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September 2015
THE CHANGING ROLE
OF COMMUNICATIONS
IN FINANCIAL SERVICES
[email protected] The Courtyard, Windhill, Bishops Stortford, Herts CM23 2ND| 01279 902205
www.lexdengroup.com | @LEXDENGROUP
LEXDEN IS A CUSTOMER STRATEGY CONSULTANCY
WE ACHIEVE THIS BY PUTTING CUSTOMERS AT THE START AND THE HEART OF THE DECISION FOR OUR CLIENTS
WE WORK WITH CLIENTS TO
ATTRACT AND RETAIN PROFITABLE CUSTOMERS
HELPING CLIENTS TO PROFIT BY BETTER FITTING IN TO THEIR CUSTOMER’S LIVES
THE ROLE OF COMMUNICATIONS HAS OBVIOUSLY EVOLVED OVER THE LAST 50 YEARS
THE FCA’S 2015 TOPICS FOR FOCUS ON ‘SMARTER CONSUMER COMMUNICATIONS’ SUGGESTS THAT THERE’S
PLENTY OF WORK STILL TO DO
PRESENTATION OF TERMS AND CONDITIONS
FEE AND CHARGES
DIRECTING QUERIES TO THE RELEVANT PART OF A FIRM
AWARENESS OF THE OMBUDSMAN
COMMON GI TERMINOLOGY
TRANSPARENCY ON SCOPE/ COST OF INVESTMENT ADVICE
INFORMATION AT RETIREMENT
1. BIGGER THAN ALL OF US
2. DIGITALLY NAÏVE
3. ONE STEP AHEAD
4. RIGHT HERE, RIGHT NOW
5. CHANGING THE CURRENCY
6. REWARDING RECOVERY
HOWEVER, OUR EXPERIENCE OF WORKING WITH CONSUMERS AND ACROSS OTHER SECTORS SUGGESTS
SMARTER COMMUNICATIONS MEANS A WHOLE LOT MORE
1. BIGGER THAN ANY OF US
COLLECTIVE CAMPAIGNS CAN HELP ALL IN SOME SECTORS EVEN COMPETITORS’ WILL COLLABORATE ON
COMMUNICATIONS, WHEN IT MATTERS TO CONSUMERS
IN FINANCIAL SERVICES THE FOCUS IS MORE ON STOKING UP THE COMPETITION, RATHER THAN PUTTING THE CUSTOMER FIRST. in this ad the starting point is already ‘choosing your new bank’. why isn’t it 1. ‘consider how well your bank delivers what it is you want from them. if it works, stay where you are . if not, tell them what more they need to do better. if they don’t meet your standard check how others fulfil these important things to you to ensure others do it better. only then think about switching.
2. D
IGITA
LLY NA
ÏVE
MOBILE FIRST THINKING HAS BECOME BRAND LAST THINKING. WITH LESS AND LESS PROTECTION OF BRAND
AND ENGAGEMENT OPPORTUNITIES SACRIFICED FOR SELF-SERVE AND DIGITALISATION OF EXISTING SERVICES
COMMUNICATION OPPORTUNITIES VANISH!
MOBILE TRADING PLATFORM CONTACTLESS APPLE PAY WATCH
3. ONE STEP AHEAD
A CONNECTED HOME, CAR OR HUMAN MEANS MORE ENGAGEMENT OPPORTUNITIES, ASSUMING PROVIDERS
CAN GET BEYOND PRICE
We visited the Grand Design Show to discover what opportunities existed from the connected home. We discovered great opportunities for customers which could be provided via insurers. However, we found an insurers stand where connected was offered as a promotional discount!
The opportunity of ‘connected home’ for communication engagement
How the insurers see connected
World of Connected
4. RESULTS – RIGHT HERE RIGHT NOW
Hotel real time feedback Banking real time feedback
TECHNOLOGY ENABLES REAL-TIME FEEDBACK. IT CREATES MULTIPLE COMMUNICATION OPPORTUNITIES. HOWEVER, REAL-
TIME MEANS JUST THAT. IT’S A PACE FINANCIAL SERVICES BRANDS STRUGGLE WITH…SO WILL THEY BE ABLE TO CAPITALISE?
Whilst hotels employ real-time technology to deal with customers issues as they occur,, this example highlights the lost credit card request reported in branch as part of a mystery shop. As soon as it was
entered on the teller’s system a text appeared on my phone…much to the surprise of the teller, who also told me it would be with me in 7 days (where as the txt said 5).
5. CHANGE THE CURRENCY
IT IS SAID THE CONSUMER IS OBSESSED BY PRICE & CONVENIENCE. NOT SO. THE CONSUMER SEEKS
FULFILMENT 1) IN THE OUTCOME &….
New companies like Nutmeg help consumers understand how much longer they will work to earn the retirement they want. Realising that trading in a commodity of value to consumers today keeps it relevant. Being relevant creates communication opportunities.
…..2) IN THE EXPERIENCE. THE JOURNEY IS PART OF THE VALUE EQUATION AND AGAIN BECOME A POINT
OF COMMINICATIONS IF OPTIMISED WELL
6.R
EWA
RD
ING
REC
OV
ERY
CUSTOMER FEEDBACK PROGRAMMES ARE NOT JUST A REVIEW OF THE COMMUNICATION & EXPERIENCE, THEY
ARE ACTUALLY A BRANDED COMMUNICATION TOUCH POINT
COMPENSATION, COMPLAINTS AND CUSTOMER RECOVERY ARE AN INCREASINGLY IMPORTANT AND
FREQUENT CUSTOMER TOUCH POINT
When FS brands deliver responses dealing with negative issues it often leaves a less favourable, or ‘non-plus’ perception with customers of the brand. However, the opportunity is there to do make much more, as this Ritz Carlton example of a hotel having fun dealing with a lost toy customer issue
LEXDEN IS A LEADING INDEPENDENT SPECIALIST IN CUSTOMER EXPERIENCE.
Our leadership team includes Dr Phil Klaus, whose
award winning research has led industry thinking on CX
management and profitability. He also feature on the
world CX speaking circuit and is a top Amazon ranking
business author.
We bring a variety of real world
experiences diverse and varied, having
worked across several sectors at all levels.
However, when it comes to putting
customers first to drive greater profitability
returns, we are all united.
ABOUT US
OUR SPECIALISM
WE CREATE POSITIVE
CONNECTIONS BETWEEN
OUR CLIENT’S BRANDS,
THEIR EMPLOYEES AND
THEIR CUSTOMERS.
WE HELP CLIENTS UNLOCK INCREMENTAL PROFITS BY PROVIDING COMPELLING VALUE PROPOSITIONS AND
DELIVERING ENHANCED CUSTOMER EXPERIENCE WHEN IT MATTERS.
Our specialist subject is customers and we use customer insights, behaviours and expectations
to create practical integrated strategies which clients can activate to make this most precious
of all currencies work for them.
IS HELPING DRIVE BOTTOM LINE PROFITABILITY THROUGH BETTER EXPERIENCES
THE LEXDEN DIFFERENCE
THINK CUSTOMER, BE CUSTOMER
• We are there because the customer needs to be REPRESENTED.
• Keep the customer close to your thoughts. Make sure you understand them.
• Become them. Represent them. Protect them.
• Strive to make the brands RELATIONSHIP with the customer better for all involved.
VALUED OUTSIDE IN PERSPECTIVE
• We have a PERPETUAL CURIOSITY for what makes people tick and what destines lives.
• We observe how other business’ fulfil this through branded customer experience and propositions.
• We hunt globally for better customer outcomes and INTERPRET them into our clients worlds.
COMMERCIALLY ATTUNED
• The business defines healthy in terms such as the value of its share or its brand equity or revenues etc.
• Customer as a strategy delivers these as a consequence of increased PREFERENCE, ADVOCACY and loyalty.
• We work to direct customer fulfilling improvements to connect with these commercial driver enablers.
OUR CLIENTS CUSTOMERS MATTER TO US
They always provide the highest quality reviews and output that is grounded in the commercial realities of the business.
Colin Robertson, Customer Director, MORE TH>N
Working with Lexden has been great, inspirational and a highly rewarding experience starting from a complex business case - deployed in a demanding environment, they came with a first class approach to define and develop customer experience initiatives for over 110 hotels throughout Europe, Middle East and Africa.
Marie - Laure Blaise, Manager, Quality Assurance, Park Inn by Radisson Hotels
Christopher delivered a first class presentation on Putting Customers First at our Protect Association conference. As Simon Cowell would say, ‘He nailed it!’
Steve Devine, Chairman, PROTECT
I had the pleasure of working with Christopher to establish a new Customer Experience team. He directed us deftly through the course of forming a team and taught me a tremendous amount about what it means to really ‘think customer’. Christopher used his extensive experience to help us examine the choices we make for our customers and reconsider our approach. I can’t speak highly enough of Christopher as a customer champion and master of original thinking.“
Celia Felgate, Customer Experience Manager, npower
The team at Lexden helped us to structure and prioritise our customers listening programme at key stages of their journey with us. With their help we were able to define which aspects of the customer experience were most important and therefore where fix and build investment should be placed. Thanks to Lexden we were able to introduce a customer experience tracker where feedback became focused and usable by our internal teams. Lucy Carter, Head of Brand & Insight, William Hill
The method of work & fundamentally the results, demonstrated an intelligent progressive and creative marketing approach. It consumed everyone.
Hugo Pinea, Oney Bank, Portugal
THANK YOU
[email protected] The Courtyard, Windhill, Bishops Stortford, Herts CM23 2ND| 01279 902205
www.lexdengroup.com | @LEXDENGROUP
