Next generation financial services Russia  dec 2012
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Next generation financial services Russia dec 2012

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Next generation financial services Russia

Next generation financial services Russia
Digital Marketing Forum 2012

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Next generation financial services Russia  dec 2012 Next generation financial services Russia dec 2012 Presentation Transcript

  • The Next Generation Financial Services In Russia© 2012 Forrester Research, Inc. Reproduction Prohibited Auke D. Veenstra, Principal Analyst / Dec 2012 1
  • Making Leaders SuccessfulEvery Day 2
  • We help you make better decisions in a world where technology is radically changing your customers© 2012 Forrester Research, Inc. Reproduction Prohibited 3
  • Structure Follows Strategy
  • 1) Insights into global consumers FORRESTER CONSUMER TECHNOGRAPHICS® Argentina + Longest-running digital Australia consumer study (since 1997) Brazil Canada + 330,000+ completed surveys China France + 1,400 brands Germany India + 300 attitudes captured Italy Japan + 6 proprietary profiles Mexico ____________________ Poland The Netherlands = Deep, customizable, Russia South Korea trended consumer insights Spain Sweden United Kingdom United States How technology affects consumers attitudes, behaviors, and motivations© 2012 Forrester Research, Inc. Reproduction Prohibited 5
  • 2) Levels of Engagement Core research and tools Custom Peer Analyst global data collaboration engagement 6© 2012 Forrester Research, Inc. Reproduction Prohibited
  • 3) Research Based Consulting (outside-in) © 2012 Forrester Research, Inc. Reproduction Prohibited7 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • Agenda How will Russian customers look like 3 year from now? - State & Trends What does this mean for Russian companies - Age of the Customer - 5 Challenges for 2013 Next Generation Digital Financial Services - How can Forrester help you Q&A
  • Technology matters. But at the end of the day, it’s all about people.9 © 2010 Forrester Research, Inc. Reproduction Prohibited
  • An average online Russian... 99% go online everyday Spend over 18 hoursUsed Internet for around online every week 4 years 94% have a 97% use Social networks connection at home 55% has a laptop Base: 1,986 Online Adults age 16-55 in Russia 10% has a tablet Source: Forrester Russian Technographics Online Benchmarks, Q3 2012 10 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • Younger Russians adopt Internet on par with Western Europe “How many computers (PC/Mac/laptop/netbook/Tablet) are there in your household?” “How often do you go online on a PC (including weekdays and weekends)?” PC at home - Urban Russia PC at home - EU-7 Online at least monthly- Urban Russia Online at least monthly - EU-7 100% 80% 60% 40% 20% 0% 16 - 18 19 - 20 21 - 24 25 - 29 30 - 34 35 - 39 40 - 44 45 - 49 50 - 54 55 - 59 60 - 64 65 years years years years years years years years years years years years and over Base: Adults in Urban Russia, Europe Source: Forrester Technographics Benchmarks, Q2 2011 EU and RU11 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • Online Russians give preferences to local websites “Which of the following websites do you visit at least monthly?” Yandex 85% Mail.ru 83%Portals/search Google 70% Rambler 34% Yahoo 11% V Kontakte 65% Odnoklassniki 61%Social networks Facebook 37% Narod.ru 12% Twitter 9% Youtube 44% Rutube 13% Video Google Player 4% VKontakte is the top social LiveJournal 11% Blogs Blogger 3% networking site in Russia today it Blogspot 2% already has 100 million users. 28 million users visit Website the Wikipedia 39% website everyday References Google Maps 17% Lib.ru 4% /information Base: 2,000 Online Adults in Russia Source: Forrester Russian Technographics Online Benchmarks, Q3 2011 12 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • While online banking dominates in The Netherlands, it isonly used by 8% of Russians, more of whom use mobile “Do you use the following banking channels at least monthly?” Branch Online 7% Banking Branch 1% 5% 88% 46% 34% Online 1% 1% Banking 70% 1% 8% 4% 12% 7% 2% Mobile Banking Mobile 5% 14% Banking 18% None of these None of these 11% 46% Base: 2,355 Dutch adults age 16+; 3,181 Russian adults age 16+ (percentages may not total 100 because of rounding)Source: European Technographics® Benchmark Survey 2012
  • Client-Centric Multichannel Distribution
  • Product-centric(push) to client-centric (pull).. Security Drivers The empowered customers
  • People increasingly use multiple channels on a single Financial customer journey Human assistance for Self-service for interactions that . . . interactions that . . . . . . are complex. . . . are simple. . . . happen rarely. . . . happen often. . . . have high emotional . . . have low emotional involvement. involvement. Start filling in savings 1 quotation online Telephone the call centre to check 2 specific detail Complete quotation 3 and then compareCall back to check with other providerswhether the savings 4deposit is backed 5 Buy the savings product online Source: Forrester Research16 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • The enablers…. Social Media Splinternet Mobile© 2012 Forrester Research, Inc. Reproduction Prohibited 17
  • Social Media is mainstream has 1 billion active users 800 million 500 million visitors per accounts month, 4 billion hours watched per month hosts more than has over 6 billion 175 million has more than images members 200 million active blogs18 © 2010 Forrester Research, Inc. Reproduction Prohibited
  • Mobile is the most disruptive consumer technologytrend(s) from now to 2015 60% 50% Disruptiveness Estimated use among adults, 2011-2015 (bigger is more Loyalty Social disruptive) programs networking 40% Mobile browsing 30% Smartphone Kiosks Contactless apps Geo-location payment 20% Social PFM Barcodes gaming Tablets 10% NFC Personal Digital Digital Social cloud wallets signage commerce Natural language Internet TV 0% 0% 20% 40% 60% 80% 100% Technology momentum (scale of 0% to 100%)19 © 2010 Forrester Research, Inc. Reproduction Prohibited
  • The Catalysts …. Digital Digital Smart Financial Media Wallets Home services Verticals Experiences SOFTWARE Platforms Devices HARDWARE Components
  • As a result… Consumers become always addressable Spend shifts online Purchase paths expand Data becomes the new oil© 2012 Forrester Research, Inc. Reproduction Prohibited 21
  • Agenda How will Russian customers look like 3 year from now? - State & Trends What does this mean for Russian companies - Age of the Customer - 5 Challenges for 2013 Next Generation Digital Financial Services - How can Forrester help you Q&A
  • We have entered ‘The Age of The Customer’Source: June 2011 “Competitive Strategy In The Age Of The Customer”© 2012 Forrester Research, Inc. Reproduction Prohibited 23
  • Customer obsession? A customer-obsessed company focuses its strategy, its energy, and its budget on processes that enhance knowledge of and engagement with customers© 2012 Forrester Research, Inc. Reproduction Prohibited 24
  • A customer obsessed company….. From To 1. Traditional market 1. Real-time customer research insights 2. Customer service 2. Customer experience as a cost center as a differentiator 3. Inefficient channel sales 3. Agile commerce 4. Push advertising 4. Interactive content and marketing© 2012 Forrester Research, Inc. Reproduction Prohibited 25
  • Your CHALLENGES in 2013
  • Challenge 1: Know Your Customer...© 2012 Forrester Research, Inc. Reproduction Prohibited
  • It pays off…. Source :http://swampland.time.com/2012/11/07© 2012 Forrester Research, Inc. Reproduction Prohibited 28
  • Reach and engage….© 2012 Forrester Research, Inc. Reproduction Prohibited
  • Creating customized brand ecosystems for your clients Depth Reach Engagement© 2012 Forrester Research, Inc. Reproduction Prohibited
  • The new CRM is a multistage process Customer Customer Customer A B C Name Name Name Phone Phone Twitter Twitter FB Twitter Social Data Enterprise Data Opinions FB Opinions Influence Customer Opinions Data Web Data Transactions Influence Management Transactions Data Processing Dashboards Reports Consulting© 2012 Forrester Research, Inc. Reproduction Prohibited
  • Challenge 2: Always Addressable Customer© 2012 Forrester Research, Inc. Reproduction Prohibited
  • Defining the ‘Always Adressable Customer’ Multiple Devices Frequent access Own at least three Go online at least connectable devices daily Multiple Locations Go online at home and/or work, and at least one other locationSource: Melissa Parrish, September 2012 “The Always Addressable Customer”© 2012 Forrester Research, Inc. Reproduction Prohibited 33
  • Every age group has its Always Adressable Customers The percentage of always addressable customers by age group Netherlands 18% 16-24 50% 25-34 29% 35-44 18% 45-54 11% 55-64 7% 65+ 3%Base: All Dutch adults (age 16+); Source: European Technographics® Benchmark Survey, Q3 2012© 2012 Forrester Research, Inc. Reproduction Prohibited 34
  • The Addressability FrameworkSource: Melissa Parrish, September 2012 “The Always Addressable Customer”© 2012 Forrester Research, Inc. Reproduction Prohibited 35
  • The Three Screen World….. 36 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • Tablet usage skews toward the evening compared with PCs and smartphones News Category Browsing by Time of Day and Device Type9%8% PC All Tablets All Smartphones7%6%5%4%3%2%1%0% 12 3 AM 6 AM 9 AM 12 3 PM 6 PM 9 PM AM PM Source: comScore Custom Analysis, August 201137 © 2010 Forrester Research, Inc. Reproduction Prohibited
  • Challenge 3: Think Mobile….© 2012 Forrester Research, Inc. Reproduction Prohibited
  • Your customers and employees have given you permission to be in their pocket. What will you do with that honor?© 2012 Forrester Research, Inc. Reproduction Prohibited 39
  • Mainstreaming of smartphones and tablets Smartphones Tablets 70% 60% 50% 40% % of European consumers owning a device 30% 20% 10% 0% 2011 2012 2013 2014 2015 2016Source: Forrester Research Mobile Adoption Forecast, 2011 to 2016 (Western Europe); Forrester Research © 2012 Forrester Research, Inc. Reproduction ProhibitedDigital Devices Forecast, 2011 To 2016 (Europe)
  • Mobile phones capture a lot of consumers’ attention andtime On average, e-mail is read 48 hours after it is sent, while the average SMS is read in four minutes. The average person looks at their phone 150 times a day, or once every six-and- a-half minutes of every waking hour. Eighty-four percent keep their device within 3 metres of them at all times.Source: http://www.intomobile.com/2012/02/09/tomi-ahonen-average-users-looks-their-phone-150-times-day/; V. Bhaskaran & K. Peterson,Transforming Customer Feedback Through Mobile, at Market Research in a Mobile World Conference, Amsterdam 2012© 2012 Forrester Research, Inc. Reproduction Prohibited 41
  • Mobility: A whole new ecosystem of mobile commerce has emerged Organizer Banking Voice Payment Commerce SMS HealthE-mail / MMS Ticketing Communicate Control IM / Parking chat Social Maps networks Search Create Consume Blogs Web browsing News Pictures Games Ringtones Music TV Video42 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • Mobile payments may not be widely used just yet, butthe interest in them presents a large opportunity “Are you interested in using, or are you already using, the following types of mobile payments?” 25% 22% 20% 16% 15% 15% 15% 14% ∆ 21% 10% ∆ 13% ∆ 13% ∆ 14% ∆ 13% Interested 5% 3% 2% Already using 1% 1% 1% 0% Unattended Person-to-person In-store payments Remote payments Payments to machine payments (using (using your (using your small traders payments (using your mobile mobile device mobile device to (using your your mobile device to pay a instead of cash or buy goods or mobile device to device to pay at a friend or family a card in a shop) services on the pay a plumber, parking machine member (not a Internet) market stall or or other type of company)) other small trader) kiosk)Base: 1,904 online Dutch adults (age 16+) who own a mobile phone; Source: European Technographics Online Financial Services Survey,Q3 2012© 2012 Forrester Research, Inc. Reproduction Prohibited 43
  • Mobile devices have unleashed a storm of innovation that will change shopping and transform payments Offers & Product coupons information Loyalty & Mobile rewards payment Source: Forrester Research44 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • Commonwealth Bank of Australia’s Kaching app makes it simple to make many different payments Source: Commonwealth Bank iPhone app45 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • Mobile phones as a point of sale create a new opportunity to help small traders T-Mobile US and Square partnership. Telia will use iZettle in its own shops.46 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • Challenge 4: Right channeling...© 2012 Forrester Research, Inc. Reproduction Prohibited
  • Right-channelling – balance technology efficiency with humaneffectiveness Routine Web search & FAQs interactions Online account access Mobile account access IVR High-tech ATMs High-value Efficient Secure messaging interactions Cheap Chat and co-browsing Telephone staff Agents and branch staff High-touch Effective Expensive
  • 2. An upheaval on how customers engage
  • The Performance Of Bank X Relative To The Industry For Drivers OfRetention October 2012 “What Drives Retention And Sales In US Banking?”
  • Banks are in the best position to deliver an experience thatspans digital touchpoints Support customer desire to Find an advisor. obtain referrals. Peer recommendations Obtain and reviews recommendations from social Find branch networks. locations. View product comparisons, and Account alerts, interact with a merchant-funded banker. rewards, and Apply for products, digital wallet. accept offers, obtain application status, and communicate with a banker. Interact with financial information, obtain live help, Sign documents, and and manage complex assets. obtain application status.© 2012 Forrester Research, Inc. Reproduction Prohibited 51
  • And their FAO iPad app supports the quoting activitiesof their independent agent channel Did you know? Progressive sells more insurance through agents than online...Source: Progressive Investor Relations Deck 06/14/12
  • Opening branches won’t do the trick....53 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • While online banking dominates in The Netherlands, it isonly used by 8% of Russians, more of whom use mobile “Do you use the following banking channels at least monthly?” Branch Online 7% Banking Branch 1% 5% 88% 46% 34% Online 1% 1% Banking 70% 1% 8% 4% 12% 7% 2% Mobile Banking Mobile 5% 14% Banking 18% None of these None of these 11% 46% Base: 2,355 Dutch adults age 16+; 3,181 Russian adults age 16+ (percentages may not total 100 because of rounding)Source: European Technographics® Benchmark Survey 2012
  • Branches are just another touchpoint© 2012 Forrester Research, Inc. Reproduction Prohibited 55
  • Challenge 5: Customer Experience...© 2012 Forrester Research, Inc. Reproduction Prohibited
  • Three Questions Drive Forrester’s Customer experience © 2012, Forrester Research, Inc. Reproduction Prohibited
  • January 2012 “The Customer Experience Index, 2012”
  • Forrester literally wrote the book on how to becomeclient-centric Outside-In: The Power of Putting Customers at the Center of Your Business • Customer experience counts. Companies can save billions, gain loyalty, and profit from customer experience excellence. • The customer experience ecosystem. The causes of customer experience problems come from throughout the organization. • The six disciplines of customer experience. Companies must master these disciplines: strategy, customer understanding, design, measurement, governance, and culture.© 2012 Forrester Research, Inc. Reproduction Prohibited 59
  • Create unified customer experiences across alltouchpointsInside-Out Outside-In Customer Company perceptions perceptions Company “moments Customer “moments that matter” that matter” Company value Customer Value
  • Take Control: The six Disciplines of Customer Experience Customer Strategy Design UnderstandingMeasurement Governance Culture Forrester report: “Customer Experience Maturity Defined”
  • Aviva Engaged Cross-functional Teams To MapCustomer Journeys
  • Five-year stock performance 30% CXi Leaders 22.5% 20% 10% Cumulative total return 0% S&P 500 Index, -10% -1.3 -20% -30% -40% -50% CXi LaggardsSource: Watermark Consulting -46.3%
  • Agenda How will Russian customers look like 3 year from now? - State & Trends What does this mean for Russian companies - Age of the Customer - 5 Challenges for 2013 Next Generation Digital Financial Services - How can Forrester help you Q&A
  • A new generation of digital financial services is emerging that is Simple, Ubiquitous, Personal, Empowering and Reassuring.65 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • Few digital financial services can match the best human agents at building customer relationships Most digital financial services today:  Fail to recognize the customer and create a personal and relevant experience.  Don’t help customers understand what to do.  Often fail to provide human help at critical moments.  Don’t empower customers to take action.  Don’t take advantage of the power of community.66 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • Next Generation Digital Financial Services S Simple: Make it easy for customers to achieve their goals. U Ubiquitous: Be available wherever customers want it. P Personal: Tailor the experience to individual needs. E Empowering: Help customers to take action. R Reassuring: Offer human help when and where it’s needed.67 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • Next Generation Digital Financial Services S Simple: Make it easy for customers to achieve their goals. U Ubiquitous: Be available wherever customers want it. P Personal: Tailor the experience to individual needs. E Empowering: Help customers to take action. R Reassuring: Offer human help when and where it’s needed.68 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • April 2012 “Trends 2012 : European Retail Banking eBusiness And Channel Strategy” Société Générale’s iPhone App Gives Customers A Simple View Of Their Finances69 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • Simple ‘s communication70 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • La Caixa’s Bar Code Scanning App Makes Bill Payments Easy71 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • Next Generation Digital Financial Services S Simple: Make it easy for customers to achieve their goals. U Ubiquitous: Be available wherever customers want it. P Personal: Tailor the experience to individual needs. E Empowering: Help customers to take action. R Reassuring: Offer human help when and where it’s needed.72 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • USAA lets customers access and manage their accounts through Facebook • USAA lets customers access and manage their accounts via its My USAA tab in Facebook • Customers can add a tab to their Facebook page to access account information, services, and more from Facebook73 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • Commonwealth Bank’s property guide helps home buyers get information about the homes around them74 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • Next Generation Digital Financial Services S Simple: Make it easy for customers to achieve their goals. U Ubiquitous: Be available wherever customers want it. P Personal: Tailor the experience to individual needs. E Empowering: Help customers to take action. R Reassuring: Offer human help when and where it’s needed.75 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • GEICO offers a fully personalized home page for clients that is different to that for prospects First-time visitors Returning visitors Source: GEICO website76 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • Backbase s’ front- and mid office solution makes segmentation possible (i.e student)77 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • Next Generation Digital Financial Services S Simple: Make it easy for customers to achieve their goals. U Ubiquitous: Be available wherever customers want it. P Personal: Tailor the experience to individual needs. E Empowering: Help customers to take action. R Reassuring: Offer human help when and where it’s needed.78 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • Rabobank (NL) Housing Expenses Calculator79 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • AXA’s interactive advisor in Germany helps customers choose the right insurance for them The interactive video is complemented with links to calculation tools, application forms and contact details80 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • Israeli insurer, Migdal, built an iPhone app that gives agents easy access to sales tools and customer data Source: Migdal iPhone application for insurance agents81 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • Next Generation Digital Financial Services S Simple: Make it easy for customers to achieve their goals. U Ubiquitous: Be available wherever customers want it. P Personal: Tailor the experience to individual needs. E Empowering: Help customers to take action. R Reassuring: Offer human help when and where it’s needed.82 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • State Farm lets customers to send a quote to an agent at any point in the online application process83 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • ABN Amro specialist communicates via VC with client84 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • Groupama’s iPhone app makes it easy to get in touch… Contract information No waiting time Be called back Car and bike insurance quote Home care assistance Dental and optical insurance Car and bike insurance claim Other quotes Source: Groupama iPhone app85 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • …and even tells customers how long they will have to wait Waiting time before call back Make a car or bike insurance claim For a better service, please get your accident report ready, your plate number or contract reference number. Confirm call back Source: Groupama iPhone app86 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • Next Generation Digital Financial Services S Simple: Make it easy for customers to achieve their goals. U Ubiquitous: Be available wherever customers want it. P Personal: Tailor the experience to individual needs. E Empowering: Help customers to take action. R Reassuring: Offer human help when and where it’s needed.87 © 2012 Forrester Research, Inc. Reproduction Prohibited
  • How can Forrester help you…© 2012 Forrester Research, Inc. Reproduction Prohibited
  • Our playbook framework FORRESTER’S PLAYBOOK FRAMEWORK89© 2012 Forrester Research, Inc. Reproduction Prohibited
  • 90
  • 1) Insights into global consumers FORRESTER CONSUMER TECHNOGRAPHICS® Argentina + Longest-running digital Australia consumer study (since 1997) Brazil Canada + 330,000+ completed surveys China France + 1,400 brands Germany India + 300 attitudes captured Italy Japan + 6 proprietary profiles Mexico ____________________ Poland The Netherlands = Deep, customizable, Russia South Korea trended consumer insights Spain Sweden United Kingdom United States How technology affects consumers attitudes, behaviors, and motivations© 2012 Forrester Research, Inc. Reproduction Prohibited 91
  • Forrester’s M&S support Business Lifecycle Marketing Consumer Interactive eBusiness and Channel CustomerLeadership & CMO Product Strategy Marketing Strategy Experience Strategy R&D Marketing Sales Support Product/Service Lifecycle Insights Layer Customer Market Intelligence Insights Provide Insights Provide & Performance Requests for Feedback Information Internal Insights External Insights
  • The Forrester Wave TM : transparent vendor evaluations Forrester Wave™: B2C eCommerce Platforms, Q4 ‘10
  • Engage with Forrester through… ANALYST ADVISORY AND RESEARCH-BASED CONSULTING  One-on-one advisory sessions with Forrester analysts to leverage their research and expertise.  One- or two-day intensive workshops in which analysts use research-based best practices to enhance your team’s skill set. Analyst engagement  Research-based consulting engagements with analysts deliver the objective, action-oriented recommendations you need in a condensed timeline. Work closely with our analysts to apply their proven expertise to your big initiatives. Mobile. Cloud. Whatevers next.© 2012 Forrester Research, Inc. Reproduction Prohibited 94
  • Spasiba & Questions Auke Douwe Veenstra - Principal Analyst Mob: +31 651451053 Mail: adveenstra@forrester.com Blog: Auke s Blog posts Twittter:@aukedouwe www.forrester.com© 2012 Forrester Research, Inc. Reproduction Prohibited 95