Overview

pRefinitiv is a financial data company for trading and risk management analytics. The company’s solutions are built on a unique open-platform, which enables high-performance products, best-in-class data, and a suite of 150 market-leading data, analytics, trading, and risk assessment tools for banks and asset managers. Formerly the financial and risk business of Thomson Reuters, Refinitiv was born in 2018 but blends 160 years of Reuters heritage with the latest technology. /p

Supernova Award Category

Next Generation Customer Experience

The Problem

p class="Textbody"Customers greatly admired Refinitiv’s data and analytics solution for financial and risk management applications. But Refinitiv’s online support was not as robust. Nearly a third of the company’s customers said they were dissatisfied with user-friendliness. /p ul li class="Textbody"Customers had to wade through 67 different support portals across the enterprise, which were cluttered, counterintuitive, and non-responsive sites./li li class="Textbody"33% of customers were dissatisfied with user-friendliness./li li class="Textbody"Less than half of customers rated the ease of doing business as seven (out of a ten-point scale) or higher./li li class="Textbody"Very high mobile bounce rates./li /ul p class="Textbody"Refinitiv needed to reinvent the customer’s digital journey, align offerings, and empower the financial community with an optimal online and support experience. This issue was exacerbated by the restructuring (when Refinitiv separated from Reuters). This challenge became a complex digital transformation project./p p class="Textbody" /p

The Solution

p class="Textbody"The solution demanded an innovative strategy with two broad goals: Unify all 67 platforms to improve customer satisfaction and user engagement; and create a revolutionary new self-service portal bringing simple, fast access to Refinitiv’s 150 products, for the 1st time, through a single authenticated customer login. This included:/p ul li class="Textbody"A single door to products and services online providing improved usability, mobile responsiveness, and brand alignment./li li class="Textbody"A personalized experience, with adaptive layout, content, and capability, built on the industry-leading Adobe Experience Cloud Technology stack./li li class="Textbody"personalized greetings, outstanding invoices made readily available, targeted A/B tests for CTAs, relevant content recommendations, targeted product recommendations, training recommendation and trending FAQs, and personalized periodic notifications./li /ul

The results

p class="Textbody"The project not only dramatically improved the customer experience, but it also generated substantial other benefits:/p ul li class="Textbody"Shutting down the legacy portal generated cost savings./li li class="Textbody"Almost 650 qualified leads were generated, improving cross-selling./li li class="Textbody"Agile adoption (location-independent) led to faster releases to production; the team was scheduled for monthly releases but achieved 19 releases in 12 months. /li li class="Textbody"An Enterprise Agile Playbook that can be used for Agile implementation across the enterprise to reduce time to market./li li class="Textbody"Achieved savings in technical support costs./li li class="Textbody"Business on track to achieve ROI goals by 2020./li /ul

Metrics

p class="Textbody"Additional measures of success are captured below:/p ul li class="Textbody"70% of customers rated the new self-service portal between 8 and 10 out of 10./li li class="Textbody"31% increase in page views./li li class="Textbody"38% increase in completion of customer self-service tasks. /li li class="Textbody"57% increase in average page views per user./li li class="Textbody"Average time spent on the site nearly doubled from 4 minutes to 7.38 minutes./li li class="Textbody"6% YoY growth in case deflections./li /ul

The Technology

p class="Textbody"The technology solution included a world-class experience platform from Adobe (Adobe Experience Manager, Launch, Analytics, Target, AAM) integrated with  Salesforce, using middleware built in-house. Using this technology landscape, MyRefinitiv provides a highly personalized, data-driven, and targeted digital customer experience./p

Disruptive Factor

p class="Textbody"MVP for this program was delivered using Agile framework in November 2017 while the remaining organization was largely following the waterfall methodology. The team completed a record 19 production releases in one year to provide a substantially improved experience on this self-service portal. On this journey, TCS also created the Agile Playbook for enterprise-wide adoption of location-independent Agile. The same playbook is now being implemented for other Agile projects within the organization./p

Shining Moment

ul li class="Textbody"Stevie Awards for Sales Customer Service/li li class="Textbody"CXA-18 Awards/li li class="Textbody"Four Awards at the World IT Awards/li li class="Textbody"Five awards at the International Business Awards (Stevies)/li li class="Textbody"RITA 2018 ‘Agile Project of the Year – Runner Up’ Award/li li class="Textbody"Best Product Development B2B at The Financial Services Forum Innovation Awards 2018/li li class="Textbody"The Best Online User Experience; B2B at the UK Digital Awards - 2017/li /ul