To stay profitable and grow in the new digital economy, banks need to adopt a customer-centric business model, diversify online delivery of products and services channels, and begin making meaning from valuable trails of digital information.
Building the 10x better bank, by @joukpleiter & @jelmerdejong
Slides of the November 11, 2015 webinar 'Omni-channel banking & the digital transformation roadmap'.
In this webinar, Jouk Pleiter and Jelmer de Jong of Backbase will talk about building the 10-times-better bank.
The financial services market is going through many changes. New challengers have appeared and are looking for a slice of the market. In addition, customers are more demanding and more informed, expecting convenience and simplicity when it comes to financial services, particularly online and via mobile devices. People love digital services such as Netflix, Amazon, and Uber because they’re easy to use and deliver great customer experiences. They deliver 10 times more convenience and better customer experiences than the status quo, and are therefore winning the market. It’s only a matter of time before the 10-times-better bank is founded, a thought that's on the radar of every banker.
In this webinar, we outline the journey of creating the 10-times-better bank, providing a detailed analysis of how banks can begin their digital journey, with a strong focus on five main points:
1) new competitors in banking: the disrupters
2) customer experience: the key ingredients
3) omni-channel and the changing channel mix
4) mobile's impact on online sales and share of wallet
5) regaining control in the era of digitization
"Digital Banking" by Nikolay Spasov
The presentation was part of the 2016 Digital Marketing Masterclass organized by Interactive Advertising Bureau (IAB) Bulgaria and New Bulgarian University (NBU). The scope of the lecture is to present the current trends in banking and the available technologies that are supporting the industry.
Digital Banking: Enhancing Customer Experience; Generating Long-Term Loyalty ...Cognizant
To stay profitable and grow in the new digital economy, banks need to adopt a customer-centric business model, diversify online delivery of products and services channels and begin making meaning from valuable trails of digital information.
Digital Banking Strategy Roadmap - 3.24.15Calvin Turner
The Digital delivery of banking products and services is already a reality.
Like it or not, your customers will compare their digital banking experience to shopping on Amazon, iTunes, eBay, Southwest Air, etc., and to their digital experiences with large banks that already have robust digital banking offerings.
Traditional banks can’t just push out mobile apps and capabilities to customers and call it a digital banking strategy. Customers expect a seamless integration of the entire online banking experience from initiation to fulfillment. If they are forced to drop off somewhere along the digital experience to print documents, call a representative, and/or visit a branch, you have lost the customer.
Building the 10x better bank, by @joukpleiter & @jelmerdejong
Slides of the November 11, 2015 webinar 'Omni-channel banking & the digital transformation roadmap'.
In this webinar, Jouk Pleiter and Jelmer de Jong of Backbase will talk about building the 10-times-better bank.
The financial services market is going through many changes. New challengers have appeared and are looking for a slice of the market. In addition, customers are more demanding and more informed, expecting convenience and simplicity when it comes to financial services, particularly online and via mobile devices. People love digital services such as Netflix, Amazon, and Uber because they’re easy to use and deliver great customer experiences. They deliver 10 times more convenience and better customer experiences than the status quo, and are therefore winning the market. It’s only a matter of time before the 10-times-better bank is founded, a thought that's on the radar of every banker.
In this webinar, we outline the journey of creating the 10-times-better bank, providing a detailed analysis of how banks can begin their digital journey, with a strong focus on five main points:
1) new competitors in banking: the disrupters
2) customer experience: the key ingredients
3) omni-channel and the changing channel mix
4) mobile's impact on online sales and share of wallet
5) regaining control in the era of digitization
"Digital Banking" by Nikolay Spasov
The presentation was part of the 2016 Digital Marketing Masterclass organized by Interactive Advertising Bureau (IAB) Bulgaria and New Bulgarian University (NBU). The scope of the lecture is to present the current trends in banking and the available technologies that are supporting the industry.
Digital Banking: Enhancing Customer Experience; Generating Long-Term Loyalty ...Cognizant
To stay profitable and grow in the new digital economy, banks need to adopt a customer-centric business model, diversify online delivery of products and services channels and begin making meaning from valuable trails of digital information.
Digital Banking Strategy Roadmap - 3.24.15Calvin Turner
The Digital delivery of banking products and services is already a reality.
Like it or not, your customers will compare their digital banking experience to shopping on Amazon, iTunes, eBay, Southwest Air, etc., and to their digital experiences with large banks that already have robust digital banking offerings.
Traditional banks can’t just push out mobile apps and capabilities to customers and call it a digital banking strategy. Customers expect a seamless integration of the entire online banking experience from initiation to fulfillment. If they are forced to drop off somewhere along the digital experience to print documents, call a representative, and/or visit a branch, you have lost the customer.
Growing momentum for Disruption in FinTech:
Looking back and looking forward.
Recording of the Backbase webinar of December 18th, 2014.
In our 2014 closing webinar we will look back at the disruptive highlights of this year and we start looking forward to 2015.
From BBVA acquiring Simple, to more and more neo-banks popping up, fintech startups going IPO and omni-channel moving from marketing buzz to the real thing. In this 60 minute webinar, Backbase's Jouk Pleiter and Jelmer de Jong discuss the main trends and best practices for banks and credit unions to keep on disrupting in the digital banking space.
The Journey to Digital Transformation with Touch BankBackbase
The presentation of Andrei Kozliar, CEO of Touch Bank. In this webinar, Jouk Pleiter, CEO of Backbase, talks to two of the most innovative banks in Europe – Touch Bank and CheBanca!
Digital transformation is about fundamentally changing how banks attract, interact with and satisfy consumers, and it affects all levels of your organisation. Antonio and Andrei will share real-life examples of digital transformation in our new webinar, which will look at:
what was needed to start their digital transformation journeys
the key elements for success.
Antonio Fratta Pasini is Head of CRM and Omni-channel for CheBanca!, the retail bank of Mediobanca Group, the third largest financial services group in Italy. CheBanca! has always been at the forefront of innovation, from flagship futuristic branches to award-winning banking apps such as WOW!
Andrei Kozliar is CEO of Touch Bank, a neobank created by OTP Bank. Founded in 1949, OTP Bank is one of the largest independent financial service providers in Central and Eastern Europe, serving nine countries. Recognizing that today’s digital-savvy customers and emerging digital natives are going to be the fastest growing customer segment, OTP Bank decided to launch a new, digital- and mobile-only bank under the label Touch Bank.
Digital transformation of the banking industry Frank Schwab
From traditional to digital banking
Significantly changing basic conditions
New customer expectations and journeys
New digital products: crowd, P2P & crypto
New game changing technologies, processes and concepts: Cloud, API, blockchain, AI, platform, eco-systems, 100% STP
New types of leadership
The banking and financial services industry is undergoing a period of unprecedented disruption, which is re-shaping the competitive landscape.
Criterium Group believes we’re experiencing a fundamental change in how people manage, save and spend their money –which means banks and credit unions will need to re-imagine how they deliver value to customers and members.
We’re experiencing a disintegration of the financial industry. But disruption is exciting, not scary. As our relationship with money evolves, there are endless opportunities to delight customers and deliver value. However, competing in a digital age takes a completely different approach.
Criterium Group has considered the changing landscape from a competitive, financial, technological and operational perspective to re-design the traditional banking business model to win in a digital world.
Going Digital: The Banking Transformation Road MapSemalytix
The leaders in digital banking are more client-centric, tech-savvy, and inclusive—and are fundamentally changing to deliver the best results.
Most banks today want to become digital banking leaders—after all, that's where the customers are. And for much of the past decade as digital banking has taken hold, most leading traditional banks have incorporated strong digital strategies.
So what separates the digital banking leaders from the laggards? A new A.T. Kearney study on digitization, in conjunction with Efma, seeks the answer and finds three main findings: the leaders understand the importance of mobile in a digital strategy, they are developing more agile operating models, and, most notably, they have tackled the need for internal culture shifts (see sidebar: About the Study).
With top-down implementation, these leaders have set their paths toward becoming more client-centric, more tech-savvy, and more inclusive. As the market evolves even more rapidly through the end of the decade, all banks will have to adapt to a disruptive model in people and IT—the two engines of retail banking—and must fundamentally adapt to deliver the best results.
This paper looks at the trends and the path forward.
The Evolving Digital Journey
Most banks began their digital journey years ago and have clear digital strategies, yet even those are facing major changes. In particular, as more customers use their mobile phones and tablets to do their banking, and omnichannel takes hold in financial services, the mobile experience is becoming a crucial aspect of digital strategy that banks must address.
Secondly, to keep up in this fast-changing market, traditional banks will have to adapt their operating models. In particular, changes in IT, new products and services development, and changing expectations for time-to-market will be key factors going forward.
Perhaps the most important step, however, is that banking in the digital age requires a drastic, profound reset of how banking staff reacts to customer needs. This means thinking customer first, rather than by channel; as one panelist puts it, "Banks think in channels, but customers don't." It means being conscious that small digital players can gain market share faster and in a manner that is more disruptive to traditional banks' models. It means understanding that organizational silos pose significant obstacles to creating new solutions for customers. Most importantly, it means looking inward, changing organizational beliefs and habits to facilitate clients and drive digital innovation.
A new spirit of banking—led by top executives—will lead the way to addressing market changes, becoming more agile, and improving openness in day-to-day business.
- See more at: http://www.atkearney.com/latest-article/-/asset_publisher/lON5IOfbQl6C/content/going-digital-the-banking-transformation-road-map/10192?_101_INSTANCE_lON5IOfbQl6C_redirect=#sthash.oKsJGij3.dpuf
Today's customers are fundamentally different from customers of past years as they are harder to acquire, retain, and delight because of the explosion in digital technologies consumers use day to day. New digital experiences are forcing banks to play catch-up and match the innovative and engaging interactions and products — such as mobile payments — that non-banks are offering to those same customers. This IDC research, sponsored by TCS Digital Software & Solutions Group, revealed three key themes for digital transformation in the banking industry.
How Banking as a Service Will Keep Banks Digitally Relevant and GrowingCognizant
To contend with insurgent competitors, regulatory mandates and demanding consumer requirements, banks must embrace open APIs that enable them to plug-and-play in the digital business ecosystem and reinforce their value proposition amid escalating share-of-wallet challenges.
Embedded Finance - the $7 Trillion market opportunitySimon Torrance
Embedded Finance is a new way for companies across all sectors to create and capture more value. It allows any brand to create and sell attractive financial services (payments, credit, insurance, investments, savings) either as invisible native components of, or add-ons to, their customer experiences. This helps them to increase loyalty and/or generate new high margin revenue in new ways. For the (software) companies who enable Embedded Finance, this offers a very exciting new market.
Agency banking in nigeria: strategy and service effectivenessTalent Ajieh
It describes the Agency Banking Strategies, value creation ecosystem and How to make Agency banking work effectively by recognizing the roles of different Service Providers in models.
Digital Transformation: What it is and how to get thereEconsultancy
Digital Transformation: What it is and how to get there.
Authored by Econsultancy CEO Ashley Friedlein, this presentation on the topic of 'Digital Transformation', is broken down into six sections covering:
1. Digital Transformation - what it is and recent data and research on the topic
2. Strategy - what a digital strategy should include
3. Technology - the challenges of technology and the skills gap
4. People - looking at organisational structure, culture, roles & responsibilities, environment recquired
5. Process - how to address the speed, innovation and agility required
6. Business Transformation - how digital transformation is actually business transformation
Growing momentum for Disruption in FinTech:
Looking back and looking forward.
Recording of the Backbase webinar of December 18th, 2014.
In our 2014 closing webinar we will look back at the disruptive highlights of this year and we start looking forward to 2015.
From BBVA acquiring Simple, to more and more neo-banks popping up, fintech startups going IPO and omni-channel moving from marketing buzz to the real thing. In this 60 minute webinar, Backbase's Jouk Pleiter and Jelmer de Jong discuss the main trends and best practices for banks and credit unions to keep on disrupting in the digital banking space.
The Journey to Digital Transformation with Touch BankBackbase
The presentation of Andrei Kozliar, CEO of Touch Bank. In this webinar, Jouk Pleiter, CEO of Backbase, talks to two of the most innovative banks in Europe – Touch Bank and CheBanca!
Digital transformation is about fundamentally changing how banks attract, interact with and satisfy consumers, and it affects all levels of your organisation. Antonio and Andrei will share real-life examples of digital transformation in our new webinar, which will look at:
what was needed to start their digital transformation journeys
the key elements for success.
Antonio Fratta Pasini is Head of CRM and Omni-channel for CheBanca!, the retail bank of Mediobanca Group, the third largest financial services group in Italy. CheBanca! has always been at the forefront of innovation, from flagship futuristic branches to award-winning banking apps such as WOW!
Andrei Kozliar is CEO of Touch Bank, a neobank created by OTP Bank. Founded in 1949, OTP Bank is one of the largest independent financial service providers in Central and Eastern Europe, serving nine countries. Recognizing that today’s digital-savvy customers and emerging digital natives are going to be the fastest growing customer segment, OTP Bank decided to launch a new, digital- and mobile-only bank under the label Touch Bank.
Digital transformation of the banking industry Frank Schwab
From traditional to digital banking
Significantly changing basic conditions
New customer expectations and journeys
New digital products: crowd, P2P & crypto
New game changing technologies, processes and concepts: Cloud, API, blockchain, AI, platform, eco-systems, 100% STP
New types of leadership
The banking and financial services industry is undergoing a period of unprecedented disruption, which is re-shaping the competitive landscape.
Criterium Group believes we’re experiencing a fundamental change in how people manage, save and spend their money –which means banks and credit unions will need to re-imagine how they deliver value to customers and members.
We’re experiencing a disintegration of the financial industry. But disruption is exciting, not scary. As our relationship with money evolves, there are endless opportunities to delight customers and deliver value. However, competing in a digital age takes a completely different approach.
Criterium Group has considered the changing landscape from a competitive, financial, technological and operational perspective to re-design the traditional banking business model to win in a digital world.
Going Digital: The Banking Transformation Road MapSemalytix
The leaders in digital banking are more client-centric, tech-savvy, and inclusive—and are fundamentally changing to deliver the best results.
Most banks today want to become digital banking leaders—after all, that's where the customers are. And for much of the past decade as digital banking has taken hold, most leading traditional banks have incorporated strong digital strategies.
So what separates the digital banking leaders from the laggards? A new A.T. Kearney study on digitization, in conjunction with Efma, seeks the answer and finds three main findings: the leaders understand the importance of mobile in a digital strategy, they are developing more agile operating models, and, most notably, they have tackled the need for internal culture shifts (see sidebar: About the Study).
With top-down implementation, these leaders have set their paths toward becoming more client-centric, more tech-savvy, and more inclusive. As the market evolves even more rapidly through the end of the decade, all banks will have to adapt to a disruptive model in people and IT—the two engines of retail banking—and must fundamentally adapt to deliver the best results.
This paper looks at the trends and the path forward.
The Evolving Digital Journey
Most banks began their digital journey years ago and have clear digital strategies, yet even those are facing major changes. In particular, as more customers use their mobile phones and tablets to do their banking, and omnichannel takes hold in financial services, the mobile experience is becoming a crucial aspect of digital strategy that banks must address.
Secondly, to keep up in this fast-changing market, traditional banks will have to adapt their operating models. In particular, changes in IT, new products and services development, and changing expectations for time-to-market will be key factors going forward.
Perhaps the most important step, however, is that banking in the digital age requires a drastic, profound reset of how banking staff reacts to customer needs. This means thinking customer first, rather than by channel; as one panelist puts it, "Banks think in channels, but customers don't." It means being conscious that small digital players can gain market share faster and in a manner that is more disruptive to traditional banks' models. It means understanding that organizational silos pose significant obstacles to creating new solutions for customers. Most importantly, it means looking inward, changing organizational beliefs and habits to facilitate clients and drive digital innovation.
A new spirit of banking—led by top executives—will lead the way to addressing market changes, becoming more agile, and improving openness in day-to-day business.
- See more at: http://www.atkearney.com/latest-article/-/asset_publisher/lON5IOfbQl6C/content/going-digital-the-banking-transformation-road-map/10192?_101_INSTANCE_lON5IOfbQl6C_redirect=#sthash.oKsJGij3.dpuf
Today's customers are fundamentally different from customers of past years as they are harder to acquire, retain, and delight because of the explosion in digital technologies consumers use day to day. New digital experiences are forcing banks to play catch-up and match the innovative and engaging interactions and products — such as mobile payments — that non-banks are offering to those same customers. This IDC research, sponsored by TCS Digital Software & Solutions Group, revealed three key themes for digital transformation in the banking industry.
How Banking as a Service Will Keep Banks Digitally Relevant and GrowingCognizant
To contend with insurgent competitors, regulatory mandates and demanding consumer requirements, banks must embrace open APIs that enable them to plug-and-play in the digital business ecosystem and reinforce their value proposition amid escalating share-of-wallet challenges.
Embedded Finance - the $7 Trillion market opportunitySimon Torrance
Embedded Finance is a new way for companies across all sectors to create and capture more value. It allows any brand to create and sell attractive financial services (payments, credit, insurance, investments, savings) either as invisible native components of, or add-ons to, their customer experiences. This helps them to increase loyalty and/or generate new high margin revenue in new ways. For the (software) companies who enable Embedded Finance, this offers a very exciting new market.
Agency banking in nigeria: strategy and service effectivenessTalent Ajieh
It describes the Agency Banking Strategies, value creation ecosystem and How to make Agency banking work effectively by recognizing the roles of different Service Providers in models.
Digital Transformation: What it is and how to get thereEconsultancy
Digital Transformation: What it is and how to get there.
Authored by Econsultancy CEO Ashley Friedlein, this presentation on the topic of 'Digital Transformation', is broken down into six sections covering:
1. Digital Transformation - what it is and recent data and research on the topic
2. Strategy - what a digital strategy should include
3. Technology - the challenges of technology and the skills gap
4. People - looking at organisational structure, culture, roles & responsibilities, environment recquired
5. Process - how to address the speed, innovation and agility required
6. Business Transformation - how digital transformation is actually business transformation
Experience-Led Digital Banking: Getting Customers to Buy with Low Cost Digita...Capgemini
Experience-Led Digital Banking: Getting Customers to Buy with Low Cost Digital Channels was presented on 26 March 2015 at a webcast from Capgemini and American Banker. Topics include: Why customers are not using low cost digital channels to purchase banking products as much as banks would like; how some banks have succeeded in influencing customer preferences by adopting a more personal, human approach in their digital interactions; how banks can create opportunities to right-sell and cross-sell leveraging the latest innovations in customer engagement technology. Visit www.capgemini.com/odigoforbanks or www.capgemini.com/digitalbanking for more information.
Digital Banking - Industry Trends for Customer ServiceGianluca Ferranti
Consumers’ attitude and benefits of digital banking
Importance of real-time customer interaction in digital banking
Video Banking goes Prime Time
The opportunity for video-enabled interaction to transform retail banking
A short presentation on the trends currently impacting banking, and a vision for what a data-driven bank-client relationship would look like (slides 49-56).
Originally presented at Bilan's Digital banking event on April 29th in Geneva, Switzerland. Feedback on @laurenthaug or laurent@anthemis.com
Adoreboard Customer Experience Index: UK High Street BanksChris Johnston
Adoreboard has analysed UK bank customers’ tweets directed to customer service for the last six months of 2016. The analysis reveals which banks provide the best and worst customer experience, and what aspects drive the emotional highs and lows for each bank.
Produced by Adoreboard’s Data Scientists, based at Queen’s University Belfast, the detailed study provides a fascinating insight into how the top UK banks are perceived.
This report outlines the important steps which industry leaders need to take in order improve customer experience and maximise brand reputation with the use of data analytics.
«Branch, Internet, Mobile, Digital» is a study that aims to synthesize and connect some of the most innovative actions that Banks, Fintechs and other actors are undertaking to develop a new model for the financial services.
Views expressed in this presentation are my own.
Digital Banking Innovation - "a Look of Tomorrow"HongLeongBank
Hong Leong Islamic Bank MD/CEO, Raja Teh Maimunah Raja Abdul Aziz delivered a 1-hr talk at NICE2014, organised by MOSTI, on how banking has evolved from the day trading began thousands of years ago, to how digital banking will be at the forefront of all customer engagements.
Going Digital: What Banking Leaders Need to KnowCognizant
To compete in the digital era, banks need to embrace data, put customers first and manage organizational change -- three concepts, one payoff. Here's how your bank can put it all together.
Why Banks Must Become Smart Aggregators in the Financial Services Digital Eco...Cognizant
Financial institutions must embrace a partnership-driven approach to remain relevant amid fintech digital disruption, while evolving their capabilities to deliver against tomorrow’s market needs.
Building customer loyalty in retail banking1SeymourSloan
Retail Banking is facing challnges on many fronts. Leading banks must defend their positions through improved loyalty. this means investing wislyin technology and propositions designed to please customers.
Building customer loyalty in retail bankingSeymourSloan
Building loyalty within your customer base is essential as a platform for growth and in the face of the challenges from disruptors banks have no choice.
Global payments community consulting firm and the world’s leading advisor on business strategy. We partner with clients from the private, public, and not-for- profit sectors in all regions to identify their highest-value opportunities, address their most critical challenges, and transform their enterprises. Our customized approach combines deep insight into the dynamics of companies and markets with close collaboration at all levels of the client organization. This ensures that our clients achieve sustainable competitive advantage, build more capable organizations, and secure lasting results.
Banking redefined: disruption, transformation and the next generation bankPauline Mura
To succeed in today’s environment, businesses need to
lead through increased complexity and volatility, drive
operational excellence and enable collaboration across
enterprise functions, develop higher quality leadership and
talent, manage amidst constant change and unlock new
possibilities grounded in data.
Digital Transformation in Banking Financial Services Industrysethnainaa
Digital Transformation is more than just moving from traditional banking system to
a digital one. It is a vital change in how banks and other financial institutions learn
about, interact with, and satisfy customer’s needs. The age of “Customer is King”
has truly arrived.
Digital Transformation in Banking Financial Services Industrydrishtipuro1234
Digital Transformation is more than just moving from traditional banking system to a digital one. It is a vital change in how banks and other financial institutions learn about, interact with, and satisfy customer’s needs. The age of “Customer is King” has truly arrived.
Perspective- Multi Channel Banking: A Five Point Strategy Infosys Finacle
The last two decades have witnessed a paradigm shift in the way people bank. While the shift from branches to ATM based cash withdrawals and from there on to internet banking was slow, it has been a different story in the case of mobile banking. The growth in adoption of mobile banking over the last three years has been tremendous. Many banks have rolled out internet banking, mobile banking, call centers, ATM based transactions and video banking. But, have banks moved from multiple channels to true multi-channel banking with seamless cross channel experiences?
Here we explore a five point strategy that would empower banks and financial institutions to define a robust multi-channel offering.
Retail Banking: Delivering a Meaningful Digital Customer ExperienceCognizant
To compete effectively, banks must fully adopt digital technologies to enhance customer experience, by providing mobile banking, omni-channel banking options, digital personal financial management, and more.
Using Adaptive Scrum to Tame Process Reverse Engineering in Data Analytics Pr...Cognizant
Organizations rely on analytics to make intelligent decisions and improve business performance, which sometimes requires reproducing business processes from a legacy application to a digital-native state to reduce the functional, technical and operational debts. Adaptive Scrum can reduce the complexity of the reproduction process iteratively as well as provide transparency in data analytics porojects.
It Takes an Ecosystem: How Technology Companies Deliver Exceptional ExperiencesCognizant
Experience is evolving into a strategy that reaches across technology companies. We offer guidance on the rise of experience and its role in business modernization, with details on how orgnizations can build the ecosystem to support it.
The Work Ahead: Transportation and Logistics Delivering on the Digital-Physic...Cognizant
The T&L industry appears poised to accelerate its long-overdue modernization drive, as the pandemic spurs an increased need for agility and resilience, according to our study.
Enhancing Desirability: Five Considerations for Winning Digital InitiativesCognizant
To be a modern digital business in the post-COVID era, organizations must be fanatical about the experiences they deliver to an increasingly savvy and expectant user community. Getting there requires a mastery of human-design thinking, compelling user interface and interaction design, and a focus on functional and nonfunctional capabilities that drive business differentiation and results.
The Work Ahead in Manufacturing: Fulfilling the Agility MandateCognizant
According to our research, manufacturers are well ahead of other industries in their IoT deployments but need to marshal the investment required to meet today’s intensified demands for business resilience.
The Work Ahead in Higher Education: Repaving the Road for the Employees of To...Cognizant
Higher-ed institutions expect pandemic-driven disruption to continue, especially as hyperconnectivity, analytics and AI drive personalized education models over the lifetime of the learner, according to our recent research.
Engineering the Next-Gen Digital Claims Organisation for Australian General I...Cognizant
In recent years, insurers have invested in technology platforms and process improvements to improve
claims outcomes. Leaders will build on this foundation across the claims landscape, spanning experience,
operations, customer service and the overall supply chain with market-differentiating capabilities to
achieve sustainable results.
Profitability in the Direct-to-Consumer Marketplace: A Playbook for Media and...Cognizant
Amid constant change, industry leaders need an upgraded IT infrastructure capable of adapting to audience expectations while proactively anticipating ever-evolving business requirements.
Green Rush: The Economic Imperative for SustainabilityCognizant
Green business is good business, according to our recent research, whether for companies monetizing tech tools used for sustainability or for those that see the impact of these initiatives on business goals.
Policy Administration Modernization: Four Paths for InsurersCognizant
The pivot to digital is fraught with numerous obstacles but with proper planning and execution, legacy carriers can update their core systems and keep pace with the competition, while proactively addressing customer needs.
The Work Ahead in Utilities: Powering a Sustainable Future with DigitalCognizant
Utilities are starting to adopt digital technologies to eliminate slow processes, elevate customer experience and boost sustainability, according to our recent study.
AI in Media & Entertainment: Starting the Journey to ValueCognizant
Up to now, the global media & entertainment industry (M&E) has been lagging most other sectors in its adoption of artificial intelligence (AI). But our research shows that M&E companies are set to close the gap over the coming three years, as they ramp up their investments in AI and reap rising returns. The first steps? Getting a firm grip on data – the foundation of any successful AI strategy – and balancing technology spend with investments in AI skills.
Operations Workforce Management: A Data-Informed, Digital-First ApproachCognizant
As #WorkFromAnywhere becomes the rule rather than the exception, organizations face an important question: How can they increase their digital quotient to engage and enable a remote operations workforce to work collaboratively to deliver onclient requirements and contractual commitments?
Five Priorities for Quality Engineering When Taking Banking to the CloudCognizant
As banks move to cloud-based banking platforms for lower costs and greater agility, they must seamlessly integrate technologies and workflows while ensuring security, performance and an enhanced user experience. Here are five ways cloud-focused quality assurance helps banks maximize the benefits.
Getting Ahead With AI: How APAC Companies Replicate Success by Remaining FocusedCognizant
Changing market dynamics are propelling Asia-Pacific businesses to take a highly disciplined and focused approach to ensuring that their AI initiatives rapidly scale and quickly generate heightened business impact.
The Work Ahead in Intelligent Automation: Coping with Complexity in a Post-Pa...Cognizant
Intelligent automation continues to be a top driver of the future of work, according to our recent study. To reap the full advantages, businesses need to move from isolated to widespread deployment.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
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Digital Banking: Enhancing Customer Experience; Generating Long-Term Loyalty
1. Digital Banking: Enhancing
Customer Experience;
Generating Long-Term Loyalty
To stay profitable and grow in the new digital economy, banks
need to adopt a customer-centric business model, diversify
online delivery of products and services channels, and begin
making meaning from valuable trails of digital information.
2. 2 KEEP CHALLENGING March 2014
Executive Summary
The banking industry’s efforts to shift to digital channels have been halting,
at best — a business unit here, an upstart department there. But given the
industry’s financial pressures and global economic uncertainties, there
is increased urgency — and opportunity — to adopt a holistic approach to
going digital and integrating that strategy across the banking ecosystem.
Embracing a fully digital strategy requires end-to-end modernization of
a bank’s often outdated infrastructure. Equally important, it requires a
transition from an account-based view of banking customers to one that
knows them as individuals and enhances the customer experience with
relevant, convenient and personalized products and services.
However, customer focus is often a stretch for the banking industry. When
it comes to innovation, banks have been relatively slow movers as a result
of regulatory and compliance challenges. It took PayPal to revolutionize
online payments, and Square to extend personal payments so smartphone
users could easily pay for goods and services.
Digital modernization gives traditional banks a second chance. A smart,
enterprise-wide approach positions them to deepen customer satisfaction
and loyalty, driving long-term relationships and profitability. Such an
approach also has the potential to meet consumers’ expectations and bring
banking back to the bank.
The following elements form a clear model of success for banks:
• Smart management of information is vital to digital banking. Banks
need to marshal online data — the unique virtual identity for each
individual that we call a Code Halo™ — to offer their customers
personalized attention.
• Banks need to act, but more important, they need to act strategically.
Providing the cohesive, cross-channel experience that customers expect
Digital modernization gives traditional banks a second
chance. A smart, enterprise-wide approach positions
them to deepen customer satisfaction and loyalty,
driving long-term relationships and profitability.
3. DIGITAL BANKING: ENHANCING CUSTOMER EXPERIENCE; GENERATING LONG-TERM LOYALTY 3
requires an enterprise-wide approach that can be implemented in
localized ways, such as for specific lines of business and functional areas.
• Although the ROI of digital banking is substantial, the costs are steep
for not adopting digital banking. Costs include lost opportunity, customer
attrition and stagnation in new-customer growth and product sales.
• Embracing the holistic shift to digital and its streamlined, cross-
channel approach requires banks to evaluate their options carefully and
select the ones that best fit their strategy.
• An enterprise roadmap is a key prerequisite for implementing a digital
banking program. The roadmap balances key customer values (loyalty,
convenience, relevance, interaction and mobility) against the bank’s
values (profitability, loyalty, operating efficiency, market expansion and
risk mitigation).
This white paper is the first installment in a three-part series that explores
digital banking as a vital strategy. We look at how banks can convert
the inefficient use of capital in fixed assets and operating expenses into
manageable, consumer-centric experiences that contribute to revenue
uplift and cost reduction. Part 2 of our series explores digital banking’s
focus on customers. Part 3 describes the organizational and technology
changes required for traditional banks to make the shift to digital.
4. Customer Relationships as New Sources of Value
Before the global economic crisis of 2008-2009, the banking industry created share-
holder value through financial leveraging. Today’s increased regulations and com-
petitive challenges are forcing banks to deleverage and identify alternative sources
of value. Enter digital banking. New digital models steer banks in the direction of
customer relationships that present new sources of value. The focus is on engaging
customers and building trust in the key activities of digital banking: marketing and
sales; customer onboarding; and account opening and servicing.
Banks have their work cut out for them. Consumer trust vanished from the banking
system after the global financial crisis. Deeply hurt by large banks, customers
turned to smaller banks and credit unions to manage their personal finances. Use
of non-bank lenders, payment processors and financial information sources (both
personal and general) increased as never before.
Digital technology gives banks the opportunity to regain their relevance with
customers, and the heart of that connection is data. Every consumer click, swipe,
comment and search creates a unique virtual identity that we call a Code Halo.1
Indeed, managing Code Halo thinking is vital to banks’ digital transformation (see
sidebar, below). Strong financial products and services are still essential. But smart
management of digital information — the Code Halos — can deepen customer rela-
tionships and generate new revenue streams. Organizations that compete in this
way understand how to create, share and apply meaning from Code Halo inter-
sections. And increasingly, these companies are the winners in their markets (see
sidebar, page 11).
Quick Take
Before banks can begin managing Code Halos and digital
transformation, they need to understand the extent of
their industry’s disconnect with customers. Consumers
are increasingly integrating the personalized virtual world
with the “real” world. Personal technology has changed
many aspects of their personal lives: how they connect
with friends, ask for directions and collaborate with
colleagues.
But not how they get their cash.
Upon inserting their bankcards into ATMs, most customers
see a screen that reads, ”Press 1 for English. Press 2 for
Spanish.” Really? This sophisticated financial services
institution, with billions in assets and branches around the
world, doesn’t know which language a customer speaks?
It knows checking and savings account balances. It holds
loans on customers’ cars and homes, knows their net
worth, and maintains records of every transaction.
But it doesn’t know what language they speak.
The inconvenience is minor, but it underscores how ATMs
and bank tellers know only the transactional data in their
systems of record, rather than what is in customers’
Code Halos. To customers, the banking experience leaves
them feeling disconnected. What happened to that
pleasing online interaction they experienced with sites
like Pandora, Amazon, Hulu and Netflix, which know not
only what language they speak, but also their likes and
dislikes? The sites know such details because they see
what ATMs and bank tellers can’t. They see Code Halos.
(To learn more about Code Halos and the new rules of
success, download “Code Rules: A Playbook for Managing
at the Crossroads,” http://www.cognizant.com/Futureof-
work/Documents/code-rules.pdf.)
Adapted from the upcoming book, Code Halos: How the
Digital Lives of People, Things, and Organizations are
Changing the Rules of Business, by Malcolm Frank, Paul
Roehrig and Ben Pring, published by John Wiley & Sons.
Code Halos: A New Model for Digital Banking
4 KEEP CHALLENGING March 2014
5. DIGITAL BANKING: ENHANCING CUSTOMER EXPERIENCE; GENERATING LONG-TERM LOYALTY 5
Creating Value from Information
Banks, too, can make meaning from the digital information that surrounds people,
organizations and devices (see Figure 1). In fact, in a recent study that we conducted
with Oxford Economics, the banking and financial services industry generated
more value than any other sector from the ability to compete on code. Analytics
is proving especially profitable, with companies in the financial industry indicating
that 10% of revenue and 10.1% of costs are directly affected by how well they make
meaning from business information.2
The competitive landscape in banking and financial services has changed, and
standing still is not an option. The challenge lies in the trade-off between investment
and expected return on investment (ROI). Is banks’ best path to rationalize, refactor
and optimize the existing systems and infrastructure? Or is it to improve, adopt and
transform new paradigms?
For large banks, a key concern is brand reputation, which can be affected by
multiple channel offerings that deliver different customer experiences, often with
somewhat divergent data and results. For small banks, the central question is one
of investment and returns.
Strong financial products and services are still
essential. But smart management of digital
information — the Code Halos — holds the
potential to deepen customer relationships
and generate new revenue streams.
Value
Trust
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Figure 1
Generating Value from Digital: An Outside-in View
6. 6 KEEP CHALLENGING March 2014
Customers Are the New Focus
Regardless of their size, profitability and growth demand that banks focus on
serving customers at the right time, with the right level of service and at the
right cost. Several factors are driving this customer focus. Number one, today’s
customers expect personalized pricing and portfolio mixes. Banks that can’t deliver
will suffer reduced profitability. While banks, by default, sell every product to every
customer, digital banking allows customization, providing the data and analytics
capabilities needed to examine each customer’s profitability and offer individual-
ized or segmented products and pricing.
Second, churn is occurring more frequently than ever. Many customers choose — and
switch — banks based on convenience and quality of service rather than on product
and service features. In some countries, government regulations are encouraging
additional churn. In the UK, where banking rules made it difficult for customers to
switch providers, the enactment of new rules now makes it easy for customers to
change banks and even take their account numbers with them.3
Additionally, with non-bank entrants firmly established in the payments and lending
areas, these lucrative lines are at greater risk for attrition. The growth of Quicken
mortgages is an important example. (For more on banking’s new customer-centric
shift, read the upcoming second installment in our series, “It’s All About Customers.”)
And lastly, customers expect to experience banking without boundaries, just as they
do in retail and other industries. What matters most to them is how they experience
the bank’s brand, regardless of the channel.
To provide the cohesive, cross-channel experience customers expect, banks need
to take a holistic approach. Digital banking scales and succeeds only when it’s
approached from a broad point of view that allows for increased customer satisfac-
tion and informed cross-selling and up-selling. Although an enterprise-wide digital
strategy is necessary, banks can successfully implement digital banking in localized
ways, for specific lines of business, departments or divisions. An evolving approach
that occurs over time can help banks avoid the necessity of change management
exercises that can disrupt operating models.
Digital Banking’s Return on Investment
What is the ROI of digital banking? It’s the combination of lower channel costs, plus
increased revenue for the benefit period, minus the cost of deployment amortized
over its useful life, multiplied by the internal cost of funds for that period.
Beware, however, that there is no benefit until digital adoption is achieved at scale.
The benefit drivers include digital self-service, churn reduction and new customer
and product acquisition. This reality must be taken into account for ROI analysis,
along with the cost of any marketing, loyalty program or other pricing benefit used
to encourage digital adoption.
What is the cost of not implementing digital banking? Lost opportunity and
relevance. Over the next two decades, banks that fail to incorporate a new way
Although an enterprise-wide digital strategy is
necessary, banks can successfully implement
digital banking in localized ways, for specific lines
of business, departments or divisions.
7. DIGITAL BANKING: ENHANCING CUSTOMER EXPERIENCE; GENERATING LONG-TERM LOYALTY 7
of doing business will experience a steady increase in customer attrition and
stagnation of new-customer growth and product sales.
Consumer products and lines of business provide an especially potent opportuni-
ty to reduce call volumes and branch visits that don’t add value. However, these
same customer interactions are likely to cause a good deal of digital leakage; in
other words, they add no value by nature of the call channel itself and should
largely be replaced by digital self-service. These interactions result in unnecessary
human assistance should digital channels provide an uneven self-service capability
(see Figure 2).
Few banks can marshal the resources and program management to address digital
modernization across the entire bank topology all at once. An approach that breaks
down these modernization activities into manageable projects, each with their own
ROI, is recommended.
Digital Bank Initiatives Lead to Innovative
Business Models
Digital modernization requires banks to reinvent their core businesses of lending,
retail banking and payments (see Figure 4). It replaces branch investments with
less expensive digital channels that enable banks to build economies of scale with
a much lower capital investment. It also generates revenue more quickly so banks
Savings and Deposits
Small Business
Credit Cards
Consumer Loans
Commercial Loans
Mortgages
Retail Investments
Value of Call Channel High ValueHigh Leakage
Wholesale Banking
Financial Advisory
Trust and Custody
ComplexityofCallProcessesComplexSimple
Private Banking
Size of bubble indicates call volume
Note: This figure is constructed from Cognizant survey data and depicts banking lines of business. Bubble size
represents average call volume. Toward the top of the figure are lines of business with a higher propensity of
calls, which should easily be replaced by digital self-service functionality. Toward the bottom are the more “com-
plex” calls requiring human interaction because they are high-value sales or relationship-based. The bottom axis
shows the degree to which “digital leakage” is likely occurring — that is, they add no value by nature of the call
channel itself, and in a perfect world, they would be largely replaced by digital self-service. There is an order of
magnitude of savings of $15 to $1 in human-assisted vs. digital self-service.
Figure 2
Sources of Probable Digital Leakage
8. 8 KEEP CHALLENGING March 2014
Figure 3
Quick Take
The technologies required for a digital banking implemen-
tation fall into seven discrete areas of strategy around the
emerging SMAC Stack (see Figure 3).
1. Infrastructure: Few banks have the integrated infra-
structure in place to enable the seamless retrieval,
storage and distribution of information and data,
both up- and downstream. Cloud technologies lend
themselves to digital innovation with their security,
reliability and elasticity. The cloud can also serve as
a flexible integration layer, accommodating off- and
on-premise applications that need to be integrated into
the digital architecture, as well as digital app delivery.
2. Data: Precise information is the key to understanding
bank customers and creating unique digital personas
for tailored interactions. Financial instruments and
transaction processing, however, typically involve
the exchange of large volumes of data from multiple
sources. It’s a mammoth task: data management
accounts for 92% of the cost of the financial services
business, according to estimates.
Digital banking requires a new set of plans and policies
to control, protect and enhance the value of data and
information assets. This effort includes reference archi-
tecture components of a master data management
(MDM) strategy, unified information delivery (reporting)
and information integration. Global data semantics
include industry-standard data models like IFX/FDSM,
as well as the definition of supporting processes and
structures, including data governance, data quality and
data organization.
3. Content: An enterprise content management roadmap
for digital banking includes storage, management,
workflow, process, integration, BI, analytics, reporting,
information architecture meta-model, content type, and
lifecycle and syndication methodology. It also includes
consolidation, migration and a search strategy, product
evaluations and adoption strategies.
4. Business process: Process components include a
service orientation, governance, technology adoption,
process orchestration, tuning and optimization, rules
engine adoption and enterprise service bus adoption.
5. Analytics: Analytics capabilities include multi-dimen-
sional analysis by geography, customer type, product,
traffic source, channel, campaign, Web page, scenario,
IVR path, and speech to text. They also include data,
Web site and real-time content analysis, user profiling
and segmentation, campaign optimization, time and
path correlation, frequency and monetary analysis.
Also important is the ability to track customer behavior
to correlate with revenue-driving activities and nurture
cross-selling opportunities.
6. Social and mobile: Information must be accessible
from anywhere and from any mobile form factor. Other
key components include social media and collabora-
tion for external client-facing business applications
and for internal productivity improvements, gamifica-
tion for customer engagements, the digital app store
as a one-stop shop for mobile business applications,
authentication and access security.
7. User experience: A consistent user experience needs
to be provided across all major interaction touchpoints.
Other key factors include an information architecture,
personas, wireframes, screen flows (process UI), visual
design, interactive mockups, campaign management,
branding, search engine optimization, user experience
and session management, responsive Web design,
usability, prototyping and UI technology.
Digital Technology: Seven Strategic Areas to Consider
Data
Strategy
Content
Strategy
Infrastructure
Strategy
Business
Process
Strategy
Analytics
Strategy
Social and
Mobile
Strategy
Digital
StrategyUser
Experience
Strategy
1
2
3
4
56
7
Going Fully Digital
9. DIGITAL BANKING: ENHANCING CUSTOMER EXPERIENCE; GENERATING LONG-TERM LOYALTY 9
can attract more capital. Social mobile, analytics and cloud technologies, or the
SMAC Stack™, are digital modernization’s foundational elements, as they enable
increased micro-segmentation and personalization (see sidebar, opposite page).
There are several factors that influence the shape of digital banking programs, and
banks need to carefully select the options that best fit their strategy.
• Channels. Which channels can, and should, banks dominate? For smaller banks, a
mobile channel strategy may be the best choice rather than investing in a state-
of-the-art digital branch infrastructure. For larger banks, a diversity of branch
designs is an option, as are kiosks, smart ATMs, digital recognition technology,
video and enhanced personal banking tools and offices.
• Partnership and acquisition models. Banks can offer digital services directly, or
they can partner with or acquire young companies to gain digital capabilities and
processes. BBVA recently acquired Simple, an American online banking platform,
for $117 million. BBVA, with €607 billion in assets and 50 million customers, be-
lieves traditional banks are losing their monopoly on banking. In an opinion piece
in the Financial Times,4
BBVA warned that banks face certain death unless they
take on the likes of Amazon and Google. New entrants lack the legacy costs that
burden banks, and they can tempt clients with convenient mobile apps.
• Revenue models. E-commerce business models build on the potential for gen-
erating multiple transactions from individual customers. Online banking goes
Figure 4
Digital Banking’s Multi-dimensional Attributes
Key Activities
Key Resources
Key Partners
Value
Propositions
Customer Relationship
Channel Value to Bank
Cost Structure Revenue Structure
1. Capital
2. Sales channels
3. Branches
4. Employees
5. Sales brokers
(Lending)
1. Credit pricing/lower credit volumes
2. Cost of compliance
3. Cost of capital (lower interest rates
so lower deposit volumes)
4. Broker fees
1. Subscription (annual fee)
2. Bait and hook (free checking, debit card-based
payments, transactions using checks)
3. Free channel services promoting bill pay, etc.
4. Merchant-funded offers
1. Payments
2. Lending
3. Deposits
1. Digital partners
(Moven)
2. Merchants
3. Payment
networks
4. Telcos
5. Technology
partners
6. Logistics
partners
1. Convenience
2. Self-service
3. Trust
4. Liquidity
1. Customer lifetime value
2. Improve customer engagement
3. Loyalty
4. Repeat transactions
1. Convenience
2. Self-service
3. Trust
4. Liquidity
Sales Service
Branch H L
Web H H
Mobile H H
ATM H L
Kiosk H H
Video H L
IVR L H
Chat L L
Call Center H L
Social H L
Customer
Segment
10. 10 KEEP CHALLENGING March 2014
beyond single transactions by focusing on interactions and loyalty that serve to
maximize customer lifetime value.
A bank’s choice of digital business model is also heavily influenced by other factors:
• Processes for sales, customer acquisition and customer service.
• Customer experience with automation, self-service and assisted service.
• Product pricing and design, as well as the cost structures supporting them.
• Underlying incentives and compensation systems.
The Enterprise Roadmap: A Key Prerequisite
for Digital Banking
Before embarking on a digital banking program, organizations need to develop an
enterprise roadmap (see Figure 5). The roadmap needs to balance key customer
values (loyalty, convenience, relevance, interaction and mobility) with the bank’s
values (profitability, loyalty, operating efficiency, market expansion and risk
mitigation). The roadmap begins with a conceptual view underpinned by governance,
readiness and discipline. It approaches the most valuable problem dimension first
— “predict and prevent” — to create a superior customer experience that embraces
Code Halo thinking to radically improve satisfaction and enable customers to choose
self-service first. (For more on the technology behind digital banking, read the third
installment in our series, “How to Transform Your Bank Using the Power of Digital.”)
Banks must also develop a comprehensive business plan to eliminate organizational
and procedural constraints across lines of business and to deliver value to internal
and external stakeholders.
A cornerstone channel optimization strategy is critical. As channels evolve to create
seamless, integrated customer experiences, and to leverage analytics for changing
customer behavior across all touchpoints, the focal point of the effort must not be
the channels themselves but the customer.
Marketing and Sales
Cross-channel collaboration and
salesforce enablement
Cross-channel customer, 360-degree,
lead and insight capture and delivery
Cross-channel marketing
and sales enablement
Multi-mode channel listeners
Insight-driven origination
Status tracking, status reporting
and customer communications
Cross-channel application management
Analytics modeling and insight delivery
Cross-Channel Process, Case and Data Management
Reporting and dashboarding
Cross-channel service management
Customer experience management
Personalization and self-service
Customer Onboarding and
Account Opening
Servicing
Figure 5
Digital Banking Enterprise Roadmap
11. DIGITAL BANKING: ENHANCING CUSTOMER EXPERIENCE; GENERATING LONG-TERM LOYALTY 11
Building a Digital Organization Structure
Many banks operate in silos that do not offer integrated service offerings, digital
or otherwise. Such compartmentalization is the result of traditional organiza-
tional management approaches that segregated offerings by and within lines of
business and by product and channel. The accretion of legacy technology over
time exacerbated the problem. However, outdated silo structures run counter to
digital banking’s holistic view of customers, and they have played a large part in the
industry’s painfully slow transition to online banking.
Digital banking breaks through organizational barriers. It compels banks to rethink
organizational constructs, as well as revenue and profitability recognition across
the enterprise (see sidebar). The reorganization includes merging current lines of
business management and the enterprise-level product and technology functions,
as depicted in Figure 6.
Quick Take
We worked closely with a major diversified U.S. bank to
deliver a unique, differentiated experience for mobile
customers and visitors. The bank’s mobile marketing Web
site — the industry’s first — not only delivers rich, inter-
active features, but it also uses an integrated CRM and
digital marketing solution to identify thousands of leads
each month from its hundreds of thousands of visitors.
Keynote consistently rates the mobile site among the best
in its performance rankings.
The mobile channel is built on a content management
platform, integrated with digital marketing capabili-
ties, customer analytics and cloud-based CRM for lead
management. The digital marketing suite enables business
users to retain control of targeted mobile campaigns,
while the integrated CRM solution captures customer and
prospect leads to help drive customer acquisition.
In addition to creating the mobile channel solution, we
are working with this bank to enhance its online banking
platform and to seamlessly port millions of customers to
the new user experience. We are also helping the bank
create pioneering mobile programs, such as a photo bill
pay capability and Western Union money transfers.
Connecting with Customers — and Generating Leads
Digital Channel Strategy (Channel Owners, Channel Manager...)
Knowledge Management
Business Analysts
Requirement
UX Design
UX Developer
Experience
Information
Technical
Business
Architecture
Services
Data Design
Services
Functional
Nonfunctional
Testing
Environment
Release
Content Manager
Code
Release
Java Mobile SDL
Others
Development
ProjectManagementOffice
Figure 6
Breaking Organizational Barriers
12. 12 KEEP CHALLENGING March 2014
Looking Forward
Embracing a fully digital strategy requires banks to modernize end-to-end, and to adopt a customer-
centric approach.
Here are five steps that can help banks ensure that their move to digital banking will result in greater
customer satisfaction and long-term profitability.
1. Manage — and master — the information that’s vital to digital banking. For banks to create new
sources of value, they need to understand the data that makes up their customers’ Code Halos, each
individual’s unique virtual identity.
2. Act strategically. Providing a cohesive, cross-channel experience requires an enterprise-wide
approach.
3. Calculate the cost of not adopting digital banking: Lost opportunity, customer attrition, and
stagnation in new-customer growth and product sales.
4. Evaluate options carefully. Digital banking isn’t one-size-fits-all. Banks need to select the options
that best fit their organization and strategy.
5. Create an enterprise roadmap. A roadmap is a key prerequisite for implementing a digital banking
program.
Stay tuned for the next two installments of this series. Part 2 probes digital banking’s explicit focus on
customers, and Part 3 examines the organizational and technology changes required to make a full
digital pivot.
Footnotes
1
Malcolm Frank, Paul Roehrig and Ben Pring, “Code Halos: How the Digital Lives of People, Things, and
Organizations are Changing the Rules of Business,” John Wiley & Sons, April 2014.
2
Paul Roehrig and Ben Pring, “The Value of Signal (and the Cost of Noise): The New Economics of Meaning
Making,” Cognizant, October 2013, http://www.cognizant.com/InsightsWhitepapers/The-Value-of-Signal-
and-the-Cost-of-Noise-The-New-Economics-of-Meaning-Making.pdf.
3
“Bank Account Switching Service to Launch in September,” BBC News, Aug. 16, 2013,
http://www.bbc.com/news/business-23700012.
4
“Banks Need to Take on Amazon and Google or Die,” Financial Times Dec. 2, 2013,
http://www.ft.com/cms/s/0/bc70c9fe-4e1d-11e3-8fa5-00144feabdc0.html.
13. DIGITAL BANKING: ENHANCING CUSTOMER EXPERIENCE; GENERATING LONG-TERM LOYALTY 13
About the Authors
Steven DeLaCastro leads Cognizant’s Banking and Financial Services Business
Unit’s global “Bank of Tomorrow … Today™” digital banking program. With a
wealth of expertise in bank technology and operations, software, services and
consulting, he has held the titles of Chief Information Officer, Chief Operating
Officer, Senior Vice President, Managing Director, General Manager, EMEA Sales
Director, Regional Country Manager, Partner and Managing Partner. Steven holds
an M.B.A. and a BSc. in Business Administration with concentrations in operations,
finance and psychology. He can be reached at Steven.DeLaCastro@cognizant.com |
LinkedIn: www.linkedin.com/pub/steve-delacastro/0/240/309.
Simon Erdmann is Head of Cognizant Business Consulting in Germany, Austria &
Switzerland. He has over 15 years of experience in operations, management and
consulting for the retail, consumer goods and transportation logistics industries.
Simon studied at German Armed Forces University and VWA Essen. He can be
reached at Simon.Erdmann@cognizant.com | LinkedIn: http://de.linkedin.com/in/
simonerdmann/.
Ashwin Krishnan is a Strategic Consultant within Cognizant Business Consulting’s
Banking and Financial Services Practice and a member of the “Bank of Tomorrow
... Today” initiative. He has over 12 years of industry experience, the majority
spent setting up, developing and building Cognizant’s relationships with one of the
largest private banks in Europe. He has a bachelor’s degree in computer engineer-
ing. He can be reached at Ashwin.Krishnan@cognizant.com | LinkedIn: http://www.
linkedin.com/pub/ashwin-krishnan/4/889/777.
Swarraj Kulkarni is Chief Architect in the Technology and Architecture Office
within Cognizant’s Banking and Financial Services Business Unit and is a core team
member of the Digital Banking strategic team. He has 21 years of experience in
the IT industry, focusing on architecture and design of J2EE-.NET-based enterprise
applications in the banking and capital markets domains. In addition to core tech-
nologies, Swarraj has strong experience in mobile, social media and analytics tools/
technologies and has applied those to building retail banking solutions. He received
a B.E. in electronics from Walchand College of Engineering Sangli and completed
a senior management program at IIM-Kolkata, India. Swarraj can be reached at
Swarraj.Kulkarni@Cognizant.com | LinkedIn: http://www.linkedin.com/in/swarraj.
Makarand Pande leads Cognizant’s SMAC consulting efforts. He helps customers
think about the future of digital business and its business impact, and how
emerging technologies and concepts like Code Halo, social, mobile, analytics, cloud
and the Internet of Things can be leveraged to transform existing business models.
He also conducts ideation and solution workshops with customers across domains,
including digital banking. He can be reached at Makarand.Pande@cognizant.com |
LinkedIn: http://www.linkedin.com/in/makpande/.