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Sapient Backbase Engagement Banking Webinar Jan 27, 2011
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Sapient Backbase Engagement Banking Webinar Jan 27, 2011

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Overview of Engagement Banking principles, customer behavioral changes driving the need for innovation and how retail banks can adapt.

Overview of Engagement Banking principles, customer behavioral changes driving the need for innovation and how retail banks can adapt.

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

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

  • Engagement Banking Strategy Backbase Webinar Series January 27, 2010
  • What is Engagement Banking?
  • Today… © 2011 SapientNitro Thanks :
  • © 2011 SapientNitro Customer Intimacy Scale and Efficient Operations
  • © 2011 SapientNitro Customer Intimacy Scale and Efficient Operations Technology
  • © 2011 SapientNitro Customer Intimacy Scale and Efficient Operations Engagement Banking Technologies
    • Engagement Banking
    • is a new marketing, sales and service model that deploys Technology to achieve both
    • Customer Intimacy and Scale
    © 2011 SapientNitro
  • © 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
  • Engagement Banking Market Framework © 2011 SapientNitro Banking Technology Marketing Customer Experience Business Environment Consumer Behavior EB
  • 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
  • “ Digital” will increasingly mean “mobile” © 2011 SapientNitro Source: American Banker, Javelin Research, October 2009
  • © 2011 SapientNitro techny.com Image: http://www.installations.org Customers rarely set foot into a branch.
  • © 2011 SapientNitro Cash from the ATM… the one thing they can’t do digitally
  • But only for a few more months. © 2011 SapientNitro NFC
  • 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
    © 2011 SapientNitro
  • The Four Pillars of Engagement Banking
    • Next Generation Online Banking Experience
    • Multi-channel Client Experience
    • Digital Customer Acquisition
    • Digital Community Development
    © 2011 SapientNitro
  • 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
  • The Four Pillars of Engagement Banking
    • Next Generation Online Banking Experience
    • Multi-channel Client Experience
    • Digital Customer Acquisition
    • Digital Community Development
    © 2011 SapientNitro
  • © 2011 SapientNitro Applying professional-grade data visualization techniques…. Next Generation Online Banking Experience
  • … can provide financial context to consumers. © 2011 SapientNitro Image: Mint.com
    • 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…
  • © 2011 SapientNitro Source: IDEO … across every channel
  • Multichannel Client Experience © 2011 SapientNitro Sapient Nitro Engagement Banking Digital Whitepaper http://engagementbanking.sapient.com
  • Digital Customer Acquisition © 2011 SapientNitro Real-time campaign management and adjustments, based on active tracking and monitoring of consumer behaviours
  • Data-driven Product Development
  • Data Intelligence in Customer Service and Support
  • Digital Community Development Image Source: It’s a Wonderful Life, 1946
  • © 2011 SapientNitro Image Source: jasocal.org
  • Digital Community through Social Networking Image Source: O’Reilly
  • Customer Intimacy at Scale © 2011 SapientNitro
  • Summary
  • Engagement Banking Market Framework © 2011 SapientNitro Banking Technology Marketing Customer Experience Business Environment Consumer Behavior EB
  • 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
  • The Four Pillars of Engagement Banking
    • Next Generation Online Banking Experience
    • Multi-channel Client Experience
    • Digital Customer Acquisition
    • Digital Community Development
    © 2011 SapientNitro
  • 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