Web Analytics and Management
Information in Financial Services
Miles Bennett
London
March 2007
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about me
Background in Management Information and
Incentives
Web Analyst for 3 major banking groups
Tools
Strategy / Recommendations
Proof of Concepts
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Background to Banking
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traditional banking services
Face to face contact
Average hours 9 to 5
Cross sales opportunities
Whose convenience?
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non-branch based customer interaction
Telephony Internet Banking
(pc banking)
ATMs
Mobile Banking
Your Money
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telephony and atms
24/7 service
First Direct
ATMs
Cashbox
Additional Services
Pay Bills
Charity Donations
Mobile Top Up
Pay in a Cheque
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Internet Banking
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birth of internet banking
1998 – first experience of computer based banking
- dial up connection
- slow connection
- little functionality
- no sales opportunities
- little research availability
Issues Statement based
Limited transaction model
Little known about fraud
Big problems with generating consumer confidence
Educating customers on phishing
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phishing example
Incredibly poor English
and lack of grammar
Clearly is not a legitimate email.
Constant reassurance from valid emails required
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internet banking – NOW!
total account
holdings
transactions education
clubs
sales and
cross sales
discounts
online messaging
pre-approved
complimentary accounts
products
Mr Jones – wants to use the internet to do all his banking
and only wants to go to the cash-point to get cash and
does not want to go into a branch if he can help it.
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personal banking homepage
Too familiar?
Personalisation
Cross sales to replicate branches
Call to action is not conforming to brand colours!!! GREAT!!!!!
What can you do in the branch that you cannot do on this site?
Quick applications from online banking
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true customer service
improvements
reassurance always good
Example of good customer communication / services
taken from Lloyds TSB Online Banking
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Convincing Arguments
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management buy-in
Preference for branch and telephony
Can we really attribute ROI?
Customer interaction – measurable?
Expensive?
A crap website is as dangerous as no
ME! website at all.
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improvements and IT
January December
Reliant on solid business cases
Massive Lead Times
Project Based
Resource Intensive
Priority against all IT projects
Return on Investment
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Reporting & Analysis
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management information mix
DORMANCY
RISK
ACTIVE USAGE
BENCHMARKING
HOLISTIC TRANSACTIONS
IT DATA
COMPETITOR LANDSCAPE
CHANNEL COMPARISON
INCENTIVES
ENROLMENT
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Stats….
Profit?
40% of credit
card applications
are online
Higher
interaction
than any Phased out due
other to environmental
channel issues
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marketing to the individual
Branch Multi-channel users
20% of current account users
regularly use the internet as a
method of banking
Telephony Internet 40% of credit card sales are
completed online
Ability to track a customer across all channels,
by call, transaction, product view, query,
promotion, campaign, birthday…..
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next generation internet banking
Helping customers get a non-financial hold on their money.
Business of banking doesn’t have to be difficult and internet
helps with that
“Life’s complicated enough”
Globalisation
Private Banking techniques are becoming the norm
Customer Focus is as key as security for banks
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