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This research note is restricted to the personal use of maria.campos@bankmillennium.pl
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  1. 1. This research note is restricted to the personal use of maria.campos@bankmillennium.pl This research note is restricted to the personal use of maria.campos@bankmillennium.pl G00294982 Gartner's 2015 Cool Business Award Winners Are Role Models for Financial Services Innovation Published: 7 April 2016 Analyst(s): David Furlonger, Juergen Weiss Financial services institutions are notoriously slow to adopt emerging technologies and innovative business trends. Gartner's 2015 Cool Business Awards recognize a number of best-in-class initiatives by banks and insurance companies designed to overcome legacy challenges. Key Findings ■ Gartner received more than 250 submissions from financial services institutions for our 2015 Cool Business Awards, acknowledging innovative use of technology. Forty-two percent of the submissions came from the Asia/Pacific (APAC) region; 37% from Europe, the Middle East and Africa (EMEA); and 21% from North America. ■ The Cool Business Awards use-case submissions — almost equally distributed across the five award category nomination areas — highlight the successful adoption of digital capabilities to enable legacy modernization and spur innovation in the financial services industry. ■ Winners in the different award categories were selected by banking and insurance executives attending Gartner Symposium/ITxpo in Orlando, Barcelona and on Australia's Gold Coast in 4Q15, using mobile polling technology. Recommendations ■ Create a defined innovation team, with clear business goals and metrics, sustainable resources, and unencumbered mandates to experiment, develop, fail and try again. ■ Build development, marketing and distribution partnerships via innovation labs, accelerators and third-party financial technology startups (fintechs). ■ Instigate study tours of innovation labs or academic institutions that will enable innovation team members and senior business executives to become educated about market opportunities and to develop open innovation strategies.
  2. 2. This research note is restricted to the personal use of maria.campos@bankmillennium.pl This research note is restricted to the personal use of maria.campos@bankmillennium.pl Table of Contents Analysis..................................................................................................................................................3 Award Winners in North America...................................................................................................... 6 Business Development Bank of Canada (BDC) (Most Innovative Technology Legacy Transformation Initiative)..............................................................................................................6 BNY Mellon (Most Innovative New Digital Product)......................................................................6 Citi (Most Promising Digital Business Transformation Initiative).................................................... 7 Redstone Federal Credit Union (Most Innovative Digital Customer Service Enhancement)...........8 Synchrony Financial (Most Innovative Application of Digital Technology to Grow the Business) ...................................................................................................................................................9 Award Winners in EMEA.................................................................................................................10 Discovery Insure (Most Innovative New Digital Project and Regional Winner EMEA).................. 10 Bank Millennium (Most Promising Digital Business Transformation Initiative)..............................11 Barclays (Most Innovative Technology Legacy Transformation Initiative).....................................12 Israel Credit Cards (ICC-Cal) (Most Innovative Digital Customer Service Enhancement).............13 mBank (Most Innovative Application of Digital Technology to Grow the Business)..................... 14 Award Winners in APAC................................................................................................................. 15 E.Sun Bank (Most Innovative Application of Digital Technology to Grow the Business and Regional Winner APAC)............................................................................................................ 15 E.Sun Bank (Most Promising Digital Business Transformation Initiative).....................................16 SBI Card (Most Innovative Technology Legacy Transformation Initiative)....................................17 State Bank of India (Most Innovative Digital Customer Service Enhancement)...........................18 Westpac (Most Innovative New Digital Product)........................................................................ 19 Gartner Recommended Reading..........................................................................................................20 List of Tables Table 1. Award Winners..........................................................................................................................5 List of Figures Figure 1. Submissions by Category........................................................................................................ 4 Page 2 of 22 Gartner, Inc. | G00294982
  3. 3. This research note is restricted to the personal use of maria.campos@bankmillennium.pl This research note is restricted to the personal use of maria.campos@bankmillennium.pl Analysis Gartner's 2016 CIO survey showed that 63% of financial services respondents believed that the entry of digitally enabled companies from other industries and the fintech community will be a greater threat for their organizations than competition from traditional industry players. 1 Gartner believes that this perceived threat, which we call industry fluidity (see "Industries Will Become Fluid in the Era of Digital Business"), is one of the critical factors driving financial services institutions to pursue innovation opportunities more aggressively. Given that many financial services players are still struggling with substantial legacy IT assets and organizational challenges, as well as with redundant business models, Gartner launched an initiative in 2015 that recognizes the innovative use of technology and provides our clients with some best practices and lessons learned to help transform their businesses. Gartner's Cool Business Awards highlighted best-in-class industry initiatives, to provide industry peers with insight into developments in digital innovation. They honor initiatives from financial institutions in five categories: ■ Most Innovative New Digital Product ■ Most Innovative Digital Customer Service Enhancement ■ Most Innovative Technology Legacy Transformation Initiative ■ Most Innovative Application of Digital Technology to Grow the Business ■ Most Promising Digital Business Transformation Initiative All projects had to be launched during the previous year (from July 2014 through July 2015). We received more than 250 submissions from banks, insurers, investment firms, payment providers and other financial services institutions from around the world. The majority of submissions came from the APAC region (42%), followed by EMEA (37%) and the Americas (21%). The submissions were almost equally distributed among the five categories, with digital customer service (24%) the most popular initiative, followed by digital growth (21%) and business transformation and digital products (both 20%). Legacy transformation accounted for 15% of all submissions (see Figure 1). Gartner, Inc. | G00294982 Page 3 of 22
  4. 4. This research note is restricted to the personal use of maria.campos@bankmillennium.pl This research note is restricted to the personal use of maria.campos@bankmillennium.pl Figure 1. Submissions by Category Source: Gartner (April 2016) To select the best technology initiatives, we implemented a robust and dynamic evaluation framework to ensure that the assessment process was pertinent and objective (see Note 1). All applications were judged over an eight-week period by a team of Gartner analysts using this framework. The two most highly rated finalists for each award category and major region were invited to present at one of the Gartner Symposium/ITxpo events in North America (Orlando), Europe (Barcelona) and APAC (Gold Coast, Australia). Each finalist had three minutes to present its digital business initiative, using its medium of choice (for example, slides or video). Bank and insurance executives in attendance were asked to vote after each category presentation via online/ wireless polling, pick the respective award winner, and then select an overall regional winner from the category winners. This research provides an overview of the award-winning initiatives of the participating financial services organizations across all regions and all categories (see also Table 1). For each of the successful cases we briefly discuss: ■ Project summary (business problem/opportunity and target audience) ■ Value (quantitative and qualitative impact assessments) ■ Lessons learned (achievement of business goals, current status of the initiative and future roadmap) This analysis is intended to provide Gartner clients with a better perspective on global innovation use-case initiatives. It is also representative of best-in-class industry peers. Gartner clients should Page 4 of 22 Gartner, Inc. | G00294982
  5. 5. This research note is restricted to the personal use of maria.campos@bankmillennium.pl This research note is restricted to the personal use of maria.campos@bankmillennium.pl note that many of these use cases are contextualized for their market and business model orientation. Table 1. Award Winners Company Name Region Award Category State Bank of India APAC Most Innovative Digital Customer Service Enhancement E.Sun Bank APAC Most Innovative Application of Digital Technology to Grow the Business and Regional Winner Most Promising Digital Business Transformation Initiative Westpac APAC Most Innovative New Digital Product SBI Card APAC Most Innovative Technology Legacy Transformation Initiative Barclays EMEA Most Innovative Technology Legacy Transformation Initiative mBank EMEA Most Innovative Application of Digital Technology to Grow the Business Israel Credit Cards (ICC-Cal) EMEA Most Innovative Digital Customer Service Enhancement Bank Millennium EMEA Most Promising Digital Business Transformation Initiative Discovery Insure EMEA Most Innovative New Digital Product and Regional Winner Citi NA Most Promising Digital Business Transformation Initiative and Regional Winner Business Development Bank of Canada (BDC) NA Most Innovative Technology Legacy Transformation Initiative Synchrony Financial NA Most Innovative Application of Digital Technology to Grow the Business Redstone Federal Credit Union NA Most Innovative Digital Customer Service Enhancement Bank of New York (BNY) Mellon NA Most Innovative New Digital Product NA = North America Source: Gartner (April 2016) Gartner, Inc. | G00294982 Page 5 of 22
  6. 6. This research note is restricted to the personal use of maria.campos@bankmillennium.pl This research note is restricted to the personal use of maria.campos@bankmillennium.pl Award Winners in North America Business Development Bank of Canada (BDC) (Most Innovative Technology Legacy Transformation Initiative) Initiative: Agility & Efficiency Project Summary: BDC launched its project to replace lending processes that were primarily paper-based and prevented it from effectively addressing its clients' needs. The initiative included a customer relationship management (CRM) system that displays a 360-degree view of all client activities, a business rule engine that manages complex risk management models, a core lending system for the analysis and approval of loan files, and an enterprise content management platform. BDC conducted a comprehensive joint business-IT analysis of processes that were causing frustration for clients and employees. Once needed changes were identified, business experts rewrote the end-to-end lending process in parallel with the IT organization. The project was then implemented as a "big bang" migration using an agile development methodology. The result was a completely digital system that enables new applications to be rolled out rapidly and virtual teams to be created on as-needed basis. This has delivered improvements in operational efficiencies for both customers and employees, cost reductions associated with the replacement of paper-based processes and couriers, and a significantly enhanced customer experience. The collaborative decision-making process used has proved so successful that BDC has adopted it enterprisewide. Value: The project delivered significant efficiency gains for both customers and employees, reducing loan cycle time and greatly improving the customer experience. BDC reports having increased its sales volume by 6.5%, without adding or relocating employees. Despite the loss of productivity that is to be expected in the early phases of using a new system, BDC's volume had returned to normal levels by the second quarter the project was in place. Moreover, employee engagement survey showed that 98% of respondents believe the project increased BDC's agility and efficiency, 98% believed it improved the employee experience, and 96% believe it improves the customer experience. The project has also delivered more-quantifiable returns: BDC consumes 30% less paper and has reduced courier costs by $33,700. Lessons learned: This project shows the value of a collaborative decision-making approach where the development of new tools is jointly managed by a technical expert and a business specialist. This method allows the creation of systems and processes that more closely meet both customer and employee needs, and significantly accelerates the time to market of new products. BDC has adopted this method permanently across the enterprise. BNY Mellon (Most Innovative New Digital Product) Initiative: MyDashboard Project Summary: BNY Mellon developed MyDashboard to achieve an evidence-based decision- making culture and identify cost-reduction opportunities. MyDashboard, built on BNY Mellon's own Digital Pulse big data and analytics platform, provides the company with actionable insights into performance and expenses. It is an easy-to-understand dashboard that allows employees to access Page 6 of 22 Gartner, Inc. | G00294982
  7. 7. This research note is restricted to the personal use of maria.campos@bankmillennium.pl This research note is restricted to the personal use of maria.campos@bankmillennium.pl information, such as status reports on their training and development, performance goals, expenses, and technology usage statistics. Employees can view how they compare with company averages, and managers can also view reports on their teams' usage. The bank's user experience team used a design thinking methodology that focused on empathizing with users from beginning to end. Before building, they conducted interviews with employees and managers to ensure their understanding of what users needed to increase their effectiveness. Then they defined problems and formed small teams to brainstorm ideas with sketches and wireframes. The wireframes were then crowdsourced on BNY Mellon's internal social network, with feedback solicited from employees and incorporated into the design. Value: The project was part of an enterprisewide effort to reduce infrastructure expenses by 3%. The system enables employees, managers and service teams to identify and make changes to inefficient or unproductive uses of technology, such as unused seat licenses for software or services. To date, MyDashboard has identified more than $2 million in potential savings. Lessons learned: MyDashboard has been rolled out to approximately 13,000 employees in BNY Mellon's Client Technology Solutions organization. The bank's Digital Workplace team is currently working to extend the project's benefits by integrating the application into its intranet. BNY Mellon believes that broader use of MyDashboard will deliver even more substantial performance improvements and cost savings. Citi (Most Promising Digital Business Transformation Initiative) Initiative: Agent-based voice biometrics authentication Project Summary: Citi recognized the critical need to address issues that negatively impact customer experience, such as cumbersome authentication procedures. Citi implemented real-time authentication mechanisms to provide faster authentication, by seamlessly and automatically verifying the claimed identity using voice biometrics within the first few seconds of every call, with minimal effort by the customer. The vast majority of customers are enrolled passively, and the system expedites time to service for legitimate customers. Real-time authentication had never before been deployed in a customer-facing manner in North America, and the implementation required close collaboration among internal development staff, infrastructure partners, information security personnel, and the vendor's developers located in multiple time zones and countries. The bank was also uncertain about the reactions of both customers and employees. Securing employee buy-in and accountability were especially critical to the success of the project. Value: The real-time authentication deployment is in its infancy, and data is still being collected. Citi reports that, to date, 70% to 75% of eligible customers have consented to enrollment in voice biometrics. The bank also reports anecdotal evidence of positive customer reaction to the technology, and anticipates a 15- to 20-second reduction in average call-handling time. Lessons Learned: The solution was initially scoped to serve 10% of inbound call volume within the Citi-branded U.S. credit card file, and the bank has completed the final expansion of the agent Gartner, Inc. | G00294982 Page 7 of 22
  8. 8. This research note is restricted to the personal use of maria.campos@bankmillennium.pl This research note is restricted to the personal use of maria.campos@bankmillennium.pl population to meet this objective. Given the success of the implementation, and pending final metrics on call-handling time, Citi is considering expanding the deployment to a larger portion of the credit card file and other product lines, both within North America and in global markets. Redstone Federal Credit Union (Most Innovative Digital Customer Service Enhancement) Initiative: Electronic Lobby Manager Operations (ELMO) application Project Summary: Redstone Federal, one of the 25 largest credit unions in the U.S., recognized that it needed a better understanding of what was going on in its branch lobbies. Like many financial institutions, Redstone lacked the data to truly understand how its employees spend their time when not processing transactions. Redstone Federal Credit Union developed the ELMO application to integrate with the internal account-processing platform to offer a more efficient solution for managing lobby resources and improving member service. The application enables either the greeter (via a desktop screen or a mobile tablet app) or the member (via a mobile device or a lobby touchscreen device) to identify the member's needs and connect members with an appropriately trained representative in a timely manner. Members are recognized by the iBeacon on the mobile app and placed in the branch lobby queue. A Redstone employee can then greet the member, help with the specific reason for the visit, discuss other products that are available and provide additional help with anything else needed. When the customer leaves, the lobby visit is marked completed. Every step of the process is timed. ELMO's dashboard enables management to see what is going on across all Redstone branches — how many members visited; how many are waiting and for what reason; and how long a process has taken by employee, location and reason — in real time and with drill-down comparisons. The solution allowed Redstone to eliminate manual paper-based processes by enabling a mobile digital experience in the branch, providing real-time tracking methodology to deliver actionable business intelligence. Value: The ELMO application helps Redstone serve consumers more efficiently and personally, while optimizing the use of branch personnel. It also gives consumers greater control over when and where to visit a branch, and helps them make the best use of their time. Redstone reports that the application has reduced wait times, on average, from 20 minutes to five minutes. Since the project's inception, approximately 160,000 visits have been logged, for a total wait time reduction of 40,000 hours. This has enabled Redstone to service members more effectively and efficiently, allowing for more cross-sell opportunities. Lessons Learned: Redstone reports that ELMO has been highly effective in meeting its defined objectives of reducing member wait times and eliminating paper-based manual systems. It has also provided a way for Redstone to effectively reach millennial consumers through mobile adoption. Future plans call for built-in calendaring for appointment time selection and iBeacon integration for automatic signaling of member presence when entering branch lobbies, eliminating the need for members to enter confirmation information for mobile appointments. Page 8 of 22 Gartner, Inc. | G00294982
  9. 9. This research note is restricted to the personal use of maria.campos@bankmillennium.pl This research note is restricted to the personal use of maria.campos@bankmillennium.pl Synchrony Financial (Most Innovative Application of Digital Technology to Grow the Business) Initiative: Suite of mobile solutions Project Summary: Synchrony, a provider of "private label" credit cards based in Stamford, Connecticut, recognized that mobile devices' increasing integration in every aspect of consumers' lives has led to both higher expectations of merchants and new opportunities to deliver a positive customer experience. The company set out to develop a suite of mobile solutions that anticipate and solve customer and partner needs and keep pace with rapidly evolving technologies. Synchrony's mobile suite is designed to streamline the mobile apply-and-buy process, rounding out the life cycle of accounts, from acquisition, to servicing and loyalty, through mobile. The applications in Synchrony's suite include: ■ mApply, which allows shoppers to securely apply for credit on their mobile devices and instantly access their approved credit line ■ mService, which allows customers to pay bills and service their accounts on their mobile devices ■ Mobile rewards, which allow customers to display reward certificates on their mobile phone and present them at the point of sale ■ Digital card, a digital version of a Synchrony Financial private-label credit card or patented Dual Card, that enables in-store account lookup and proprietary mobile payment functionality Synchrony has leveraged strategic partnerships to develop a mobile platform that can be rapidly integrated across retailers and third-party digital wallets, including Apple Pay and Android Pay. Value: Synchrony reports that its mobile application suite has processed more than 5 million mobile mApplications to date, with volume growing more than 70% from April 2014 through April 2015. These transactions account for approximately 7% of Synchrony's total credit application volume. Many leading retailers used mApply as a way of helping customers beat the lines during the holiday season. The latest-generation mApply platform includes a fully redesigned user experience that has contributed to completion rates rising nearly 300% in the past year. Synchrony's mService currently receives more than 9 million logins monthly. Synchrony also reports that its digital card, first piloted in 2014, has resulted in increased activations and transactions for a significantly higher credit spend at a number of retailers. Lessons Learned: Synchrony Financial credits the success of its mobile application suite to its Innovation Station team — a group of cross-functional individuals that is focused exclusively on emerging technology, ideation and agile development of new products. This team hosted "bolt sessions" with partners and customers for intense, one-day prototyping sessions. The Innovation Station team is also partnering with the recently opened Chicago Innovation Station, which is focused on data analytics. The teams are working together on "Next Best Offer," a proof of concept that analyzes data about a consumer's shopping habits and delivers personalized discount and loyalty offers via mobile devices. Gartner, Inc. | G00294982 Page 9 of 22
  10. 10. This research note is restricted to the personal use of maria.campos@bankmillennium.pl This research note is restricted to the personal use of maria.campos@bankmillennium.pl Award Winners in EMEA Discovery Insure (Most Innovative New Digital Project and Regional Winner EMEA) Initiative: Smartphone-Enabled Driver Quotient (DQ)-Track Project Summary: South Africa has one of the world's worst motor vehicle accident fatality rates, with more than 14,000 deaths each year. Road accidents cost the economy over R300 billion each year. Ninety percent of accidents are caused by drivers themselves, which motivated Discovery Insure to change people's behavior beyond traditional no-claim bonus incentives. The insurer launched Vitalitydrive, a driver behavior program to make motorists aware of how they drive. The program makes use of DQ-Track, a telematics device, to measure acceleration, braking, cornering, speed, distance, location and time, providing feedback to clients. Common telematics devices, such as black boxes, are often expensive, difficult to distribute and install, and don't support immediate behavioral change due to delayed feedback. The product uses standard smartphone technology (GPS, an accelerometer, gyroscope and Bluetooth low-energy capabilities) as well as a Vitalitydrive sensor with a Bluetooth low-energy (BLE) chip. This sensor, which is patented by Discovery, communicates with the smartphone via BLE, enabling the insurer to attach driving behavior to both the phone user and to the insured vehicle. The program provides users with tools to improve and gives them powerful rewards (such as up to 50% of their fuel spending back) for driving well and reducing their chances of being in an accident. This creates shared value, because Discovery can reduce claim costs, clients get financial rewards, and South African society benefits from safer drivers and fewer accidents. The system was built using the Amazon Web Services back end. It uses a combination of technologies and digital platforms, including iOS Xcode, Android development studio, Java and various scripting languages, such as PHP and Python. Value: Within nine months of the program's starting, 10,000 clients had bought policies with this new technology option, and the program is now growing at a rate of 100 clients a day. Since launching this digital solution in November 2014, Discovery Insure has collected data on over 23 million kilometers (14.3 million miles) of driving behavior from more than 2 million trips. Clients have a 25% better driving score on average, earn more rewards and have a 10% lower chance of an accident when using this digital technology option for monitoring their driving behavior. Within the entire Discovery Insure program, clients can save up to R800 each month for driving well, which equates to a high percentage of the average motor insurance premium. Better drivers cost less than half in claims than poorer drivers. Discovery's motor vehicle accident fatality rate is approximately one-third lower than the national motor vehicle accident fatality rates. Lessons Learned: The project helped Discovery Insure create shared value for all parties. Discovery is currently doing further development to improve the safety features of the program and enhance rewards to create even more behavioral change. Currently, 30% to 40% of new clients are selecting the new technology, and Discovery expects this to grow to 50% to 60% in the near future. Page 10 of 22 Gartner, Inc. | G00294982
  11. 11. This research note is restricted to the personal use of maria.campos@bankmillennium.pl This research note is restricted to the personal use of maria.campos@bankmillennium.pl Bank Millennium (Most Promising Digital Business Transformation Initiative) Initiative: Transforming customer experience via next-generation omnichannel platform Project Summary: Bank Millennium, a Warsaw-based commercial bank, deployed an end-to-end omnichannel cash loan disbursement process that was developed entirely in-house and completed in a phased approach. Customers can start, save and resume applications using the channels of their choice — digital, mobile or automated teller machine (ATM). One of the main drivers for the project was the issue that customers previously weren't able to save their applications if they did not complete them and, therefore, had to restart. Only 20% of customers who checked a loan offer on the digital channel actually applied, and only 18% reached the disbursement stage. The project addressed these issues and also provided a "human touch in digital" — for example, offering customers the opportunity to use live chat and co-browsing to receive support during the application process. The project had a strong mandate not only to create and deliver the technical solution, but also to cross existing siloes within the bank. The project team acted as an innovation lab, focusing on customer journeys and customer needs before considering architecture and products. Bank Millennium combined multiple business areas, design and user experience, and dedicated IT teams. The solution ensures that information is shared consistently and securely among multiple channels in real time. It integrates data from channel-specific systems, and the bank's lending platform and CRM system, to manage process flows and to capture events from all channels. The project delivered four foundational solutions: ■ Application Centre to orchestrate application processing across channels, providing real-time information on status and triggering follow-up actions ■ Communication Centre to centralize information on every interaction with the client exposing it to all channels ■ Campaigns Centre to enable event-based follow-up activities and next-best-offer handling ■ Communication Tools, a co-browsing application offering personal customer support Value: The omnichannel integration project's success was measured against two key performance indicators: conversion of applications and digital channel sales share. The application conversion rate grew from a baseline of 18% in February 2014 to 49% in December of the same year (a 172% increase), while the digital channel share grew from 9% to 30% (an increase of more than 200%) in the same period. After the complete project rollout, the digital channel sales share increased by 140% and went up from 5% to 15%. Lessons Learned: Bank Millennium was able to increase its cash loan conversion rate by 50% and achieve a 20% share for the digital banking cash loan sales volume. The project delivered its main goal: to increase sales conversion and reduced leaks in electronic channels. The bank integrated three completely new channels into the end-to-end sales process (call center/telemarketing, mobile application and ATM). The project had an impact on customers' habits as they became increasingly comfortable in starting applications through online channels. More than 30% of total bank cash- Gartner, Inc. | G00294982 Page 11 of 22
  12. 12. This research note is restricted to the personal use of maria.campos@bankmillennium.pl This research note is restricted to the personal use of maria.campos@bankmillennium.pl loan applications are now started online (a 200% increase). The success of the project provided Bank Millennium with the technical and organizational foundation for the integration of other core processes, including claims, other credit models and Internet payments. Barclays (Most Innovative Technology Legacy Transformation Initiative) Initiative: Barclays Payments Business Project Summary: Barclays bank initiated a transformation initiative to improve the customer experience by providing simple, seamless payment initiation, real-time or near-real-time visibility into payment processing, visibility of transactions, better rates, support of self-service and continuous 24/7 payment processing. The project should also support the rapid rollout of integration with new clearing channels and new partner customers, as well as rapid adoption of new industrywide payment schemes. As a consequence, Barclays established the Strategic Payment Hub (SPH) to decommission legacy payment processing platforms and enable digital channels. The SPH integrates with Barclays core systems and creates a digital access layer and dynamic routing for the entire landscape. It includes the following features: ■ A microservices framework with several RESTful application programming interfaces (APIs) to search for payments directly from the payment processing back end, to initiate a recall case directly in the back-end system without contacting the operations team or to provide foreign exchange sheet rates ■ A bulk file processing framework to process corporate customer files, along with processing for its first customer American Express (Amex) ■ A centralized point of entry for payment messages and files ■ Intelligent payment routing based on payment features and downstream system availability ■ Real-time data access to the underlying processing systems on the basis of an always-on 24/7 service Value: The SPH project has simplified the customer journeys of 13 million Barclays retail online banking customers by enabling service payments. Self-service payment recall was made possible through the payment search and recall API, which is available on a 24/7 basis. The bank established a generic reusable API as part of the SPH framework, and work is in progress for other channels to use APIs as well. Eventually, Barclays' entire online payment customer base, across wealth, corporate and retail, will use one or more API services offered by SPH. Bulk file-processing functionality that was implemented for Amex could go live in six months, with the capability to accept a 100,000-transaction file in five minutes. (Bulk file processing was targeted to process 100,000 files in 30 minutes.) Eventually, most bulk payment file processing will move to the SPH. The use of open-source tools and frameworks helped to significantly reduce operating costs, and the use of extensible frameworks is expected to result in improving time to market. Lessons Learned: The success of the project can be measured through the continued funding to the project, with a rapidly growing set of channels looking for integration through additional services or reusing existing services. The search-and-recall API functionality is already in use for the retail online banking channel, and work is in progress to onboard the corporate client channel. All SPH Page 12 of 22 Gartner, Inc. | G00294982
  13. 13. This research note is restricted to the personal use of maria.campos@bankmillennium.pl This research note is restricted to the personal use of maria.campos@bankmillennium.pl services will support new business demands, such as 24/7 processing, as well as new regulatory needs, such as segregation and routing. Barclays will also be able to integrate new clearing mechanisms, such as digital wallets and mobile devices. Israel Credit Cards (ICC-Cal) (Most Innovative Digital Customer Service Enhancement) Initiative: DigiCal Forms Project Summary: ICC-Cal is one of Israel's leading credit card companies, and offers various financial services to private customers and merchants. Every month, the company deals with more than 30,000 customer forms submitted via fax, for dozens of services for which a customer signature is needed or no Web/mobile self-service utility has yet been developed. Because Israeli security regulations do not allow email to be used, these forms have to be handled manually by back-office clerks, leading to high operational costs and the potential for human error. Manual processing also leads to longer service-level agreements (SLAs) and poor overall customer experience and satisfaction. To eliminate paper, fax and manual back-office work, ICC-Cal developed the DigiCal Forms platform, which enables its users to turn any paper form into a responsive digital online form within minutes. Customers can then access the form at Cal's website, receive it as a link within a text message during a call to the call center or get it automatically via interactive voice response. Authentication talks place with a simple SMS-based one-time-password solution, and the customer can then digitally complete the form with the needed information. Customers can add attachments and can graphically sign the form on the touchscreen of their smartphones and tablets, or on their desktops. The system populates basic customer details automatically and performs basic validations. Once the customer sends the form, it is automatically archived and is associated with a new or existing applicable CRM case. Value: ICC-Cl reports that the total cost for design, development, testing, training and implementation equated to approximately four person months of effort, and estimates that it will total up to six person months once the solution is fully rolled out. Each digital form reduces manual back-office work by up to 15 minutes. According to the company's implementation roadmap, more than 4,500 forms would have been received via DigiCal Forms by the end of 2015, and the effort would have been recovered. The final target is to receive up to 60% of all forms in digital format, which would lead to a savings of more than 20 back-office clerks. In addition, SLAs will be reduced by up to one business day per service, and losses caused by identity theft or associated human errors will be reduced. ICC-Cal also considers enhanced customer satisfaction and the competitive advantages of being the first Israeli financial institution to provide such a solution as value. Lessons Learned: The DigiCal Forms project was launched gradually to reduce risks and allow internal users to adjust to the change. Four types of digital forms are in production so far: update of customer details, a request to increase customer's account credit limit, a customer declaration that goods have not been received from a merchant and requesting a reversed transaction. Two months after the initial launch, and with no marketing efforts, approximately 25% of these three forms were being received via the new platform. The company plans to extend the DigiCal Forms project Gartner, Inc. | G00294982 Page 13 of 22
  14. 14. This research note is restricted to the personal use of maria.campos@bankmillennium.pl This research note is restricted to the personal use of maria.campos@bankmillennium.pl beyond private customers to business customers and its own marketing and sales organizations. Part of the roadmap will be the integration of the platform with mobile applications. mBank (Most Innovative Application of Digital Technology to Grow the Business) Initiative: Customer analytics Project Summary: mBank, a Polish direct bank, developed its Customer Analytics and Real-Time Marketing (RTM) offering as a key element of its mBank communication platform. The offering uses data from different data sources to present relevant advice, offers and other communications in real time. The main objectives of mBank's Customer Analytics project are: ■ Building a client-centric approach by providing relevant banking and partners' offers via all communication channels ■ Increasing clients' satisfaction through advanced online analysis of their needs ■ Improving the success rates of direct campaigns and sales generated through CRM The achievement of these objectives is made possible by developments in CRM technology and significant improvements in communication channels, such as: ■ The development of a real-time engine to processing single and complex events (sequences) from many data sources (for example, card transactions, transfers, Web traffic and geolocation) ■ Web analytics tool implementation to analyze Internet banking traffic and optimize it according to customer behavior ■ Contextual marketing that adjusts on the fly, according to customer browsing tracks in the bank's Internet banking system ■ The ability to connect external call centers to the real-time engine to deliver the right offer at the right time Value: mBank reports that this project has enabled it to respond to customer needs with a relevant offer within less than three seconds of emergence of an event or sequence of events, in every communication channel, including external call center. Connecting the RTM engine with external call center CRM capabilities increased the performance of the communication channel. Up to 240,000 events can now be processed by the CRM system every minute (previously, the maximum was only several thousand offers per month), allowing mass personalization. Internet banking campaigns show a 10% success rate. The RTM engine is being constantly adjusted/improved to improve the ratio of marketing to sales, which is currently 10% leads producing 40% of sales. mBank has been conscious of reducing marketing spam to customers, thereby improving satisfaction rates. The addition of advanced analytics solutions boosted credit products profitability by 28% and click-through rates by 37%. Lessons Learned: This project completely changed mBank's methodology for marketing and sales engagement. Previously, it used a one-dimensional approach that analyzed a single event to observe and understand global customer behavior. Now the bank analyzes sequences of events and how they affect the adoption and use of its products. Using big data analysis in real time Page 14 of 22 Gartner, Inc. | G00294982
  15. 15. This research note is restricted to the personal use of maria.campos@bankmillennium.pl This research note is restricted to the personal use of maria.campos@bankmillennium.pl offered a better understanding of customer behavior, enabling the generation of more relevant offers. mBank's project team is currently working on algorithms that will allow it to analyze sequences of words, or collections of words that customers type into online fields, when conducting money transfers. By drawing the context out of every money transfer, it hopes to detect the exact event scenario and offer the best product for every customer in each specific scenario. Award Winners in APAC E.Sun Bank (Most Innovative Application of Digital Technology to Grow the Business and Regional Winner APAC) Initiative: Digital Intention Intelligence Solution (DIIS) Project Summary: The competition for customers in Taiwan is extremely intense. E.Sun bank wanted a new way of changing the experience dynamic by launching its DIIS. This solution also formed the foundational platform to collect and analyze customer Web-browsing data to enable better business insight. E.Sun collected 460 million customer in-page clicks in 2014. Analysis covered 750 different Web pages, organized from different content, functions and headings of 6,000 pages on the official website. In conjunction with offline data and customer journey mapping, E.Sun augmented the analysis with statistical modeling to delve more deeply into customer behavior. After continuously proposing and verifying hypotheses, the bank extracted 22 extremely precise customer behavior intentions, such as entertainment, domestic and international travel, funding, or investment management, which provided a 360-degree view of individual customer requirements and behaviors. Value: Unsecured personal loan volume grew by 600% (surpassing the annual goal by 177%), digital foreign exchange deposit volume grew by 38%, online credit card application rates rose by 300% and online wealth management transaction volumes increased by 150%. Electronic Digital Marketing (eDM) open rates grew three times, from 5% to 15%, and the customer SMS response rate increased six times, from 0.2% to 1.2%. Marketing efficiency increased through more accurate targeting of potential customers, enhanced via cooperation with third parties such as Google, Yahoo and Facebook. This strategy increased overall conversion rates three times, effectively expanding leads 20 times and reducing digital marketing costs by 75%. Marketing cycles were optimized as E.Sun analyzed its customer decision journey data, finding that 75% of customers who engaged in transactions made their decisions within seven days of interaction initiation. E.Sun took advantage of this critical information to optimize the allocation of marketing resources. Customer experience was improved as behavioral patterns were aligned with different channels. Transaction volume increased by 50% when the customer clicked five or more times on the foreign exchange marketing event. In addition, based on the strength of browsing intention, E.Sun initiated eDM when a customer clicked one or two times, and sent an instant message when the customer clicked three to four times, and had a customer representative contact the customer directly when the customer clicked five or more times. DIIS helped determine what kind of foreign currency customers were interested in transacting. A text message was promptly sent to customers to remind them of market changes. This time-saving solution increased the conversion rate four times compared with general marketing methods. Gartner, Inc. | G00294982 Page 15 of 22
  16. 16. This research note is restricted to the personal use of maria.campos@bankmillennium.pl This research note is restricted to the personal use of maria.campos@bankmillennium.pl Lessons Learned: Knowledge gained from the DIIS solution has changed the strategic vision and planning horizon for market leadership to an anticipated two years. From development to operation, DIIS produces end-to-end, real-time monitoring and trend reports; provides insights into customers' life cycles; and offers appropriate financial services in the right time frame. Future planned expansion includes a real-time recommendation system based on customers' Web browsing data, offline data and open data. Through data mining and machine learning technology, the DIIS system will customize personal experience and offer precise product recommendations to customers, including next-best-offer and content recommendations. Working with social media, third-party data companies and online advertising firms, E.Sun expects to identify more online customers, generate richer customer intention maps and preference labels, and enhance the solution via the introduction of high-performance parallel computing storage equipment (Hadoop) to gather more data. E.Sun also plans to develop risk-type customer intention labels, providing customers with more comprehensive planning and financial management capabilities. E.Sun Bank (Most Promising Digital Business Transformation Initiative) Initiative: Cross-border online shopping Project Summary: E.Sun cross-border shopping provides consumers in Taiwan with a convenient tool for purchasing products from Alibaba's Taobao and Tmall online shopping malls. Previously, Taiwan consumers had to use credit cards for payments on overseas e-commerce platforms. Not everyone in Taiwan has a credit card, and many have reservations about using credit cards online. Previous fraud involved businesses storing value and purchasing goods on behalf of customers without their knowledge or agreement. E.Sun Bank introduced a simple, secure and convenient cross-border shopping service for consumers to overcome cross-border Internet shopping payment challenges. Value: The project increased market share by offering lower rates than credit card payments, and E.Sun Bank account holders have zero interbank transfer service charges and return service charges. Market knowledge of this promoted new account openings. E.Sun Bank account holders have grown 15 times compared with the same period last year. E.Sun has also seen an increase in online members, with the number of cross-border shoppers nearly 20 times that of the same period of last year. The customer repeat purchase rate has reached 71%, and the average number of purchases per person exceeds five. Also, the monthly average transaction amount has grown by 81% compared with the previous year. Lessons Learned: The success of this project leads E.Sun to believe that this model can be replicated across different e-commerce platforms and in other countries, such as Japan and Korea, and countries of Southeast Asia. The use of an innovative brand has also been shown to attract even more partners with innovative models. After the introduction of cross-border shopping, many well-known domestic and foreign brands have negotiated joint, innovative financial services initiatives with E.Sun. In the future, E.Sun will employ an omnichannel digital service. E.Sun also leveraged the use of big data to develop Internet finance. Cross-border shopping generated large amounts of data in the form of online transaction information. This data and applied analytics will enable E.Sun to gain a better understanding of its customers, and provide them with customized online products and services. Page 16 of 22 Gartner, Inc. | G00294982
  17. 17. This research note is restricted to the personal use of maria.campos@bankmillennium.pl This research note is restricted to the personal use of maria.campos@bankmillennium.pl SBI Card (Most Innovative Technology Legacy Transformation Initiative) Initiative: Application sourcing and credit decision management system/one-stop shop for CRM Project Summary: SBI Card is the third-largest credit card issuer in India, with 3.2 million customers. The company receives and processes 300,000 financial transactions per day and acquires 70,000 new customers every month. Its operations are spread across 63 locations in India. SBI Card has a wide range of card products for all types of consumer segments — retail, international, and corporate. Business operations began in 1998, and during the past 16 years, approximately 60 discrete applications have developed to support the business. This legacy issue created: ■ Huge operational cost, because a large team was involved in maintaining the applications ■ Scalability challenges, making it difficult to support the growing business ■ Significant manual intervention for critical processes, and stale data used in some customer- facing applications ■ Significant change management process challenges and frequent incidents of business disruption and financial losses ■ Latency in go-to-market resulting from the need to change as many as 10 applications at once to implement a single business process SBI Card had to come up with a solution to address these problems, while overcoming challenges such as convincing the board to approve an initial capital expenditure, as well as organizing an IT team with the right skill set to accommodate bimodality. The role of team members was mapped to the projects and resource gaps analyzed. Business leaders had to be aligned with project goals (short- and long-term). An agile development model was strictly followed, to ensure that business continuity was not disturbed. A new solution architecture strategy was also developed, with the following considerations: ■ Anticipation of five- to seven-year growth due to the boom in e-commerce business in India and the need for credit card services ■ A shift in technology trends toward a more service-oriented-architecture-based architecture, cloud-based platforms and virtual servers ■ Increasing use of mobile applications and social media ■ Leveraging the benefits of off-the-shelf product development instead of homegrown applications ■ Lean support teams with niche skill sets to reduce cost and enhance operational efficiency ■ Reduced application and hardware footprints to bare minimums, simplifying IT and delivering 99.99% uptime and drastic reduction of operational budget Value: Quantifiable benefits included: Gartner, Inc. | G00294982 Page 17 of 22
  18. 18. This research note is restricted to the personal use of maria.campos@bankmillennium.pl This research note is restricted to the personal use of maria.campos@bankmillennium.pl ■ Twenty-three percent growth in account volume ■ Credit card application decisions completed in 10 seconds ■ Thirty percent of applications prefiltered — that is, not having to be remediated at the processing stage ■ Turnaround time of card delivery reduced by five days ■ Eighty percent of application decisions now automated — that is, without the intervention of underwriters ■ More than 2,000 users operating on the same platform ■ IT operational cost reduced by 50% ■ Time to market of small changes reduced from 30 days to one day because of highly configurable system architecture ■ 360-degree view of the application life cycle ■ Enhanced risk management capabilities, reducing fraud ■ 360-degree customer view ■ Twenty percent increase in cross-sell booking ■ Twenty percent reduction in average call duration of customer service agents ■ Enhanced cross-sell booking features, improving customer satisfaction Lessons Learned: The program went live over 2014 and 2015, and created a paradigm shift in the IT application landscape and thinking. Major objectives from an IT standpoint were a much leaner application landscape and reduced operational cost. This program offered a window into how execution of such projects could achieve significant enterprise change. The business achieved efficiencies in sales, operations, customer service and marketing, and measurably impacted card volume and spend. State Bank of India (Most Innovative Digital Customer Service Enhancement) Initiative: SBI Quick Project Summary: Missed Call Banking is a new service from the State Bank of India that enables a customer to access banking services via a missed call or a text message, with predefined keywords sent to predefined mobile numbers. It is available free of charge for account holders. The services offered include: ■ Balance inquiry ■ Mini statements ■ ATM cards Page 18 of 22 Gartner, Inc. | G00294982
  19. 19. This research note is restricted to the personal use of maria.campos@bankmillennium.pl This research note is restricted to the personal use of maria.campos@bankmillennium.pl ■ Car and home loan inquiry This service can only be activated from the mobile number that is registered for a specific account with the bank. It can also be used via the SBI Quick application (available for the iOS, Windows and BlackBerry mobile OSs), which allows the customer to use the service without remembering the various keywords and destination mobile numbers. The goal was to make the format of SMS messages as simple as possible, keeping security and customer convenience in mind, meet strict time-to-market guidelines, and promote the application among customers amid strong competition. Value: The offering is simple to use and available 24/7. There is an instant response from the bank's system for the service requested. It offers customers a cost-effective way of handling account enquiry services, and reduces enquiry transactions via other channels. The application itself was developed on a new "one touch" Mobile Application Development Platform and is the first of its kind in the Indian market. Consequently, customers need not remember the format, keyword or bank mobile number, because the application seamlessly saves this data for the user. Lessons Learned: The service has received overwhelming response from users. State Bank of India intends to extend SBI Quick to check status enquiry and mobile top-up. Plans also include SBI Quick being extended to associate banks. Westpac (Most Innovative New Digital Product) Initiative: Westpac Live Project Summary: The diverse needs of customers in a digital context and the requirement for Westpac to create an integrated, omnichannel view of customer finances led to the development of Westpac Live. The project had several design principles: simplicity, personalization and service choice. The goals of the project were to improve digital experiences for 6 million consumer and small or midsize business customers by improving their educational awareness of their entire financial picture, regardless of how, when and where they banked. Westpac Live integrates data from 200 other institutions, including PayPal, eBay and banks, as well as reward schemes and store cards. Biometrics enable rapid sign-on and stronger authentication. Self-service options include contextual hints, new product activation, advanced multiaccount searching and single sign-on account switching. Westpac had to integrate 105 systems via 65 real-time and 178 batch interfaces and diverse data structures, and the offerings went live in 3Q14 to 2.6 million digitally active customers. Customer forms can now be prepopulated from existing or predictable datasets. Five hundred customers were engaged in prioritizing business requirements and testing prototypes. The pilot phase incorporated feedback from 15,000 customers, and there is ongoing dialogue with 3 million active customers concerning enhancements such as data visualization, financial management tools and business banking services. Value: As of June 2015, Westpac Live had 4 million registered users. Digital sales grew three times over the first six months of deployment. Average product per wallet numbers increased from 2.85 to Gartner, Inc. | G00294982 Page 19 of 22
  20. 20. This research note is restricted to the personal use of maria.campos@bankmillennium.pl This research note is restricted to the personal use of maria.campos@bankmillennium.pl 3.03. The cost of servicing customers also dropped from $3.8 (A$5) via nondigital channels to $0.15 (A$0.20) if serviced digitally. Since October 2014, Westpac Live processed 1 million service requests, saving the bank $3.4 million (A$4.5 million) and $57 billion (A$74 billion) worth of payments. Westpac Live also delivers targeted service and sales advice through Next Bank Actions, a decisioning engine oriented around customer behavior, transaction history and so on. Westpac Live has also provided 1 million customers with fingerprint or four-digit pin sign-on, improving convenience and customer satisfaction. Customer advocacy and engagement have seen a 30-point increase in Net Promoter Scores. Lessons Learned: Westpac Live was a mechanism to not only improve existing customer experience and aid them in a digital journey, it also facilitated the acquisition of 800,000 new account holders. The delivery of the self-service capability has increased digital interactions (the bank has, for example, seen a 76% increase in traffic moving from the branch and call center to the digital platform for customers advising the bank about going overseas). Customer feedback is critical to the enhancement of new services and future design. Westpac believes clarity of vision — especially the customer's perspective, customer involvement and recruitment/retention of bank talent — was critical to success. Gartner Recommended Reading Some documents may not be available as part of your current Gartner subscription. "2016 CIO Agenda: A Financial Services Perspective" "CEO Briefing: Building Fintech Defenses" "Hype Cycle for Digital Banking Transformation, 2015" "Hype Cycle for Digital Insurance, 2015" "Innovation Insight: Insurance Billing and Collections Management Solutions Support Customer Centricity" "Insurance CIOs Need to Review Their Strategy for Native Mobile Customer Apps" "New Year's Resolutions for Financial Services CEOs in 2016" "Predicts 2016: Digital Banking Initiatives Will Fail Without Strategic Investments in Emerging Technologies" "Predicts 2016: New Technologies and Business Models Will Drive Digital Disruption in Insurance" "Toolkit: Strategic Technology Map for Digital Insurance 1.0" Page 20 of 22 Gartner, Inc. | G00294982
  21. 21. This research note is restricted to the personal use of maria.campos@bankmillennium.pl This research note is restricted to the personal use of maria.campos@bankmillennium.pl Evidence 1 Gartner's 2016 CIO survey included 290 participants from the financial services industry. Note 1 Assessment Framework We utilized the Gartner Awards Framework (GAF) as a structured assessment model that enables the participating organizations to be benchmarked against world-class performance standards. The GAF consists of specialized assessment modules pertaining to the evaluation criteria for each of the award categories. The criteria and subcriteria provide a robust set of requirements that are used as the methodology for benchmarking and learning among the participating organizations. Disclaimer: This research is based on self-reported material provided by the finalists. Gartner, Inc. | G00294982 Page 21 of 22
  22. 22. This research note is restricted to the personal use of maria.campos@bankmillennium.pl This research note is restricted to the personal use of maria.campos@bankmillennium.pl GARTNER HEADQUARTERS Corporate Headquarters 56 Top Gallant Road Stamford, CT 06902-7700 USA +1 203 964 0096 Regional Headquarters AUSTRALIA BRAZIL JAPAN UNITED KINGDOM For a complete list of worldwide locations, visit http://www.gartner.com/technology/about.jsp © 2016 Gartner, Inc. and/or its affiliates. All rights reserved. Gartner is a registered trademark of Gartner, Inc. or its affiliates. This publication may not be reproduced or distributed in any form without Gartner’s prior written permission. If you are authorized to access this publication, your use of it is subject to the Usage Guidelines for Gartner Services posted on gartner.com. The information contained in this publication has been obtained from sources believed to be reliable. Gartner disclaims all warranties as to the accuracy, completeness or adequacy of such information and shall have no liability for errors, omissions or inadequacies in such information. This publication consists of the opinions of Gartner’s research organization and should not be construed as statements of fact. The opinions expressed herein are subject to change without notice. Although Gartner research may include a discussion of related legal issues, Gartner does not provide legal advice or services and its research should not be construed or used as such. Gartner is a public company, and its shareholders may include firms and funds that have financial interests in entities covered in Gartner research. Gartner’s Board of Directors may include senior managers of these firms or funds. Gartner research is produced independently by its research organization without input or influence from these firms, funds or their managers. For further information on the independence and integrity of Gartner research, see “Guiding Principles on Independence and Objectivity.” Page 22 of 22 Gartner, Inc. | G00294982
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