What are the trends in customer segmentation and
personalisation that will help to improve customer
engagement?

There is no doubt that Financial Service Providers have a deep desire to achieve
extraordinary client service. The truth is that there will need to be considerable change for this
to be a reality if an FSP is going to thrive into the future.

Based upon research documented by Experian™ in their paper entitled “How to implement
the new rules of customer engagement”, there are many interesting lessons and guidance
that can be gained from this research (www.decisioningvision.com).

For example:-

• 77% of providers said customer experience will be the ultimate differentiator for Financial Services in 2020.
• 87% of consumers are calling for deeper brand relationships and engagement with their Financial Service Provider.
• 78% said their business strategy will have to change to meet the challenges of improved customer experience
• 87% of consumers feel they should be able to communicate and interact with Financial Services Providers quickly and in real time
• 63% said more collaboration is needed between different customer-facing parts of the business

Whilst this research is based upon UK data the recent changes in regulation mirror that which
we in South Africa are unpacking. The spirit behind the new and incoming legislation in
respect of Treating Customers Fairly (TCF) and Retail Distribution Review (RDR) is to align
an FSP’s purpose with that of the consumer – or client. In research undertaken in 2010, it was
no surprise to discover that clients and FSPs when asked to list their top ten needs, only ONE
of these needs were shared – Trust! The disturbing factor was that 9 out of 10 needs
identified by the client were not on the top 10 list of the FSP! Most FSP’s will find themselves
in a different reality to their clients. Don’t believe me? Just ask your clients?

That being said, having taken a little poetic license, the following are some factors to consider
when focusing on customer engagement of the future.

• Make sure your clients are profitable.
  • Have efficient communications processes in place
  • Understand Lifetime value
  • Optimise your client creation and retention processes
  • Optimise internal processes and communications
• Grow your relationship with clients
  • Ensure you have a single view of a client’s complete history from communications to data
  • Be able to leverage real time data (business intelligence)
  • Be able to activate clients and enable them to activate the business.
  • Partner with the client – don’t exclude them from access.
• Client segmentation is crucial for focused collaboration
  • Focus on the right clients for the right reasons
  • Segment client’s early. Early identification is essential.
  • Enhance your value proposition by giving clients access to value added services – on line and in real time!
  • Be able to monitor activity
• Manage your risk
  • Be vigilant. For example, FICA testing is essential
  • Remember POPI – be respectful and compliant
  • Security of data is a real issue. Be aware and ensure backups of data.
• Communicate! Collaborate! Communicate!
  • Use your single client view data to help focus on clients and client segments
  • Transparency is central to building trust. Your ICT solution should reflect this.
  • Automate where possible but collaborate everywhere!
  • Create contact opportunities systematically, proactively and collaboratively!
  • Ensure full record keeping of any collaboration, contact or change
  • Communicate your brand at every turn. No exceptions!

FSP’s will need to invest their time into developing client engagement strategies and
leveraging technologies that will support delivery and fulfillment of the new minimum service
standards of the future.

The time is NOW!

“To succeed, it is imperative to create immersive experiences for customers”
(Decisioning Vision).

Pfirestorm is an affordable internet based service that organisations are able to offer their clients that will result in the cementing of existing relationships and/or the establishment of new relationships between the clients and the organisation.

This service is CLIENT-CENTRED and simultaneously provides the organisation with a platform that addresses fundamental business matters such as strategy and wealth creation, operations and practice management, compliance issues, day to day matters, vast Marketing opportunities, leveraging IT in a unique way, staff incentives and measurements and impact directly and indirectly on your income flows from day one.

The purpose for this service is to enable organisations and clients to be able to reach out to one another in an environment that is transparent, promotes shared responsibility and facilitates relationships providing mutual benefit for the client and the organisation.

It is no longer a matter of who you know! It is who knows YOU!

It is time!

VALUE PROPOSITION TO OUR CLIENTS

Pfirestorm’s unique collaborative technology will enable our clients to deliver a branded and unified sustainable experience to their customers at all levels of their organisation, through programmed alignment of internal procedures and processes with their Customer Value Proposition.

Our clients will experience the power of a programmed behavioral system designed to sustain, facilitate and deliver to their clients, a distinctive Customer Value Proposition resulting in increased new and retained customers that can be measured in terms of higher production outcomes, reduced operating costs, focused employee and customer activities, customer services that exceed expectations, business continuity, and ultimately good corporate governance aligned to a dynamic regulatory environment.