Engagement Banking Strategy by Michael Degnan
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Engagement Banking Strategy by Michael Degnan

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Webinar Jan. 27, 2011: The Engagement Banking Strategy - presentation by Michael Degnan. Engagement Banking Lead at SapientNitro.

Webinar Jan. 27, 2011: The Engagement Banking Strategy - presentation by Michael Degnan. Engagement Banking Lead at SapientNitro.

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  • And now, a short word about who we are…

Transcript

  • 1. Engagement Banking StrategyBackbase Webinar SeriesJanuary 27, 2010
  • 2. What is Engagement Banking?For further reading, download our white paper:The Future of Banking is Engagement Banking
  • 3. Today… © 2011 SapientNitro Thanks:
  • 4. Scale and EfficientOperations Customer Intimacy © 2011 SapientNitro
  • 5. Scale and EfficientOperations Technology Customer Intimacy © 2011 SapientNitro
  • 6. Scale and EfficientOperations Engagement Banking Technologies Customer Intimacy © 2011 SapientNitro
  • 7. Engagement Bankingis a new marketing, sales and service model thatdeploys Technology to achieve bothCustomer Intimacy and Scale © 2011 SapientNitro
  • 8. 1. Your ability to collect customer data, turn that data into insight and effectively disseminate that insight2. The appropriate channels that align with a customer’s convenient behavioral patterns3. A strong user experience design © 2011 SapientNitro
  • 9. Engagement Banking Market Framework Consumer Behavior Business Environment Customer Experience Banking EB Technology Marketing © 2011 SapientNitro
  • 10. How are customers behaving today?
  • 11. Customers want Digital Most consumers now touch their bank digitally, and outside the branch networkInternet Banking 36%ATM 15%Mobile 3%Digital 54% Source: American Banker Association, Preferred banking method survey, September 2010 © 2011 SapientNitro
  • 12. “Digital” will increasingly mean “mobile” Source: American Banker, Javelin Research, October 2009 © 2011 SapientNitro
  • 13. Customers rarely set foot into a branch. © 2011 SapientNitro Image: http://www.installations.orgtechny.com
  • 14. Cash from the ATM…the one thing they can’t do digitally © 2011 SapientNitro
  • 15. But only for a few more months. NFC © 2011 SapientNitro
  • 16. So, what do consumers want?
  • 17. Consumers want… Personalized information and content To connect with the brands they custom, and be valued for it To have access to their financial information and banking services, 24/7, across multiple channels To have a problem resolved quickly and for the first time © 2011 SapientNitro
  • 18. The Four Pillars of Engagement Banking1. Next Generation Online Banking Experience2. Multi-channel Client Experience3. Digital Customer Acquisition4. Digital Community Development © 2011 SapientNitro
  • 19. 60% of checking accounts are likelyto become unprofitable.The Boston Consulting Group, 2010
  • 20. Profits are generated in three ways1. Revenue expansion2. Increasing asset productivity3. Cost reduction Engagement Banking powers all three levers
  • 21. What anEngagement Bank Looks Like
  • 22. Traditional banks are organized around silos Alternative Retail / Branch Call Center ATM Online MobileCustomer Management Onboarding  Strategy Marketing  AnalyticsProduct Services Instruments Origination Pricing Deposits / Accounts Lending Strategy Compliance, etc. Cards Wealth, etc.Enterprise Services Corporate  Operations Finance  Fraud / AML Treasury  Technology Payments © 2011 SapientNitro
  • 23. Engagement Banks are channel-independent Channels are agnostic, and supported by shared, customer-focused business services Customer context is delivered throughout the organizationChannels Retail / Branch Website Mobile ATM / Kiosk Call CenterBusiness Model Services Customer Context Customer Context Branding / Sales Onboarding Relationship Management / Servicing Transitioning MarketingProduct Services InstrumentsEnterprise Services © 2011 SapientNitro
  • 24. Customers are already channel-independent Image: peopleseconomics.com
  • 25. Discovery Initiation Engagement Re-evaluation The customer’s journey defines the experienceEngagement Banking is about reorganizing traditionalbanking activities to engage and empower customersthrough a compelling sales, product or service experience
  • 26. Discovery Initiation Engagement Re-evaluationTriggers InvestigationMarketing and Brand. Pre-sales.Moments of clarity and inspiration Initial research into the benefitsof a financial need. of a banking brand, products and services… and what the peer network says. © 2011 SapientNitro Image: http://jonathanbaldwin.blogspot.com
  • 27. Discovery Initiation Engagement Re-evaluationTrial OnboardingSales activities The traditional onboarding process.The customer assesses how a Purchaseproduct or brand’s abilities Decisionmeet their individual needs.
  • 28. Discovery Initiation Engagement Re-evaluationView Understand ManageView your financial Make sense of what Gain clarity andlife. Assemble a I’m doing and a plan control, and makepersonal balance for what to do next. transactions tosheet to develop a implement change.complete picture.EvaluateContinually evaluate how my financial solutions help with my continuallychanging life.
  • 29. Discovery Initiation Engagement Re-evaluationRelationship Closure RepositioningActivities to close or transfer a Identifying products that arefinancial relationship, including better alternatives than what’saccount closure and feedback. currently implemented
  • 30. Engagement Banking Business FrameworkCustomer Experience Framework Discovery Initiation Engagement Re-evaluationChannels Retail / Branch Website Mobile ATM / Kiosk Call Center Business Model Services Customer Context Branding / Sales Onboarding Relationship Management / Servicing Transitioning Marketing EngagementProduct Bank Services Instruments Customer-centric Services & FunctionsEnterprise Services Standard Bank Products, Services & Functions © 2011 SapientNitro
  • 31. How to Implement Engagement Banking
  • 32. The Four Pillars of Engagement Banking1. Next Generation Online Banking Experience2. Multi-channel Client Experience3. Digital Customer Acquisition4. Digital Community Development © 2011 SapientNitro
  • 33. Next Generation Online Banking Experience Applying professional-grade data visualization techniques…. © 2011 SapientNitro
  • 34. … can provide financial context to consumers. © 2011 SapientNitro Image: Mint.com
  • 35. Next Generation Online Banking Experience PFM is really about bringing business-class reporting and analysis down the food chain to consumers. Image: Mint.com
  • 36. Strong User Experience DesignExperience Design… Strong User across everychannelMost desired information readily Most recent first, for fast A design that focuses on the user experience means available updates… a different “What’s my account balance?” financial the check clear?” approach to delivering “Did information. Personalization is a major trend in modern design The most relevant and convenient information, to that person, is allowed to be surfaced and made easily accessible. Visualization to provide context at-a-glance. “How am I doing?” © 2011 SapientNitro
  • 37. … across every channel Source: IDEO © 2011 SapientNitro
  • 38. Multichannel Client Experience SapientNitro Engagement Banking Digital Whitepaper http://engagementbanking.sapient.com © 2011 SapientNitro
  • 39. Digital Customer Acquisition Real-time campaign management and adjustments, based on active tracking and monitoring of consumer behaviours © 2011 SapientNitro
  • 40. Data-driven Product Development
  • 41. Data Intelligence in Customer Service and Support
  • 42. Digital Community Development Image Source: It’s a Wonderful Life, 1946
  • 43. © 2011 SapientNitro Image Source: jasocal.org
  • 44. Digital Community through Social Networking Image Source: O’Reilly
  • 45. Customer Intimacy at Scale © 2011 SapientNitro
  • 46. Summary
  • 47. Engagement Banking Market Framework Consumer Behavior Business Environment Customer Experience Banking EB Technology Marketing © 2011 SapientNitro
  • 48. Engagement Banking Business FrameworkCustomer Experience Framework Discovery Initiation Engagement Re-evaluationChannels Retail / Branch Website Mobile ATM / Kiosk Call Center Business Model Services Customer Context Branding / Sales Onboarding Relationship Management / Servicing Transitioning Marketing EngagementProduct Bank Services Instruments Customer-centric Services & FunctionsEnterprise Services Standard Bank Products, Services & Functions © 2011 SapientNitro
  • 49. The Four Pillars of Engagement Banking1. Next Generation Online Banking Experience2. Multi-channel Client Experience3. Digital Customer Acquisition4. Digital Community Development © 2011 SapientNitro
  • 50. About SapientNitro
  • 51. FOUNDED IN FOUNDED IN 1990,, PUBLICLY TRADED SINCE 1996 (NASDAQ: PUBLICLY TRADED SINCE (NASDAQ: SAPE) SAPE) HEADQUARTERED IN BOSTON WITH 8500 EMPLOYEES, OVER 5000 IN HEADQUARTERED IN BOSTON WITH 8500 EMPLOYEES, OVER 5000 IN INDIA INDIA 35 OFFICES WORLDWIDE 35 OFFICES WORLDWIDEUNIQUEUNIQUELARGEST INDEPENDENT INTERACTIVE AGENCY IN THE LARGEST INDEPENDENT INTERACTIVE AGENCY IN THEWORLD, with WORLD, withINDUSTRY LEADING STRATEGY & TECHNOLOGY CONULTING INDUSTRY LEADING STRATEGY & TECHNOLOGY CONULTING 2009 REVENUE OF US$639M REVENUE OF US$639M END-TO-END SERVICE OFFERING, WITH COLLABORATIVE AND AGILE APPROACH END-TO-END SERVICE OFFERING, WITH COLLABORATIVE AND AGILE APPROACH
  • 52. Thank You INSIGHTS Expertise in research, We are analytics, brand & user experience, wealth management, and global markets IDEAS Ideas born of insights. Our creative department consists of designers, writers, IAs, strategists, account managers and technologists S REALIZATIONMichael Degnan People that can executeEngagement Banking Lead on ideas from aSapientNitro Financial Services Center of Excellence customer experience,mdegnan@sapient.com | @mdegnan operational and technical perspective supported by worldhttp://engagementbanking.sapient.com class program#engagementbanking management and collaborative approach © 2011 SapientNitro