Matt Smallman, Head of Strategy and Change, is speaking for Barclays Wealth and Investment Management, Client Experience. Barclays deals with clients on the phone, and the clients expect this level of service (now). They’ve been at this for a couple of years, will share lessons learned. Barclays is a universal bank, 50 countries, 300 year history, serving growth and investment areas and doing well.
Key business problems are around productive capacity. Broad spectrum of client needs, client focus internally. Working on removing the administrative load from front line employees. Clients have a choice between two interface: Barclays colleague (emotional connection) or DIY. “The employee-customer encounter is the crucible where value is created in sales and service organizations.” “Success will be defined by how our stakeholders think and feel about Barclays. It’s about creating an emotional as well as intellectual context with them.” Receive -> Route -> Recognize -> Resolve -> Review. Learning as they go along.
Recognition: identify, authenticate, authorize… (video from before biometrics) First challenge: trade-off between convenience and security. Their graph shows area way more toward security, slight convenience. Old model (2 years ago) was broken. Other problem dimensions: diamond shape graphic: client (top), colleague, company (middle), control (bottom). Process is in the middle, which got in the way. Security showed 1 in 4 fraud attempts.
Now (after voice biometrics): colleague speaking with client, time spent under 60 seconds (vs over 4 minutes and unsuccessful attempt to get info above). Voice biometrics: verification and identification. Modes of operation: text dependent or independent. Key processes: enroll client (informed consent) and verify.
Journey to implementation: RFP and proof of concept, evaluation and business case in 2011. Build and test, friends & family testing, client low volume and ramp up in 2012. Extend and analyze, optimize, repeat through 2013.
Lessons learned: solution is part of business process, sits in technology stack, involves clients and colleagues. Demos helped. “You’re my bank. If I trust you with my money, why wouldn’t I trust you with my voice?” Actual client-colleague experience is challenging, but is the key to successful adoption. Metrics and measurements: showing “the money shot” of when it works; getting the clients to that point takes work. Data privacy in UK requires consent for this purpose, successful enrollment, verification, matching, before the transactions take place smoothly. “If you are not serving the customers you better be serving someone who is.”