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OCBC Reimagines Customer Engagement

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OCBC Reimagines Customer Engagement OCBC Reimagines Customer Engagement Kartik Narayan and Arvind Gupta OCBC Bank 2 Who is OCBC Bank? • OCBC Bank is the longest established 29,000 Singapore bank, formed in 1932. EMPLOYEES • The second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated 600 banks, with an Aa1 rating from Moody’s. BRANCHES AND REPRESENTATIVE OFFICES IN • Consistently ranked among the World’s Top 50 Safest Banks by Global Finance 18 and has been named Best Managed COUNTRIES AND REGIONS MORE THAN Bank in Singapore and the Asia Pacific by The Asian Banker. 9MILLION CUSTOMERS 3 OCBC Has a History With Pega Since 2011 2011 2013 2015 2017 2019 ROME ROME product ROME product CRUISE and RM Goals Based Foundation shelf + Financial shelf + Financial workspace Advisory Needs Analysis Needs Analysis (mobile) • STP for Deposit • STP for Credit • FNA Mobility • ROME regional • Goals Based Account Opening Cards and Services implementation Advisory (GBA) Unsecured extended to • Instant issuance Loans mobile devices • CRUISE (CRM) of ATM card and for sales staff implementation 2FA token • Digitized Financial Needs • STP for Analysis (FNA) Insurance process 4 Our Vision of the Bank of the Future Sits on Three Core Pillars Digital Data / AI as Customer Journeys & End-to-End Core Advantage Ecosystems • Natural / Simple: Mobile, • Best-in-class at the Core: Data • Banking Embedded into Natural language interface, & Machine Learning based re- Customer Journeys & embedded in other devices; invention of core processes - Business Processes – not sold Bio-metrics AML, KYC, Credit, Wealth, Ops separately risk / compliance • Instant • Ecosystem of Financial and • • Hyper-personalized: Relevant Sales & Service Maximization Non-financial Partners leveraging customer data providing holistic customer / and predictive insights business solutions • End-to-end automation – C/I 6 Our Capabilities Across Customer On-boarding, CRM, and Wealth Advisory are Influenced by These Pillars GOALS BASED ADVISORY To wow the customer To provide our front-line To evolve the customer with an outstanding staff with the tools conversation from a on-boarding and sales needed to efficiently transactional nature and execution experience, serve customers, and increase goal-based within, and outside to motivate a sales- advisory conversations our branches focused behavior 7 Our Industry had Room to Improve in the Customer On-boarding Journey – So We Improved! Tedious! So many forms! Multiple All information captured digitally, signatures! signed electronically once “White Spaces” in Shared Conversation, not a Transaction Customer Engagement An integrated journey on a single Manual compliance checks screen, heavy lifting is automated Focus on the quality of conversation – “Time” more important take the speed for granted than “Speed” Painful cross-sell process – Additional products and services More forms! More signatures! easily added into the journey New staff can open an account on their Extensive system training first day – without system training! needs – numerous tools 8 … and Built a Compelling and Comprehensive Journey Steve wants to open a deposit account and is talking to an OCBC Bank Financial Consultant. Product catalog for selection and comparison. Opportunities to cross-sell. Scan ID card and collects personal information. Automated compliance checks. 9 … and Built a Compelling and Comprehensive Journey Instant Account Creation. Instant Issuance of ATM card and 2FA token. Digital Signing followed by Next Best Action. 10 29% 1st 40% Customer Cross Sell and Account Opening Experience Scores Add-ons Sales Time GAMECHANGER: 95% of the Interaction was Shared With the Customer 11 We Then Built Capabilities to Improve Service Productivity and Drive Sales Within CRM… We wanted to We wanted to We wanted to Maximize opportunities Empower sales staff and Improve productivity of ~3000 generated by than 5 million enable proactive front line staff and increase annual customer interactions management and customer satisfaction intervention Provide capabilities needed to Provide staff with targets and Increase automation in cross-sell more with Real- performance in real-time, sales and service, across time Customer 360, next and managers have greater high-value and high-impact best sales offers visibility into the team processes performance 12 … and Devoted a Tremendous Amount of Energy Towards Getting the UX and Design Right Labs and User 25 Consultations Concurrent 14 Tracks Design 40 Iterations Wireframes and 10,000 Visual Mock-ups Man-hours of 60,000 effort spent 13 We Set Ourselves a Target of Reducing Handling Time for Several Common Requests Using STP Block and Replacement of Lost Debit and Credit Cards Select multiple cards across multiple variants Previously: • A 6 minute long process • 2 systems to key in manually Apply a reason code for all the cards and block all of them together Follow up with a card replacement workflow 14 And a Next Best Action Framework to Suggest Contextually Relevant Actions (Sales and Service) John is married with one child aged 8 Suggest purchase of Unit Trusts He earns $80,000 a year, high savings and few investments Suggest a Life Goals conversation He recently hit 80% of his credit card spend limit Suggest an increase in Credit Limit John recently called us to ask about Unit Trusts 15 Staff Targets and Performance Customer 360 view in Real-time Straight Through Servicing 16 30% 83% Service Request Contact Centre Systems to be Fulfilment AHT and AWT Trained on MOBILE: Customer Service and Sales Effectiveness at the Desk or on the Go 17 We Sought to Turn Discrete Wealth Product Transactions into Conversations Around Customer’s Life Goals Comprehensively Present customized understand our customers portfolio solutions Perform Trigger customers to enable seamless order placement regular review of goals Truly omni-channel journey: start planning goals on one channel and continue on another channel of choice 18 19 To Convert 50% of Today’s Product Conversations into Goal-based Conversations Review performance with a single- click portfolio realignment Propose a portfolio solution or allow the customer to customize their Understand their life goal needs own portfolio 3 using an interactive scenario-based simulator 2 1 20 Designing a ‘Loosely Coupled System’ the looser they are coupled, the bigger they scale, the fewer dependencies, the faster you innovate. 21 The Architecture Needed to be Simple and Scalable Localization Layer Countries and Entities (Country Specific) Application Layer Application Application 1 Application 2 Application 3 (UI, Workflow & Rules) N.. Re-Use Layer Common functions across (Reusable Function) Custom Business Rules based Custom Business Rules based on on Pega Frameworks countries Pega PRPC Common integration across countries • Product Configuration Framework Add on Pega Standard Customer Sales Force Other Standard • Pega Call FrameworkAdd on Process Manager Automation Pega Framework(s) Framework • Pega CHAT Framework Pega Base Pega RULES Process Commander (PRPC) Configurations 22 And the Technical Build Was Incredibly Complex – “Everything Must be Real-time!” Customer Product Applications Interactions Information Holdings 50+ Interfacing Systems 300+ Online Interfaces 4000+ Data Fields Campaigns Events and Feedback and and Referrals Service Alerts Performance 23 20+ 150+ 3000+ 4000+ USER INDEPENDENT BUSINESS RULES AND IMPORTED DATA COMMUNITIES FUNCTIONS PROCESSES ELEMENTS 4000+ 1000+ 300+ 50+ USERS ACROSS CUSTOM BUILT REPORTS AND INTERFACING BUSINESS LINES SCREENS DASHBOARDS SYSTEMS A Mammoth Endeavor Supported by a Robust Platform 24 .
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