How Simplify360 helps in Providing Banking Solutions
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Banking is one industry which needs to maintain a constant contact with their customers. Social Media in such a case is extremely useful. It provides access to a huge customer base aggregated in a single place. Simplify360, helps banks listen to what the customers are talking and where, to make sure the company keeps their communication on a constant check. Here's how it is done.
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How Simplify360 helps in Providing Banking Solutions
- 3. www.simplify360.com Listen Analyze Act Measure Analyze the conversations and discover the context. Identify influencers and loyal customers. Act on priorities and engage with customers and influencers to build your brand reputation. Measure your reach, engagement and influence on social media. Gain insights to optimize your action. OUR SOCIAL APPROACH Listen to social media buzz around your relevant brand keywords and industry keywords.
- 4. www.simplify360.com HOW CAN SOCIAL MEDIA LISTENING HELP ?
- 5. www.simplify360.com Image Source: http://www.tribalcafe.co.uk/social-media-marketing/social-media-management/ Social Media Listening is the Foundation for any Social Media Activities.
- 6. www.simplify360.com Simplify360 has a case study ready to prove the usability of the system and its benefits. Simplify360 was selected in one of most prominent Social CRM competition “CRM IDOL 2013”. Simplify360 has a strong partnership with the leading BPOs and Software integrators. Simplify360 has been featured as Leaders among Analytics Product Companies by Frost & Sullivan and NASSCOM. But first, Why Simplify360 in brief.
- 7. www.simplify360.com Listening • Simplify360 can track conver-sations across all the popular social networking sites, along with over 500 million blogs, news and discussion forum. Intelligent Prioritization • Simplify360’s intelligence routing and prioritization technology can automatically identify the threat and assign to the concern team. Case Management • Simplify360 consists of user-tested workflows and case handling capability which will allow agents and super- visors to effic- iently handle new cases. Performance Reporting • Simplify360 is equipped with an analytics capability to deliver real- time performance reports and customer insights. Integration • In addition, Simplify360 has open API framework which makes it easy to integrate with other software. Simplify360 is technologically equipped to solve this challenge
- 8. www.simplify360.com Command Centre – Functional Flow
- 10. www.simplify360.com 10 The objective is to assess Banks's overall performance on social media and help the brand to enhance its customer Satisfaction and to enable it to lead on social media compared to its competitors Business need We use Social Media tools and human analysis as a good indicator to analyze consumer insights for finding the key concern areas of brand and customer analytics helps brand to enhance loyalty Our approach • Based on the parameters like severity of negativity, Virality of complaint etc, alerts are prioritized and sent to the concerned stakeholders CUSTOMER ANALYTICS: GENERATE ALERTS AND ASSESS CHURN RATE • Brands performance on social media is assessed vis-à- vis its competitors. Performance of Brand across all the social platforms is analyzed. Metrics like Brand Affinity & Exclusivity helps in uncovering much better insights at the industry level COMPETITIVE ANALYSIS: • Social media conversations of the bank were tracked across the channels. This buzz is used for assessing the brand health on week on week basis SOCIAL MEDIA LISTENING Human Filtering of Noise • Semantic analysis used to stack up the consumer conversations across the complaint categories. Location of complaints buzz helps in much granular analysis CONSUMER INSIGHTS: ANALYSIS OF COMPLAINTS 612 412 524 424 189 128 96 84 68 74 36 41 36 23 23 23 412 512 365 86 164 89 94 64 56 26 24 32 23 21 21 16 213 326 121 69 32 32 41 32 32 12 32 21 21 19 14 5 132 89 269 116 32 94 29 29 7 30 30 14 14 31 1 15 NCT Maharashtra Karnataka Tamil Nadu Andhra Pradesh Haryana West Bengal Uttar Pradesh Gujarat Punjab Delhi Kerala Madhya Pradesh Bihar Rajasthan Assam Customer Service issues Internet Speed Issues Billing Issues Network Issues others Our 4 step approach to enable banks excel in customer satisfaction
- 12. www.simplify360.com 0 100 200 300 400 500 600 28-Sep 30-Sep 2-Oct 4-Oct 6-Oct 8-Oct 10-Oct 12-Oct 14-Oct 16-Oct 18-Oct 20-Oct 22-Oct 24-Oct 26-Oct 28-Oct Buzz trend Data for 28th September – 28th October 2014, Source: Simplify360 4,629 MENTIONS Steve King’s card used fraudulently. His tweet retweeted 2K times and has 142 Million impressions Fraudulent usage of the credit card of an influencer has gone viral. As a result the perception towards the bank has taken a beating. Banking sector reform in the news Illustrative data only
- 13. www.simplify360.com CONSUMER INSIGHTS: ANALYSIS OF COMPLAINTS
- 14. www.simplify360.com 51.6% 22.6% 12.1% 8.9% 4.7% Customer Service Technical Issues Fee Structure Card Issues Account Related issues Based on Sample Analysis. Percentages could add up to more than 100 as a message can have more than one theme Sample size (N) = 191 Exhibit: Most common types of complaints Customer service complaint is the most predominant. Complaints on online banking includes problem with OTP, website not accessible, account locked, etc. Break ups of the types of complaints is given in the following slides. Customer service issues most predominant Illustrative data only
- 15. www.simplify360.com Customer Service, 51.6% Technical Issues, 22.6% Fee Structure, 12.1% Card Issues, 8.9% Account Related issues, 4.7% Break up of customer service issues Poorservice Long time on phone Long time to resolve Notreceived a phone callaspromised Expensive phone call/NotW illing to callbank Unhelpful/incompetentstaff Branchclosed earlier/closed O thers 23% 20% 15% 14% 7% 7% 3% 11% Exhibit: Most common types of complaints Most common types of complaints in Customer service Illustrative data only
- 16. www.simplify360.com 45% 13% 5% 5% 3% 3% 3% Online banking issues Mobile App not working IOS App Issues Windows App Verified by visa is pain Security flaw Online purchase not available Technical issues: Types 46% 33% 13% 4% 4% Wrong deductions Unfair/high charges Overdraft charges Wrong transfers Late payment by bank Fee Structure issues: Types 40% 13% 13% 13% 7% 7% 7% Long time to send a card Card declined Not able to sort card issues contact less cards/debit cards not issued Problem with the card Wrong Card sent Card going to expire Card related issues: Types 18% 18% 12% 12% 9% 6% 6% 3% 3% 12% Longer time taken to resolve Longer time to process Fraud/Security issues Long time to open/close an account rejection of Mortgage/loan statement not sent Reason not specified PIN not sent after 2 weeks longer time to clear a cheque Others Account related issues: Types Break up of other types of issues Illustrative data only
- 17. www.simplify360.com CONSUMER INSIGHTS: ANALYSIS OF COMPLAINTS
- 18. www.simplify360.com Responding to the most important cases can help retain those high value customers Respond to complaints based on priority of Customers value CUSTOMER PROFILING CONTACT CENTRESOCIAL MEDIA DATA Medium Low Medium Complaints & Issues High value customers Customerlifetimevalue Probability of switching USING CUSTOMER ANALYTICS TO MITIGATE AND RETAIN CUSTOMERS Simplify360 prioritization algorithm
- 19. www.simplify360.com The Case Severity Score at theme level for the various social media buzz can be used to prioritize and sort out the complaints. Based on complaint types and customer profile, the complaints can be further analyzed and a Customer Vulnerability Score can be associated at a customer profile level Virality Negativity Case Severity Score (CSS) (Complaint Type Level) Complaints & Issues posted on Social media CORRELATE & REGRESS Virality Negativity Frequency Customer Vulnerability Score (CVS) (Customer Level) Proactive monitoring to identify • lead indicators • potential risk profiles Customer profiling for highly correlated issues Proprietary model Parameters for calculations to be standardized Lifetime value Probability of churn Automated prioritization helps in responding to what matters most
- 20. www.simplify360.com 20 Negativity Alerts: Critical Issues AREA DATE MESSAGE ISSUES MEDIA OUTLET CUSTOMER CVS REASONS NCT, New Haven Hotel 19th Sep 2013 @CustomerHelp we r not happy with your call centre and the way you keep intruding in our privacy. will discontinue using this bank Intruding in privacy of customer Twitter @Arunsingh al 4.2 High probability of leaving Uttar Pradesh, Greater Noida 19th Sep 2013 @CustHelp - worst decision to apply for account. Account not active for 2 days.No one has a clue what is the issue. Account issues Twitter @chuchusax ena 3.9 N/A 12th Oct 2013 Unable to use netbanking. Server always under maintenance. Worst Bank. Netbanking issues Twitter @RajRocks0 7 3.4 Maharashtra , Mumbai 17th Sep 2013 Please do something unnecessary deduction from my account. It is my money. Wrong deductions Twitter @bigfish00 9 3.2 Business need Our approach The objective is to inform the bank about those issues which are over the tipping point so that they can engage with the customers and resolve them Conversations related to consumers who are extremely disappointed and planning to move/port out can be assessed and alerted to the stakeholders Automated tagging on commonly occurring themes of complaints Illustrative data only
- 22. www.simplify360.com SHARE OF BUZZ ANALYSIS 87.50 75.00 62.50 50.00 37.50 25.00 12.50 HDFC ICICI Kotak Mahindra Axis Bank SBI Citibank India Standard Chartered India FACEBOOK FANS: SHARE OF VOICE TWITTER FANS: SHARE OF VOICE YOUTUBE SUBSCRIBERS: SHARE OF VOICE 14% 3% 0% 44% 5% 16% 18% HDFC ICICI Kotak Mahindra Axis Bank SBI Citibank India Standard Chartered India 20% 36% 0% 19% 13% 4% 8% HDFC ICICI Kotak Mahindra Axis Bank SBI Citibank India Standard Chartered India 19% 41% 0% 11% 1% 24% 4% HDFC ICICI Kotak Mahindra Axis Bank SBI Citibank India Standard Chartered India HDFC Bank led in most aspects Illustrative data only
- 23. www.simplify360.com Apply for demo now! Found interesting?
- 24. www.simplify360.com Simplify360, is a leading Social Business Intelligence Firm. Our latest offerings are Social Marketing Suite for agencies, Social Contact Center for BPOs and Social Command Center for Enterprises. We enable businesses to perform Online Reputation Management, Customer Service, Community Management, Social Media Research & Brand Auditing; Online Sales Lead Generation, and Consumer Sentiment Analysis. We serve leading companies including Viacom18, Star TV, Mahindra Retail and ITC Foods, Yamaha and Tata Sky. Simplify360 operates directly or through partners in the US, India, Malaysia, Korea, South Africa, Saudi Arabia and Brazil. If you are interested to know more about Simplify360 and its offering, you can contact us at [email protected] About Simplify360 US Headquarter: 1330, Capital Parkway, Carrollton, TX 75006 Phone : 347-468-7251 India: 3rd Floor, 7/1 Binnamangala, 100 Feet Road, Indiranagar, Bangalore 560038. Phone : +91 80 40971130 Address
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