eBanking - Setting the Direction Ahead

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A presentation about the need to take a holistic view of 'relationship management' of customers, prospects, rest of the world and likers and haters alike, when we are trying to manage customers in a banking scenario. The situation of banks has changed dramatically in the world and it is essential to take a more customer focused and derived view of products and services so as to gain the trust and business of all kinds of banking customers in the next decade.

I presented this paper at a eBanking Conference in April 2010 and developed the Relationship Management Model for Banks (RMM for Banks) to present my findings and rationale of the new approach.

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eBanking - Setting the Direction Ahead

  1. 1. eBanking Setting the Direction Ahead eBanking Conference - 2010, Karachi, Pakistan by Mohammad Akbar Moghal Head of eBanking and CRM, Atlas Bank Limited Copyright: M. Akbar Moghal
  2. 2. Questions? • Is your website a ‘customer’ touch-point? • Is it “electronic banking”? • Are you developing/tailoring products on customer feedback? • Does it bother you if a single customer is un-happy? • Is measuring Customer Service viable? • Is “electronic banking” considered a fad by your management? Or a must have - ‘me too’? • Is ‘transaction count’ your only measure to gauge success for your eBanking portfolio? 22nd April 2010 eBanking 2010, Karachi
  3. 3. Agenda • Connectivity and its Importance • The Interaction and Transaction Framework • The Relational Perspective • Holistic Approach to eServices • Formulating a Deployment Model • New Areas of Growth • New Business Models • Future Interaction Scenario 22nd April 2010 eBanking 2010, Karachi
  4. 4. Connectivity and Its Importance • Connectivity Scorecard by Nokia Siemens & LECG • Definition: Connectivity or Useful Connectivity measures the extent to which governments, businesses and consumers make use of connectivity technologies to enhance social and economic prosperity Reference: The Connectivity Scorecard 2009 by Leonard Waverman, Kalyan Dasgupta and Nicholas Brooks; LECG and Nokia Siemens Networks 22nd April 2010 eBanking 2010, Karachi
  5. 5. Connectivity Scorecard 2009 Reference: The Connectivity Scorecard 2009 by Leonard Waverman, Kalyan Dasgupta and Nicholas Brooks; LECG and Nokia Siemens Networks 22nd April 2010 eBanking 2010, Karachi
  6. 6. Connectivity • Learning's from the Connectivity Scorecard Importance of ‘totality of interaction’ Effectiveness and Need of ‘useful communication’ Impact on Economic Growth Productivity Gains 22nd April 2010 eBanking 2010, Karachi
  7. 7. The Interaction and Transaction Framework Usability (U) U Cost (C) Risk (R) Agreement (A) Payment (P) A P Delivery (D) R C Context: Timing (t), Location (l), Relation (r), Product (p) D Reference: Derived from the paper, “Understanding Buyer and Seller Behavior for Improved Payment Product Development, Journal of Payments Strategy and Systems Vol 1, Number 3” 22nd April 2010 eBanking 2010, Karachi
  8. 8. The Relational Perspective .. ‘Trust Factor’ 22nd April 2010 eBanking 2010, Karachi
  9. 9. Atlas Bank – U&A Study Results 22nd April 2010 eBanking 2010, Karachi
  10. 10. The Relational Perspective .. • Customer – Greater Geographic Coverage 1) Responsiveness – Effective and Timely Information – Understand by ‘Customer Dwelling’ 2) Convenience – Clarity of Communications 3) Clarity • Bank 4) Functionality – Cost Control – Fee Income (Low Value High Volume) – Float – Customer Attraction and Stickiness (Retention) 22nd April 2010 eBanking 2010, Karachi
  11. 11. The Relational Perspective .. • Customer – Greater Geographic Coverage 1) Responsiveness – Effective and Timely Information – Understand by ‘Customer Dwelling’ 2) Convenience – Clarity of Communications 3) Clarity • Bank 4) Functionality – Cost Control – Fee Income (Low Value High Volume) – Float – Customer Attraction and Stickiness (Retention) 22nd April 2010 eBanking 2010, Karachi
  12. 12. The Relational Perspective .. ‘Customer Know-how’ • Customer Dwelling – Not just ‘customer centric’ – Live their Lives – Understand their ‘value-chain’ • Banks / Financial Institutions could then; – Address their interaction, transaction and service needs – Start addressing end-to-end constituent service components – Help in personal, professional and business operations – Address the Value-Chain Dynamics 22nd April 2010 eBanking 2010, Karachi
  13. 13. Holistic Approach to eServices • Clear Vision and Direction on Customer Experience – What, Where, How and With What Knowledge? – Customer Managed Relationship (CMR) • Multi-Channel ‘contact’ Integration and Supervision – Driven by Customer Demand for Varied Interfaces; Competitive Advantage; Speed of Service; Lower Costs and Ease of Use • Enterprise-wide ‘relationship’ Management – Single ‘view’ of the Customer across all Channel Interfaces (CI) • Risk Review and Control 22nd April 2010 eBanking 2010, Karachi
  14. 14. Formulating a Deployment Model – Defining Customer Experience • Who owns the ‘customer’? 1) Responsiveness – Retail / Consumer / SME / Commercial / Corporate 2) Convenience – Service Quality Management – Product Management 3) Clarity – Marketing – The ‘C’ Suite 4) Functionality 22nd April 2010 eBanking 2010, Karachi
  15. 15. Formulating a Deployment Model – Exclusive / Inclusive Interactions • Exclusive (to the Customer) – Bank-wide Relationship Inquiries / Questions – Financial and Non-Financial Transactions – Service Requests / Fulfillments – Guidance: Individual’s Financial Needs/Issues Redressal • Inclusive (Prospect / Customer / Anyone) – Guidance: the ‘make it / do it better’ – Feedback / Suggestions – Product / Service Criticism – New Ideas and Business Models 22nd April 2010 eBanking 2010, Karachi
  16. 16. Formulating a Deployment Model – The Role of Social Media • What are our markets? • How do we plan to serve them? 22nd April 2010 eBanking 2010, Karachi
  17. 17. Formulating a Deployment Model – The Role of Social Media 22nd April 2010 eBanking 2010, Karachi
  18. 18. Formulating a Deployment Model – The Role of Social Media 22nd April 2010 eBanking 2010, Karachi
  19. 19. Formulating a Deployment Model – The Role of Social Media 22nd April 2010 eBanking 2010, Karachi
  20. 20. Formulating a Deployment Model – The Role of Social Media 22nd April 2010 eBanking 2010, Karachi
  21. 21. Formulating a Deployment Model – The Role of Social Media n these times of In upheaval in markets and new business models .. 22nd April 2010 eBanking 2010, Karachi
  22. 22. Formulating a Deployment Model – The Benefits of Social Media Reference: Social Media Marketing Industry Report, How Marketers Are Using Social Media to Grow Their Business - March 2009, by Michael A. Stelzner 22nd April 2010 eBanking 2010, Karachi
  23. 23. RMM 2.0© - Relationship Management Model for Banks C-Suite | Governance | Audit | Compliance by Marketing Communication | Feedback Review | Market Research | Future Trends | Product Development d Marketing and Customer Experience Management h te rig Web Apps | Social Networking | In/Ex Blogs | Podcasts | Discussion Forums | Share Platforms | Wikis Addressing the Complete Value Chain y op al Website and Web 2.0 C Mobile h Of Customer Experience Voice|SMS|Email|Fax|Chat|IM Personal | Corporate IP nd a Managementg VRS Update Various Contact Center Internet o pe | BU OTC – ar M Management d Enterprise Alternative Channel e lo Branch OTC v k b Operational eEnterprise-wide Deployment of CRM System D .AM Service Quality Retail Consumer SME Commercial Corporate Trade | | | | Various Host Systems | | | | 22nd April 2010 eBanking 2010, Karachi
  24. 24. New Areas of Growth for Banks • Relationship Consolidation – Customer-wide View of Service – Consolidated Statement of Relationship • Divergent Strategy – Voice Recognition and Response – Remote Cash-In and Cash-Out (ATMs / POS / Mobile / etc.) – RFID – Know, Understand and Work for the Customer – Real-time Credit Offers • ‘Customer Facilitation’ Mindset – Investment Management – C2G and G2C Payment – Payment Interactions with Varied Set of Merchants 22nd April 2010 eBanking 2010, Karachi
  25. 25. New Business Models • The Payments Landscape • The Debt Landscape 22nd April 2010 eBanking 2010, Karachi
  26. 26. New Business Models • The Remittances Landscape 22nd April 2010 eBanking 2010, Karachi
  27. 27. Future Interaction Scenario http://www.youtube.com/watch?v=9cGkGoRaYm0 http://www.youtube.com/watch?v=9cGkGoRaYm0 22nd April 2010 eBanking 2010, Karachi
  28. 28. Thank you Mohammad Akbar Moghal Head of eBanking and CRM Atlas Bank Limited 6th Floor, Honda Defence Building Korangi Road, Karachi Direct: (021) 3520-3142 GSM: (0300) 8260228 Email: akbar.moghal@atlasbank.com.pk akbar_moghal@hotmail.com 22nd April 2010 eBanking 2010, Karachi

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