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Engagement banking public

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Engagement Banking - Presented on 1/25/2011 at the WRG Austin Road Show by Bryan Mishkin

Published in: Economy & Finance
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Engagement banking public

  1. 1. Engagement Banking<br />Presenter: Bryan Mishkin Sr. Manager eServices<br />Twitter: @bryanmishkin<br />
  2. 2. Technology and Change<br />New technologies enable new ways of doing business<br />USAA Mobile Deposit Capture<br />Rapid Adoption means we need to be faster to market<br />Banking is not just for FIs anymore<br />
  3. 3. Why is this important?<br />Examples of Companies that have been slow to adapt<br />Are you next?<br />
  4. 4. The Writing is on the Wall<br />90% of branch transactions involved checks<br />In the next decade…<br />Checks WILL disappear<br />
  5. 5. Paper Money is Next<br />
  6. 6. Cards will Supplant Cash in 2012<br />
  7. 7. Transactional Branch Traffic Decreasing<br />
  8. 8. Change is coming<br />Financial Services is ripe for a shift<br />Past 2 decades have seen more change then previous century in banking<br />
  9. 9. Reaching 50 million people throughout history<br />
  10. 10. Trouble?<br />Other companies are coming after our business<br />Lendingclub.com<br />Banksimple.com<br />Dwolla.com<br />Paypal.com<br />Mint.com<br />
  11. 11. How are you preparing?<br />What’s your mobile wallet strategy?<br />What’s your strategy for phasing out checks?<br />Can your mobile banking offering scale to provide all of the functionality in your online offering? <br />Are you planning to attend a financial innovation conference like Finovate?<br />
  12. 12. The Challenge<br />Credit Unions are already behind<br />Change happens faster each time<br />Puts you further behind with each change<br />Legacy Systems pose challenges<br />Reluctance to invest and adopt new technologies<br />
  13. 13. There’s Good News<br />There’s time to plan<br />Not every customer is embracing this shift…yet<br />There’s plenty of opportunity catch up and lead<br />People trust us and have confidence in us<br />
  14. 14. But…<br />Convenience can supersede trust for some<br />Trust can be built over time by others<br />People are beginning to change behaviors<br />
  15. 15.
  16. 16. Engagement Banking<br />Being Customer focused<br />Provide Insight and Meaning as opposed to simply presenting data.<br />Consistency and convergence<br />Innovate<br />
  17. 17. Infrastructure – the foundation<br />Scale<br />Technology Industry Standards<br />The power of web service apis<br />Investment<br />A willingness to invest in technology<br />Treat technology as a primary channel<br />
  18. 18. Upcoming Infrastructure<br />REDACTED<br />
  19. 19. User Experience<br />Ease of use<br />Understand your customers<br />Serving your customers<br />Never force someone to change channels<br />
  20. 20. Convergence<br />Branch, Mobile, Online<br />Data Convergence<br />
  21. 21. One Stop Shop<br />REDACTED<br />
  22. 22. Reinventing the Branch<br />Need a reinvention<br />Automate transactions, focus on sales<br />Nobody ‘wants’ to be in a branch for a transfer or deposit<br />View a branch as a Retail storefront<br />
  23. 23. Re-envision online<br />Easy to use<br />Complete complement of services<br />Unified in the online portal<br />Direct lending 24/7/365<br />Create a great experience with great service<br />
  24. 24. Re-imaging Mobile<br />Strategy should include rivaling branch capabilities<br />Offer non-members information<br />Goal: Convert to member<br />Offer members convenience and interaction<br />Trusted advisor<br />Video conferencing<br />
  25. 25. Think Ahead & Innovate<br />Recognize and execute on emerging trends.<br />Mac App Store<br />Mobile Wallet Strategy<br />iPad/Tablet Strategy<br />Mobile Banking Strategy<br />Socializing the experience<br />Take risks<br />
  26. 26. Moving forward<br />Embrace the changing landscape<br />Start now, don’t wait <br />Position yourself for success<br />Leverage CU Strengths<br />Member Trust<br />Collaboration<br />
  27. 27. Wrapping Up<br />Establish a strong foundation<br />Treat eServices as a primary channel<br />Put product and experience first<br />Take risks and innovate<br />
  28. 28. Questions?<br />Follow me on twitter: @bryanmishkin<br />

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