CON8929
Delivering an Extended Customer View to Transform Financial Services Engagement
Jim Acker
Jim Langenwalter
Financial Services Global Business Unit
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
What we hear from the Industry…
Its consistently about cross sell, channel production and channel independence
“Need to have more touch points that
are relevant to the customer without
alienating the distribution channel”
“Need to do a better job presenting the
right offer in the right way using all the
channels the customer might use”
“Need a 360º view of all Customers
across all channels”
“We need to leverage our existing IT
investments and incrementally deliver
value to the business ”
“Need to help our distribution channels
sell more by selling smarter”
“Moving to self service (web) could mean
less opportunity to sell so have to make
our digital interactions more productive”
“We need to build a relevant cadence with
the customers to counter the access and
influence of competitors and help retain the
customers we have”
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
Trends in Consumer Experience
Using Customer Analytics to Create More Personalized CX
All interactions of each individual customer are turned into a personalized experience:
Customers will make
web / mobile their
primary interaction
with the financial
institution
Those channels are
already heavy
personalized and the
customer will expect
the same from the
financial institution
Brands will use
more differentiating
content or offers to
acquire and retain
customers, to upsell and cross-sell
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
Digital Impacts our Customer Experiences
Requires rethinking our digital strategy to make our interactions “smart”
Low
Replacing “dumb” digital
interactions (that may be cost
efficient but reduces the value
of the relationship over time)
with “intelligent” human
interactions that can recognize
opportunities or sense ways to
optimize the experience.
Use of
Digital Channels
High
Low
High
Opportunities for Human Response
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
5
Challenges with Traditional Approach
Effective Customer Treatment Requires 1:1 Personalization
• Male, born in 1948
• Grew up in England
• Married twice, children
• Successful, wealthy,
celebrity
• Loves dogs and the Alps
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
6
I-CX Engine – Intelligent Customer Insight
Leveraging Big Data to understand your customer
internal
master
data
identity
batch
real-time
data
integration
external
• Digital DNA & 360 view
• Predictive Analytics
• Next Best Action
• Next Best Product
• Most Relevant Experience
• Organizing, matching, profiling & storing
every interaction in real time
• Stores events (like purchases); activities
(e.g. web browsing); contextual
information (like location)
• Aggregated from all channels
• Dynamic customer profiles
• Produces 360 degree customer view – all
data matched and combined; factual,
interpreted, learned
• Self Learning
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
I-CX
Engine
7
Real Time Delivery Engine – Intelligent Interactions
Recommendations improved in real time during interaction
Digital Interactions
Website
Mobile
IVR
Social
Real Time Delivery Engine
• Digital DNA & 360 view
• Predictive Analytics
• Next Best Action
• Next Best Product
• Most Relevant Experience
Human Interactions
Contact Center
Branch
Sales
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
• Automating decisionmaking in any channel
• I-CX engine
recommendations
modified based on
data collected during
the interaction
• Self-learning process
determines propensity
to do something for
each customer
• Prioritizes and triggers
events.
8
Developing Relationships Digitally: Intelligent CX
Making every interaction more timely, more relevant and more profitable
Moment of
Truth
Human Interactions
Contact Center
Branch
Sales
Relationship
Nurturing
Digital Interactions
bank.com
Mobile
IVR
REAL TIME
INTERACTIONS
I-CX
Engine
ATM
Marketing Platforms
Social
Email
• Digital DNA & 360 view
• Predictive Analytics
• Next Best Action
• Next Best Product
• Most Relevant Experience
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
Social
Direct Mail
CYCLE TIME
INTERACTIONS
9
I-CX Driven Digital Interactions
Produces the optimal customer experience for each customer
Customer & Prospects
Digital Interactions
Interactions
I-CX
Engine
Real Time Delivery &
Refinement
bank.com
Mobile
IVR
ATM
Social
I-CX engine personalizes the experience, next best action and next best
offer based on data collected in the interaction
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
I-CX Driven Marketing - Intelligent Marketing
Produces interests, segments and propensity to create more targeted campaigns
Interactions
Interactions
Marketing Platform
I-CX
Engine
Campaigns
Predictive
Segments
Campaigns
Campaigns
Campaign interactions help improve prediction over time raising
Campaign ROI and reducing cycle time.
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
Oracle’s Intelligent CX Solution
internal
BI and analytics tools
external
identity
content
sites
data
integration
master data
Marketing Platform
advertising
platforms
ecommerce
and sales
batch
real-time decision
engine
Big Data Appliance
Hadoop File System
real-time
stream
marketing
automation
acquire
organize
learn
analyze
enrich
decide
Copyright © 2014 Oracle and/or its affiliates. All rights reserved.
Oracle
|
Confidential
customer
service
respond
The I-CX Engine
Using Big Data to deliver customer 360, real-time personalization
and predictive customer analytics
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
13
Answering the Tough Questions…
Which top hundred customers are likely to buy my product X today?
I have a customer - what are the top 3 products he is likely to buy?
What is the best channel to connect with my customer, and when?
Can I turn around my most valuable potential churners?
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
Getting to Actionable Customer Insights
Traditional Data Warehouse
based solutions (DW/BI) are
costly, slow to implement
and change, work with
sample data and provide
limited insight
Big Data and advanced
analytics provide an ideal
solution for predictive
customer insight that is more
cost effective, easier to
implement and change,
and operates in real-time on
ALL your data
Getting from Raw Data to Individual Preferences
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
Deliver Next Generation Personalization
Introducing Lily Enterprise
•
Listen Better - Lily works with all types of
data - all transactions, all behavior, all context continuously capturing and automatically
making real time observations
•
Learn Faster - Lily delivers behavior- based
models that take into account all context at
various levels of granularity, automatically
delivering micro-segmentation to the
individual customer and multi-contextual
recommendations based on predicted customer
needs
•
Execute Smarter – easily integrates with
marketing and BI platforms, allowing
companies to deliver offers based on smarter
dynamically updated predictions for better
customer experiences
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
Building the Customer DNA
Lily Listen: Channel all
sources of customer
interactions into 1 data
model
Lily Customer
Interaction DB
Lily Customer
DNA
Lily Learn:
Machine
Learning– VCE
Lily Learn
Lily Listen
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
Getting from Raw Data to Customer DNA
Lily Common
Customer DNA
Industry DNA
Extensions
Custom DNA
Extensions
variable calculation engine
Lily Data Model for Financial Services
Customer
Item
Context
Interaction
Subscriptions &
Contracts
map / load / transform: interactions with context & customer source records
data sources
customers, products, subscriptions, contracts, transactions, interactions, market & social data
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
Other
Customer DNA
From Data to DNA
– 1000s of metrics
determine
individual DNA –
common, industry
and customer
metrics
See everything
together –
comparisons with a
Set defined by you,
and evolving trend
scores for each
customer
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
Customer DNA
Dynamically created
Sets defined by your
own rules
With Lily’s Customer
DNA and Machine
Learning Engine,
individual product
Preferences are
available each moment
More effective Alerts
based on
real-time customer
metrics
Models available, or
easily and dynamically
add new models from
all Manage
availableBig
metrics
Data Breaking down data
silos to gain insights
on all customer
interactions in one
place
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
Deliver Offers in Real-Time
Business
Rules
Performance
Goals
Marketing
Automation
Content
Sites
Predictive
Models
Real-time
Offers
Decision
Lily Enterprise
Advertising
Platforms
eCommerce
and Sales
Customer
Service
Self-learning Feedback Loop
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
21
Website Real Time Offer Personalization
?
?
?
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
Mobile Customer Experience
Location-Based Real Time Offer Personalization
Joe can view and look
up favorite shops,
restaurants,...
Mobile Information
Joe receives merchant
offers in his Bank’s
Mobile wallet
Joe can redeem
coupons through his
mobile wallet
Mobile Wallet
Mobile Redemption
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
Getting Started: Incremental Capability Transformation
I-CX transformation varies for each client. Oracle helps determine where you
should invest and how to get there
• What’s the competitive Landscape?
To Be State
H
• What new capabilities are required?
• Can current technology platforms support growth agenda?
• When do you need to start to achieve the growth agenda?
Value ($)
M
Methods:
• Executive Briefings
L
Today
L
M
CE Impact
H
• Industry Best Practices
• CX Assessments
• CX Strategy Workshops
• 3 – 5 year Enterprise Plan
• Value Analysis / Business Cases
• Tactical Roadmaps
• Journey Mapping
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
Contact
Jim Langenwalter [email protected] (412) 952-6286
Jim Acker
[email protected]
(206) 617-3550
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |
Copyright © 2014 Oracle and/or its affiliates. All rights reserved. |