Using Telepresence to Attract and Retain Customers
John Stone III
Founder, President
Discussion
• Considering Channel Strategies• Enhancing The Human Touch• The Role of Telepresence Technology• Key Issues to Consider
The Situation
• Over the last ~25 years banks have emphasized direct channels for delivery efficiency
• Direct channels drive profitable operations and customers appreciate the speed and convenience
• However, at key moments, customers seek more personal service and advice for important transactions
Lifecycle Key Moments
Key moments span credit and investment plus deposit needs for individuals and small businesses
Retention/ Reduced Churn
DepositServices
7 Million customers
DepositServices
7 Million customers
CardServices
3 Million customers
CardServices
3 Million customers
InvestmentServices
0.8 Million customers
InvestmentServices
0.8 Million customers
Small Business Services
0.2 Million customers
Small Business Services
0.2 Million customers
2.0m
0.56m 0.1m
0.5m
Key moments introduce cross-selling opportunity and drive retention and profitability
Year 0
Year 1
Year 2
Year 3
Year 4
Year 5-20-10
01020304050607080
Profit from Price PremiumProfit from Refer-ralsReduced Operat-ing CostsProfit from Cross-salesBase Profit
Cross-selling impacts (Illustrative)
Telepresence as a Digital Strategy
• An immersive ‘visual presence’ • Demographic-ready• Enhance the branch experience• Permission approach for the online channel• Extend relationship management and product/
service expertise• Leverage efficiencies and scale• Benefit from brand enhancement
What’s involved?
• Unified Communications• Distance Collaboration• Purpose Built vs Standard Desktop• Expert call routing
Case Study Issues
• Working with a top 10 retail bank client, we identified a range of issues to consider :– Product-Channel Alignment – Customer Experience– Operational Alignment– Technology
Product-Channel AlignmentExample Service Demographic
FitTransactional
Fit
Adolescent new account YES YES
Student education loan YES YES
New partners account YES YES
Small business set up MIXED MIXED
Investment Plan MIXED MIXED
Retirement Plan MIXED MIXED
Customer Experience
• Will at home customers be comfortable using a 2-way video channel?
• Is bandwidth at home sufficient or reliable enough? Systems easy to use?
• Will the customers perceive this as “personal” service or another way for the bank to cut cost?
• Are technologies ready for an immersive experience at a reasonable cost?
Operations
• Does telepresence fit existing operations?– Location in branch to ensure privacy, use?– Environmental issues– e.g. lighting, seating– ATMs an appropriate channel Privacy? Availability?– Hours of operation impact the service profile?– What security issues must be considered?
Technical
• Are technologies ready?– Network bandwidth - voice and picture sync/latency– Microphone and camera quality– Large screens and definition– Multi-party networking– Support materials and knowledge in live environment– Delivering to mobile devices
Telepresence: a Solution for PNB
• Demographics support active adoption• Technologies are ready (if configured well)• Brand impact attracts new customers• Leverage for expansive networks• Position as ‘new value’, not a replacement or
cost-avoidance• Piloting solutions will validate fit and synchronize
with existing processes and infrastructure
Thank You
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