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Omnichannel Banking

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Marcia Tal’s latest video presentation – Omnichannel Banking: Embedding Banking in Consumers’ Daily Lives – explains why and how the future of retail banking lies in the Omnichannel customer experience.

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Omnichannel Banking

  1. 1. Omnichannel Banking Embedding Banking in Consumers’ Daily Lives Presented by: Marcia Tal
  2. 2. It’s Like Being There. Listen to the Recorded Presentation Now. Marcia Tal delivered the original version of her presentation – “Omnichannel Banking: Embedding Banking in Consumer’s Daily Lives” – in June 2013 as Lead Faculty for the International Institute for Analytics (Banking Analytics Research Council). Following the more recent publication of her Tal Solutions white paper on the same topic, Tal updated and expanded the slide presentation and added audio narration. Video If you want to hear her detailed and informative narration, click through to the video from the next slide. Slides To read the slide presentation here, just click through the slides as usual.
  3. 3. Where We Were • Before Multi-channel and Omnichannel... • We could only interact with customers at the branch or call center. • In the 1990s, I listened to call center conversations to better understand customer needs. • We uncovered opportunities for growth in call center interactions.
  4. 4. Where We Are Now • Multi-dimensional analysis enables timely and relevant product and service offerings. • Omnichannel banking experience will deliver many opportunities. • Learn from looking at Omnichannel retailing. • Aim to embed banking into consumers’ daily lives.
  5. 5. Where We Need To Go In January 2014, BBC reported Barclay’s stated: “We have consistently been clear that over time, there will be fewer and fewer traditional branches as we move to provide banking services to customers where and when they find it most convenient.”
  6. 6. Background • Customers are driving how and when they interact with their bank. • Data integration across channels and touch points is critical to providing an omnichannel environment. • Understanding customer intentions and uncovering insights is core to the “next generation” of customer experiences. • Dynamic technology capabilities are transforming the industry.
  7. 7. Industry Context “Retail Banks are facing mounting pressure to execute broader channel diversification strategies aimed at widening the bank’s customer base, improving customer experience, and increasing revenues through new products and services.” Executing an omnichannel banking strategy will enable banks to provide relevant and timely offers that deepen existing customer relationships as well as create new ones.
  8. 8. Importance of Omnichannel Incorporating customer choices & behaviors contributes to profitable growth (new customer acquisition, retention of engaged customers & an improved portfolio profile). Retail has already demonstrated profitable outcomes (increased basket size, greater conversion rates & reduction of inventory losses). PROVEN STRATEGIC VALUE: Seamlessly integrated customer experiences Cross-functional collaboration C-SUITE EXECUTIVES AND OPERATIONAL MODELS MUST EVOLVE TOWARD:
  9. 9. Vision to Reality • Expanding Access to information & insights • Refined models and strategies for Attracting New Target Segments • Expanding “Eligible Universe” through specialized analytics methods and integrated data sources • Real-time models that incorporate previous and current choices and behaviors for Deepening Customer Relationship
  10. 10. Building an Integrated Strategy Strategic Elements Foundational Elements
  11. 11. Building an Integrated Strategy Performance Tracking Building a 360° View of Customer Enabling Cross-Functional Collaboration Ensuring C-Suite Accountability Implementing a Business Mandate Roadmap for Successfully Achieving an Omnichannel Banking Experience Necessary Foundational Elements STRATEGICELEMENTS FOUNDATIONAL ELEMENTS Data Technology Analytics Integrated Marketing Management Operations
  12. 12. Strategic Elements • Business Mandate — broad communication from the CEO • C-Suite Accountability — translate business mandate into organizational accountability • Cross-Functional Collaboration — create the capabilities integral to the omnichannel banking experience; realize business mandate • 360° View of Customer — fuel analytic models to create new offers • Performance Tracking — measure progress and maintain accountability
  13. 13. Foundational Elements • Data: What data sources need to be integrated in order to have a holistic view of the customer? • Technology: What technology tools enable data from different environments to be shared and integrated into different customer facing systems? • Analytics: What analytic techniques and skills are required at each step of the process to efficiently identify customer’s emotions, intent and behaviors? How to predict the “next best product offer” to improve the customer experience? • Integrated Marketing Management: How do I utilize “hot” lists, new sources of information and analytic insights to accelerate speed to market? • Operations: How do I prepare my customer facing employees with the tools, data and training to support business initiatives that impact the customer experience and overall business strategy?
  14. 14. Data CONVERSATIONS social media customer call center online chat INDIVIDUAL Unique Customer Identifier BEHAVIOR internal data external data INTERACTIONS transactions data location data
  15. 15. Technology Is transforming the interaction model between consumers and banks & allows for more effective engagements 3 2.3 1.9 1.8 90% 87% 84% 76% 65% 70% 75% 80% 85% 90% 95% 0 0.5 1 1.5 2 2.5 3 3.5 EARLY ADOPTER EARLY MAJORITY LATE MAJORITY LAGGARD Avg monthly visits to branch % of virtual visitors Source: Cisco IBSG, June 2012 The increase in channels has resulted in an increase in customer interactions.
  16. 16. Technology Mobile — embedded in consumers’ daily lives By 2017, more than 1 billion mobile phone users will have used their mobile device for banking purposes. (Compared to 590 million users this year.) DATA SOURCE CHANNEL PLATFORM REVENUE GENERATOR COST PLAY
  17. 17. Analytics Product Usage Customer Voice Creditworthiness Keyboard Strokes Psychographics Online Conversation Geography Blog Networks Demographics Peer Review Wealth Customer Survey DATA ELEMENTS Customer Segmentation Unstructured Data Analytics Propensity Modeling Sentiment Analysis Offer Optimization Integrated Analytics Data Marts Performance Evaluation Integrated Client Service Platforms Client/Segment P&L Statement Digital, Voice and Text Data Mining Compensation Modeling Pattern Recognition Evolution ANALYTIC APPLICATIONS EVOLUTION OF ANALYTIC CAPABILITIES ESTABLISHED NEW ENTRANT
  18. 18. Analytics CASE STUDY: THE POTENTIAL OF SEGMENTATION Client: Global Consumer Franchise Business Problem: Improve inbound sales process through more targeted offer strategies, reporting and measurement. Solution: Integrated data models, segmentation, predictive models and tracking into call center process. The design and implementation of sales palette optimization tools prompted phone offers to offer customers products based on propensity modeling and economic returns. Leveraged real time triggers to optimize channel selection. Methodology: The integrated operational and customer analytic infrastructure relied on: • Data integration management • Rapid cycle prototyping • Segmentation and targeting • Process design and redesign • P&L forecasting and tracking utilizing dashboards and MIS Data Elements: Product usage • Credit worthiness • Demographics • Customer Voice • Customer Survey Analytic Applications: Customer Segmentation • Propensity Modeling • Offer Optimization • Compensation Modeling • Profit and Loss forecasting • Integrated Data Marts • Integrated Client Service Platforms Value: The offers generated 4x higher acceptance rates and 20% higher Net Present Value.
  19. 19. Integrated Marketing Management • Understand the customer • Make smarter marketing decisions • Accelerate time to market • Improve customer profitability and customer experience • Lower the cost of marketing execution • Improve marketing self-sufficiency and agility
  20. 20. Operations Banks must empower their customer-facing employees with the tools, platforms, information, training and incentives that ensure a customer-centric culture.
  21. 21. Highlights • Understanding customer intentions and uncovering insights through advanced analytic techniques is core to the design of “next generation” customer experiences. • “Listening” to customers requires integrating data, technology, analytics, marketing and operations – the foundational elements of omnichannel banking. • To fully realize the potential of omnichannel, C-suite executives and operational models must evolve.
  22. 22. THANK YOU! Visit www.talsolutions.com/omnichannel for Marcia Tal’s full research report. Tal Solutions Marcia Tal, Founder 347-478-5194 Talsolutions.com Highlights • Understanding customer intentions and uncovering insights through advanced analytic techniques is core to the design of “next generation” customer experiences. • “Listening” to customers requires integrating data, technology, analytics, marketing and operations – the foundational elements of omnichannel banking. • To fully realize the potential of omnichannel, C-suite executives and operational models must evolve.

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