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Vietnam Retail Banking
Vietnam Retail Banking

Why Delighting Customers Matters

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with such content and in accordance with copyright laws. Copyright © 2010 Cimigo Download this presentation

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Cimigo advise 4 of the top 5 advertisers in Vietnam on their brand and communication

Cimigo advise 4 of the top 5 advertisers in Vietnam on their brand and communication strategies.

Research Channels

Research Channels
Research Channels
In-depth interviewing Focus groups
In-depth interviewing
Focus groups
Research Channels In-depth interviewing Focus groups Online survey Online usability labs Telephone interviewing

Online survey

Channels In-depth interviewing Focus groups Online survey Online usability labs Telephone interviewing Videographies

Online usability labs

Focus groups Online survey Online usability labs Telephone interviewing Videographies Street intercepts

Telephone interviewing

Online survey Online usability labs Telephone interviewing Videographies Street intercepts Mystery shopping Copyright

Videographies

Online usability labs Telephone interviewing Videographies Street intercepts Mystery shopping Copyright © 2010 Cimigo
Online usability labs Telephone interviewing Videographies Street intercepts Mystery shopping Copyright © 2010 Cimigo

Street intercepts

labs Telephone interviewing Videographies Street intercepts Mystery shopping Copyright © 2010 Cimigo Download this

Mystery shopping

Copyright © 2010 Cimigo Download this presentation for free: www.cimigo.vn

Richard Burrage

Richard Burrage Richard Burrage has seventeen years of experience in market research and strategic consulting. Richard

Richard Burrage has seventeen years of experience in market research and strategic consulting.

Richard has worked across Asia Pacific consulting across a range of industries and business issues.

Richard has spent the last ten years in Vietnam assisting in the development and building of numerous brands to achieve leadership positions.

Richard is a UK national and resides in HCMC with his Vietnamese wife and their children.

Richard is the Managing Director of Cimigo: www.cimigo.com

Richard is the Managing Director of Cimigo: www.cimigo.com Copyright © 2010 Cimigo Download this presentation for

Copyright © 2010 Cimigo Download this presentation for free: www.cimigo.vn

Cimigo Consumer Financial Services Monitor Cimigo has surveyed over 5,000 consumers on over 100 questions

Cimigo Consumer Financial Services Monitor

Cimigo has surveyed over 5,000 consumers on over 100 questions relating to personal banking and financial behaviour, attitudes and perceptions.

Delighting Customers

Delighting Customers

Contents

Does Delighting Customers Matter? What Delights Them Right Now? Banking Behaviour And User Demographics Extending
Does Delighting Customers Matter?
What Delights Them Right Now?
Banking Behaviour And User Demographics
Extending the Relationship
Customers Matter? What Delights Them Right Now? Banking Behaviour And User Demographics Extending the Relationship
Customers Matter? What Delights Them Right Now? Banking Behaviour And User Demographics Extending the Relationship
Does Delighting Customers Matter?

Does Delighting Customers Matter?

To answer this, let’s compare what bank customers think about their bank relationship vs. what

To answer this, let’s compare what bank customers think about their bank relationship vs. what they actually do.

How Cimigo Measures Commitment Customer Satisfaction Comparison to Other Banks Attitudinal Loyalty Loyalty measured by
How Cimigo Measures Commitment
Customer Satisfaction
Comparison to Other Banks
Attitudinal Loyalty
Loyalty measured by how
customers feel about doing
business with your bank
Likelihood to Recommend
Likely Future Use
Behavioral Loyalty
Loyalty measured by what
customers do
Comparing Attitudinal Loyalty Vs. Behavioural Loyalty 100% 80% Scores below 7 suggest higher likelihood of
Comparing Attitudinal Loyalty Vs. Behavioural Loyalty
100%
80%
Scores
below 7
suggest
higher
likelihood of
defection
A rating of 8
results in a
20-point
60%
decrease in
likelihood to
stay with
bank
40%
20%
Satisfaction
Ratings of 9
and 10 most
likely to
indicate
strong
behavioural
loyalty to
bank
0%
5
6
7
8
9
10
Satisfaction Rating
% Likely to continue use

% Likely to recommend bank to others

Even Steeper Drop For Likelihood To Recommend!

A drop in satisfaction rating from 9 to 8 can mean a drop of 40
A drop in satisfaction rating from 9 to 8
can mean a drop of 40 points in
likelihood to recommend!
From 70%
to 30%

100%

drop of 40 points in likelihood to recommend! From 70% to 30% 100% 5 6 7
drop of 40 points in likelihood to recommend! From 70% to 30% 100% 5 6 7

5

6

7

8

9

10

Satisfaction Rating

80%

60%

40%

20%

0%

drop of 40 points in likelihood to recommend! From 70% to 30% 100% 5 6 7
Does delighting customers matter? Customers can rate their satisfaction level at 8 and still not

Does delighting customers matter?

Customers can rate their satisfaction level at 8 and still not be completely likely to continue using their bank or recommend it to others.

Delighting customers (moving them from 7-8 to 9-10) has a direct impact on long-term growth.

What Delights Them Right Now?

What Delights Them Right Now?

Let’s see what banking experiences stick in their minds…

Let’s see what banking experiences stick in their minds…

Positive And Negative Experiences Had any exceptionally positive experiences recently? Had any exceptionally negative
Positive And Negative Experiences
Had any exceptionally positive
experiences recently?
Had any exceptionally negative
experiences recently?
26%
4%

Top 5 Examples Of Positive Experiences

Top 5 Examples Of Positive Experiences 54% Staff interaction 24% ATM network/services 22% Quick banking service
Top 5 Examples Of Positive Experiences 54% Staff interaction 24% ATM network/services 22% Quick banking service

54%

Staff interaction

24%

ATM network/services

22%

Quick banking service

Convenient banking

Call from bank sales

10%

3%

Number 5

interaction 24% ATM network/services 22% Quick banking service Convenient banking Call from bank sales 10% 3%
interaction 24% ATM network/services 22% Quick banking service Convenient banking Call from bank sales 10% 3%
Top 5 Examples Of Positive Experiences 54% Staff interaction 24% ATM network/services 22% Quick banking
Top 5 Examples Of Positive Experiences
54%
Staff interaction
24%
ATM network/services
22%
Quick banking service
10%
Convenient banking
9%
High interest rates

Number 5

24% ATM network/services 22% Quick banking service 10% Convenient banking 9% High interest rates Number 5
24% ATM network/services 22% Quick banking service 10% Convenient banking 9% High interest rates Number 5
Top 5 Examples Of Positive Experiences 54% Staff interaction 24% ATM network/services 22% Quick banking
Top 5 Examples Of Positive Experiences
54%
Staff interaction
24%
ATM network/services
22%
Quick banking service
10%
Convenient banking
9%
High interest rates

Number 4

24% ATM network/services 22% Quick banking service 10% Convenient banking 9% High interest rates Number 4
24% ATM network/services 22% Quick banking service 10% Convenient banking 9% High interest rates Number 4
Top 5 Examples Of Positive Experiences 54% Staff interaction 24% ATM network/services 22% Quick banking
Top 5 Examples Of Positive Experiences
54%
Staff interaction
24%
ATM network/services
22%
Quick banking service
10%
Convenient banking
9%
High interest rates

Number 3

24% ATM network/services 22% Quick banking service 10% Convenient banking 9% High interest rates Number 3
24% ATM network/services 22% Quick banking service 10% Convenient banking 9% High interest rates Number 3
Top 5 Examples Of Positive Experiences 54% Staff interaction 24% ATM network/services 22% Quick banking
Top 5 Examples Of Positive Experiences
54%
Staff interaction
24%
ATM network/services
22%
Quick banking service
10%
Convenient banking
9%
High interest rates

Number 2

24% ATM network/services 22% Quick banking service 10% Convenient banking 9% High interest rates Number 2
24% ATM network/services 22% Quick banking service 10% Convenient banking 9% High interest rates Number 2
Top 5 Examples Of Positive Experiences 54% Staff interaction 24% ATM network/services 22% Quick banking
Top 5 Examples Of Positive Experiences
54%
Staff interaction
24%
ATM network/services
22%
Quick banking service
10%
Convenient banking
9%
High interest rates

Number 1

24% ATM network/services 22% Quick banking service 10% Convenient banking 9% High interest rates Number 1
24% ATM network/services 22% Quick banking service 10% Convenient banking 9% High interest rates Number 1
Staff interaction by far the most mentioned reason for positive experiences. ATMs also mentioned, but

Staff interaction by far the most mentioned reason for positive experiences.

ATMs also mentioned, but to a lesser extent.

Top 5 Examples Of Negative Experiences

Top 5 Examples Of Negative Experiences 3% Call from bank sales Number 5
Top 5 Examples Of Negative Experiences 3% Call from bank sales Number 5

3%

Call from bank sales

Number 5

Top 5 Examples Of Negative Experiences 3% Call from bank sales Number 5
Top 5 Examples Of Negative Experiences 3% Call from bank sales Number 5
Top 5 Examples Of Negative Experiences 44% ATM broke down 35% ATM ran out of
Top 5 Examples Of Negative Experiences
44%
ATM broke down
35%
ATM ran out of money
11%
Banking took too long
8%
Staff not nice and warm
5%
Poor ATM locations

Number 5

down 35% ATM ran out of money 11% Banking took too long 8% Staff not nice
down 35% ATM ran out of money 11% Banking took too long 8% Staff not nice
Top 5 Examples Of Negative Experiences 44% ATM broke down 35% ATM ran out of
Top 5 Examples Of Negative Experiences
44%
ATM broke down
35%
ATM ran out of money
11%
Banking took too long
8%
Staff not nice and warm
5%
Poor ATM locations

Number 4

down 35% ATM ran out of money 11% Banking took too long 8% Staff not nice
down 35% ATM ran out of money 11% Banking took too long 8% Staff not nice
Top 5 Examples Of Negative Experiences 44% ATM broke down 35% ATM ran out of
Top 5 Examples Of Negative Experiences
44%
ATM broke down
35%
ATM ran out of money
11%
Banking took too long
8%
Staff not nice and warm
5%
Poor ATM locations

Number 3

down 35% ATM ran out of money 11% Banking took too long 8% Staff not nice
down 35% ATM ran out of money 11% Banking took too long 8% Staff not nice
Top 5 Examples Of Negative Experiences 44% ATM broke down 35% ATM ran out of
Top 5 Examples Of Negative Experiences
44%
ATM broke down
35%
ATM ran out of money
11%
Banking took too long
8%
Staff not nice and warm
5%
Poor ATM locations

Number 2

down 35% ATM ran out of money 11% Banking took too long 8% Staff not nice
down 35% ATM ran out of money 11% Banking took too long 8% Staff not nice
Top 5 Examples Of Negative Experiences 44% ATM broke down 35% ATM ran out of
Top 5 Examples Of Negative Experiences
44%
ATM broke down
35%
ATM ran out of money
11%
Banking took too long
8%
Staff not nice and warm
5%
Poor ATM locations

Number 1

down 35% ATM ran out of money 11% Banking took too long 8% Staff not nice
down 35% ATM ran out of money 11% Banking took too long 8% Staff not nice
Out of the top 5 negative experiences, 3 of them relate to ATM problems. Bank

Out of the top 5 negative experiences, 3 of them relate to ATM problems.

Bank staff and service delivery mentioned far less.

There seems to be a direct relationship between satisfaction and staff interaction… and an inverse

There seems to be a direct relationship between satisfaction and staff interaction…

and an inverse relation between satisfaction and ATM usage…

% Delighted customers

In Fact, The More Customers Visit A Branch…
In Fact, The More Customers Visit A Branch…

In Fact, The More Customers Visit A Branch…

In Fact, The More Customers Visit A Branch…
…the more likely they are to have high overall satisfaction. 53% 48% 40% 34%
…the more likely they are to
have high overall satisfaction.
53%
48%
40%
34%

Never

Rarely

Once a month

More often

Frequency of visiting branches

100%

80%

60%

40%

20%

0%

53% 48% 40% 34% Never Rarely Once a month More often Frequency of visiting branches 100%

% Delighted customers

While The Same Cannot Be Said For ATM Usage

ATMs don’t “cause” dissatisfaction, but don’t help boost loyalty either 49% 47% 40% 39%
ATMs don’t “cause” dissatisfaction,
but don’t help boost loyalty either
49%
47%
40%
39%

Never

Rarely

Once a month

More often

Frequency of using ATMs

100%

80%

60%

40%

20%

0%

loyalty either 49% 47% 40% 39% Never Rarely Once a month More often Frequency of using
Modern banking technology and convenience is great, but human interaction still matters. Especially when technology

Modern banking technology and convenience is great, but human interaction still matters.

Especially when technology hasn’t been perfected yet.

But is interaction of equal importance to everyone?

Banking Behaviour And User Demographics

Banking Behaviour And User Demographics

ATMs Most Frequently Used Touch Point

70% 34% 6% 5%
70%
34%
6%
5%
ATMs Most Frequently Used Touch Point 70% 34% 6% 5% Touch points visited/contacted once a month

Touch points visited/contacted once a month or more – HCMC & Hanoi

Most Frequently Used Touch Point 70% 34% 6% 5% Touch points visited/contacted once a month or
Most Frequently Used Touch Point 70% 34% 6% 5% Touch points visited/contacted once a month or
Most Frequently Used Touch Point 70% 34% 6% 5% Touch points visited/contacted once a month or
ATMs Popular Among Younger Segments

ATMs Popular Among Younger Segments

 
   

ATM & Branch Visited Once a Month or More – HCMC & Hanoi

 

18-24

25-34

35-44

45-54

 

84%

80%

58%

50%

 
25%
25%
32%
32%

41%

42%

– HCMC & Hanoi   18-24 25-34 35-44 45-54   84% 80% 58% 50%   25%
Conclusions
Conclusions

1. Staff interaction is a leverage for delighting older customers and fostering long-term relationships.

2. As younger users grow in age, net worth, and financial sophistication, they too will begin to place higher value on staff quality.

3. However, for now, ATMs remain the primary touch point among younger users.

By trying to understand what creates a valuable experience for customers, we’ve identified two key

By trying to understand what creates a valuable experience for customers, we’ve identified two key segments based on age, bahaviour and interaction with different bank touch points.

How well do you understand… Your customers? Your service levels? Across touch points?

Extending the Relationship

Extending the Relationship

Touch-points are not only essential for managing customer relationships, they are also opportunities to transmit

Touch-points are not only essential for managing customer relationships, they are also opportunities to transmit information and announce new products and promotions.

If your bank wanted to let you know about a new savings product that might

If your bank wanted to let you know about a new savings product that might interest you, how likely would each of the following methods be to convince you to sign up?

Most “convincing” ways to encourage sign-up 25% Preferential interest rate 20% Face-to-face talk with bank
Most “convincing” ways to encourage sign-up
25%
Preferential interest rate
20%
Face-to-face talk with bank representative
16%
Gift given upon sign-up
12%
Info sheet describing the new product
12%
Phone call from bank employee

Number 5

16% Gift given upon sign-up 12% Info sheet describing the new product 12% Phone call from
16% Gift given upon sign-up 12% Info sheet describing the new product 12% Phone call from
Most “convincing” ways to encourage sign-up 25% Preferential interest rate 20% Face-to-face talk with bank
Most “convincing” ways to encourage sign-up
25%
Preferential interest rate
20%
Face-to-face talk with bank representative
16%
Gift given upon sign-up
12%
Info sheet describing the new product
12%
Phone call from bank employee

Number 4

16% Gift given upon sign-up 12% Info sheet describing the new product 12% Phone call from
16% Gift given upon sign-up 12% Info sheet describing the new product 12% Phone call from
Most “convincing” ways to encourage sign-up 25% Preferential interest rate 20% Face-to-face talk with bank
Most “convincing” ways to encourage sign-up
25%
Preferential interest rate
20%
Face-to-face talk with bank representative
16%
Gift given upon sign-up
12%
Info sheet describing the new product
12%
Phone call from bank employee

Number 3

16% Gift given upon sign-up 12% Info sheet describing the new product 12% Phone call from
16% Gift given upon sign-up 12% Info sheet describing the new product 12% Phone call from
Most “convincing” ways to encourage sign-up 25% Preferential interest rate 20% Face-to-face talk with bank
Most “convincing” ways to encourage sign-up
25%
Preferential interest rate
20%
Face-to-face talk with bank representative
16%
Gift given upon sign-up
12%
Info sheet describing the new product
12%
Phone call from bank employee

Number 2

16% Gift given upon sign-up 12% Info sheet describing the new product 12% Phone call from
16% Gift given upon sign-up 12% Info sheet describing the new product 12% Phone call from
Most “convincing” ways to encourage sign-up 25% Preferential interest rate 20% Face-to-face talk with bank
Most “convincing” ways to encourage sign-up
25%
Preferential interest rate
20%
Face-to-face talk with bank representative
16%
Gift given upon sign-up
12%
Info sheet describing the new product
12%
Phone call from bank employee

Number 1

16% Gift given upon sign-up 12% Info sheet describing the new product 12% Phone call from
16% Gift given upon sign-up 12% Info sheet describing the new product 12% Phone call from
Direct personal interaction is a key method of up- and cross-selling, almost as potent as

Direct personal interaction is a key method of up- and cross-selling, almost as potent as rates.

More remote methods of contacting customers are seen as less convincing.

How can you leverage your staff for both maintaining and extending banking relationships?

Delighting Customers

Delighting Customers

Richard Burrage
Richard Burrage

Cimigo

9 Nguyen Huu Canh Street, Binh Thanh District, HCMC, Vietnam T: (84) 8 3822 7727 Ext 345 E: richardburrage@cimigo.com, W: www.cimigo.vn