Connecting with Customers in the Digital Age:  Taking Engagement to a New Level
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Connecting with Customers in the Digital Age: Taking Engagement to a New Level

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CBA Live presentation, March 2013, Neff Hudson and Michael J. McEvoy

CBA Live presentation, March 2013, Neff Hudson and Michael J. McEvoy

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  • 1. [ D I GI TAL C H A N N ELS FO RUM] Neff Hudson Assistant Vice President, Emerging Channels USAA Bank Michael J. McEvoy Managing Director ath Power Consulting Presented by: Connecting with Customers in the Digital Age: Taking Engagement to a New Level
  • 2. Mobile Goes Mainstream: Increasing Frequency of Contacts How often do you use mobile banking? 48% • The ‘audience’ is already there. Are banks there for them? 4% 14% 30% 21% 23% 8% Multiple Times a Day Daily 2-3 Times a Week Once a Week 1-2 Times a Month Less than Once a Month Source: The 2013 ath Power Mobile Banking Study™
  • 3. Mobile Goes Mainstream: Consumers Already Doing the ‘Basics’ Source: The 2013 ath Power Mobile Banking Study™ 21% 23% 33% 36% 41% 47% 51% 61% 71% 86% Transfer Funds Outside Bank RDC Check Credit Available ATM / Branch Locator Receive Account Alerts Pay Bills Check Cleared / Payment Received Transfer Funds Inside Bank View Recent Transactions Check Balances Please indicate the banking transactions you conduct using your mobile device
  • 4. Which of the following banking functions would you do on your mobile device, were it a possibility? Mobile Goes Mainstream: Banks Can Cut Expenses, Improve Satisfaction 28% 29% 33% 42% 44% 44% 44% 46% 55% Access Consolidated View of Accounts Reset UserId / Password Create and Track a Budget P2P Payments Mobile Payment at Merchant Stop Payment Activate Credit / Debit Card Receive, Store Rewards Points Report Lost / Stolen CardX X X Source: The 2013 ath Power Mobile Banking Study™
  • 5. Mobile Goes Mainstream: USAA Mobile by the Numbers $7B deposits 22% monthly penetration 334M contacts 48% transfers 5.5M apps Source: USAA 2012 usage statistics. USAA Mobile includes mobile.usaa.com, plus apps for iPhone, Android, iPad 20% bills
  • 6. Which mobile devices do you use to access your mobile banking account? 7% 37% 90% Regular Cellphone Tablet Smartphone Mobile is More than a Smartphone: 1 in 3 Using Tablet to Access Mobile Banking: Source: The 2013 ath Power Mobile Banking Study™
  • 7. Do you typically use your Tablet only at home, or do you often take it with you when you leave home? It Varies 22% Generally Bring it with Me 23% Mainly Home Use 55% Tablet Use Mostly Occurs at Home: Implications for Desired, Useful Functionality Source: The 2013 ath Power Mobile Banking Study™
  • 8. Tablet Banking: Your Next Sales Channel? • Rich Media • Real Advice • Tap to Transact Screenshot: USAA App for iPad
  • 9. How likely would you be to switch banks if you found another bank with a superior mobile banking offering? 22% 9% 35% 35% 0% 10% 20% 30% 40% 50% 60% Unlikel y Likely Very Somewhat Challenge: Almost 1 in 2 Mobile Users Will Consider Switching to a Bank with ‘Better’ Mobile Banking Source: The 2013 ath Power Mobile Banking Study™
  • 10. Using your mobile phone or tablet, have you done any of the following in the past 12 months? 36% 38% 39% 39% 52% 63% Made Purchases Through a Mobile App. Made Purchases Through a Mobile Website Researched Product on Mobile Device and Purchased In-Store Researched Product on Mobile Device and Purchased Online Using Computer In-Store Price Comparison Researched Product on Mobile Device Challenge: Mobile Becoming “End–to-End” Solution in Mind of Consumer: Are Banks Missing Out? • Growing proportion of Google searches starting through mobile • Consumers seeing mobile as end-to-end solution Source: The 2013 ath Power Mobile Banking Study™
  • 11. 1% 26% 27% 28% 35% 39% Other Credit Card Companies Retailers Banks Smartphone Manufacturers Software / Technology Firms Challenge: Consumers, Technology Firms, Not Banks, are Driving Innovation and Industry Direction Who do you think is most likely to develop next generation payment solutions? • Gap between industry focus and customer interests / behaviors? • American Banker ‘Innovator of the Year 2012’: founder of Square • Future competitors from outside the industry – Simple, Movenbank? Source: The 2013 ath Power Mobile Banking Study™
  • 12. Center of Gravity: Geolocation
  • 13. Center of Gravity: Voice-based Assistants • Example: USAA Virtual Assistant – Nuance and USAA
  • 14. Center of Gravity: Imaging - RDC 3.0 • Example: USAA Video Capture, Augmented Reality
  • 15. Using your mobile phone or tablet, have you done any of the following in the past 12 months? 11% 12% 32% 47% 57% Made Charitable Donation via Text Message Received Money From Another Person Transferred Money Directly to Another Person's Bank, Credit Card or PayPal Account Paid Bills Using Mobile Made Online Purchases Center of Gravity: Payments Connecting the Virtual and the Physical Source: The 2013 ath Power Mobile Banking Study™
  • 16. How likely do you think it is that mobile contactless payments will become a major form of payment in the next 3 years?Very Likely 28% Likely 49% Unlikely 18% Very Unlikely 5% Almost 80 Percent Think “Contactless” Payments Will Become Common Within 3 Years • Consumers accept “contactless” payments are on the way – do banks? • What role will banks play? Source: The 2013 ath Power Mobile Banking Study™
  • 17. If offered the option of using a “contactless” payment service, how likely would you be to use it? I Already Use It 6% Very Likely 25% Likely 36% Unlikely 20% Very Unlikely 13% Strong Majority Would Use ‘Contactless’ Payments Option, if Offered Source: The 2013 ath Power Mobile Banking Study™
  • 18. So Who’s (arguably) Winning the Race? Source: https://www.thepaypalblog.com/2011/09/paypal-unveils-the-future-of-shopping/
  • 19. Takeaways Mobile Has Gone Mainstream Innovation is Expected “Hang Together, or Hang Separately” • Interoperability – Person-2-Person Payments – Mobile Wallets • Customer Focus – Account Switching – Advice “End of the Beginning”
  • 20. [ D I GI TAL C H A N N ELS FO RUM] Neff Hudson Assistant Vice President, Emerging Channels USAA Bank Michael J. McEvoy Managing Director ath Power Consulting Presented by: Questions???