John Stone IMedia Financial Summit Oct 2009


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Slides from a discussion session at the iMedia Financial Summit October, 2009

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  • Over time, we have increasingly moved our banking interactions to the online and direct channels including ATMs, and Online Banking ServicesFor day-to-day services, these online channels represent a positive and preferred channel for most banking customers
  • Among online adults, 41% of financial product applicants research online but buy offline. Security and a need for hand-holding top the list of reasons for this channel switching.
  • John Stone IMedia Financial Summit Oct 2009

    1. 1. Using Telepresence to Attract and Retain Customers<br />John Stone III<br />Founder, President<br />
    2. 2. Discussion<br />Considering Channel Strategies<br />Enhancing The Human Touch<br />The Role of Telepresence Technology<br />Key Issues to Consider<br />
    3. 3. The Situation<br />Over the last ~25 years banks have emphasized direct channels for delivery efficiency<br />Direct channels drive profitable operations and customers appreciate the speed and convenience<br />However, at key moments, customers seek more personal service and advice for important transactions<br />
    4. 4. Lifecycle Key Moments<br />Key moments span credit and investment plus deposit needs for individuals and small businesses<br />
    5. 5. Retention/ Reduced Churn<br />Key moments introduce cross-selling opportunity and drive retention and profitability<br />Deposit<br />Services<br />7 Million customers<br />Card<br />Services<br />3 Million customers<br />2.0m<br />Cross-selling impacts (Illustrative)<br />0.56m<br />0.1m<br />0.5m<br />Investment<br />Services<br />0.8 Million customers<br />Small Business <br />Services<br />0.2 Million customers<br />
    6. 6. Driving Retention/ Reducing Churn<br />Retention is particularly important in Financial Services<br />Profit Impact of 5% Increase in Retention<br />-Bain & Co.<br />
    7. 7. Telepresence as a Digital Strategy<br />An immersive ‘visual presence’ <br />Demographic-ready<br />Enhance the branch experience<br />Permission approach for the online channel<br />Extend relationship management and product/ service expertise<br />Leverage efficiencies and scale<br />Benefit from brand enhancement<br />
    8. 8. What’s involved?<br />Unified Communications<br />Distance Collaboration<br />Purpose Built vs Standard Desktop<br />Expert call routing<br />
    9. 9. Case Study Issues<br />Working with a top 10 retail bank client, we identified a range of issues to consider :<br />Product-Channel Alignment <br />Customer Experience<br />Operational Alignment<br />Technology<br />
    10. 10. Product-Channel Alignment<br />
    11. 11. Customer Experience<br />Will at home customers be comfortable using a 2-way video channel?<br />Is bandwidth at home sufficient or reliable enough? Systems easy to use?<br />Will the customers perceive this as “personal” service or another way for the bank to cut cost?<br />Are technologies ready for an immersive experience at a reasonable cost?<br />
    12. 12. Operations<br />Does telepresence fit existing operations?<br />Location in branch to ensure privacy, use?<br />Environmental issues– e.g. lighting, seating<br />ATMs an appropriate channel Privacy? Availability?<br />Hours of operation impact the service profile?<br />What security issues must be considered?<br />
    13. 13. Technical<br />Are technologies ready?<br />Network bandwidth - voice and picture sync/latency<br />Microphone and camera quality<br />Large screens and definition<br />Multi-party networking<br />Support materials and knowledge in live environment<br />Delivering to mobile devices<br />
    14. 14. Telepresence: a Solution for PNB<br />Demographics support active adoption<br />Technologies are ready (if configured well)<br />Brand impact attracts new customers<br />Leverage for expansive networks<br />Position as ‘new value’, not a replacement or cost-avoidance<br />Piloting solutions will validate fit and synchronize with existing processes and infrastructure<br />
    15. 15. Thank You<br />