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Next-Generation Financial Service Sites
Brad Strothkamp, Vice President & Principal Analyst
eBusiness and Channel Strategy – Financial Services


November 9, 2011




1   © 2011 Forrester Research, Inc. Reproduction Prohibited
      2009
Today’s secure Web sites are inferior to good branch
advisors




2   © 2011 Forrester Research, Inc. Reproduction Prohibited
Agenda


What are the shortcomings of many secure sites today?

What are the elements of Next-Generation secure sites?

What are the implication for retail financial services firms?




3   © 2011 Forrester Research, Inc. Reproduction Prohibited
Agenda


What are the shortcomings of many secure sites today?

What are the elements of Next-Generation secure sites?

What are the implication for retail financial services firms?




4   © 2011 Forrester Research, Inc. Reproduction Prohibited
Two thirds of US online households will bank online
in 2014 — growth will be driven mainly by Gen-Y




5   © 2011 Forrester Research, Inc. Reproduction Prohibited
Today’s secure sites have a range of shortcomings



                                        Most secure sites today:
                                         Don’t always make it easy for customers to
                                          achieve their goals.
                                         Cannot be accessed from every device.
                                         Provide content that isn’t always relevant to
                                          individual needs.
                                         Don’t empower customers sufficiently.
                                         Fail to offer human help during high-value
                                          interactions.




 6   © 2011 Forrester Research, Inc. Reproduction Prohibited
Agenda


What are the shortcomings of many secure sites today?

What are the elements of Next-Generation secure sites?

What are the implication for retail financial services firms?




7   © 2011 Forrester Research, Inc. Reproduction Prohibited
Next-generation secure sites will be SUPER



    S        Simple: Make it easy for customers to achieve their goals.

    U        Ubiquitous: Interact with customers wherever they want to.

     P       Personal: Make the entire experience relevant to personal needs.

     E       Empowering: Enable customers to take action by themselves.

    R        Reassuring: Provide human help whenever it adds value.




8   © 2011 Forrester Research, Inc. Reproduction Prohibited
Next-generation secure sites will be SUPER



    S        Simple: Make it easy for customers to achieve their goals.




9   © 2011 Forrester Research, Inc. Reproduction Prohibited
Next-Generation digital financial services will make it
 easy for customers to achieve their goals

 Most people don't enjoy spending time managing their personal finances
 Few firms make it easy for customers to manage their accounts online since
  most secure sites today cater more to the needs of experienced users

 Next-generation digital financial services will simplify the experience




10   © 2011 Forrester Research, Inc. Reproduction Prohibited
Next-generation secure sites will focus on what
 really matters to customers today




     Source: Discover

11     © 2011 Forrester Research, Inc. Reproduction Prohibited
Next-generation secure sites will focus on what
 really matters to customers today




     Source: Discover

12     © 2011 Forrester Research, Inc. Reproduction Prohibited
US startup BankSimple's value proposition is based
 on simplicity




     Source: BankSimple

13     © 2011 Forrester Research, Inc. Reproduction Prohibited
Next-generation secure sites will be SUPER



     S        Simple: Make it easy for customers to achieve their goals.

     U        Ubiquitous: Interact with customers wherever they want to.




14   © 2011 Forrester Research, Inc. Reproduction Prohibited
Next-Generation digital financial services will provide
channel choice, consistency, and continuity




     Source: Forrester Research
15   © 2011 Forrester Research, Inc. Reproduction Prohibited
Choice: USAA let’s customers access and manage
their accounts via their Facebook profile pages



                                                               •   USAA let’s
                                                                   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 Facebook



16   © 2011 Forrester Research, Inc. Reproduction Prohibited
Choice: Spain’s La Caixa supports customers via a
 range of mobile platforms




17   © 2011 Forrester Research, Inc. Reproduction Prohibited
Consistency: RBC and Fokus Bank let customers add
mobile banking gadgets on iGoogle



                                                               •   Customers can add
                                                                   a widget to their
                                                                   iGoogle personal
                                                                   web portal that
                                                                   gives access to the
                                                                   bank’s mobile
                                                                   banking Web
                                                                   site, thereby
                                                                   creating a
                                                                   consistent
                                                                   experience across
                                                                   the two touchpoints




     Source: Personalized iGoogle Web site
18   © 2011 Forrester Research, Inc. Reproduction Prohibited
Continuity: Australia’s CommonWealth Bank lets
customers track applications on the secure site




     •     A unique application number is assigned to every product application that
           is started — no matter via which channel
     •     Customers can finish them via whichever channel they prefer
     •     They can view the application number and status via a dedicated tab ―My
           applications‖ within online banking.

19   Source:Forrester Research, Inc. Reproduction Prohibited
      © 2011 Commonwealth Bank of Australia
Next-generation secure sites will be SUPER



     S        Simple: Make it easy for customers to achieve their goals.

     U        Ubiquitous: Interact with customers wherever they want to.

      P       Personal: Make the entire experience relevant to personal needs.




20   © 2011 Forrester Research, Inc. Reproduction Prohibited
Next-generation digital financial services will personalize
the entire experience
        Content                                                      Navigation                        Presentation
     Personalization                                               Personalization                    Personalization

  -Personalized greetings like
    ―Hallo Alexander‖, ―Happy
 Birthday‖, or ―Merry Christmas‖

-Information about last login and
the most significant transactions
    that happened since then                                      -Possibility to continue where         -Language, layout, and
                                                                   user stopped during the last          formatting is tailored to
  -Proactive notifications about                                                 visit               different customer segments
    what actions are required
                                                                   -Main navigation provides        -Site customization lets users
   -Personalized product offers                                    shortcuts to the most likely      select displayed content and
        (e.g. banner ads)                                                user scenario                  rearrange page layouts

  -Personalized marketing and                                    -Different navigation layers are   -Product pages highlight which
   service messages (secure                                      presented to different customer    products the customer already
             inbox)                                                         segments                 has and which ones are most
                                                                                                           relevant to him
    -Forms and tools that are
 prefilled with existing customer
            information

 -Information about the nearest
   branch or dedicated advisor
21     © 2011 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




22   © 2011 Forrester Research, Inc. Reproduction Prohibited
     Source: GEICO Web site
Dutch SNS Bank uses cross-channel campaign
management to make relevant offers on the secure site




23   © 2011 Forrester Research, Inc. Reproduction Prohibited
Cross-channel campaign management solutions
 integrate all inbound and outbound customer interactions




Source: December 2009 “The Forrester Wave™: Cross-Channel Campaign Management, Q4 2009”
  24    © 2011 Forrester Research, Inc. Reproduction Prohibited
Next-generation secure sites will be SUPER



     S        Simple: Make it easy for customers to achieve their goals.

     U        Ubiquitous: Interact with customers wherever they want to.

      P       Personal: Make the entire experience relevant to personal needs.

      E       Empowering: Enable customers to take action by themselves.




25   © 2011 Forrester Research, Inc. Reproduction Prohibited
Next-generation digital financial services sites will
provide tools to help customers with 4 main questions

 1.) What do I                                2.) How am I          3.) What             4.) How can I
     own?                                        doing?           should I do?           take action?
                                              -Let customers       -Make proactive
                                           create budget and      recommendations
                                            savings goals and          based on
-Provide a real-time
                                           track their progress       customer’s        -Make relevant and
  snapshot of the
                                                                   transaction data          actionable
 customer’s entire
                                               -Let customers        and financial       recommendations
 financial position
                                              create reports to       objectives
                                                analyze their                             -Let customers
-Include all assets
                                                  behavior          -Offer tools and        execute the
and liabilities (e.g.
                                                                   functionality that   recommendations
   pension, real
                                            -Provide time- and    help customers to         immediately
   estate, etc.)
                                              event-triggered        optimize their
                                                  alerts                finances




 26    © 2011 Forrester Research, Inc. Reproduction Prohibited
Next-generation secure sites will be SUPER



     S        Simple: Make it easy for customers to achieve their goals.

     U        Ubiquitous: Interact with customers wherever they want to.

      P       Personal: Make the entire experience relevant to personal needs.

      E       Empowering: Enable customers to take action by themselves.

     R        Reassuring: Provide human help whenever it adds value.




27   © 2011 Forrester Research, Inc. Reproduction Prohibited
Next-generation digital financial services will intelligently
provide human advice whenever it adds value
              Right                                                     Right                       Right
            Customer                                                 Interaction                 Information




                                                                    -Offer human help
                                                                 proactively during high-
         -Offer human help
                                                                   value interactions like
     depending on customer                                                                    -Equip agents with the
                                                                  researching a complex
     value, i.e. more valuable                                                                 right information like
                                                                     product or filing a
     clients are more likely to                                                                 customer data and
                                                                         complaint
          get human help                                                                      recent interaction data
                                                                  -Proactively anticipate
         -Take customer’s                                                                      -Provide consistent
                                                                     the reason for a
       channel preferences                                                                     levels of support by
                                                                 customer call and reach
          into account to                                                                      sharing information
                                                                 out to customers before
     determine which channel                                                                 across multiple channels
                                                                  they need to make the
             is offered
                                                                            call




28     © 2011 Forrester Research, Inc. Reproduction Prohibited
ABN Amro is providing direct access to a personal
advisor on the secure site for preferred banking clients


  On the secure
  site, preferred
      banking
 customers can
 see a picture of
  their account
manager, find his
   or her direct
     telephone
   number, and
receive personal
       service
    messages.




 29   © 2011 Forrester Research, Inc. Reproduction Prohibited
Bankinter offers one-to-one video calls to provide
 human advice on digital channels


 Since 2007 Bankinter offers a Video Call service:
 • Customers can do one-to-one Web video chats with call
 center staff via VoIP beyond standard business hours
 • Video call is used both for sales and servicing and
 enables sharing documents, applications and web pages
 • A software needs to be installed first and users can use
 a webcam
 • The service is integrated with the bank's CRM system
 for call routing and customer information
 • Bankinter handled more than 47,000 video calls in 2008
 • Since the system was installed, upsell rates went up by
 150% in the first three months




30   © 2011 Forrester Research, Inc. Reproduction Prohibited
Agenda


 What are the shortcomings of many secure sites today?

 What are the elements of Next-Generation secure sites?

 What are the implication for retail financial services firms?




31   © 2011 Forrester Research, Inc. Reproduction Prohibited
Implications and recommendations
  The secure site is gradually becoming the heart of the customer
   relationship
  Differentiation is shifting from the branch network to the public and
   secure sites
  Most of today’s secure sites don’t take the full advantage of the web
  Financial services firms should develop a new generation of secure
   sites that are SUPER




32   © 2011 Forrester Research, Inc. Reproduction Prohibited
Thank you

Brad Strothkamp
Vice President & Principal Analyst, eBusiness & Channel Strategy
bstrothkamp@forrester.com


Twitter: http://twitter.com/strothkamp




  © 2009 Forrester Research, Inc. Reproduction Prohibited

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Banks have to become SUPER

  • 1. Next-Generation Financial Service Sites Brad Strothkamp, Vice President & Principal Analyst eBusiness and Channel Strategy – Financial Services November 9, 2011 1 © 2011 Forrester Research, Inc. Reproduction Prohibited 2009
  • 2. Today’s secure Web sites are inferior to good branch advisors 2 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 3. Agenda What are the shortcomings of many secure sites today? What are the elements of Next-Generation secure sites? What are the implication for retail financial services firms? 3 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 4. Agenda What are the shortcomings of many secure sites today? What are the elements of Next-Generation secure sites? What are the implication for retail financial services firms? 4 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 5. Two thirds of US online households will bank online in 2014 — growth will be driven mainly by Gen-Y 5 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 6. Today’s secure sites have a range of shortcomings Most secure sites today:  Don’t always make it easy for customers to achieve their goals.  Cannot be accessed from every device.  Provide content that isn’t always relevant to individual needs.  Don’t empower customers sufficiently.  Fail to offer human help during high-value interactions. 6 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 7. Agenda What are the shortcomings of many secure sites today? What are the elements of Next-Generation secure sites? What are the implication for retail financial services firms? 7 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 8. Next-generation secure sites will be SUPER S Simple: Make it easy for customers to achieve their goals. U Ubiquitous: Interact with customers wherever they want to. P Personal: Make the entire experience relevant to personal needs. E Empowering: Enable customers to take action by themselves. R Reassuring: Provide human help whenever it adds value. 8 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 9. Next-generation secure sites will be SUPER S Simple: Make it easy for customers to achieve their goals. 9 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 10. Next-Generation digital financial services will make it easy for customers to achieve their goals  Most people don't enjoy spending time managing their personal finances  Few firms make it easy for customers to manage their accounts online since most secure sites today cater more to the needs of experienced users  Next-generation digital financial services will simplify the experience 10 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 11. Next-generation secure sites will focus on what really matters to customers today Source: Discover 11 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 12. Next-generation secure sites will focus on what really matters to customers today Source: Discover 12 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 13. US startup BankSimple's value proposition is based on simplicity Source: BankSimple 13 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 14. Next-generation secure sites will be SUPER S Simple: Make it easy for customers to achieve their goals. U Ubiquitous: Interact with customers wherever they want to. 14 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 15. Next-Generation digital financial services will provide channel choice, consistency, and continuity Source: Forrester Research 15 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 16. Choice: USAA let’s customers access and manage their accounts via their Facebook profile pages • USAA let’s 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 Facebook 16 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 17. Choice: Spain’s La Caixa supports customers via a range of mobile platforms 17 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 18. Consistency: RBC and Fokus Bank let customers add mobile banking gadgets on iGoogle • Customers can add a widget to their iGoogle personal web portal that gives access to the bank’s mobile banking Web site, thereby creating a consistent experience across the two touchpoints Source: Personalized iGoogle Web site 18 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 19. Continuity: Australia’s CommonWealth Bank lets customers track applications on the secure site • A unique application number is assigned to every product application that is started — no matter via which channel • Customers can finish them via whichever channel they prefer • They can view the application number and status via a dedicated tab ―My applications‖ within online banking. 19 Source:Forrester Research, Inc. Reproduction Prohibited © 2011 Commonwealth Bank of Australia
  • 20. Next-generation secure sites will be SUPER S Simple: Make it easy for customers to achieve their goals. U Ubiquitous: Interact with customers wherever they want to. P Personal: Make the entire experience relevant to personal needs. 20 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 21. Next-generation digital financial services will personalize the entire experience Content Navigation Presentation Personalization Personalization Personalization -Personalized greetings like ―Hallo Alexander‖, ―Happy Birthday‖, or ―Merry Christmas‖ -Information about last login and the most significant transactions that happened since then -Possibility to continue where -Language, layout, and user stopped during the last formatting is tailored to -Proactive notifications about visit different customer segments what actions are required -Main navigation provides -Site customization lets users -Personalized product offers shortcuts to the most likely select displayed content and (e.g. banner ads) user scenario rearrange page layouts -Personalized marketing and -Different navigation layers are -Product pages highlight which service messages (secure presented to different customer products the customer already inbox) segments has and which ones are most relevant to him -Forms and tools that are prefilled with existing customer information -Information about the nearest branch or dedicated advisor 21 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 22. GEICO offers a fully personalized home page for clients that is different to that for prospects First-time visitors Returning visitors 22 © 2011 Forrester Research, Inc. Reproduction Prohibited Source: GEICO Web site
  • 23. Dutch SNS Bank uses cross-channel campaign management to make relevant offers on the secure site 23 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 24. Cross-channel campaign management solutions integrate all inbound and outbound customer interactions Source: December 2009 “The Forrester Wave™: Cross-Channel Campaign Management, Q4 2009” 24 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 25. Next-generation secure sites will be SUPER S Simple: Make it easy for customers to achieve their goals. U Ubiquitous: Interact with customers wherever they want to. P Personal: Make the entire experience relevant to personal needs. E Empowering: Enable customers to take action by themselves. 25 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 26. Next-generation digital financial services sites will provide tools to help customers with 4 main questions 1.) What do I 2.) How am I 3.) What 4.) How can I own? doing? should I do? take action? -Let customers -Make proactive create budget and recommendations savings goals and based on -Provide a real-time track their progress customer’s -Make relevant and snapshot of the transaction data actionable customer’s entire -Let customers and financial recommendations financial position create reports to objectives analyze their -Let customers -Include all assets behavior -Offer tools and execute the and liabilities (e.g. functionality that recommendations pension, real -Provide time- and help customers to immediately estate, etc.) event-triggered optimize their alerts finances 26 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 27. Next-generation secure sites will be SUPER S Simple: Make it easy for customers to achieve their goals. U Ubiquitous: Interact with customers wherever they want to. P Personal: Make the entire experience relevant to personal needs. E Empowering: Enable customers to take action by themselves. R Reassuring: Provide human help whenever it adds value. 27 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 28. Next-generation digital financial services will intelligently provide human advice whenever it adds value Right Right Right Customer Interaction Information -Offer human help proactively during high- -Offer human help value interactions like depending on customer -Equip agents with the researching a complex value, i.e. more valuable right information like product or filing a clients are more likely to customer data and complaint get human help recent interaction data -Proactively anticipate -Take customer’s -Provide consistent the reason for a channel preferences levels of support by customer call and reach into account to sharing information out to customers before determine which channel across multiple channels they need to make the is offered call 28 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 29. ABN Amro is providing direct access to a personal advisor on the secure site for preferred banking clients On the secure site, preferred banking customers can see a picture of their account manager, find his or her direct telephone number, and receive personal service messages. 29 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 30. Bankinter offers one-to-one video calls to provide human advice on digital channels Since 2007 Bankinter offers a Video Call service: • Customers can do one-to-one Web video chats with call center staff via VoIP beyond standard business hours • Video call is used both for sales and servicing and enables sharing documents, applications and web pages • A software needs to be installed first and users can use a webcam • The service is integrated with the bank's CRM system for call routing and customer information • Bankinter handled more than 47,000 video calls in 2008 • Since the system was installed, upsell rates went up by 150% in the first three months 30 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 31. Agenda What are the shortcomings of many secure sites today? What are the elements of Next-Generation secure sites? What are the implication for retail financial services firms? 31 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 32. Implications and recommendations  The secure site is gradually becoming the heart of the customer relationship  Differentiation is shifting from the branch network to the public and secure sites  Most of today’s secure sites don’t take the full advantage of the web  Financial services firms should develop a new generation of secure sites that are SUPER 32 © 2011 Forrester Research, Inc. Reproduction Prohibited
  • 33. Thank you Brad Strothkamp Vice President & Principal Analyst, eBusiness & Channel Strategy bstrothkamp@forrester.com Twitter: http://twitter.com/strothkamp © 2009 Forrester Research, Inc. Reproduction Prohibited

Editor's Notes

  1. Growth will be driven by an increasingly online population, rapid Gen-Y adoption, and rising confidence in online securityGen-Y customers will bring with it heightened expectations for site functionality and ease of use, having grown up around slick iPhone apps and simple interfaces like that of Mint.com.
  2. Like a powerful sports car that is difficult for novice drivers to handle, secure online banking sites of the largest US banks overwhelm users with their power and complexity, paying little attention to user experience faults and providing minimal support. Left unheeded, these issues will limit the breadth of online functionality that most customers are exposed to and raise support costs in other channels as users seek satisfaction there. Most bank secure Web sites today cater more to the needs of experienced users, failing to offer the basic product and service support that new users need to reach a level of comfort and familiarity with the site that encourages exploration and trial.