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All content in this document is copyright 2001, Gómez, Inc.
 

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    All content in this document is copyright 2001, Gómez, Inc. All content in this document is copyright 2001, Gómez, Inc. Presentation Transcript

    • Paradoxes and Progress American Bankers Association Webcast Online Banking Best Practices Christopher Musto Vice President, Research Gomez, Inc. January 31, 2002
    • Agenda
      • Research methods
      • How resolving four paradoxes leads us to rethink the Internet
    • Research Methods
      • Trends in consumer behavior and attitudes
      • Business and product strategies
      • The utility, usability and reliability of the Internet offering
      • The integration of the Internet into the overall value proposition
    • Four paradoxes that lead us to rethink the Internet
      • Drawing from the consumer marketplace:
      • Financial planning
      • Aggregation
      • Advisors
      • Credit cards
    • Brokers face the paradox of investor interest in financial planning
      • 64.6% of advisory clients using online financial planning tools in the last 6 months abandoned a tool
      • Most of these investors weren’t planning to abandon the tool…
      • … Rather, they concluded they weren’t spending their time wisely
      • But 51.7% of advisory clients still expect their primary investment firm to offer these tools
    • Resolving the financial planning paradox
      • Empower advisors to collaborate
        • Advisors want to see same information client is viewing and collaborate online
      • Make use of email and other outreach
        • 21.6% of advisory clients accessing investment accounts somewhere online would prefer to communicate with their advisors by email
      • Recognize that most consumers aren’t going to engage in involved financial planning on their own
    • Financial institutions face the paradox of online consumer interest in aggregation
      • Online Users, especially current and prospective online bankers, are interested in aggregation
      • They are so interested that some even sign up for it
      • But they are not so interested that they use it
    • Resolving the aggregation paradox
      • Integrate aggregation into existing account management interfaces
        • Consumers express the more interest in aggregation when it is offered by their bank and integrated into existing account management
      • Use advisors to transform data into financial advice
        • Yodlee’s “Quicken on Steroids” comparison inadvertently gets to the point: PFM users don’t use PFM financial planning tools
    • Full service brokers face the paradox of advisor attitudes towards the Web
      • 40% of stockbrokers acknowledge online access for clients helps them do more business
      • But only 28% of stockbrokers use the firm’s online offering as a selling point
    • Resolving the advisor paradox
      • Market relationships, not products, to wealthier customers
        • “ Half the time clients ask about content and products you know are inappropriate and you need to spend the time explaining to them why it’s inappropriate” (stockbroker)
      • Build offerings that stand up to scrutiny
        • Fully 50% of advisors report that site performance alone has caused client complaints about the Internet offering
      • Don’t try to ape discount brokerage model
        • Full service is a different market and not trade-driven
    • Full-service banks face the paradox of online banker interest in credit cards
      • 11.3% of Online Bankers plan to apply for a card within 6 months
      • Fully 51.7% of Online Bankers planning to apply for a card in the next 6 months are open to applying where they bank
      • But only 8.5% of Online Bankers applying for a card in the last 2 years applied at their bank
    • Resolving the credit card paradox
      • Promote credit card pre-approvals within account management interface or by email
        • 28.7% of online bankers about to apply for another account say a targeted email from their bank would be highly effective
      • Stress online applications
        • Fully 69.7% of Online Bankers planning to apply for a card in the next 6 months plan to apply for the card online
      • Pre-populate credit card applications
        • Only 40% of Scorecard banks pre-fill customer data for any online account applications
    • Resolving paradoxes takes next-generation thinking throughout your markets
      • Static functionality has become too broad and too complex to be useful or used
      • Your customers are creatures of habit
      • First generation worries about channel conflict don’t address the real challenge
      • Being more means being proactive
    • Paradoxes and Progress American Bankers Association Webcast Online Banking Best Practices Christopher Musto Vice President, Research Gomez, Inc. January 31, 2002