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Headline Verdana Bold
Customer journey for
banking institutions in
digital channels
VI European Financial Congress
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 2
Mobile
Call Center
Information s...
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 3
We applied a holistic approach:
...
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 4
Are digital channels
used effect...
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 5
We looked at the 6 stages of Cus...
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 6
A few words about methodology:
H...
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 7
Banks digitized early stages of ...
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 8
The study distinguished 4 groups...
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 9
Banks so far focused on the tran...
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 10
% of active customers in online...
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 11
24%
40%
52%
61% 31%
Cheetah
Ant...
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 12
Logging in Checking account
bal...
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 13
UX in the mobile channel begins...
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 14
Example: Transfer and search fo...
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 15
Cheetahs and antelopes neglect ...
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 16
3 leading banks are
enough to c...
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 17
So far banks have
focused on th...
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 18
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  1. 1. Headline Verdana Bold Customer journey for banking institutions in digital channels VI European Financial Congress
  2. 2. Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 2 Mobile Call Center Information service Branch Social Media Transactional service ATM Advisory service Wearables Sales Service Transactions Main channel functions V European Financial Congress Sopot, 23.06.2015 The area of interest in this year's EFC panel discussion A year ago we looked at the role of banking branches, now it is time for digital channels
  3. 3. Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 3 We applied a holistic approach: 3 research studies combined with own model of retail banking The study of customer journey in digital channels A two-month study of 200 functionalities in Internet and mobile banking in 15 Polish banks The study of user experience in digital channels The study of customer experience in Internet and mobile channel based on a sample of 250 people The study of banking brand perception among retail customers The study of knowledge and brand perception of the banks based on a 3000 people sample Revenue model of retail banking Revenue model of retail banking in the period of 2014 - 2018 with division on products, customers, segments, age groups, geographical location and level of income
  4. 4. Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 4 Are digital channels used effectively for acquisition, service and sales? How Polish banks stack up in comparison with best practices in the area of digital channels? Do the most innovative banks are characterized by a positive perception among their customers? What is more important: UX or functionality? How do the banks cope with this dilemma? Is the mobile channel still coming after the Internet channel or mobile channel has already become a leader? Key questions for today
  5. 5. Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 5 We looked at the 6 stages of Customer Journey 32 actions 194 questions 15 product categories 15 banks 1 3 5 2 4 6 Information gathering Account opening Customer onboarding Day-to-day banking Expand relationship End relationship Identification of needs and access to the information about products and services The first steps in online banking: installation of mobile application and support in the implementation of new functionalities Identification of needs and access to information about more complex products and services The choice of financial institution, the account opening process and receiving the accesses Checking account: balance and history, payments and transactions, simple credit products Identification of the necessary steps to close an account and carry out the process
  6. 6. Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 6 A few words about methodology: How the banks were assessed? In a three-tier scale we evaluated how innovative are offered functionalities, comprising the actions performed by the customer and additionally appreciating distinctive solutions 0point 1point 2points bonus InnovationBest practicesThe standard solutions The basics 100%
  7. 7. Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 7 Banks digitized early stages of Customer Journey, but they do not necessarily support the financial goals % of functionalities consistent with best practices in digital channels Notes: The study of functionalities in digital channels was carried out between 10/03/2016 - 30/04/2016 Information gathering Account opening Customer onboarding Day-to-day banking Expand relationship End relationship 1 3 52 4 6
  8. 8. Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 8 The study distinguished 4 groups of banks which significantly differ in terms of the strategy in digital channels Cheetahs Bears Turtles 20% 18% 24% 47% 40% 46% 51% 42% Bank 7 Bank 14 Bank 6 Bank 4 Bank 15 Bank 8 Bank 5 Bank 13 % of functionalities consistent with best practices in digital channels Antelopes 15 banks which represent 75% of the Polish banking sector assets Notes: The study of functionalities in digital channels was carried out between 10/03/2016 - 30/04/2016 61%63% 52% Bank 1 Bank 2 Bank 3 40% 35% 30% 40% Bank 9 Bank 11 Bank 10 Bank 12
  9. 9. Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 9 Banks so far focused on the transactional banking, but equally high revenue is generating by less digitized credit products Significant revenue, but still low digitalization Revenuesfrombankingactivities in2015[bnPLN] % of functionalities consistent with best practices in digital channels Checking and saving accounts, debit cards Term deposits Car loans Unit-link Credit cards Overdraft Saving accounts Investment funds 10,0 0 2,5 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Cash loans Mortgages 8,0 9,0 1,0 2,0
  10. 10. Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 10 % of active customers in online banking1 Rating of mobile application in Google Play (1-5) A wide range of functionalities results in activity and the positive customer assessment both in Internet and mobile channel... Notes: 1.% of active retail customers estimated based on the number of page views of online banking (data available for all banks based on SimilarWeb) and the actual number of real users (data available for selected banks) which was compared to the number of retail customers of particular bank. ~25% ~30% ~50% ~60% 4,51 4,27 3,48 Lack of native mobile application Cheetahs Antelopes Bears Turtles
  11. 11. Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 11 24% 40% 52% 61% 31% Cheetah Antelope Bear Turtle % of functionalities consistent with best practices in digital channels % of the respondents who think the bank is a trendsetter (n = 2983) ... but it does not necessarily guarantee the perception of the bank as an innovator 33% +37 p.p. -2 p.p. 28% 37%
  12. 12. Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 12 Logging in Checking account balance Checking transaction history Making transfers „Click test” • Average time • Heat map „5 seconds test”  Correctness  Average time „Navigation test”  Success rate  Average time „Navigation test”  Success rate  Average time Web platform Sample of 250 people Mobile platform During User Experience (UX) study we looked at 4 most frequent operations
  13. 13. Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 13 UX in the mobile channel begins to win with the web channel Notes: 1. The time was measured from the start of a new transaction (click on the button "New Transfer") to its end (obtaining the transfer confirmation) to undefined / trusted recipient with whom the operations were carried out previously. When making a transfer, testers completed the minimum amount of required information and used all available facilities offered by the bank. Logging Making the transfer Checking transaction history 7,6 sec Average time of logging in 8,5 Average time of logging in sec 32% % of respondents who managed to find information about the last transaction with the first attempt Average time of making payment1/ sec 25 sec Average time of making payment1 33 54% Web channel Mobile channel
  14. 14. Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 14 Example: Transfer and search for the last transaction is performed faster and easier in mobile channel time [sec] accuracy [%] Time and accuracy of activities execution in the surveyed banks 0 5 10 15 20 25 30 35 40 45 50 0% 20% 40% 60% 80% Web channel Mobile channel Mobile • Average accuracy of analyzed transaction amounted to 46% • The average time of making the transfer is 25 seconds • The average time of search of the last transaction is 22 seconds 46% • Average accuracy of analyzed transaction amounted to 30% • The average time of making the transfer is 33 seconds • The average time of search of the last transaction is 27 seconds 30% Online
  15. 15. Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 15 Cheetahs and antelopes neglect user experience (UX) towards functionalities % of functionalities consistent with best practices in digital channels Userexperience(UX) comparedtobestpractices
  16. 16. Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 16 3 leading banks are enough to create Superbank which has nearly 90% of best practices on Polish market The bank share in best practices available on the Polish market Assumption: if more than one bank offers given best practice, only the best gets points Polish Superbank
  17. 17. Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 17 So far banks have focused on the early stages of CJ and transaction banking, while developing relationships and sales of credit products show considerable potential for digitization. Although Cheetahs apply innovative and advanced solutions on European scale, still many banks significantly lag behind best practices. There is no simple correlation between subjective perception and objective bank innovation. Some Cheetahs have worse perception than Turtles. Cheetahs and Antelopes develop plentiful functionalities at the cost of the customer experience (UX). The mobile channel has already provided a better UX than the web channel and along with the functionality development this advantage will be enhanced. Key conclusions
  18. 18. Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 18
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