Backbase On-Demand Webinar: Banking 2025
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People want a seamless customer experience and smart digital platforms. Banking providers, however, are struggling to complete. Legacy systems are delaying digital transformations for 77% of financial institutions, and stopping half of them. Agility and streamlined systems are crucial to delivering superb customer experiences, and you need the right digital banking platformto get there. Our experts, Tim Rutten, the VP Solutions Engineering, and Barry de Leeuw, the Solutions Engineer, discuss the following topics: * Omni-channel customer experience; * Open APIs; * Modular architecture; * Smart AI-driven banking. Learn more about the four strategic pillars required to build a future-proof digital bank.
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Backbase On-Demand Webinar: Banking 2025
- 1. Backbase Webinar Banking 2025 Tim Rutten & Barry de Leeuw 19-09-2018
- 2. Digital Disruption - Who remembers Napster? 1995+ Music Photography Video Rental ... 2005+ Print Media TV / Cable Travel Retail ... 2015+ Banking Insurance Healthcare Automotive Education Telco ... 2025+ Where do you want to be?
- 3. Banking 2025 - Serious Impact - This Decade... 0 100 Market share Tipping Point Time Some Incumbents do not respond and ultimately fail Incumbent business models New Digital First business models Incumbent business models are threatened Bold movers (attackers and agile incumbents) survive and rise A few incumbents partially transform and/or find niche markets
- 4. To 2025From 2015 The Business Digital First Business Model Digital (on the side) Banking 2025 - Let’s make it happen!
- 5. get some inspiration FROM THE BEST
- 6. Digital First – The 10x Better Rule Create a Superior Customer Experience
- 7. 10x Better – (1) Remove Friction | Pain Points Pain points: • Street hailing • Fees for booking ahead • The driver chooses you • Unknown duration • No taxi tracking • Cash payment required in many countries • No customer service • Check pickup time • Check driver’s rating • One-click order • See your driver approaching • Uber ride is tracked (information & security) • Seamless payment • 5-star rating Seamless Uber UX
- 8. 10x Better – (2) Smartly Leverage Platform Capabilities Game Plan Access to users App distribution on the AppStore, the Playstore and soon Facebook Messenger Driver navigation Google Maps used to geolocate cars and users as well as to help drivers navigate Data and server management Data storage and management on Amazon Web services in its early stage Payment Google Wallet and Apple Pay are used to complete transactions
- 9. Game Plan = Solve Problems + Leverage Platforms 10x Better Digital First Platform Legacy Legacy FinTech Google PSD2 API Get the Job done Frictionless, Fast Orchestrate The Customer Journey API Eco-System
- 10. Serious Challenge - Crossing the Chasm! 0 100 Market share Time Incumbent business models New Digital First business models Crossing the Chasm Leader 25% reduction
- 11. Paradigm Shift = ”Customer First” | Outside-In Starts Inside-Out Classic Approach Branch Legacy Apps Network UX Data APIs Legacy Network Customer First Technology Web Mobile Crossing the Chasm Outside-In Approach
- 12. Identify the problems and context Design the experience Engineer your platforms, processes, and people Analyze results to monitor performance and optimize outcomes Paradigm Shift = ”Think Big, Act Small” Minimum Viable Product
- 13. Focus on the Customer journey. Transform Pain Points to Seamless Flows. Onboarding Aggregated Overview Activating a Credit Card
- 14. Problem #1 : Becoming a new Customer at a Bank Pain points: • Filling out lengthy forms • Uploading official documentation • Going physically to a branch • Talking to a representative • Continuing the process later • No customer service • Conversational dialogue • Hop between channels • Facial Recognition and Smart Biometrics • OCR-based Document Scanning & Validation • Digital signing of T&C’sSolution:
- 15. Problem #2 : Getting Aggregated Insight • No real insight in my financial life • PFM should be across all my products • Using multiple applications for doing my daily finances • Impossible to compare costs / rates • No customer service Pain points: Solution: • My Financial Life dashboard with all products • Give consent directly through FIs mobile application • Get personalised advice and offers on all your products • Chatbot-assisted onboarding journey for adding accounts
- 16. Problem #3 : International Travel & Expenses • Doing my expenses during a business trip is a hassle • I need to go through different apps / experiences in my daily life • No capability to truly personalise my experience of daily banking Pain points: Solution: • Introducing Actions to setup personalised Recipes • Pre-defined Action Recipes for instant setup • Overview of all my Actions to easily toggle on/of • Digital Services Hub from which any service can be chosen
- 17. Problem #4 : Activating a new Credit Card • New credit card arrives by mail • Dial by phone to activate • Pre-set PIN code that I can’t change • No way to manage my credit card in my mobile app Pain points: Solution: • Simply activate card from your mobile app • Choose your own PIN-code directly • Full Cards Management directly in your mobile app • Activate using the physical code
- 18. Crossing the Chasm Digital First Platform
- 19. Value Driver #1 – From Channel Islands to Omni-Channel Digital Transformation Branch Internet Mobile Screen design, Workflows, content Screen design, Workflows, content Screen design, Workflows, content Onboarding Branch Internet Mobile Credit Application Credit Card Application Channel | Silo Legacy Internet Omni-Channel Dialogs Screen design, Workflows, Content ... Omni-Channel Fabric Mortgages Onboarding AccountOpening Loans ... Branch Internet Mobile Branch Internet Mobile Mobile Branch
- 20. Ready to Go Accelerators Monolithic Applications Decoupled Layers Problem Value Driver #2 – From Monoliths to Agile building blocks Digital Transformation Lego Style Building Block Architecture
- 21. Value Driver #3 – From Friction to Seamless Processes Digital Transformation 100 35 Customer leakage Indexed to 100 -50% 100 35 Processing costs Indexed to 100 -65% 24 9 N. of steps required manual intervention -63% 2-6 days 10-15 minutes Time to open account -99%
- 22. Value Driver #4 – From Mass to Smart Banking Companies produce in mass and sell an identical product to all their customers Companies offer tailored products and Customization possibilities to each of their Customer, creating an intimate and long-lasting experience. Hyper PersonalizationOne-Size-Fits- All Digital Transformation
- 23. Omni Banking Agile Banking Seamless Banking Smart Banking Digital First TRANSFORMATION SUPERIOR CUSTOMER VALUE Digital First Platform
- 24. BACKBASE : Two Speed Architecture Existing Systems Digital First Banking Platform Customer Employee 10x Better Customer experience Seamless Customer Journey
- 25. Studio Experience Manager Omni-Channel Enterprise Catalog Re-use across all Touchpoints Backbase - Digital Banking Platform Design System Customer Experience Services SDK + API Digital Banking Services SDK + API IAM & Entitlements Management SDK + API Process Digitization SDK + API Empower Customers Empower Business Teams Empower Agile Dev Teams Retail Banking SME Banking Corporate Banking Mobile AppsWealth Banking FinTech MarketplaceExisting Systems
- 26. Digital Banking Services Customer Experience Services Value Driver : Re-Usable E2E Omni-Channel Capabilities Widget Collections My Money Smart Alerts Activity IAM + Entitlements Process Digitization
- 27. Time to Market Flexibility Build Capability (Native) Widget Design System SDK (Web / Mobile) SDK (Services SDK) Capability Extend Capability (Native) Widget Extension(s) UI Component(s) Extension(s) Capability Adopt Capability (Native) Widget Capability Capability Capability Value Driver : Leverage Adopt – Extend - Build Strategy
- 28. COMMITMENT : Deliver More “Speed” and “Flexibility” SPEED Adopt Accelerators FLEXIBILITY Extend + Build End-2-End Capabilities Agile Development
- 30. To DIGITAL First From DIGITAL on the Side The CONVERTED Traditional models Digital channels The CLASSICS Traditional models Traditional channels The RUPTURED Everything new The DIGITAL New models Digital channels
- 31. Scan innovations Digital First : North Star Vision / Strategy Determine impact North star vision & strategy Build roadmap Install digital leadership Build digital organization & culture DIGITAL strategy = BUSINESS strategy
- 32. Omni Banking Agile Banking Seamless Banking Smart Banking Digital First TRANSFORMATION SUPERIOR CUSTOMER VALUE Digital First Platform
- 33. Game Plan 1 Digital Front-End Game Plan 3 Aggregator Game Plan 4 Transform the Bank Game Plan 2 Digital Bank Digital Transformation : Business Model Agility Core Systems Lean Core FinTech Providers FinTech Providers FinTech Providers Core Systems FinTech Providers FinTech Providers Digital Banking Interface Built-for-Digital Bank Lean Value Aggregator Customer Centric Financial Services
- 35. Q&A
- 37. Thank You!