Building Dynamic Relationships in Digital Financial … 1_3_KateJuntos CGAP... · Confidential...
Transcript of Building Dynamic Relationships in Digital Financial … 1_3_KateJuntos CGAP... · Confidential...
Confidential
Juntos uses messaging to make banking personal again
• Warm, individualized, automated conversations
• Automated, customized support for your new customers
• Our SMS channel allows Juntos to reach any phone in the world
• Engagement and deeper customer relationships at massive scale
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Juntos applies human-centered design to develop relationships
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Based on design thinking methodologies from Stanford University, JUNTOS uses an iterative, human-centered design process to guide the strategy of each project. At its center is that the solution is found within the customer.
Stages of the Human-Centered Design Process
User Research Ideation Prototyping Iteration
Uncover user needs, habits, and
perspectives
Develop a variety of approaches to
addressing user needs
Implement simple versions of the
solutionGet feedback from
users
Improve solutions based on user
response
Relationships are valuable to both the customer and the institution
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• Long term relationships with customers result in higher levels of activity and higher customer value
• The foundation of strong relationships is mutual understanding, which Juntos develops with customers through user research and learning from customer engagement during the iterative process of optimizing the SMS chatbots
• Juntos’ engagement with customers reveal that they want financial institutions to understand that they care about certainty and security more than ease of access
• Juntos uses learnings like these to develop initial prototypes of SMS chatbots
“I am not very good in banking dealings and funds transfer and the like, I get
anxious about misunderstanding the service, or being robbed, for example, or
withdrawal of additional fees or losing certain amounts and so on. Therefore, I
need to trust the service first before using it.” – Juntos user research participant
Relationships are dynamic and require flexibility
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Your customers’ needs for support tomorrow may not be the same as today
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Juntos uses this methodology for partner financial institutions in 12countries on 4 continents
Partnering with CGAP to Strengthen Relationships in DFS
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Juntos partnered with CGAP to provide dynamic, two-way SMS chatbots with the goals of:
Increase wallet transactions
Increase Instaloanuptake
Drive communication
engagement
Increase wallet transactions
Encourage registration
Mynt Tigo Money
Learnings
• Giving customers options of topics for messaging (e.g., savings, starting a business, etc.) was the most engaging approach
• Prompting product experience feedback resulted in customers feeling empowered and engaging with Juntosand the product more
• Focusing on the customer’s reality before discussing transaction behavior led to higher engagement
• Agents were interested in strengthening collaboration with Tigo to build their own business
• Explaining to both customers and agents why they needed to complete a KYC before giving instructions strengthened the network
Examples of Optimizing the Chatbot
• Messaging was more effective when it was targeted by gender
• For Mynt customers, advice helping customers learn how to leverage their account for their financial well being was more relevant than basic account usage tips
• Messaging more frequent than once a week overwhelmed Paraguyan users; once a week engagement was more targeted and impactful
Learnings & Relationships
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Communication Results
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6%
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25%
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April June August October
Tigo Money Deployment
21%
27%27%
21%
29%
0%
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10%
15%
20%
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February April June August October
Mynt Deployment
Enrollment for both deployments was above 95% and our most successful messaging tests resulted in high response rates between 20-30% at deployment maturity
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GCASH: We miss you. Enjoy this free SMS guide, JUNTOS. To continue text G. You can stop at any time by texting CANCEL.
Lack of ways to top up cash. 7 eleven in our area not working
JUNTOS: We noticed that you have not used your GCash account recently. We hope that you might give us another chance. Is there something we can help with?
Yes, but those other locations are too far for me.
June 7, 2016
JUNTOS: Thank you for telling us! Other GCash users also load their accounts at: Globe Stores, Puregold, SM, Tambunting or Villarica Pawnshop. Hope this helps!
June 10, 2016
Hi, I'm from Kapitolyo Pasig
JUNTOS: Visit www.globe.com.ph/gcash to find an outlet nearest you. Or you can text us which area you are in and we will give you cash-in options in 24 hours.
June 11, 2016
JJUNTOS: Hi! In Kapitolyo, Pasig, you can cash-in at the Globe Store in Shangri-la Mall or Tambunting Pawnshop on San Rafael st. cor. West Capitol Drive.
Oh I didn't know there was a tambunting, I'll check it out thanks
Mynt Deployment Conversation Example
Increasing Customer Wallet Activity
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7% portfolio-level increase in average wallet transactions above
the control group
20% increase in inactive customers’ average transactions
above the control group
After 4 months of messaging:
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0.05
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0.15
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0.25
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Test A Test B Test C Test D
Average Transactions After One Month of Messaging TreatmentJuntos vs. Control Group
Control Group Juntos Treatment Group
Mynt: Analyzing Messaging Effect by Gender
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Percent increase in average weekly transactions attributable to Juntos treatment
+20%
+83%+56%
+0%
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0.05
0.1
0.15
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0.35
Test A Test B Test C Test D
Average Transactions After One Month of Messaging TreatmentJuntos vs. Control Group Males & Females
Control Group Males Juntos Treatment Group Males
Control Group Females Juntos Treatment Group Females
Tests that looked unsuccessful in aggregate often had variable impacts on males and females