Separate Your Bank from the Competition with Your Storefront

Creating Competitive Advantage Via Your Bank Storefront
Brian Warrick, Director of Product Solutions

Storefront?

Banking Pressures
Housing market collapse, Economic Downturn
Increased complexity in operational efficiency, security & risk management
Evolving regulatory environment
Products are commoditized
Tighter expense & cost controls
Customers demanding higher levels of service

Current Trends
Bank closures
89 Banks failed in 2009 (so far…)
Increased M&A activity
Analysts predict 50% decrease in # of US Banks over coming years (American Banker Analyst Roundtable, 2Q2009)
Increased pressure on IT personnel
Financial Insights forecasting first-ever negative growth in IT spending in 2009
Small to Mid-size Bank IT staffs consumed with application/infrastructure maintenance
Customer Attrition increasing
Turnover rates reach 15% annually (American Banker)

...But Opportunities Abound
Web Banking on the rise
51% of internet enabled US households do some banking online
Only 10% of households currently perform banking transactions
Mobile Banking to see huge growth
50 Million users by 2013 (Tower Group)
Switching banks is more common
Customers are looking for safe havens

Customer Engagement is Key
Engaged customers less likely to leave for competing offer (Gallup Study)
37% Retention yield for engaged customers
“Extremely Satisfied” website users are 7X more likely to be engaged with their bank
15X for ‘Extremely Satisfied” mobile banking users
Firms that minimize turnover will grow 30% faster (Tower Group)
For large Banks, a 5% shift in engagement = $1 Billion (JD Power & Assoc)

Customer Engagement Best Practices
Excellent Customer Service
Personalized, Effective, Efficient
Easy, Multi-channel Access
Web, eMail, Chat, Phone, Branch
Simplicity
Intuitive, Informative, No Jargon
Promote Trust and Confidence
Security and Consistency

The Customer Lifecycle

Online Evolution
Basic Informational
Branch locations, Product list, FAQs
Expanded Informational
Rates, Calculators, Contact Forms
Simple Transactional
Balances, Transfers, Payments, Loan Applications
Enhanced Transactional
Account Origination & Funding, Real-time Loan Decisioning
Virtual Financial Center
Personalized Financial Management, Guidance, Securities & Insurance, Chat
~30% of US Banks have Online Account Origination

The Multi-channel Bank

Storefont
First face to prospects and customers
Up to 60% of visitors browse and leave
Primary source for Product and Service information
Personalization begins here with Customization
Content should be relevant and current
Interactive tools and features to aide decision making
Website feature usage is positively correlated to customer engagement and satisfaction (Gallup)

Overall CMS Deployment Overview

Success Factors
Speed to Market
Extensibility and Reusability
Reduced Expenses
Freedom from the development cycle
IT Resources unleashed
Seize opportunities

Case Study
Pre-CMS

Case Study
Post-CMS
29% ROI

Case Study - Benefits
Change cycle reduced from Months to Hours
Content shared across platforms
Increased Business User Satisfaction
$50 Million Deposits Realized
~$100K Annual Savings
5% Reduction in Phone calls /eMails
$90,000 operational expense savings

Powered by Magnolia

Magnolia Experience
Ease of use, minimal training
Scalable and performant
Reusable – content shared across channels
Feature Rich
Excellent Support

Thank You!
For additional questions or follow-up:
Brian Warrick
+1.908.256.5892
Brian.Warrick@nrg-edge.com

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Separate Your Bank from the Competition with Your Storefront

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Separate Your Bank from the Competition with Your Storefront Presentation Transcript