Sapient Backbase Engagement Banking Webinar Jan 27, 2011

Engagement Banking Strategy Backbase Webinar Series January 27, 2010

What is Engagement Banking?

Engagement Banking
is a new marketing, sales and service model that deploys Technology to achieve both
Customer Intimacy and Scale
© 2011 SapientNitro

Your ability to collect customer data, turn that data into insight and effectively disseminate that insight
The appropriate channels that align with a customer’s convenient behavioral patterns
A strong user experience design

How are customers behaving today?

Customers want Digital
Most consumers now touch their bank digitally, and outside the branch network
Internet Banking 36%
ATM 15%
Mobile 3%
Digital 54%
© 2011 SapientNitro Source: American Banker Association, Preferred banking method survey, September 2010

So, what do consumers want?

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

The Four Pillars of Engagement Banking
Next Generation Online Banking Experience
Multi-channel Client Experience
Digital Customer Acquisition
Digital Community Development

60% of checking accounts are likely to become unprofitable. The Boston Consulting Group, 2010

Profits are generated in three ways
1. Revenue expansion
2. Increasing asset productivity
3. Cost reduction
Engagement Banking powers all three levers

What an Engagement Bank Looks Like

Traditional banks are organized around silos © 2011 SapientNitro Retail / Branch Call Center Alternative ATM Online Mobile Services Origination Pricing Strategy Compliance, etc. Instruments Deposits / Accounts Lending Cards Wealth, etc. Enterprise Services
Corporate
Finance
Treasury
Payments
Operations
Fraud / AML
Technology
Product Customer Management
Onboarding
Marketing
Strategy
Analytics

Engagement Banks are channel-independent
Channels are agnostic, and supported by shared, customer-focused business services
Customer context is delivered throughout the organization
© 2011 SapientNitro Business Model Services Customer Context Customer Context Branding / Marketing Sales Onboarding Relationship Management / Servicing Transitioning Channels Retail / Branch Website Mobile ATM / Kiosk Call Center Instruments Services Enterprise Services Product

Customers are already channel-independent Image: peopleseconomics.com

The customer’s journey defines the experience
Engagement Banking is about reorganizing traditional banking activities to engage and empower customers through a compelling sales, product or service experience
Re-evaluation Engagement Initiation Discovery

© 2011 SapientNitro Re-evaluation Engagement Initiation Discovery Triggers Marketing and Brand. Moments of clarity and inspiration of a financial need. Investigation Pre-sales. Initial research into the benefits of a banking brand, products and services… and what the peer network says. Image: http://jonathanbaldwin.blogspot.com

Re-evaluation Engagement Initiation Discovery Trial Sales activities The customer assesses how a product or brand’s abilities meet their individual needs. Onboarding The traditional onboarding process. Purchase Decision

Re-evaluation Engagement Initiation Discovery Manage Gain clarity and control, and make transactions to implement change. Understand Make sense of what I’m doing and a plan for what to do next. View View your financial life. Assemble a personal balance sheet to develop a complete picture. Evaluate Continually evaluate how my financial solutions help with my continually changing life.

Re-evaluation Engagement Initiation Discovery Repositioning Identifying products that are better alternatives than what’s currently implemented Relationship Closure Activities to close or transfer a financial relationship, including account closure and feedback.

Engagement Banking Business Framework © 2011 SapientNitro Standard Bank Products, Services & Functions Enterprise Services Product Instruments Services Engagement Bank Customer-centric Services & Functions Business Model Services Customer Context Branding / Marketing Sales Onboarding Relationship Management / Servicing Transitioning Channels Retail / Branch Website Mobile ATM / Kiosk Call Center Customer Experience Framework Re-evaluation Engagement Initiation Discovery

How to Implement Engagement Banking

PFM is really about bringing business-class reporting and analysis down the food chain to consumers.
Next Generation Online Banking Experience Image: Mint.com

Strong User Experience Design across every channel
A design that focuses on the user experience means a different approach to delivering financial 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.
© 2011 SapientNitro Most desired information readily available “ What’s my account balance?” Visualization to provide context at-a-glance. “How am I doing?” Most recent first, for fast updates… “Did the check clear?” Strong User Experience Design…

Data-driven Product Development

Data Intelligence in Customer Service and Support

Digital Community Development Image Source: It’s a Wonderful Life, 1946

Digital Community through Social Networking Image Source: O’Reilly

Summary

Engagement Banking Business Framework © 2011 SapientNitro Standard Bank Products, Services & Functions Enterprise Services Product Instruments Services Engagement Bank Customer-centric Services & Functions Business Model Services Customer Context Branding / Marketing Sales Onboarding Relationship Management / Servicing Transitioning Channels Retail / Branch Website Mobile ATM / Kiosk Call Center Customer Experience Framework Re-evaluation Engagement Initiation Discovery

About SapientNitro

2009 REVENUE OF US$639M END-TO-END SERVICE OFFERING, WITH COLLABORATIVE AND AGILE APPROACH FOUNDED IN 1990 , PUBLICLY TRADED SINCE 1996 (NASDAQ: SAPE) HEADQUARTERED IN BOSTON WITH 8500 EMPLOYEES, OVER 5000 IN INDIA 35 OFFICES WORLDWIDE UNIQUE LARGEST INDEPENDENT INTERACTIVE AGENCY IN THE WORLD, with INDUSTRY LEADING STRATEGY & TECHNOLOGY CONULTING

© 2011 SapientNitro INSIGHTS Expertise in research, 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 REALIZATION People that can execute on ideas from a customer experience, operational and technical perspective supported by world class program management and collaborative approach S We are Thank You Michael Degnan Engagement Banking Lead Sapient Nitro Financial Services Center of Excellence mdegnan@sapient.com | @mdegnan http://engagementbanking.sapient.com #engagementbanking

Sapient Backbase Engagement Banking Webinar Jan 27, 2011

by Michael Degnan on Jan 28, 2011

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Sapient Backbase Engagement Banking Webinar Jan 27, 2011 — Presentation Transcript