Beruflich Dokumente
Kultur Dokumente
automated responses. They are making their voices - and displeasure - heard via social media channels. The voice of customers today has an unprecedented reach. There are now more than 500 million Twitter users and more than one billion Facebook users. Thus, banks have no choice but to incorporate social media into their customer service strategy, so they can connect with consumers, increase the level of understanding and strengthen relationships.
Social Value
Figure 1
General Enquiries
Respond to Prospects
How to related
Plan
Listen
Participate
Evaluate
Respond
Market Intelligence Team Setup Web forums World Wide Web Join and Follow Post updates and engaging content Attitude / Opinion Respond to Brand Advocates
Respond to Prospects
Figure 2
ENABLERS
Proactive Listening How-to Videos
Create a repository of how-to videos on step-by-step process. Use video agents using Google Hangout.
Mobile/Facebook Apps
Use mobile apps preconfigured with dedicated hashtags for automation. So whenever a customer raises a request using that app, an automated response would be received by the customer without any hassle.
Listen out for mentions of your brand or business. Get creative to leverage the power of proactive listening. E.g.: Search for customers visiting a town/city & send them a welcome tweet, with the locations of ATMs or branches.
Figure 3
To answer these questions and more, we have classified the new type of services and their enablers into five broad groups (see Figure 3).
Steps to setting up the command center: Define business goals and social strategy. Establish a listening model. Create a routing model. Create a resolution model. Establish social media policies and guidelines. Create a system for social media crisis management. Offer training.
Agents While a social media command center will typically include clusters of social-only agents or stand-alone agents, it can also include blended agents who can reach out to customers across channels. Governance The governance body works on predefined SLAs and KPIs such as the following: Bring social media policies and practices into compliance with regulations regarding product marketing, new account opening and all credit decisions.
Coordinate
the banks social presence with supporting materials on traditional Web platforms.
Monitor the banks presence on the social Web. Ensure that the IT organization is fully involved
The governance and compliance team also has to follow the relevant regulatory bodies for financial institutions, i.e., CUNA and FINRA. Figure 5 offers a snapshot of CUNA and FINRA guidelines for the use of social media.
Web forums
Public Relations
Response to Prospects
Agents
Stand Alone Social Only
Response to Advocates
Reputation/Loyalty
Figure 4
ATM/debit card. Credit card. Check. Fixed/recurring deposit. Internet/mobile banking Statement. Request status. New service activation. Complaints. These customer query/complaint types can be further grouped into four overarching categories:
Governance Team
Supervise
( Before approving a social media site for use by your registered representatives, be sure that your representatives fully understand and will comply with the applicable rules regarding such communications.)
Reputation Management
( Preparedness to address the potential for negative comments or complaints that may arise within all the social media platforms)
Oversight Process
( For monitoring, information should be posted to proprietary social media sites administered by the banks.)
Figure 5
Confidential
or account-related questions: Transactions/queries that need some confidential information like the account number, ATM/credit card number, FD number, etc. that customers might not be comfortable sharing on an open forum.
checkbook, manage favorites, raise a ticket in customer care, etc. Product/service enquiries and other general knowledge: Along with all other information enquiries, customer complaints would be the most important segment here.
General enquiries or feedback that is non-account related: Enquiries on new service action, product/ service details, ATM location search, benefits of new account opening with bank, etc. How to questions: Change login and profile
password, get account summary/statements, modify demand draft and tax transaction limit, make third-party transfer, add/view billers, view online bill payments, request a new account/
Based on business priorities, query types should be put into a matrix form that indicates what types of queries can be better handled through social customer care rather than traditional contact centers. Figure 6 offers a generic classification of query types that can be handled via social customer care.
x x
Figure 6
Figure 7 provides a high level representation of the key processes, tools and actions to be
Plan
Listen
Respond
Set up a dedicated Twitter handle. Research on possible # tags to monitor. Promote the twitter handle on bank website. Set up a Facebook page for customer service. Create apps like one-on-one personalized chat; book your appointment with bank officer,
Concerned departments respond to the customers with resolution or with alternate steps Direct message feature#(DM) can be used by banks to respond personally and to maintain confidentiality
Start a banks customer service dedicated blog Encourage customers to share their views on products and services over the blog
Concerned departments respond to the customers with resolution or with alternate steps This channel is good for general on-account-related and nonconfidential enquiries
Setup a YouTube channel Create and upload all the how to related videos Encourage customers to search the solutions over YouTube
Use the social user interface to log in to Set up blog This is a good medium to spread awareness and educate customers
Track the bank-related keywords and understand what has been said over the Web
Proactively reach out to customers based on their browsing history Respond to users comments on the videos
Figure 7
e.g., Bank of America and Wells Fargo - have become present on Twitter (and other social channels) with the help of a dedicated social customer service team. In this arena, banks reputations are directly proportional to their response-rate effectiveness. A bank needs to have an expert reputation management team in place, to constantly monitor, evaluate and manage the organizations reputation. Ownership: Customers usually end up talking to several department reps while using multiple channels of communications like e-mail, phone call, Tweeting, etc. This can lead to customer dissatisfaction and a very high probability of customers switching banks. To resolve this challenge, we recommend establishing a social command center. Commonwealth Bank Australia has created a social command center-based mobile app by which a customer can either talk or Twitter chat with the same individual with whom he/she spoke earlier.
provides a list of some of the social customer care KPIs for a social customer care setup. Based on individual scenarios the KPI list can be modified or augmented.
Greeting
Body
e transparent and introduce as the B official customer service team for the Bank, And jump into and address issue based on the forum and tone of the customer
Closing
ffer an apology to customer for O inconvenience and sincerely display empathy that was recognized by the customer and update CRM
Figure 8
Response Rate
Tangible
Service Level
Tangible
Abandon Rate
Tangible
Tangible
Quality of Response
Intangible
Redirect Rate
The % of responses that redirect customers to a private conversation such as chat or voice.
RDR = Should be calculated automatically via social customer care technology platform metrics; if not, then calculated by comparing the incoming channel vs. outgoing channel for all the posts during an interval. This can be calculated based on repeat buying behavior of existing customers. This can be calculated using a social media monitoring tool like Radian6.
Tangible
Customer Loyalty
The success rate of retaining the existing customers. The % of positive comments and complaints out of total mentions.
Intangible
Tangible
Figure 9
Benefits
The important benefits of social customer care include: Lowered costs of customer service. Increased customer connection potential for brand advocacy.
right balance of social customer care vis--vis the other customer service channels. Enterprises have much to learn about using social media effectively. Here are a few recommendations that are becoming industry best practices: All customer-facing and policy-setting groups should work together to build an inbound and outbound social media strategy. media interactions, and staff it appropriately.
and the
Quickened response to customers, leading to enhanced customer experience. Increased customer loyalty.
Establish a formal program for handling social Identify and measure a banks responsiveness
Target Market
Retail banking customers across the U.S., Europe and APAC that are looking to leverage the power of social media to service their customers and to fulfill their customer care priorities.
Audience
Retail banking CIOs, social media managers, customer care owners, I/T managers, chief social media officers.
to social media interactions, to ensure the maximum satisfaction level of customers, prospects and the public. Train the team that handles social media interactions. Evaluate the impact of social media on a banks
Summary
While it is imperative to adopt social customer care in retail banking, it needs to be implemented and deployed strategically. A slew of factors can affect and define the social customer care roadmap. Our social customer care assessment helps the customer realize their strategy from concept to launch. Our assessment can help the retail bank arrive at the
contact center so that necessary changes can be accommodated while increasing the use of these channels. dhere to banking and financial compliance A and regulations.
Banks need to develop a true social servicing strategy in which all department roles and responsibilities are clearly defined.
Footnotes
1&2 3 4
NM incite Social Care Survey 2012 (panel & data provided by Nielsen, n-2000 U.S. social media users)
Oracle Global Survey, Q4 2011, n=3111 MGI Web 2.0 survey (2011) https://www.helpscout.net/resources/75-customer-service-facts-quotes-statistics/ http://www.iccs-isac.org/library/2011/10/Self-Service_Kernaghan-Report-Final-Sept-2012.pdf
5 6
7
http://blogs.salesforce.com/company/2013/05/social-media-command-centers.html
About Cognizant
Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process outsourcing services, dedicated to helping the worlds leading companies build stronger businesses. Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep industry and business process expertise, and a global, collaborative workforce that embodies the future of work. With over 50 delivery centers worldwide and approximately 164,300 employees as of June 30, 2013, Cognizant is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500 and is ranked among the top performing and fastest growing companies in the world. Visit us online at www.cognizant.com or follow us on Twitter: Cognizant.
World Headquarters
500 Frank W. Burr Blvd. Teaneck, NJ 07666 USA Phone: +1 201 801 0233 Fax: +1 201 801 0243 Toll Free: +1 888 937 3277 Email: inquiry@cognizant.com
European Headquarters
1 Kingdom Street Paddington Central London W2 6BD Phone: +44 207 297 7600 Fax: +44 207 121 0102 Email: infouk@cognizant.com
Copyright 2013, Cognizant. All rights reserved. No part of this document may be reproduced, stored in a retrieval system, transmitted in any form or by any
means, electronic, mechanical, photocopying, recording, or otherwise, without the express written permission from Cognizant. The information contained herein is subject to change without notice. All other trademarks mentioned herein are the property of their respective owners.