
operational excellence.
INDUST RY
Financial Services
50+ of the world's leading
public financial services
companies count on us.
We helped a super-regional bank
reduce loan-processing time by 92%
through automation and AI.
Project Spotlight
TechnologyStrategy Digital
6. 6
Scott Albahary
Chief Strategist, Financial Services
Scott.Albahary@perficient.com
Arvind Murali
Chief Strategist, Data
Arvind.Murali@perficient.com
Today’s Speakers
7. 7
It’s All About the Data
SPOILER ALERT – THERE IS NO SECRET
• It’s hard work
• It’s challenging
• It takes time to get it right
8. 8
Customer Data Management Challenges
Identity Resolution
Integrating identifiers across
available touchpoints and devices
Customer data needs to be
trustworthy, holistic,
transparent, accessible, and
secure
Personalization
Know customer preferences and
interests
Collection & Integration
Unstructured data, third-party
data, transactions, purchase
histories, marketing campaigns,
and service inquiries
Productionizing
Prepare data for analytics and
increasingly, machine learning
Insights
Value obtained through analytics
Consent & Privacy
Protection of personal data across
the data supply chain
9. 99
What We See
Increasedinterest in collecting, contextualizing, and analyzing data from
consumersto findthe best ways to servethemandgaininsights intobehavior
Insurers
• Dynamic pricing
• Usage-based products
• Personalized search experiences
• Targeted policyholder outreach
• Membership and affinity model
distribution
Banks
• Personalized financial health
scores & recommendations
• Mobile app alerts
• Payment delay offers
• Triggered email campaigns
• Product recommendations
10. 10
What Banks and Insurers Are Experiencing
• 60% are implementing a personalization strategy
• 70% expect to increase personalization budgets
• >70% will invest in personalization technology
• 70% are getting a positive ROI
• 93% offer only basic levels of
personalization within digital applications
• 75% consider themselves “not adept” at
using AI to provide next best-action
recommendations
• 51% of organizations consider data
analytics a major challenge
11. 11
Challenges Will Require an Overhaul of Systems,
Processes, and Leadership . . .
Legacy System Modernization Investment Required Lack of In-house Analytical Skills
71% 67% 60%
Competition for Investment
Dollars
60%
No Coherent Strategy
50%
Lack of Understanding Among
Senior Management
58%
Source: Earnix
12. 12
What You Can Be Doing Now
Transformation doesn’t have to happen all at once – it just has to happen
Strategy
• What do my
customers expect?
• What data needs to
be collected?
• What changes are
required?
Technology
• Should we build vs.
buy?
• Which AI / ML is the
best for us?
• What integration
tools are required?
Data
• Alignment to goals
• Governance &
privacy policies
• Cleansing &
formatting
• Identity resolution
Organization
• Do we have the
right skills?
• How collaborative is
the culture?
• What is our
analytics maturity
14. 14
What Is Customer Intelligence?
Customer
Experience
Customer
Intelligence
Connected
Experiences with
Collective
Intelligence
Customer Intelligence is the essential strategic combination of data, advanced analytics, technology, and operations for
the purposes of acquiring and retaining customers. By creating data-driven insights into customers and their behavior,
CI strategy empowers high ROI, low risk, greater operational efficiency, and personalized omnichannel experiences.
Respond Anywhere,Anytime
Connect CX and CI through any channel
AddressMy Pain& Passion
Provide personalized experience by
learning about my pain and my passion
Reward MyLoyalty
Add continuous value and support to
customer and to your profitability
ValueMy Privacy
Support GDPR and CCPA
front and center, and lead
with transparency
Know Me
Comprehensive 360-degree view
of the customer and their
transactions
Enrich and Enable
information
Enable customers with
market trends and any macro
factors that will impact me
15. 15
Customer Intelligence Reference Framework
Virtual AgentsContact CenterMobileSocialWeb EmailAds
Web Intelligence
APIM
Embedded BI
Customer
DashboardAI/ML Analytics
Churn/Target/
Segment
Unique ID Hierarchies Customer Demographics Privacy
Platform Governance
Blueprint, DevSecOps, Governance
Data Architecture
PaaS
Availability, Scalability, Pay as you Go
Metadata Privacy SaaS
Data
Integration
Optimization Compliance
Monitoring
Fraud
Payments
Forecasting Wealth
Management
Marketing
…
Agile
Devops, Containers…
16. 16
Digitization in Digital Transformation
Digitize the assets used and enabling customersto get better
experienceworking with the Financialservices firm.
OPPORTUNITY
Customer’s Marketing team wanted to analyze their customers
interacting in variouschannelsand proactively communicateservices
and benefits usinganalytics and data.
SOLUTION
Using Salesforce.comCRM platform data in addition to other
enterprisedatasets, Analyticsand Predictive Models were built to
target customersegmentation, marketing automation, and lead
generation.
RESULTS
The analytics portfolio offered new ways of converting leads to
prospectsto customers, and cross-sell and upsell new productsand
services. In addition, analyticshelped marketing to understand
Customerengagement patterns
17. 17
Measures for Lead Acquisition and Retention
Reach
Using marketing
automation,
create targeted
campaigns
• Leads per event
• Lead by
channels
[webinars,
community
events, online]
Acquire
Acquire these
leads to schedule
appointments
with financial
advisors
• # of Submitted/
/Approved/
Completed
Applications
Activate
Convert the leads
to customers
• # of Completed
Appts/filled up
forms
• # of Cancelled
appts/ filled-up
forms
Retention
Retain customers
with higher risk
upon correct path
• Attribution &
Churn
• % of Re-
engagement
with other
services and
offerings
Bond
Genuinely caring
about financial
crisis
• Adding a
“community”
perspective
• Preventative
measures such
as overdrafts
and fees
DataSources
• ERP
• CRM
• Emails
• Finance
• Billing &
Transactions
CIIQCharacteristics: Engagement and Activation
18. 18
Virus:Using Humans to Attack Systems
Cybersecurity: Using Systems to Attack Humans
CHALLENGE
Customer’s product management, sales operations, and marketing
teams were not effectively offeringthe appropriate productsand
were not targeting the rightcustomers.
SOLUTION
A product management Dashboard which can track metrics and
measures usingHEART framework(by Google).
RESULTS
3x stakeholderengagement [field rep clicks]; 8x digital customer
engagement
19. 19
Metrics for Better Engagement [HEART]
Happiness
Users feel good
using the product
• Ease of Use
• Net Promoter
Score [NPS]
• Lead Scoring
Engagement
For users to
discover and ask
for more features
• Social Media
Comments
• # of shared
uploads /
comments
Adoption
Users using the
features
• # of Active
Licenses
• Usage Analytics
[Specific
Features using
A/B test]
• XSell
Retention
Continuation of the
products
• Active Users
[Most and Least
Cohorts]
• Renewal Rate
• Customer
Profitability
• Customer Churn
Task Success
Accomplishing
Goals
• # of errors
[against goals]
• Types of errors
[against goals]
DataSources
• Product Logs
• Social Media
• Chat Logs
• Survey
• Master Data
• Orders and
Renewals
• Release Schedule
• CRM
CIIQCharacteristics: Activation, Retention, and Engagement, Driven by Events