Banking on Digital (Accenture)
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Transcript of Banking on Digital (Accenture)
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NewBankingDistribu1onModelsAugust2013
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Copyright 2013 Accenture All rights reserved. 2
Joydeep(Joy)Bha6acharya
Digitallead,FinancialservicesEALA
AccentureInteracCve
Intros
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Agenda
Macrotrendsaffec1ngbankingIndustry
Emergingmodels
Nextgenera1onconcepts
Theintelligentmul1channelbank
Thedigitalecosystembank
Thesociallyengagingbank
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Industrychallengesaremovingbankstowardare-inven1on
DifferenCaCngservicesinanincreasinglycommodiCzedmarket Defendingpaymentservicesagainstnew,emergingcompeCCon Restoringcustomertrustandengagement Providingatailoredandrelevantcustomerexperience Developingmobilechannelsintoasales,ratherthanservice,tool Achievingareturnfrominvestmentinsocialmedia Maintainingmarginsincommodityproductlines ArCculaCngacleardigitalvisionacrossweb,socialandmobile LeveragingcustomerdataefficientlyandcompeCCvely Evolvinglegacytechnologytocompetewithnewerfirms
Retailiza1on
Customerexperience
Technologyadop1on
Createsaneedfornewbankingmodels
ChallengesTransformation drivers
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3NewPriori1esforTransforma1on
TheIntelligentMul1channelBank
GoAnaly1calStrategicallyapply
analyCcstomore
effecCvelymeet
customersfinancial
needs
3 TheSociallyEngagingBank
GoSocialLeveragesocialmedia
interacConsto
increasecustomer
inCmacy
2 TheDigitalEcosystemBank
GoMobileBecomethecentre
ofanecosystem
poweredbymobile
sellingfinancial
andnon-financial
services
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TheIntelligentMul1channelBankGoAnaly1cal
AdvancedmulCchannel
integraCon,focusingon
digital
PervasiveanalyCcs
uClisingcustomerdata,
microsegmentaConand
predicCvemodeling
RealCmeinteracCons
managementfor
increasedconversion
rates
Productofferingsandpricing
schemes,basedonmicrosegments
andopCmizedbychannel
Remoteadvisoryservices
Strategicallyapplyanaly1cstomoreeffec1velymeetcustomersfinancialneeds
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Customerneeds
Customerexperience
(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
ImprovedSales 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)
TheIntelligentMul1channelBankCrea1ngmul1channelleanexperiences
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IntelligentBankcapabili1es
A real-time data engine drives customer touch-points based on a wide range of
data sources
BRANH
ALLENTER
WEBSITE
MOBILEAPP/
SMS
EMAIL
DIRETMAIL
BRANH
ALLENTER
WEBSITE
MOBILEAPP/
SMS
EMAIL
DIRETMAIL
Ou
tbound
Inbound
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TheDigitalEcosystemBankGoMobile
Becomethecentreofanecosystempoweredbymobilesellingfinancialandnon-
financialservices
Mobilepayments,basedon
NearFieldommunicaCon
ormobilewallet,enhance
bankcompeCCvenessandcustomerretenCon
MobilemarkeCng,loyalty
andanalyCcsenrich
proposiConsthrough
mobilecommerce
Managingalliances
andpartnershipswith
non-bankingoperators
Poweredbysetoffounda1onaldigitalcapabili1es
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RiseofEcosystems
Ecosystemsprovidebankswiththeopportunitytoenrichtheircustomerinsightand
thereforepersonalizeproposi1ons
Howtomanagemy
money/mytransac1ons/
marketplaceecosystemShareexperience
ecosystem
Connectmeecosystem
Nowdiscoverstuff
ecosystem
Helpforsearchingfor
stuffecosystem
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WhatcouldtheBankEcosystemlooklike?
Customers
Merchants
Bank
MulCchannelpla`ormaggregaCngmerchants
proposiCon
TransacCons-basedanalyCcs
DigitalmarkeCngsupport
Extendustomerreachwithatrustedbrand Maximizeustomercontactcapability AccesstodigitalmarkeCngthroughcustomizableloyaltyprograms
OnestopshoptosaCsfymulCpleustomerneeds Selectedandtargetedofferingdrivingloyalty ombinesonlineandofflineproposiCon,improvingcustomerexperience
AddiConalchannelforustomerpull
Newrevenuesstreamsfromnon-
financialproducts
Allowse-sellofthee-commerce
infrastructure
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BankofAmericaintegrates3rd-partydiscountsandoffersintoonlinebanking
Customizeddiscountoffersembeddedinusersstatements
BankofAmericasBankAmeriDealsevaluatescustomercardspendingandoffers
discountsbasedonpreviouspurchasesmadeincommercialstores
Internetbankingsiteoffers
personalized
offers
throughoutthe
userexperience
Dealsfirstofferedtoemployeesforfeedbackbeforeopeningthe,uptoitscustomerbase
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AlternatemeansofbankingatGaran1
TurkeysGaran1BankandmobilephoneoperatorTurkcellhaveteamedupwith
MasterCardtolaunchaprepaidSIMcardcalledCep-TPara
anbeusedatanystoreaccepCngMasterCard AvailableatanyTurkcellommunicaConenter
LoadmoneytothecardusinganyGaranCATM
ombinesmobileandbankingservices SIM-basedsecureservicethatcanbeusedwithanymobilehandsetdevice
TurkcellcustomersaccesspaymentsystemsofferedbyGaranCBankwithoutbeingadirectbankcustomer
Withthelaunchofthisnew
prepaidcardservice,
Garan1planstogain.5
millionaddi1onal
unbankedcustomerswithin
thenextthreeyears
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TheSociallyEngagingBankGoSocial
Leveragesocialmediainterac1onstoincreasecustomerin1macy
Socialmediamonitoring
toengagecustomers,
miCgaterisksand
promptlyreacttoissues
Socialdigitalmarke1ngto
definethebestcontentfor
individualcustomer
profilesanda6ractthem
SocialCRMtoenrich
customerdatawithsocial
mediainformaCon,
facilitaCngmoreeffecCveproposiCons
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TheSociallyEngagingBankGoSocial
TopAreasofInterest Ini1a1ves
SOCIALCUSTOMERSERVICE
SOCIALBANKING
P2PTRANSACTIONS
CustomerServiceonTwi_er
Onlinebankaccountintegra1onon
Facebook
P2PPaymentsviadigitalwallet
IntegratedCRMmoduleforTwi_er
andFacebook
VirtualBranchonFacebook
SocialBankingandPaymentintegra1on
P2PPaymentsviabankaccount
integra1on
Socialgoalseng/Crowdfunding
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Socialmediatransforma1onjourney
Test,learn&refine
Buildcommuni1es
reateaudiencewithseveralcommuniCes
aggregatedonrelevantinterests/topics
EngageUsers
HaveongoingbusinessinteracCons
withSocialMediausers
Drivebusiness
AchieveresultsintegraCngSocialMediaas
anengaginglayer(servicepla`orm)
Listenollectrelevantfeedbacktofeed
otherkey
componentsand
tuneiniCaCves
Brand
Product
Customers
Ini1a1ves
UnderstandyourposiCon(brand&products)
Leverageinfluencers Addresscustomer
needsandcomplaints
Developnewofferings
ollectrelevantdata
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Socialmediatransforma1onjourney
Test,learn&refine
Buildcommuni1es
reateaudiencewithseveralcommuniCes
aggregatedonrelevantinterests/topics
EngageUsers
HaveongoingbusinessinteracCons
withSocialMediausers
DrivebusinessAchieveresultsintegraCngSocialMediaas
anengaginglayer(servicepla`orm)
byproducts byfinancialneed bynonfinancialneed bycustomersegment
Q&Asessions OfflinecaringaeronlineintercepCon ustomercare ontests(togetinfluencers) Edutainingvideos Entertainingapps/videogames VirtualBranch
Productdevelopment IniCaCvesleveragingvirality
(e.g.membergetmember)
IniCaCvesleveragingsocialinformaCon
LocaConbasediniCaCves
Listenollectrelevant
feedbacktofeed
otherkey
componentsand
tuneiniCaCves
OverallposiConing OverallsenCmentaboutexisCngornewproducts ollecConoffeedbackaboutiniCaCves IntercepConofcustomercomplains EnrichcustomerprofilebycollecCngcustomerinterests
Brand
Product
Customers
Ini1a1ves
UnderstandyourposiCon(brand&products)
Leverageinfluencers Addresscustomer
needsandcomplaints
Developnewofferings
ollectrelevantdata
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InfusingsocialmediaconceptsintobankingatFidorBank
P2Plendingthroughcrowdfunding
Onlinebengplaormforshort-term,low-valuestockmarkettrading
SavingaccountinterestratesbasedonnumberofLikesonbankFacebookpage
Describingitselfasbankingwithfriends,FidorallowscustomerstoregisterthroughFacebookConnect
FidorBankAG,aGerman00%onlinebank,leveragessocialmediaforitsday-by-day
ac1vi1es.
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Movenusingsocialmediareputa1onincreditscoring
CREDscoreusedtomakedecisionsaboutservicesandpricing
e.g.improvingCREDscoresearntherighttocheckingaccountwithoverdraprotecCons
Mobilephonesusedasprimarypaymentdevices,replacingcredit/debitcardsandcash
Visualpersonalfinancialmanagementtool Introducedfinancialhealthscore,CRED,uClizingthesocialmediareputaConofthecustomer.
Movenisaninnova1veNewYork-basedstart-up.Alltransac1onsareconducted
onlineorthroughmobiledevices.Usessocialmedia-derivedscorestodetermine
pricingandaccesstoproducts.
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UBANK-Crea1ngastand-alonewebsitetocompareusersspendinghabitsinAustralia
PeopleLikeUisastandalonewebsitewhich,relyingonadatasetmadebyhistoricalinformaConfromNaConalAustraliaBank,allowsuserstocomparespendinghabitsina
precisearea
ThiswebsiteenablesAustralianstoselecttheirOnceselectedtheprofile,thistoolprovidesspecificstaCsCcsonsampleexpenditures,givinginformaConondifferentcategoriessuchasuCliCes,shopping,housing,foodandtravel:
userscanthereforehavespecificinformaConaboutspendinglevelinaprecisearea,forexampleknowinghowmuchdoesasimilarprofilespendforhousinginthesamepostcodezone
UBank,aNa1onalAustraliaBankgroupins1tute,hasdevelopedPeopleLikeU,an
econographictoolwhichallowsAustraliantocomparefinancesandspendinghabits
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Next-genera1ononlinebankingThecharacteris1csofafuture-lookingOLBexperience
Analy1calUsingalloftheinformaConabouta
customertotheiradvantage,
creaCngadeepandintuiCve
understandingoftheirgoals
SocialLeveragingthepowerofacustomerssocialnetworktocreate
agreaterpersonalinCmacyExperience-ledFocusingonfulfillingacustomers
needs,ratherthansellingbanking
products
EcosystemAnetworkofpartnerships,both
financialandnon-financial,seamlessly
integrateacustomersbankingacCviCes
withtherestoftheirday-to-daylife
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Whatmightanext-genera1onexperiencelooklike?Clientswilldemandnewcapabili1esandfunc1ons
Acustomer-centricuserexperiencethatengagesonanemoConallevel
Aconsistent,joined-upserviceacrossanychannelordevice
Mul1plechannelsofhelpandassistance
ManagingMoney
Ecosystems
SuperiorService
Highlyrelevant,targetedcontent Onlinetoolsthathelpacustomerachievetheirgoals
Predictandan1cipatecustomerdemands
UnderstandacustomerssocialcircumstancesandconnecCons,
Buildawidenetworkofpartnerships
Atomised
Makefunc1onsavailablebeyondthebankswebsite
Takeadvantageofemergingconsumertechnology
