Roger Peverelli presenting Reinventing Financial Services

Backbase webinar – 14 December 2011

Introduction VODW

VODW: customer focused strategy• Customer centricity - New way of working: benchmark, strategy and change management - Customer experience and service design - Repositioning marketing: putting customers at centre stage• New growth perspectives - Online strategy: turning a channel into a business model - CSR: a driver for business - Self directed concepts for the mass affluent and for Generation Y• ‘More bang for the buck’ - Pricing strategies for direct additional bottom line growth - Front line effectiveness, sales excellence and retention programmes - Customer advocacy, social media and mobile services strategies

Reinventing financial services Consumers relationship with financial 1 institutions has changed Consumers are calling for transparency 2 and simplicity Consumers become more and more 3 self-directed 4 Consumers rely on the wisdom of crowds 5 Consumers are revaluing values 6 Consumers prefer to be close’ 7 Reinventing financial services

1. Consumers relationship has changed

2. Consumers call for transparency and simplicity

3. Consumers are more and more self directedVoetnoot

3. Consumers are more and more self directed

4. Consumers trust the wisdom of crowds

4. Consumers trust the wisdom of crowds Awareness Orientation Purchase Post purchase From Advertising Point of sale mass media / online Sales force, outlets, PoS material To Comparison sites, Comparison sites, social media social media

5. Consumers revalue values

5. Consumers revalue valuesCommon decency:Recommend and sell only products that you would buy yourself.Treat customers the way you would like to be treated.• Act from the customer’s best interest• Guarantee an honest price• Don’t offer new customers a better price than existing customers• Stop empty promises• Ban each product that is not completely clear• Show more leniency. Act less rigid.• Only sell products that customers actually need (not what we like to cross sell)• Support customers who face difficulties. Offer relief.• Leverage assets and competences to make a positive change in society

6. Consumers prefer ‘being close’

6. Consumers prefer ‘being close’ Online Current account Mobile Daily empowerment

Reinventing financial servicesDilemmas• Transparency and simplicity versus margin• Cost reductions versus service excellence• Back to the original function versus new added value• Shareholder value versus value for customers• Scale versus close - is small the new big?• Compliance versus customer communication• Sales versus ethics• Future solutions versus past problems• Responsibility and sustainability versus short term results• ...

Reinventing financial servicesDesign principles• Changing purchase drivers: service will gain importance.• Customer intimacy and service excellence on top of operational excellence.• Mobile and online: keys to restore trust. High frequency use, satisfaction and advocacy.• Become part of life. Authentic and relevant. The human scale.• Empowerment.• 360 Transparency and simplicity.• Seamless integration of channels.• Leverage contact frequency for deep understanding.• Put customers at centre stage.

Reinventing financial services Book website www.reinventingfinancialservices.com Apple iBook edition Kindle eBook edition at Amazon.com

Roger Peverelli presenting Reinventing Financial Services

by Backbase on Dec 15, 2011

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