CIS14: NSTIC: Identity Enables a New Digital Relationship

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CIS14: NSTIC: Identity Enables a New Digital Relationship

  1. 1. Broadridge Financial Services adrianchernoff Vice President of Digital Strategy ENABLES A NEW DIGITAL RELATIONSHIP Copyright 2014 I D E N T I T Y July 20, 2014
  2. 2. IDENTITY USE CASE WHO WE ARE THE CONSUMER INDUSTRY CHALLENGE THE OPPORTUNITY 1 2 3 4 THE POWER OF IDENTITY5 Identity enables a New Digital Relationship Identity Enables a New Digital Relationship 2 Copyright 2014
  3. 3. IDENTITY IS CORETO OUR DIGITAL PRODUCT OFFERING Identity Enables a New Digital Relationship IDENTITY USE CASE SECURITY PRIVACY ACCESS 3 Copyright 2014 I D E N T I T Y
  4. 4. WHO WE ARE NYSE: BR1 • Responsible for sending out proxies and tallying shareholder votes for tens of millions of stock owners around the world • Processes 85% of all outstanding shares voted in the U.S. and 72% of shares voted outside of the U.S. Excerpts from the November 18, 2013 issue of Forbes http://www.forbes.com/sites/steveschaefer/2013/10/30/the-broad-reach-of-broadridge-the-most-important-financial-firm-youve-never-heard-of/ “Broadridge is the most important firm on Wall Street that you’ve never heard of” Former NewYork Stock Exchange chairman and CEO Dick Grasso Identity Enables a New Digital Relationship 4 Copyright 2014
  5. 5. WHO WE ARE A Financial Industry Communications Hub 950+ Banks & Brokers 12,000 Corporate issuers 550+ Mutual funds Institutional investors Retirement Plans, VA’s/TPA’s 140,000,000 + Individual Accounts 3 billion distributions annually across North America, proprietary technology drives 60% + suppression rates NYSE: BR1 Identity Enables a New Digital Relationship 5 Copyright 2014
  6. 6. ~55 ~450 Rela)onships Annual  Communica)ons Financial' 12' Insurance' 6' U1li1es' 6' Government' 8' Other/' Small'Biz' 23' Financial' 175' Insurance' 64' U3li3es' 56' Government' 96' Other/' Small'Biz' 66' WHO WE ARE Out of the~55 providers that consumers receive printed communications from - financial is a significant portion 1 Research*  shows  that  for  consumers  to  adopt  “DIGITAL  COMMUNICATIONS”  they  need  to  be   able  to  access  at  least  60%  of  their  content  through  a  channel  of  their  choosing  versus  needing   to  use  55  different  web  sites  or  apps *Research  from  Infotrends  report  “The  Future  of  MulM-­‐channel  TransacMonal  CommunicaMons  in  the  U.S.” Identity Enables a New Digital Relationship 6 Copyright 2014
  7. 7. TO UNDERSTAND IDENTITY WE FIRST NEEDTO KNOW OUR CONSUMER Identity Enables a New Digital Relationship SECURITY PRIVACY ACCESS 7 Copyright 2014 2 THE CONSUMER I D E N T I T Y
  8. 8. 2 THE CONSUMER Identity Enables a New Digital Relationship • Consumers are moving to digital at an unprecedented rate • Financial services firms have yet to fully take advantage … • Resulting in high print-mail costs and un-fulfilled opportunities to enhance customer relationships • Research illustrates solutions must be consumer centric and digital interactions must be superior to physical experiences they replace Successful digital solutions prioritize the needs of the consumer 8 Copyright 2014
  9. 9. 2 Early  AdopterMainstream  AdopterLate  AdopterHow  would  you  describe   your  personal  approach  to  new  technologies? Source:  InfoTrends  The  Emergence  of  Digital  Mailbox  Services  Report,  November  2011 of New Technologies Adoption by Age 55% 34% Early Adopter Mainstream Adopter Late Adopter Adoption by Income 42% 33% of iPads Apple iPad 2/12/2012  –  iPad  owners  tend  to  be  older  and  have  more  money Source:  h"ps://www.npd.com/wps/portal/npd/us/news/press-­‐releases/pr_120217/ THE CONSUMER Identity Enables a New Digital Relationship 9 Copyright 2014
  10. 10. 2 Billion 800 Million 1.7 Billion 1.3 Billion 2015 2009 2015 2009 Source: Morgan Stanley Research http://www.slideshare.net/guest1222bdb/mary-meeker-april-2010-internet-trends time spent with mobile is growing at 14 times the rate of the desktop Source: http://m.cmo.com/articles/2013/1/3/the_5_digital_ds_of_.html 2 THE CONSUMER Mobile vs. Desktop Global Internet Users Identity Enables a New Digital Relationship 10 Copyright 2014
  11. 11. DESKTOP TABLET SMARTPHONE http://monetate.com/research/Monetate Q4 2013 Ecommerce Quarterly Q4 2013 Q4 2012 WEBSITE TRAFFIC BY DEVICE 2 THE CONSUMER Identity Enables a New Digital Relationship 11 Copyright 2014
  12. 12. 2 THE CONSUMER http://comscore.com/ Identity Enables a New Digital Relationship 12 Copyright 2014
  13. 13. 2 THE CONSUMER Identity Enables a New Digital Relationship 13 http://www.businessinsider.com/ipads-dominate-tablet- usage-2013-5#ixzz2g22INtdV Apple iPad Global Market Share 32.4% Android Tablets Microsoft Surface Apple iPadKindle Fire http://chitika.com TABLET GLOBAL MARKET SHARE TABLET WEB TRAFFIC Copyright 2014
  14. 14. HOW EFFECTIVE ISTHE INDUSTRY AT ENGAGING CONSUMERS Identity Enables a New Digital Relationship SECURITY PRIVACY ACCESS 14 Copyright 2014 3 INDUSTRY CHALLENGE I D E N T I T Y
  15. 15. 3 INDUSTRY CHALLENGE Identity Enables a New Digital Relationship 75%  OF  CLIENTS CREDENTIALED 60%  OF  CLIENTS ACTIVE  USERS RETAIL  BANKING 25%  OF  CLIENTS CREDENTIALED 5%  OF  CLIENTS ACTIVE  USERS WEALTH  MANAGEMENT 6%  OF  CLIENTS CREDENTIALED 1%  OF  CLIENTS ACTIVE  USERS INSURANCE 15 Unfortunately with the exception of retail banking, financial firms have had difficulty in taking advantage of these trends Copyright 2014
  16. 16. 3 INDUSTRY CHALLENGE Identity Enables a New Digital Relationship 16 Most companies utilize a Business to Consumer (b2c) model when it comes to digital efforts. • In essence financial service companies are telling their clients to “COMETO ME” • There are many reasons companies prefer this approach: • Control of the overall experience and content • Ability to Ensure Regulatory Compliance • Security • Unfortunately this approach often does not resonate with consumers Firm  Websites &  Mobile  Apps Copyright 2014 b2c
  17. 17. 3 INDUSTRY CHALLENGE Identity Enables a New Digital Relationship 17 Cons-­‐ umers 192M 141M* 78M* 92M* Average  Wealth  Mgmt  web  site   <  350k  monthly  users ~  5%  of  account  holders Bank   Site Given the number of options consumers have … A “COME TO ME” strategy has resulted in firms getting lost among giants Copyright 2014
  18. 18. CHANGINGTHE BUSINESS MODEL Identity Enables a New Digital Relationship SECURITY PRIVACY ACCESS 18 Copyright 2014 4 THE OPPORTUNITY I D E N T I T Y
  19. 19. 4 THE OPPORTUNITY Identity Enables a New Digital Relationship 19 A better approach would be to shift from a business focused model to a consumer focused model “COME  TO  ME” “GO  TO  THEM” Copyright 2014 has  yet  to  resonate  with  consumers   and  has  been  largely  unsuccessful   despite  significant  investments b2c c2b
  20. 20. Bank   Site consumers firm 20 4 THE OPPORTUNITY Identity Enables a New Digital Relationship For firms to go where the consumers already “live” - Identity is key Copyright 201420
  21. 21. IDENTITY POWER’S OUR BUSINESS MODEL Identity Enables a New Digital Relationship SECURITY PRIVACY ACCESS 21 Copyright 2014 5 THE POWER OF IDENTITY I D E N T I T Y • Adaptive • Reconfigurable • Better for Customers • Better for Clients ADDITIONAL BENEFITS
  22. 22. c2b 22Identity Enables a New Digital Relationship 22 Copyright 2014 5 THE POWER OF IDENTITY our business model leverages the power of identity Financial' 175' Insurance' 64' U3li3es' 56' Government' 96' Other/' Small'Biz' 66' Financial' 12' Insurance' 6' U1li1es' 6' Government' 8' Other/' Small'Biz' 23' ~55 + puXng  the  consumer  in  control,  by  pushing   communicaZons  through  the  channels  they   use  every  day
  23. 23. Investing Banking Telco Small Business Healthcare Insurance Identity Management 5 THE POWER OF IDENTITY Facilitates secure communication between brands and consumers 23Identity Enables a New Digital Relationship Copyright 201423 Digital Mailboxes (e.g. Canada ePost) Online Banking Cloud Drives (e.g. Dropbox, Evernote) Aggregation sites (e.g. Mint.com) Social Networks Working   with   IDW   on   several   soluZons   both   d o m e s Z c a l l y   a n d   internaZonally   that   will   uZlize   IDW’s   a"ribute   exchange   to   validate   consumer  idenZZes First  step  for  Broadridge   to   introduce   innovaZve   services   that   enhance   user   experience   and   privacy,   lower   industry   costs,   and   drive   new   sources  of  revenue NSTIC PILOT
  24. 24. Brands (i.e. mailers) Channels Digital Mailboxes (e.g. Canada ePost) Online Banking Cloud Drives (e.g. Dropbox, Evernote) Aggregation sites (e.g. Mint.com) Social Networks Consumers Investing Banking Telco Small Business Healthcare Insurance Digital Platform Channel Mgmt Preference Mgmt Identity Mgmt Digitization of content • Brands across multiple verticals participate • Brands have one integration point • Brands control security (a federated model, as brands store data behind their firewalls) • Platform connects to the channels brands support and consumers are using • Consumers receive additional content from channels they are already using 5 THE POWER OF IDENTITY Identity is the glue in our model to enable consumer adoption 24Identity Enables a New Digital Relationship Copyright 201424
  25. 25. Identity Enables a New Digital Relationship 25 Copyright 2014 • Technology is changing consumer behavior • Consumers have multiple digital relationships and they want an easier way to connect • Broadridge is changing the business model by leveraging Identity • to improve the customer experience • to empower consumers with more choice • to improve consumer adoption • to drive digital relationships • to give brands more flexibility • to help brands reduce costs • Identity is the glue that makes our business model happen • enabled by NSTIC and IDW TAKE AWAYS
  26. 26. 26 Copyright 2014 July 20, 2014 Broadridge Financial Services adrianchernoff Vice President of Digital Strategy ENABLES A NEW DIGITAL RELATIONSHIP I D E N T I T Y

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