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TRANSCRIPT
Institutions are challenged with:
• Protecting customers from the
emerging threat landscape
• Providing tailored, personalized experiences
• Delivering on expectations for real-time
• Creating data-driven connections and
value across converged channels
• Driving new revenue streams
• Increasing engagement and loyalty
Expectations are rising
The Competitive
Landscape Is Changing
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Drive Innovation and Expand Digital Capabilities
Grow Sales and Increase Engagement
Enhance Security and Reduce Fraud
Expand Real-time Offerings
Enable Data-driven Marketing and Analytics
Create Operational Efficiencies
Our VisionProvide industry-leading digital solutions that keep our clients
competitive and relevant with the top financial institutions
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FIS Digital Drives Growth
102%CARDLESS CASH
136%PEOPLE PAY (P2P)
28%CHECK DEPOSIT
80M+DIGITAL USERS *
Annual Growth
*Includes Mobile, Online and ePayments Clients (Q3 2016)
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• Account Creation: a deposit acquisition platform for
the digital channels
• FIS client perspective: client panelists
– Vilmarie Gaud, Vice President, Product Development Director
Popular Community Bank, Popular Direct
– Curt Trizzino, Retail Product Management
The Private Bank
• Discussion
Grow Deposits with Digital Account Creation
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Over 50% of Consumers Use Digital Channels to Open Deposit Accounts
Consumers who shop in digital channels, expect financial institutions to provide all the information they need to choose products and apply for new accounts in digital channels.
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Digital Account Creation
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• Allows customers to easily apply, open and fund new deposit accounts through your public website
• Supports checking, CDs, savings, money markets and health savings accounts
• Applicant information is screened and verified for CIP information.
• Applicant can be screened through debit bureau and credit bureau based on your requirements.
• Customers can fund the new account through card transactions, electronic ACH transfer, check or direct deposit.
• Includes a “Fast Path” for your current customers
• Significant level of integration with the FIS core IBS
• New responsive design user interface expands your reach into all digital channels
Full-featured solution for deposit acquisition in self-service channels
Success in Digital Account Acquisition Includes Sales and Marketing Strategies
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Account creation is the third step in the process.
• Your deposit acquisition strategy needs to include a digital marketing strategy.
• We recommend visiting a variety of FI websites to see how others are presenting their product offers.
• Prospects should be directed to your website from a digital search. Google “checking account” for a state in your footprint to see your competition.
• If you are expanding into Digital Account Opening with Responsive Design, your sales pages on your public website will need to be in Responsive Design for those shoppers that come in on their phones.
Digital Marketing Is a Critical Stage of the ProcessSuccessful FIs are investing more every year
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• The process needs to be different from branch account opening. Why?
– The customer’s attention is easily lost.
– Using a laptop, or a tablet or a phone is different than sitting in a branch bank.
Your prospective customer can easily slip away if:
The process is too long or hard to navigate
Questions seem intrusive or irrelevant
The product offer seems overly complex
They feel uncomfortable or confused by the process
• Regulations allow for a “paperless” process.
– Non-documentary verification of CIP information
– eSign acceptance of disclosures
– Signature cards not required when other processes are in place
• The most successful clients do not confine themselves to traditional
assumptions and processes but focus on building the best possible user
experience.
The Digital Account Opening ProcessUser experience is different from the branch account opening process
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FIS Can Help You Design an Experience that Will Meet the Expectations of Your Prospects
• When you are implementing your Digital Account Creation experience, it is important to make branding and configuration choices that will provide a streamlined customer experience.
• Your public web site is critical to the sales process. You may need to refresh your public website to move the customer easily into the digital account opening experience.
Forrester recommends, when designing the account opening process “Reframe the discussion around the customer
rather than internal operations. Use Journey maps help employees adopt an outside-in perspective and understand how
their individual actions can collectively result in poor customer experiences”
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Starts after the customer has selected a product
The Account Creation Process
• Applicant enters information for application phase.
• Selects product options – ATM cards, checks, overdraft protection, etc.
• Reviews and accepts disclosures electronically
• Immediate identity verification (IDV) with OFAC screening
• Out-of-wallet questions (IDA)
• QualiFile screening
• ACH funding with immediate account validation or test transaction validation
• Check funding
• Card funding – credit and debit cards
• Customer record is created and account is opened in deposits.
• New account information is given to the customer.
Information
Gathering
Applicant
Screening
Funding the
Account
Account
Opening
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Be Prepared for Some Customers to Switch Channels
New account opened and
delivered online. Activation
of online and mobile
servicing
Complete application
and accept
disclosures
Full evaluation of the
applicant from identity
verification to product
qualification
Funding the account -
multiple options and
safeguards
Account Creation Admin Tool with Login from Insight
Integration to IBS Deposit Origination
Digital User Interface
Banker can pick up failed applications, override
the failure, and return them to Digital Channels
to complete
UX
Banker
Action
Options
Deposit Origination Work Queue
Abandoned Failed Pushed
* All OAC data is sent into the BIC OAC Universe each night
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The new Responsive Design User Experience expands your market reach to tablet and phone users.
Digital Account CreationIt’s here!
User experience options to support your sales strategies
Deposit Account Opening on Account Creation Platform
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SINGLE ACCOUNT CREATION ADMIN TOOL FOR ANY UX
INTEGRATION TO Your FIS Core Deposit System FOR ONGOING SUPPORT
Digital Account
Creation
All Device Sizes
Browser
Mobile
Account
Opening
Phone App
Pilot 2017
AND
New account opened
and delivered online.
Activation of online and
mobile servicing
Funding the account:
multiple options and
safeguards
Full evaluation of the
applicant from identity
verification to product
qualification
Complete application
and accept disclosures
Online Account
Creation
PCs and Tablet
Browser
Phase 1 (early 2017)
• Leverage mobile responsive UI from OAC
platform, integrated to mobile banking app
Phase 2 (proposed TBD)
• SSO for existing customers to fast path OAC
user experience
Phase 3 (2018 target)
• Add functionality that allows for data capture
from a photo of the ID
Mobile App Account Opening Roadmap: Mobile integration options (pilot 2017 Q2)
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FAQ: How Many New Accounts Can We Get?
From Javelin Research
– A large regional bank reports “tremendous year-over-year growth
in online account opening” for checking after upgrading its digital account
opening capabilities, but “we’re not quite at the one-third mark.”
– An FI’s size is a “horrible predictor” of digital account opening success.
The most successful FIs are the ones that emphasize digital account opening.
– Banks that succeed in online opening are the people who put a focus on it;
one FI might be successful, while others struggle because marketing support
is weak. “You still have to drive awareness and interest before you get clicks.”
FIS observations
– Success in account acquisition in the digital channels is driven by the FIs ability to
bring qualified, motivated people to the start of the process.
– The most successful clients are those that work at it all the time, adjusting
the process to maximize their results.
– Success metrics will be driven by the strategy and don’t look the same
for every FI.
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Popular DirectSavings Made Simple.
Vilmarie GaudProduct Development DirectorPopular Community Bank
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About Popular Direct
Popular Direct is the direct online channel of Banco Popular North America (Popular). Processing services for all Popular Direct deposit products are provided by Popular.
Banco Popular North America is the U.S. banking subsidiary of Popular, Inc. [NASDAQ:BPOP], a publicly traded, full-service financial services provider in the United States, Puerto Rico, and the Caribbean. Founded in 1893, Popular, Inc. is the leading banking institution by both assets and deposits in Puerto Rico and ranks among the top 50 U.S. banks by assets.
− Website designed based on User Needs and Personas assessments
− Marketing efforts Advertising campaign at launch SEM Bankrate
PO
PU
LAR
DIR
ECT
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Popular Direct BackgroundSavings Made Simple.
Popular Direct Launch
− Launched in July 2016− Nationwide High Yield Savings and CDs− No access to Popular branches− New IBS instance− OAC, CeB, Mobile Banking− FIS VRU− FIS Call Center and Virtual Back Office− Mix of processes managed by FIS and Popular
Marketing
Application Volume
− Since launch we’ve received over 10,000 applications− Over 4,700 accounts have been opened − 281% of goal− 47% were completed, 35% of account opening applications were abandoned, and 15% failed.
PO
PU
LAR
DIR
ECT
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Goals vs. ResultsSavings Made Simple.
Other Trends
− 17% of accounts from CA− 12% of accounts from NY− 10% of accounts from FL− CD products preferred by older customers− High yield savings products preferred by
younger customers
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Qtr3 Qtr4 Qtr1
2016 2017
PRODUCT DISTRIBUTION
C
S
0
1,000
2,000
3,000
4,000
5,000
6,000
Qtr3 Qtr4 Qtr1
2016 2017
APPLICATION VOLUME
Ineligible
In progress
Failed
Complete
Abandoned
1037840
471108
240128135
347575
103198
308107
138
Other States
FL
IL
MD
NY
PA
VA
0 200 400 600 800 1000 1200
ACCOUNTS BY STATE
Next StepsSavings Made Simple.
Customer Centered + Business Viable + Operationally Feasible
− Direct bank ecosystem is crowded and highly competitive
− Do not underestimate the effort of launching and maintaining a new bank
− Relentless focus on customer centered processes
− Continue using a funding lever− Continuous process optimization− Pricing discipline− Testing playground
Lessons Learned Next Steps
PO
PU
LAR
DIR
ECT
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Who is The PrivateBank?
Middle Market Commercial Bank headquartered in Chicago, IL
• 36 Offices Concentrated in the Midwest
• 24 Retail Branches• 20 Billion in Assets• 1300 Employees
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How We Use OAC
Initially Launched in 07’ – Palladian PrivateBank• Fund Commercial Loan Growth
Launched 2nd Instance of OAC in Q3 16’ – myPrivateBank & Advantage Banking• Cater to employees of new and existing businesses• Build on strong existing partnerships
How did we manage two different OAC platforms?
Partner BanksHigh Level of Customization
• Marketing Pages• OAC Platform• Products
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Palladian PrivateBank
We had a unique need to fund commercial loan growth
• Created in 2007• Separately Branded • Offers High Interest
Savings and CD’s• Online Only• Nationwide• 6 Mo Rate Promotion
• 900 Clients• 135MM in Deposits• 155k Avg. Bal
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myPrivateBank
A vision to provide retail banking services to employees of new and existing businesses
• Rolled out in Q4 16’• Pilot Program• Onsite Concierge• Invitation Only• iPad Account Opening
• 60 Clients• 100k Bal
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Advantage Banking
A vision to expand in our retail markets to employees of new and existing businesses
• Revamped in Q3 16’• Onsite Assistance• Invitation Only• Open Online or In Branch
• 150 Clients• 550k Bal
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Lessons Learned
Customer Service
Rate Wins
Automation
High Touch
Follow Up
Dedicated Team
Reporting
Differentiation
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Transformation
PalladianAnalytical MarketingNew Exciting OffersFull Service Digital Bank
myPrivateBankTech FirstCustomized OffersRelationship Based
General Account Opening
www.PalladianPrivateBank.com