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Differentiation Strategies through Self-service Retail Delivery Options (Credit Union Conference Presentation)
 

Differentiation Strategies through Self-service Retail Delivery Options (Credit Union Conference Presentation)

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Tomorrow is a consumer-to-business world, where we put the consumer in the center and respond to their preferences and presence. Credit unions that are proactive in defining how their members receive ...

Tomorrow is a consumer-to-business world, where we put the consumer in the center and respond to their preferences and presence. Credit unions that are proactive in defining how their members receive superior service through a converged channel experience will generate greater loyalty. In this 2011 NAFCU Annual Conference session you find out how tomorrow’s member will expect to communicate with your credit union and what the future of the retail delivery industry holds.

Presented by Timothy Fikse, Marketing & Deployment Manager, NCR Corporation

More info at http://www.nafcu.org/ncr

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    Differentiation Strategies through Self-service Retail Delivery Options (Credit Union Conference Presentation) Differentiation Strategies through Self-service Retail Delivery Options (Credit Union Conference Presentation) Presentation Transcript

    • Timothy Fikse Financial Deployment NCR CorporationSolutions to Serve Tomorrow’s CU Members Relevant Self Service Marketing Channels Member Retention National Association of Federal Credit Unions l www.nafcu.org
    • How well do you know your members?How they choose to get information and make decisionsHow they select companies across multiple industriesDirect to consumers 87% of consumers …say it’s important to access products and services across different industries in a similar way using multiple channels. BuzzBack Reaseach 2010 National Association of Federal Credit Unions l www.nafcu.org
    • Consumers are changing Time Starved Scheduling appointments Food shopping Printing Less Loyal Boarding Pass 70% of consumers …say that no matter how hardPaying they try, they never seem to Bills have enough time to do all the things they need to. by research firm Yankelovich Inc Digitally Enabled Looking for better, new ways to interact National Association of Federal Credit Unions l www.nafcu.org
    • What happened to consumer loyalty? “As all too many banks will queasily admit, there is a yawning gap between having a customer focus and demonstrating a customer focus day in and day out.” “78% of consumers said when they do a lot of business with a bank branch it’s important for them to be recognized as a valued customer.” Consumers are loyal to experiences not companies… National Association of Federal Credit Unions l www.nafcu.org
    • Evidence for a new way of thinkingWhat makes a consumer choose a financial institution? Convenience will continue to evolve as consumers’ expectations increase National Association of Federal Credit Unions l www.nafcu.org
    • Give your members what they want What makes a member a “satisfied” banking consumer?J.D. Power and Associates Imagine what could happen if these channels were converged National Association of Federal Credit Unions l www.nafcu.org
    • Preference How do I choose to interact? Internet ATM & Kiosk88% of consumers…say they are more likely tochoose a company that enablesthem personalize interactionsacross multiple channels.BuzzBack Reaseach 2010 Mobile/Phone Branch National Association of Federal Credit Unions l www.nafcu.org
    • Presence Where it’s available? On-the-go Roaming• Branch • Hotel• Store • Casino• Airport • Hospital Home Building National Association of Federal Credit Unions l www.nafcu.org
    • Growth of Channels in the Financial Industry Number of Interactions with US Financial Institutions 140 Present 120 Past Future# of Interactions (billions) Online 100 Banking 80 Mobile 60 Call Center 40 ATM 20 Branch 2000 2005 2010 2015 2020 Branch ATM Call Center Mobile Online Banking Source: Tower Group, ATM & Debit News & internal NCR estimates New channels augment existing channels National Association of Federal Credit Unions l www.nafcu.org
    • Tomorrow will require new way of doing businessPreference B2B B2C Consumer to Business C2B Consumer centric and delivering channel efficiency Presence National Association of Federal Credit Unions l www.nafcu.org
    • Optimizing a seamless member experience ATM/Kiosk Internet Mobile Assisted/Branch  Drive lower cost Cx-banking  Increase dialogue seamless transition across all channels  Increase response National Association of Federal Credit Unions l www.nafcu.org
    • Creating a Multi-Channel ExperienceConsumerConfidence Grow RevenueConverged Channel Risk and Manage Regulation Cost National Association of Federal Credit Unions l www.nafcu.org
    • Understanding your challenges “43% of consumers are more likely to choose aRising costs of attracting new members, financial institution that offers multi-channel self-as well as keeping the ones you have service.”Shrinking budgets and resources “Consumers are multi- channel creatures and they will no longer tolerate inconsistent experiencesMarketing campaigns taking too much across a financial institution’s delivery channels.”time to create and launchDelivering personalized,orchestrated marketingacross all channels National Association of Federal Credit Unions l www.nafcu.org
    • Challenges you may face 64% of financial institutions see strong to very strong improvement in retention after consumers become online banking users and then online bill payers -Aite Group Multichannel consumers are 20% less likely to defect to another supplier – Jupiter Research Risk mitigation Capture and fraud Improve Regulatorymarket share/ management consumer compliancereduce churn loyaltyConverged Deepen consumer Expand Reduce failed channel intimacy wallet share consumerintegration interactions National Association of Federal Credit Unions l www.nafcu.org
    • Wells Fargo Investor Day Presentation More multi- channel … … means 1.8x more products, … and 1.5x more profitsCarrie Tolstedt, Senior EVP Community Banking Multi-channel consumers buy more, are more profitable National Association of Federal Credit Unions l www.nafcu.org
    • Cross Channel eMarketing – What is it?Single orchestration engine that delivers integrated, relevant, cross-channel marketing campaigns based on consumers presence &preference ATM / Kiosk Email Online Surveys / Banner Ads Online Banking Email Mobile (SMS) Call Center Digital Signage On-Demand Printing ATM Mobile Social Media Channels Do you offer a seamless multi-channel experience for your members? Branch Call Center National Association of Federal Credit Unions l www.nafcu.org
    • Personalization based on presence & preference Welcome Back Andy, Hi Andy, don’t forget Your Account your mortgage Jill’s graduation next Overview is… payment is due in 7 Dear Valued month. Would you like days! Customer, to view our new student accounts! eMail Online Andy, your mortgage Hi Andy, Your Account payment has been Please you Are Select Balance is… received.Your Languageinterested in a new HELOC? Mobile ATM Thanks for coming Good Evening Andy, Good Afternoon, Goodthe branch into Afternoon, can we help you get How may I help How may Iloan Andy, the help started with a new you? officer will be right you? HELOC? with you! Store Call Center National Association of Federal Credit Unions l www.nafcu.org
    • A view of the Past……or Present?Branch ATM Telephony Web Mobile Member Member Member Member Member Contact Contact Contact Contact Contact Branch ATM Telephony Web MobilityFulfilment Fulfilment Fulfilment Fulfilment Fulfilmentin channel in channel in channel in channel in channel Sales & Sales & Sales & Sales & Sales & service service service service serviceobjectives objectives objectives objectives objectives Channel-Specific Consumer Paths & Transactions National Association of Federal Credit Unions l www.nafcu.org
    • Consumer view of channels BranchTelephony ATM Consumer Contact Web Mobile Likelihood to Consumer buy more Profitability 1.8X products 1.5X Selection based on presence and preference National Association of Federal Credit Unions l www.nafcu.org
    • Reach the members you want, how they want to be reachedCreating a dialog with your members whentheyre ready to listen and then respond “77% of consumers said, companies should let me decide how they can contact me.”eMarketing should see each member as an - N. American Technographics Mediaindividual with unique preferences “91% of surveyedBetter Information – Better executivesTargeting indicate that- Personalize your campaigns based creating aon what your members tell you differentiated ATM- Two-way dialogue lets memberstake immediate action experience through- Know their buying behaviour –real-time feedback lets you respond customerin the best possible way personalizatio n will be very important to their ATM strategy in the next five years.” National Association of Federal Credit Unions l www.nafcu.org
    • Delivering results for your business 98% reduction in cost executing What if you could…… email campaigns vs. traditional direct mail A/B and multi-variant testing for real-time Reduce time to results and optimized create and campaigns execute campaigns from 3 weeks to 1 day 60% increase in email campaign conversion 20%-70% emailvs. traditional campaigns open rates 50% reduction in cost and 50% increase in conversion for ATM based campaigns National Association of Federal Credit Unions l www.nafcu.org
    • Putting your ATM network to workEvery member is unique, soshould your marketing messageATM users are in a financialmindset – and more likely toconvert • “Not-on-us” transactions – reach consumers you don’t know • Gather valuable new contact information • Convert members and non- members – there and then • Maintain accurate member information records National Association of Federal Credit Unions l www.nafcu.org
    • How do you decide on a provider? Financial Industry Focus Complete solution across multi-channels Documented productivity gains Strong Business Foundation Bundled consultancy Market presence & services to help you position with direction, development and analysis – all in one SaaS and Managed Hosting Services – allowing You to focus on yourContinued Innovation – business Strong R&D focus Converged channels Security, payments National Association of Federal Credit Unions l www.nafcu.org
    • Are your IT resources over-stretched?Provider should have outsourcing offer(SaaS) as an optionSaaS requires minimal resources,minimal risk and low monthly feesTransitional outsourcing program: hostedsolution until your IT team is ready tobring in-house if desired • Lower initial investment – no CAPEX required • Fast time to market • Scalable –should meet your needs today, and tomorrow • Flexible – should be able to change as your channel strategies evolve • Compatible – should be easy to integration with all major CRM solutions National Association of Federal Credit Unions l www.nafcu.org
    • eMarketing – what it means for your credit unionEngage your members in magicmoments of opportunityBreak the silos between virtualand physical channelsA single solution for all yourchannels - mobile, online, email, social, “Banks need to personalizeATM and transform the customer relationship… A personalized• Reduce costs and deliver relevant messages on your relationship program is a true members’ preferred channel differentiator, which cannot be• Personalized, channel-appropriate communication based on easily copied by the your members’ preferences competition, and protects• Reduce time to market with SaaS deployment margins.”• Increased campaign conversion, product sales and revenue growth National Association of Federal Credit Unions l www.nafcu.org
    • Thank-you! Timothy Fikse tf185007@ncr.com 678-808-6782 National Association of Federal Credit Unions l www.nafcu.org