How two Italian banks achieved their
business goals through more effective documents
1
Nicola Muraro – Vice President Grup...
Corporate documents as business drivers
 Direct documents cost is small compared to the total company
expenditure (1-3%)
...
ING DIRECT CASE STUDY
Italian Market Leader in Online Banking
What is Ing Direct in Italy
 Ing Direct Italian branch is market leader in online banking with 1,2
million customers.
 S...
New business model introduced more complexity
 Business model moved from being just a piggy-bank to become a
complete onl...
 Ing Direct asked for a “simplexity” approach without increasing internal
process costs:
 To make it as easy as possible...
Changes done jointly by Ing Direct and Selecta
• White space approach for totally data-driven documents
On-demand
• Docume...
Bank account statement
8
The opening pack
9
Ing Direct Benefits
 Business improvement
 Higher success rate in transforming prospects
into customers
 More documents...
BANCA FIDEURAM CASE STUDY
Italian market leader in financial advisory
Who is Banca Fideuram
 Banca Fideuram is market leader in the financial advisory market in
Italy, with over 30% market sh...
The Project
 Re-design the whole transactional information towards the
customers.
 100 documents produced  only 14 were...
Outcomes
 Reading should be immediate, easy, transparent, clear.
 labels using customer language
 fonts, colours and sh...
The new Fideuram color statement
Fideuram Benefits
 Business improvement
 Increased customer satisfaction and
loyalty
 Better overall perception of Banc...
2 sides of the same coin
Lessons learnt
 If documents are the nervous
system  opportunity to create
value through them h...
The business model
 Pro-activeness toward customer’s
needs as a long-term strategic
partner
 Consultative approach looki...
Thank you
Gruppo Selecta
Nicola Muraro
Gruppo Selecta Vice President
nicola.muraro@selecta.it
www.linkedin.com/in/nicolamu...
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Nicola Muraro - How Two Italian Banks Achieved Their Business Goals Through More Effective Documents

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Nicola Muraro - How Two Italian Banks Achieved Their Business Goals Through More Effective Documents

  1. 1. How two Italian banks achieved their business goals through more effective documents 1 Nicola Muraro – Vice President Gruppo Selecta Marketing Dynamics – Brussels – 27-28 October 2010
  2. 2. Corporate documents as business drivers  Direct documents cost is small compared to the total company expenditure (1-3%)  Because of that documents are often out of the priorities of the top management despite their large impact on the company business:  Documents imply many other costs (postage, archiving, etc)  Documents are one of the key touch points towards the customers  Not giving the right attention to documents a company misses opportunities:  to reduce hidden costs  to improve its own business  Today we will see how more effective documents have helped two big banks in improving their own business 2
  3. 3. ING DIRECT CASE STUDY Italian Market Leader in Online Banking
  4. 4. What is Ing Direct in Italy  Ing Direct Italian branch is market leader in online banking with 1,2 million customers.  Started in Italy in 2001 with just one product: online saving account  Business model is to supply low cost services with no tricks and to pay high interests on the savings  Success depends largely on low process costs with means a continuous effort to make processes as smooth as possible  Main touch points to become Ing Direct customers are: Web and phone  Selecta designed (2001) a frictionless workflow which ensure Ing Direct:  To produce and send a customized Opening pack to new customer in J+1  To minimize the back-office activities 4
  5. 5. New business model introduced more complexity  Business model moved from being just a piggy-bank to become a complete online bank by adding new services: mortgages, investments, trading on-line, payment account  Ing Direct has a strong risk adverse approach, so new filters have been added and more information has been requested  It drove to more difficulties in completing correctly data collection forms  More services meant more complexity:  More products to explain to customers  More difficulties to explain how to fulfil documents correctly  More information to collect (i.e. fiscal code, ID)  More back-office activities (costs) for dealing with incomplete information and phone call 5
  6. 6.  Ing Direct asked for a “simplexity” approach without increasing internal process costs:  To make it as easy as possible for customers to understand and complete successfully data collection forms  To avoid any further complexity or activity overload in Ing Direct back- office  The request was for making the existing process more frictionless than before  Metrics for success:  Rate of documents correctly completed  Lower number of phone calls for asking clarification  Process automation  To minimize item to pre-print and stock  Main goal: quality, meaning to be quick and correct Ing Direct requirements 6
  7. 7. Changes done jointly by Ing Direct and Selecta • White space approach for totally data-driven documents On-demand • Documents easier to complete Redesign • Different layout depending on customer behavior Differentiation • Instead of offset plus black & white printing Full color printing 7
  8. 8. Bank account statement 8
  9. 9. The opening pack 9
  10. 10. Ing Direct Benefits  Business improvement  Higher success rate in transforming prospects into customers  More documents correctly fulfilled by the customers at the first attempt  Better overall perception of Ing Direct experience by the customers  Faster time-to-market for changing documents  Savings  Less phone calls thanks to more effective documents  Reduced overload on back-office department  No more waste for discarded pre-printed material  Lower overall process costs www.selecta.itp. 15
  11. 11. BANCA FIDEURAM CASE STUDY Italian market leader in financial advisory
  12. 12. Who is Banca Fideuram  Banca Fideuram is market leader in the financial advisory market in Italy, with over 30% market share, and the fourth player in asset management with 4300 financial advisors and more than 450 offices and branches  Main offer consists in investment products such as trading, mutual funds, individual products and life-insurance products.  Market: private and afferent segments, where two thirds of Banca Fideuram assets and management are concentrated.  Marketplace has a low level of differentiation among the offers of the different actors, so communication is the key to reinforce and confirm brand equity and value proposition  Communication media are financial advisors and documents sent to customers. Customers relationship, trust and loyalty depends on them.  So, documents are one of the key success factors for the bank 12
  13. 13. The Project  Re-design the whole transactional information towards the customers.  100 documents produced  only 14 were really relevant.  Project steps were:  analysis to understand the way documents worked and to see what to do with them (improve, cancel, consolidate)  to check the best practise regarding similar documents sent by other companies  to set the rules to improve documents effectiveness and compliance with corporate values  focus groups: customers and financial advisors involvement to understand their expectations 13
  14. 14. Outcomes  Reading should be immediate, easy, transparent, clear.  labels using customer language  fonts, colours and shapes chosen to maximise readiness  The customer has to understand the asset allocation and the level of risk  First of all: usage of digital full-colour printing to deliver clear and understandable performance  Reduction of the number of documents (merging, cancellation)  Documents usage as a cross-selling support  Document: it is a way to increase customer’s trust and loyalty 14
  15. 15. The new Fideuram color statement
  16. 16. Fideuram Benefits  Business improvement  Increased customer satisfaction and loyalty  Better overall perception of Banca Fideuram experience  Differentiation toward competition by using more effective documents than the market standard  Stronger support to financial advisors for cross-selling  Savings  Less postal costs because of documents consolidation www.selecta.itp. 15
  17. 17. 2 sides of the same coin Lessons learnt  If documents are the nervous system  opportunity to create value through them helping customers to see the whole process from data to the recipient  2 complementary perspectives:  Effective and ineffective documents cost more or less the same. But only effective documents helps in getting business goals.  Transactional colour documents in Europe maybe are not so glamour as expected but anyway they can be incredibly effective 17 Effectiveness Efficiency
  18. 18. The business model  Pro-activeness toward customer’s needs as a long-term strategic partner  Consultative approach looking for the value hidden behind corporate documents  Look at the whole document process  Charge for the added value services you supply: process analysis, software development, document design consultancy, postal delivery optimization  Value creation shared with the customer 18
  19. 19. Thank you Gruppo Selecta Nicola Muraro Gruppo Selecta Vice President nicola.muraro@selecta.it www.linkedin.com/in/nicolamuraro 19  Mission:  To help companies in choosing the best communication solutions through document management.  Basic data:  Turnover: over € 70 Mio/Euro  First private transactional and direct marketing operator in Italy  Customers: 750 in different EU Countries  Sales offices: Italy and Europe  Partner: IPN Global

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