Reinventing Customer Engagement: The Winning Model for Banks and Insurers – Webinar Recap

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Renowned author and financial services consultant, Roger Peverelli returns to talk about his latest book Reinventing Customer Engagement: The Winning Model for Banks and Insurers.

Introducing his new book, Roger spoke about the process and methodology behind their findings. He and co-author Reggy de Feniks wanted to find out what successful customer engagement looked like in a number of industries globally to see if there were lessons and best practices could be applied to the financial services. They made a number of discoveries that surprised them.

Roger then went on to reveal the four main reasons why customer engagement is important:

1. Customer engagement is essential to building trust – Engaging with customers means listening to what they say and responding, which builds a relationship and, eventually, trust, something banks must work hard to do.

2. Shift in points in differentiation – As market places become more crowded and competitive, customer engagement is one area where a brand can set itself apart.

3. Customer engagement is a primary source of profit – Customers who have a good experience with a brand are more likely to buy a second product, less open to accepting offers from competitors, and more likely to recommend the brand to others.

4. Regulators are paying more attention to customer engagement – Every aspect of the customer experience is now coming under the microscope. It’s no longer just about the product; sales and service processes, quality of advice, and after sales communication must all be up to scratch.

Once he had explained the importance of customer engagement, Roger pointed out that although banks seem to think it’s high on their priority list, really they are just paying lip service. He pointed to recent research from Forrester, which found that:

  • 47% banks don’t measure their own performance when it comes to customer service / engagement
  • 71% don’t have a comprehensive overview of their customer engagement policy
  • 79% do not structurally train employees to engage with customers

However, Roger did say that not all banks were falling behind and he included some shining examples in his list of brands that encapsulated one his four core business values that resulted in successful customer engagement. Here are the four values he shared:

1. Vision and leadership – With the example of DBS Bank, who ensure that every process and every employee, from the CEO down, embraced the bank’s values of being respectful, easy to deal with, and dependable.

2. Deep customer understanding – exemplified by Singapore’s OCBC FRANK concept, which created a project team to figure out how to reach 18 – 30 year olds. They made sure the team was made up from people of the same age. The end result was that 70% of new clients now come through that channel.

3. Culture and people – This time the best case wasn’t a bank but an airline. South Western are renowned for their service, even though they invented cheap airfare. They were the only airline to make a profit in the U.S. in the last period, and they believe it’s because they challenge their staff to help each other out.

4. Competence and discipline – Russian bank, Live Financial Group send teams with cameras to their branches to interview customers as they exit. The films are then sent to the branch in question so employees can learn what their customers think and how they can improve. Live Financial Group have seen a direct correspondence between their net promoter score and their net income ration as a result.

Roger than identified 7 strategic design principles which he believes are key to improving customer service:

1. Orchestration: The entire customer journey matters; a good experience is cancelled out by a bad experience in a flash.

2. Expectation management: Being upfront about processes can help to manage expectations, which greatly affects whether a customer leaves feeling satisfied or cheated.

3. Customer involvement: Customers want to feel empowered – that they play a role in making the products they choose better. They also want to share their experiences; it magnifies their enjoyment.

4. Virtual proximity: Customers can feel ‘close’ to their bank, even if there are no branches anywhere near them.

5. Think contextually: Think about the big picture, what types of partnerships with parallel services or businesses can help boost business and add value to the customer?

6. Lifetime value management: Recognize that while some customer engagement initiatives may require an investment, the long-term or lifetime value will far outweigh the initial spend.

7. Focus on customer journey when you’re looking at engagement you have to take two perspectives into account: relevancy for customers and impact on business objectives. Focus on the most relevant and profitable moments throughout the journey to be successful.

Roger summed up by stating that turning customer engagement into an economic engine requires a careful blend of core business values and strategic design principles.

To see Roger’s webinar in full, including commentary, watch the film.

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We Won Best of Show at FinovateEurope 2014!

Finovate 2014

FE2014-BestofShowWhen we presented our new Digital Sales and Enrollment Module at Finovate yesterday we knew the crowd loved it, we just didn’t know how much. Thank you to everyone who voted for us and helped us to win ‘Best of Show’ at FinovateEurope 2014.

Read our official press release to find out more about our omni-channel Digital Sales and Enrollment Module, and watch this space; we’ll upload a video of the winning demonstration as soon as its ready.

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New Omni-Channel Digital Sales Enrollment Module is a Big Hit at FinovateEurope 2014!

FE2014-BestofShowWe launched our new Omni-Channel Digital Sales Enrollment Module at FinovateEurope today and the crowd loved it, lighting up Twitter with a flood of positive feedback (Update: We later found out we won ‘Best of Show’).

CEO Jouk Pleiter and Head of Marketing Jelmer de Jong unveiled an exciting new an addition to our flagship product, Backbase Customer Experience Platform (CXP), at FinovateEurope today. The Omni-Channel Digital Sales Enrollment Module is designed to streamline the enrollment process, improving ROI and reducing friction by minimizing the chance of abandonment.

In a practiced and eloquent presentation, Jouk demonstrated the key features in the newly launched module include advanced targeting and segmentation rules within the Backbase CXP digital marketing engine, which will help digital marketers at financial institutions optimize their digital sales campaigns. Also included are new out-of-the-box enrollment and origination capabilities that cover the entire mobile application process, utilizing device specific features, like employing the camera to take pictures and using character recognition to automatically pre-fill forms. The application process is completely omni-channel ready; its possible to start an application on one device and continue on any other device, or in any other channel with a seamless handover and orchestration between channels.

Jouk summed up just how important getting the application process is, saying “Abandonment rates in online and mobile enrollment start around 60% and go even higher, this is way too much and it’s costing banks serious money. With our new Digital Sales and Enrollment Module banks will be able to reduce friction, lower abandonment rates, and increase online sales, the result of which is a clear and measurable ROI for FIs.”

The Omni-Channel Digital Sales Enrollment Module turned out to be big hit with the audience, and many of them took to Twitter to share their thoughts:



Visit to find out more about Backbase CXP.

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Backbase In Lead Pack of Gartner User Experience Platform MarketScope


Gartner have just released their first MarketScope for User Experience Platforms and Backbase CXP has been placed squarely in the leader’s pack.

We’re very pleased to share that Gartner have again recognized Backbase CXP as being at the forefront of user experience design and mobile development support. In their recently released MarketScope for User Experience Platforms (UXP), which is a go-to guide for IT leaders researching the UXP market, Gartner has placed Backbase CXP as a strong front-runner.

Gartner describes UXPs as an “integrated set of tools for delivering modern websites and portals that supply consistent, high-fidelity user experiences across a breadth of services, and the sites and apps created by a UXP can be deployed across multiple channels and devices. A UXP can serve as the enabling, unifying system for multichannel, modern Web initiatives and next-generation digital marketing intranets, as well as B2B collaboration environments. A UXP can serve any audience and support any business function that requires human interaction.”

About Backbase CXP Gartner notes that Backbase’s “core competency is in user experience technologies,” and that we have “a strong, compelling vision of a UXP, with good integration between its WCM, website optimization tools, and powerful compositing features.” Gartner goes on to draw attention to the fact that we fully support mobile app development, stating under our ‘Strengths’ that “Backbase has good support for mobile development, both native and hybrid applications.”

The positive rating from Gartner confirms our position in the emerging UXP market, and encourages us to continue to push for customer-centric innovation and challenge to the traditional legacy IT vendors.

Coming hot on the heels of being named ‘market leader’ of ‘Next Generation Digital Banking Platforms’ by industry analyst Ovum, and being hailed as most visionary in Gartner’s Magic Quadrant for Horizontal Portals, being recognized as user experience specialists makes us incredibly proud.

You can read more about the report here, and our official press release here.

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Digital Banking Trends in 2014 – Webinar Recap

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As the year gets started, Backbase CEO Jouk Pleiter and Gobal Head of Marketing, Jelmer de Jong, look back at the trends that have endured through 2013 and look set to dominate digital banking for the coming year.

While there were quite a few hot topics to choose from, the two chose to focus on what they see as the key trends that they believe are true game changers, which will redefine how digital banking is seen today and for years to come. Here’s a brief recap of each topic:


Omni-channel is the final destination in the natural progression from the traditional branch only banking model, through multi- and cross-channels to arrive at a point where the brand is holistically experienced by the customer regardless of device or context. Most banks today operate at a multi-channel level, with a few delivering cross-channel experiences. Omni-channel experiences are few and far between. A true omni-channel experience requires a level of technological orchestration that is beyond most banks’ capabilities. To start heading in the right direction, banks should focus on ‘service design’ principles, with the customer at the center of their product and experience strategies.


New web-based technologies, such as widgets offer dynamic solutions as they are smaller and more flexible than the traditional monolithic GUIs, which have little to no moveable parts. Widgets can be consumed across multiple channels, making them ideal in a mobile first world. They are reusable and customizable, enabling WORA capabilities for websites, and apps – both native and hybrid. Jouk and Jelmer then gave some real world examples of widgets in action on banking websites.


As digital has become the space in which brand wars are won and lost, it has become clear that business teams and IT teams need to be more closely aligned. Creating a business model and deploying a new IT architecture to ensure collaboration will be key according to Jouk. The ideal structure will be one where the existing legacy systems are loosely coupled with a presentation layer, allowing IT to focus on maintaining the stability of back office operations, while empowering business and marketing teams to innovate with customer oriented functions.

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Both Jouk and Jelmer agree that the banks that can leverage their customer data with the emerging technologies will reap massive rewards. Today’s customers want personalization; they want to know that the banks know who they are and to give them information they can use to improve their lives. Jelmer thinks that banks need to look closely at what retail is doing in this area to see what can be adapted to the banking industry, and gives some real world examples. Lastly the two discuss the ramifications of Apple’s latest innovation, iBeacon, looks set to bring targeting to a whole new level.



2014 will be the year banks are forced to start experimenting according to Jouk. Other industries have been seeing the benefits of using experimentation to continuously optimize their digital experiences for decades. If banks want to succeed and grow in the digital economy they have no choice but to follow suit or lose out to more agile players like Simple and Moven, who will attract the digital natives.


To see the full webinar and listen to an in depth commentary and get insider tips from Jouk and Jelmer, watch the YouTube video, or visit Slideshare for the slides only.

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