banking on digital: innovation in financial services

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Post on 11-Aug-2014

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A 'Digital First' mindset is fundamental for financial services providers focused on significantly enhancing customer satisfaction, building customer loyalty and deepening share of wallet. In this joint Accenture and Backbase webinar, Joydeep Bhattacherya, Managing Director at Accenture and Jouk Pleiter, CEO & Co-Founder at Backbase will talk about how banks can adopt a Digital First strategy and will focus on how to create a Amazon-like post-login banking experience.

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  • New Banking Distribu1on Models August 2013
  • Copyright 2013 Accenture All rights reserved. 2 Joydeep (Joy) Bha6acharya Digital lead, Financial services EALA Accenture InteracCve j.a.bha6acharya@accenture.com Intros
  • Copyright 2013 Accenture All rights reserved. 3 Agenda Macro trends aec1ng banking Industry Emerging models Next genera1on concepts The intelligent mul1channel bank The digital ecosystem bank The socially engaging bank
  • Copyright 2013 Accenture All rights reserved. 4 Industry challenges are moving banks toward a re-inven1on DierenCaCng services in an increasingly commodiCzed market Defending payment services against new, emerging compeCCon Restoring customer trust and engagement Providing a tailored and relevant customer experience Developing mobile channels into a sales, rather than service, tool Achieving a return from investment in social media Maintaining margins in commodity product lines ArCculaCng a clear digital vision across web, social and mobile Leveraging customer data eciently and compeCCvely Evolving legacy technology to compete with newer rms Retailiza1on Customer experience Technology adop1on Creates a need for new banking models ChallengesTransformation drivers
  • Copyright 2013 Accenture All rights reserved. 5 3 New Priori1es for Transforma1on 1 The Intelligent Mul1channel Bank Go Analy1cal Strategically apply analyCcs to more eecCvely meet customers nancial needs 3 The Socially Engaging Bank Go Social Leverage social media interacCons to increase customer inCmacy 2 The Digital Ecosystem Bank Go Mobile Become the centre of an ecosystem powered by mobile selling nancial and non-nancial services
  • Copyright 2013 Accenture All rights reserved. 6 The Intelligent Mul1channel Bank Go Analy1cal Advanced mulCchannel integraCon, focusing on digital Pervasive analyCcs uClising customer data, microsegmentaCon and predicCve modeling Real Cme interacCons management for increased conversion rates Product oerings and pricing schemes, based on microsegments and opCmized by channel Remote advisory services Strategically apply analy1cs to more eec1vely meet customers nancial needs
  • Copyright 2013 Accenture All rights reserved. 7 Customer needs Customer experience (based on interaction with the bank) Channels Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Step 7 Onboarding / Fulfillment Processes Products Improved Sales Funnel Channels Customer 1 desired experience Customer 2 desired experience Sequence of lower cost for the bank Actions to re-channel customer experience (Values / Convenience / Pricing) The Intelligent Mul1channel Bank Crea1ng mul1channel lean experiences
  • Copyright 2013 Accenture All rights reserved. 8 Intelligent Bank capabili1es A real-time data engine drives customer touch-points based on a wide range of data sources BRANCH CALL CENTER WEBSITE MOBILE APP / SMS EMAIL DIRECT MAIL BRANCH CALL CENTER WEBSITE MOBILE APP / SMS EMAIL DIRECT MAIL Outbound Inbound
  • Copyright 2013 Accenture All rights reserved. 9 The Digital Ecosystem Bank Go Mobile Become the centre of an ecosystem powered by mobile selling nancial and non- nancial services Mobile payments, based on Near Field CommunicaCon or mobile wallet, enhance bank compeCCveness and customer retenCon Mobile markeCng, loyalty and analyCcs enrich proposiCons through mobile commerce Managing alliances and partnerships with non-banking operators Powered by set of founda1onal digital capabili1es
  • Copyright 2013 Accenture All rights reserved. 10 Rise of Ecosystems Ecosystems provide banks with the opportunity to enrich their customer insight and therefore personalize proposi1ons How to manage my money/ my transac1ons/ marketplace ecosystem Share experience ecosystem Connect me ecosystem Now discover stu ecosystem Help for searching for stu ecosystem
  • Copyright 2013 Accenture All rights reserved. 11 What could the Bank Ecosystem look like? Customers Merchants Bank MulCchannel pla`orm aggregaCng merchants proposiCon TransacCons-based analyCcs Digital markeCng support Extend Customer reach with a trusted brand Maximize Customer contact capability Access to digital markeCng through customizable loyalty programs One stop shop to saCsfy mulCple Customer needs Selected and targeted oering driving loyalty Combines online and oine proposiCon, improving customer experience AddiConal channel for Customer pull New revenues streams from non- nancial products Allows e-sell of the e-commerce infrastructure
  • Copyright 2013 Accenture All rights reserved. 12 Bank of America integrates 3rd-party discounts and oers into online banking Customized discount oers embedded in users statements Bank of Americas BankAmeriDeals evaluates customer card spending and oers discounts based on previous purchases made in commercial stores Internet banking site oers personalized oers throughout the user experience Deals rst oered to employees for feedback before opening the, up to its customer base
  • Copyright 2013 Accenture All rights reserved. 13 Alternate means of banking at Garan1 Turkeys Garan1 Bank and mobile phone operator Turkcell have teamed up with MasterCard to launch a prepaid SIM card called Cep-T Para Can be used at any store accepCng MasterCard Available at any Turkcell CommunicaCon Center Load money to the card using any GaranC ATM Combines mobile and banking services SIM-based secure service that can be used with any mobile handset device Turkcell customers access payment systems oered by GaranC Bank without being a direct bank customer With the launch of this new prepaid card service, Garan1 plans to gain 1.5 million addi1onal unbanked customers within the next three years
  • Copyright 2013 Accenture All rights reserved. 14 The Socially Engaging Bank Go Social Leverage social media interac1ons to increase customer in1macy Social media monitoring to engage customers, miCgate risks and promptly react to issues Social digital marke1ng to dene the best content for individual customer proles and a6ract them Social CRM to enrich customer data with social media informaCon, facilitaCng more eecCve proposiCons
  • Copyright 2013 Accenture All rights reserved. 15 The Socially Engaging Bank Go Social Top Areas of Interest Ini1a1ves SOCIAL CUSTOMER SERVICE SOCIAL BANKING P2P TRANSACTIONS Customer Service on Twi_er Online bank account integra1on on Facebook P2P Payments via digital wallet Integrated CRM module for Twi_er and Facebook Virtual Branch on Facebook Social Banking and Payment integra1on P2P Payments via bank account integra1on Social goal seang / Crowdfunding
  • Copyright 2013 Accenture All rights reserved. 16 Social media transforma1on journey Test, learn & rene Build communi1es Create audience with several communiCes aggregated on relevant interests/ topics Engage Users Have on going business interacCons with Social Media users Drive business Achieve results integraCng Social Media as an engaging layer (service pla`orm) Listen Collect relevant feedback to feed other key components and tune iniCaCves Brand Product Customers Ini1a1ves Understand your posiCon (brand & products) Leverage inuencers Address customer needs and complaints Develop new oerings Collect relevant data
  • Copyright 2013 Accenture All rights reserved. 17 Social media transforma1on journey Test, learn & rene Build communi1es Create audience with several communiCes aggregated on relevant interests/ topics Engage Users Have on going business interacCons with Social Media users Drive business Achieve results integraCng Social Media as an engaging layer (service pla`orm) by products by nancial need by non nancial need by customer segment Q & A sessions Oine caring aier online intercepCon Customer care Contests (to get inuencers) Edutaining videos Entertaining apps/ videogames Virtual Branch Product development IniCaCves leveraging virality (e.g. member get member) IniCaCves leveraging social informaCon LocaCon based iniCaCves Listen Collect relevant feedback to feed other key components and tune iniCaCves Overall posiConing Overall senCment about exisCng or new products CollecCon of feedback about iniCaCves IntercepCon of customer complains Enrich customer prole by collecCng customer interests Brand Product Customers Ini1a1ves Understand your posiCon (brand & products) Leverage inuencers Address customer needs and co

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