Becoming customer-focused is high on the agenda in many sectors, and banking/insurance is no exception. But what do customers really demand, what should characterize the customer experience and how should a company proceed to deliver this experience in order to increase its market share?
Mindshift was responsible for creating a strategy for customer experience. Key to the process was a series of in‑depth interviews with customers, several sessions with customer‑facing functions within Fremtind, qualitative and quantitative analysis, competitive positioning analysis and management team workshops.
The report provided a fresh perspective of each customer segment and detailed the desired customer experience, both at an emotional, reflective and behavioural level. It provided guidelines and examples on how to deliver this experience through customer support conversations, digital interfaces and advertising. The report also included a tactical implementation plan, as well as organizational development advise to ensure consistent customer experiences in the long‑term.
Mindshift defined the solution architecture for If’s new business system serving all insurance products within the commercial sector in the Nordics, including integrations to customer relation management, call centre, claims and payment systems, enabling If to roll out new products faster, lower system maintenance costs and innovate at a faster pace.
First‑time homebuyers are a large customer group for SpareBank 1. However, the bank experienced considerable churn when this group made their next property investment. Quantitative analyses did not provide the clues. In a series of in‑depth interviews, Mindshift revealed the underlying drivers for switching to other banks (price was not the driver). The project resulted in a series of measures, one of which was changing the advisors’ communication with customers about to make their next home investment.
KLP’s traditional retirement pension calculator led to member confusion and generated a lot of traffic to the call centre. Mindshift assisted KLP with development of a new digital pension guide, which provided members with different scenarios and how each would affect their pension benefit. The pension guide resulted in a huge reduction of pension benefit related calls, estimated at approximately 25%.
Statens Pensjonskasse is focused on effective processe, so the members will receive as much as possible for their pensions. To identify precise measures for increased self service, the members were segmented after their behaviour. Members with similar behaviours and drivers were placed in the same segment. After this, a number of highly focused measures were identified to influence their behaviours.
This resulted in a data platform that enables continous segmentation of the members, based on actual behaviour, cost effective and precise measures for increased self service behaviour.
Getting young adults to sign up for pension savings was a challenge for SpareBank 1. Digital solutions to educate customers in pension regulations, how installments affect their future pension and the details of how it is calculated, resulted in poor conversion rates. Mindshift applied behaviour psychology to develop a concept where the pension calculator was replaced by a simple digital solution, tapping into the target groups underlying drivers. The new approach resulted in an increase of more than 40% in average amount of payment installed.
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