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The Secret to Acquiring and Retaining
Customers in Financial Services
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
~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
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
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
Scott Albahary
Chief Strategist, Financial Services
Scott.Albahary@perficient.com
Arvind Murali
Chief Strategist, Data
Arvind.Murali@perficient.com
Today’s Speakers
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
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
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
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
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
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
What Is Customer
Intelligence?
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
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
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
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
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
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
20
Customer Intelligence “Envision”
INSIGHTS
[Why?]
Discovery Research Benchmarking Analysis
IDEAS
[What?]
Vision Analytics Capabilities Technology
INVESTMENT
[How?]
Program Outcomes Resources Roadmap
Questions?
22
Thank You
Scott Albahary
Chief Strategist, Financial Services
Scott.Albahary@perficient.com
Arvind Murali
Chief Strategist, Data
Arvind.Murali@perficient.com

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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
  • 20. 20 Customer Intelligence “Envision” INSIGHTS [Why?] Discovery Research Benchmarking Analysis IDEAS [What?] Vision Analytics Capabilities Technology INVESTMENT [How?] Program Outcomes Resources Roadmap
  • 22. 22 Thank You Scott Albahary Chief Strategist, Financial Services Scott.Albahary@perficient.com Arvind Murali Chief Strategist, Data Arvind.Murali@perficient.com