Separate Your Bank from the Competition with Your Storefront

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As banking has become a commodity, learn how providing your internet prospects and customers with innovative services will help attract, service, and retain your customer base. Powered by the Magnolia framework, see how to position your institution to provide the experience that will keep customers on your site - and off of your competition's.

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  • How to DIFFERENTIATE your bank?
  • How do you MANAGE?Nokia money, payments via cell phone…
  • In just about every business cycle, the paradigm shift is based on customer experience and satisfaction. (e.g. iPod, online travel, etc)
  • Champselysee - Paris, Via Condotti – Rome, Palerma Viejo – Buenos Aires, 5th Ave – New York
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  • Separate Your Bank from the Competition with Your Storefront

    1. 1. Creating Competitive Advantage Via Your Bank Storefront <br />Brian Warrick, Director of Product Solutions<br />
    2. 2. Storefront?<br />
    3. 3. Banking Pressures<br /><ul><li>Housing market collapse, Economic Downturn
    4. 4. Increased complexity in operational efficiency, security & risk management
    5. 5. Evolving regulatory environment
    6. 6. Products are commoditized
    7. 7. Tighter expense & cost controls
    8. 8. Customers demanding higher levels of service</li></li></ul><li>Current Trends<br /><ul><li>Bank closures
    9. 9. 89 Banks failed in 2009 (so far…)
    10. 10. Increased M&A activity
    11. 11. Analysts predict 50% decrease in # of US Banks over coming years (American Banker Analyst Roundtable, 2Q2009)
    12. 12. Increased pressure on IT personnel
    13. 13. Financial Insights forecasting first-ever negative growth in IT spending in 2009
    14. 14. Small to Mid-size Bank IT staffs consumed with application/infrastructure maintenance
    15. 15. Customer Attrition increasing
    16. 16. Turnover rates reach 15% annually (American Banker)</li></li></ul><li>...But Opportunities Abound<br /><ul><li>Web Banking on the rise
    17. 17. 51% of internet enabled US households do some banking online
    18. 18. Only 10% of households currently perform banking transactions
    19. 19. Mobile Banking to see huge growth
    20. 20. 50 Million users by 2013 (Tower Group)
    21. 21. Switching banks is more common
    22. 22. Customers are looking for safe havens</li></li></ul><li>Customer Engagement is Key<br /><ul><li>Engaged customers less likely to leave for competing offer (Gallup Study)
    23. 23. 37% Retention yield for engaged customers
    24. 24. “Extremely Satisfied” website users are 7X more likely to be engaged with their bank
    25. 25. 15X for ‘Extremely Satisfied” mobile banking users
    26. 26. Firms that minimize turnover will grow 30% faster (Tower Group)
    27. 27. For large Banks, a 5% shift in engagement = $1 Billion (JD Power & Assoc)</li></li></ul><li>Customer Engagement Best Practices<br /><ul><li>Excellent Customer Service
    28. 28. Personalized, Effective, Efficient
    29. 29. Easy, Multi-channel Access
    30. 30. Web, eMail, Chat, Phone, Branch
    31. 31. Simplicity
    32. 32. Intuitive, Informative, No Jargon
    33. 33. Promote Trust and Confidence
    34. 34. Security and Consistency</li></li></ul><li>The Customer Lifecycle<br />
    35. 35. Online Evolution<br /><ul><li>Basic Informational
    36. 36. Branch locations, Product list, FAQs
    37. 37. Expanded Informational
    38. 38. Rates, Calculators, Contact Forms
    39. 39. Simple Transactional
    40. 40. Balances, Transfers, Payments, Loan Applications
    41. 41. Enhanced Transactional
    42. 42. Account Origination & Funding, Real-time Loan Decisioning
    43. 43. Virtual Financial Center
    44. 44. Personalized Financial Management, Guidance, Securities & Insurance, Chat
    45. 45. ~30% of US Banks have Online Account Origination</li></li></ul><li>The Multi-channel Bank<br />
    46. 46. Storefont<br /><ul><li>First face to prospects and customers
    47. 47. Up to 60% of visitors browse and leave
    48. 48. Primary source for Product and Service information
    49. 49. Personalization begins here with Customization
    50. 50. Content should be relevant and current
    51. 51. Interactive tools and features to aide decision making
    52. 52. Website feature usage is positively correlated to customer engagement and satisfaction (Gallup)</li></li></ul><li>Overall CMS Deployment Overview<br />
    53. 53. Success Factors <br /><ul><li>Speed to Market
    54. 54. Extensibility and Reusability
    55. 55. Reduced Expenses
    56. 56. Freedom from the development cycle
    57. 57. IT Resources unleashed
    58. 58. Seize opportunities</li></li></ul><li>Case Study<br />Pre-CMS<br />
    59. 59. Case Study<br />Post-CMS<br />29% ROI<br />
    60. 60. Case Study - Benefits<br /><ul><li>Change cycle reduced from Months to Hours
    61. 61. Content shared across platforms
    62. 62. Increased Business User Satisfaction
    63. 63. $50 Million Deposits Realized
    64. 64. ~$100K Annual Savings
    65. 65. 5% Reduction in Phone calls /eMails</li></ul>$90,000 operational expense savings<br />
    66. 66. Powered by Magnolia<br />
    67. 67. Magnolia Experience <br /><ul><li>Ease of use, minimal training
    68. 68. Scalable and performant
    69. 69. Reusable – content shared across channels
    70. 70. Feature Rich
    71. 71. Excellent Support</li></li></ul><li>Thank You!<br />For additional questions or follow-up:<br />Brian Warrick<br />+1.908.256.5892<br />Brian.Warrick@nrg-edge.com<br />

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