The Customer Centricity Imperative - FST Media · The Customer Centricity Imperative: ... Customer Service processes through all channels including branch, agent, claims, call center,
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Business Imperatives*Business Imperatives*Streamline application infrastructure for efficiency and reusability
Integrate enterprise information for ready access to lines of business
Simplify network infrastructure and administration
Achieve differentiation and profitability through improved customer experience and innovative offerings
Gain competitiveness through improved efficiency and optimized processes
Balance risk, security and compliance
Technology Imperatives*Technology Imperatives*
*Sources: Analyst reports and IBM Institute for Business Value
“Having long rested on a foundation of trust, traditional products, and resilience, financial services institutions are being awakened by tectonic forces altering the industry landscape.” Source: Guillermo Kopp, TowerGroup 2007
“During the past decade, consumer needs have changed significantly, but the financial services industry has not evolved to meet these needs. This is why most financial services firms do so poorly in our customer advocacy rankings.”
Bruce Temkin, Forrester Research
There is a industry transformation around today’s empowered customer that represents a significant challenge, yet a growing opportunity for organizations that succeed in delivering the value and choice that financial consumers demand.
“FSI’s that wish to grow and prosper are rebalancing their strategic objectives and bringing customers back into a position of primacy. Satisfying customers is as important as driving operational efficiency and minimizing risk.”
Guillermo Kopp, TowerGroup
“During the past decade, consumer needs have changed significantly, but the financial services industry has not evolved to meet these needs. This is why most financial services firms do so poorly in our customer advocacy rankings.”
Bruce Temkin, Forrester
“Institutions around the world are trying to improve their abilities to manage their businesses and their customers with one hand tied behind their back. In many cases, both the business information that is the cornerstone of effective management and the customer data that is the cornerstone of any relationship-building approach are still locked inside multiple back-end systems and datamarts.” Jim Eckenrode, TowerGroup
“Move away from balkanized data that is unavailable to users in other functions or business units. A single piece of data can provide value to many users. (Organizations)…need a single version of the truth, and an integrated customer profile can help provide it.” Kathleen Kirallah, TowerGroup
“We are challenged with the complexity of cultivating millions of individual customer relationships across multiple channels with increasing volumes of data.” Matt Harris, Head of CRM, Barclays Bank
“Our goal was to gain a ‘360-degree’ view of the customer, which we saw as the foundation for a better customer experience and a way for us to be more proactive in meeting their needs.”
Todd Okuley, Director, Nationwide Insurance
“We want to deepen existing and future customer relationships with differentiated capabilities to exceed customer expectations and grow market share.” CEO, WW Top 10 FSI
Critical Success Factors for Customer Care and Insight
Successful organizations break down silos of information and use an enterprise wide approach to customer information and insight.
There must be a commitment from senior executives that information is an enterprise asset and that insight has a central role in decision making processes.
A single, accurate, accessible enterprise customer view is essential to the success of any organization that wants to differentiate on customer centricity .
An enterprise commitment to data governance and data stewardship must be made early for success of any major CRM initiative, with particular attention paid to data quality.
Management of content centric processes - their truncation, automation and optimization will be a key success factor in improving operational efficiency and customer satisfaction.
Business intelligence and customer insight must be more than a look back-it must also be applied in real time, in-process and at the point of customer interaction for maximum effectiveness.
Top 10 WW Bank Achieves Efficiency AND Enterprise Customer View
Create enterprise customer view
Increase cross sell and up sell
Consolidate redundant customer systems and improve data access
Bank Strategy
Current customer information infrastructure was duplicative and costlyData synchronization between systems and customer data stores complexHigh CPU and maintenance costs of multiple systemsInitial initiative to replace CIF’s with CRM application MDM not viable solution
Business Problem
Implemented IBM customer data hub with services orientationEstablished SOA/ Component Model Architecture Integrated CIF information to hub in phasesWill replace additional CIF’s from acquisitions in phases
Solution
Bank Objectives
Become a more customer focused bank
Assimilate acquisitions and drive organic growth
Rationalize infrastructure and reduce costs
Business Outcomes
Effective enterprise view$50+ million in annual cost of ownership savings - infrastructure and FTE60% improvement in efficiency and 40% infrastructure workload improvementImprovement in customer centricity greatly improved but not yet measured
Industry Analysts Rank IBM as Leaders in CC&I Capabilities
22
Leaders in:
Customer Hubs
Data Integration
Enterprise Content Management Suites
Business Intelligence Platforms
Business Process Management
Corporate Performance Suites
Data Quality Tools
“Blend Cognos with IBM’s data integration, data warehouse, content management, text mining and other offering- and there’s no more extensive information management portfolio available…period.
For more information contact:Bob PalmerWW Marketing Manager - Financial ServicesInformation Management and Information on DemandIBM Software [email protected]