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New Banking Distribu1on Models August 2013
Copyright © 2013 Accenture All rights reserved. 2
Joydeep (Joy) Bha6acharya
Digital lead, Financial services EALA
Accenture InteracCve
j.a.bha6acharya@accenture.com
Intros
Copyright © 2013 Accenture All rights reserved. 3
Agenda
Macro trends affec1ng banking Industry
Emerging models
Next genera1on concepts
The intelligent mul1channel bank
The digital ecosystem bank
The socially engaging bank
Copyright © 2013 Accenture All rights reserved. 4
Industry challenges are moving banks toward a re-‐inven1on…
• DifferenCaCng services in an increasingly commodiCzed market • Defending payment services against new, emerging compeCCon • Restoring customer trust and engagement
• Providing a tailored and relevant customer experience • Developing mobile channels into a sales, rather than service, tool • Achieving a return from investment in social media • Maintaining margins in commodity product lines
• ArCculaCng a clear digital vision across web, social and mobile • Leveraging customer data efficiently and compeCCvely • Evolving legacy technology to compete with newer firms
Retailiza1on
Customer experience
Technology adop1on
Creates a need for new banking models
Challenges Transformation drivers
Copyright © 2013 Accenture All rights reserved. 5
3 New Priori1es for Transforma1on …
1 The Intelligent Mul1channel Bank Go Analy1cal Strategically apply analyCcs to more effecCvely meet customers’ financial needs
3 The Socially Engaging Bank Go Social Leverage social media interacCons to increase customer inCmacy
2 The Digital Ecosystem Bank Go Mobile Become the centre of an ecosystem – powered by mobile – selling financial and non-‐financial services
Copyright © 2013 Accenture All rights reserved. 6
The Intelligent Mul1channel Bank Go Analy1cal
Advanced mulCchannel integraCon, focusing on digital
Pervasive analyCcs uClising customer data, microsegmentaCon and predicCve modeling
Real Cme interacCons management for increased conversion rates
Product offerings and pricing schemes, based on microsegments and opCmized by channel
Remote advisory services
Strategically apply analy1cs to more effec1vely meet customers’ financial needs
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Customer needs
Customer experience (based on interaction
with the bank)
Channels
Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Step 7
Onboarding / Fulfillment Processes
Products
Improved Sales Funnel
Channels
Customer 1 desired experience
Customer 2 desired experience
Sequence of lower cost for the bank
Actions to re-channel customer experience (Values / Convenience / Pricing)
The Intelligent Mul1channel Bank Crea1ng mul1channel lean experiences
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Intelligent Bank capabili1es
A real-time data engine drives customer touch-points based on a wide range of data sources
BRANCH
CALL CENTER
WEBSITE
MOBILE APP / SMS
DIRECT MAIL
BRANCH
CALL CENTER
WEBSITE
MOBILE APP / SMS
DIRECT MAIL
Outbo
und
Inbo
und
Copyright © 2013 Accenture All rights reserved. 9
The Digital Ecosystem Bank Go Mobile
Become the centre of an ecosystem – powered by mobile – selling financial and non-‐financial services
Mobile payments, based on Near Field CommunicaCon or mobile wallet, enhance bank compeCCveness and customer retenCon
Mobile markeCng, loyalty and analyCcs enrich proposiCons through mobile commerce
Managing alliances and partnerships with non-‐banking operators
Powered by set of founda1onal digital capabili1es
Copyright © 2013 Accenture All rights reserved. 10
Rise of Ecosystems
Ecosystems provide banks with the opportunity to enrich their customer insight and therefore personalize proposi1ons
“How to manage my money/ my transac1ons/marketplace” ecosystem “Share experience”
ecosystem
“Connect me” ecosystem
“Now discover” stuff ecosystem
“Help for searching for stuff” ecosystem
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What could the Bank Ecosystem look like?
Customers
Merchants
Bank
• MulCchannel pla`orm aggregaCng merchant’s proposiCon
• TransacCons-‐based analyCcs
• Digital markeCng support
• Extend Customer reach with a trusted brand • Maximize Customer contact capability • Access to digital markeCng through customizable loyalty programs
• “One stop shop” to saCsfy mulCple Customer needs • Selected and targeted offering driving loyalty • Combines online and offline proposiCon, improving customer experience
• AddiConal channel for Customer pull
• New revenues streams from non-‐financial products
• Allows e-‐sell of the e-‐commerce infrastructure
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Bank of America integrates 3rd-‐party discounts and offers into online banking
§ Customized discount offers embedded in users’ statements
Bank of America’s BankAmeriDeals evaluates customer card spending and offers discounts based on previous purchases made in commercial stores
§ Internet banking site offers personalized offers throughout the user experience
§ Deals first offered to employees for feedback before opening the, up to its customer base
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Alternate means of banking at Garan1
Turkey’s Garan1 Bank and mobile phone operator Turkcell have teamed up with MasterCard to launch a prepaid SIM card called Cep-‐T Para
• Can be used at any store accepCng MasterCard
• Available at any Turkcell CommunicaCon Center
• Load money to the card using any GaranC ATM
• Combines mobile and banking services • SIM-‐based secure service that can be used with any mobile handset device
• Turkcell customers access payment systems offered by GaranC Bank without being a direct bank customer
With the launch of this new prepaid card service,
Garan1 plans to gain 1.5 million addi1onal
unbanked customers within the next three years
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The Socially Engaging Bank Go Social
Leverage social media interac1ons to increase customer in1macy
Social media monitoring to engage customers, miCgate risks and promptly react to issues
Social digital marke1ng to define the best content for individual customer profiles and a6ract them
Social CRM to enrich customer data with social media informaCon, facilitaCng more effecCve proposiCons
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The Socially Engaging Bank Go Social
Top Areas of Interest Ini1a1ves
SOCIAL CUSTOMER SERVICE
SOCIAL BANKING
P2P TRANSACTIONS
Customer Service on Twi_er
Online bank account integra1on on Facebook
P2P Payments via digital wallet
Integrated CRM module for Twi_er and Facebook
Virtual Branch on Facebook
Social Banking and Payment integra1on
P2P Payments via bank account integra1on
Social goal seang / Crowdfunding
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Social media transforma1on journey
Test, learn & refine
Build communi1es Create audience with several communiCes aggregated on relevant interests/ topics
Engage Users Have on going business interacCons
with Social Media users
Drive business Achieve results integraCng Social Media as an engaging layer (“service pla`orm”)
Listen Collect relevant feedback to feed
other key components and tune iniCaCves
Brand
Product
Customers
Ini1a1ves
■ Understand your posiCon (brand & products)
■ Leverage influencers
■ Address customer needs and complaints
■ Develop new offerings
■ Collect relevant data
Copyright © 2013 Accenture All rights reserved. 17
Social media transforma1on journey
Test, learn & refine
Build communi1es Create audience with several communiCes aggregated on relevant interests/ topics
Engage Users Have on going business interacCons
with Social Media users
Drive business Achieve results integraCng Social Media as an engaging layer (“service pla`orm”)
■ by products
■ by financial need
■ by non financial need
■ by customer segment
■ Q & A sessions ■ “Offline” caring aier online intercepCon
■ Customer care
■ Contests (to get influencers)
■ “Edutaining” videos ■ Entertaining apps/ videogames
■ Virtual Branch
■ Product development
■ IniCaCves leveraging virality (e.g. member get member)
■ IniCaCves leveraging “social informaCon”
■ LocaCon based iniCaCves
Listen Collect relevant feedback to feed
other key components and tune iniCaCves
■ Overall posiConing
■ Overall senCment about exisCng or new products
■ CollecCon of feedback about iniCaCves
■ IntercepCon of customer complains
■ Enrich customer profile by collecCng customer interests
Brand
Product
Customers
Ini1a1ves
■ Understand your posiCon (brand & products)
■ Leverage influencers
■ Address customer needs and complaints
■ Develop new offerings
■ Collect relevant data
Copyright © 2013 Accenture All rights reserved. 18
Infusing social media concepts into banking at Fidor Bank
• P2P lending through crowdfunding
• Online beang pladorm for short-‐term, low-‐value stock market trading
• Saving account interest rates based on number of Likes on bank Facebook page
• Describing itself as “banking with friends”, Fidor allows customers to register through Facebook Connect
Fidor Bank AG, a German 100% online bank, leverages social media for its day-‐by-‐day ac1vi1es.
Copyright © 2013 Accenture All rights reserved. 19
Moven using social media reputa1on in credit scoring
• CRED score used to make decisions about services and pricing
• e.g. improving CRED scores earn the right to checking account with overdrai protecCons
• Mobile phones used as primary payment devices, replacing credit/debit cards and cash
• Visual personal financial management tool • Introduced financial health score, CRED, uClizing the social media reputaCon of the customer.
Moven is an innova1ve New York-‐based start-‐up. All transac1ons are conducted online or through mobile devices. Uses social media-‐derived scores to determine pricing and access to products.
Copyright © 2013 Accenture All rights reserved. 20
UBANK -‐ Crea1ng a stand-‐alone website to compare users spending habits in Australia
• PeopleLikeU is a stand alone website which, relying on a dataset made by historical informaCon from NaConal Australia Bank, allows users to compare spending habits in a precise area
• This website enables Australians to select their Once selected the profile, this tool provides specific staCsCcs on sample expenditures, giving informaCon on different categories such as uCliCes, shopping, housing, food and travel: users can therefore have specific informaCon about spending level in a precise area, for example knowing how much does a similar profile spend for housing in the same postcode zone
UBank, a Na1onal Australia Bank group ins1tute, has developed PeopleLikeU, an econographic tool which allows Australian to compare finances and spending habits
Next-‐genera1on online banking The characteris1cs of a future-‐looking OLB experience
Analy1cal Using all of the informaCon about a customer to their advantage, creaCng a deep and intuiCve understanding of their goals
Social Leveraging the power of a customer’s social network to create a greater personal inCmacy
Experience-‐led Focusing on fulfilling a customer’s needs, rather than selling banking products
Ecosystem A network of partnerships, both financial and non-‐financial, seamlessly integrate a customer’s banking acCviCes with the rest of their day-‐to-‐day life
What might a next-‐genera1on experience look like? Clients will demand new capabili1es and func1ons
• A customer-‐centric user experience that engages on an emoConal level
• A consistent, joined-‐up service across any channel or device
• Mul1ple channels of help and assistance
Managing Money
Ecosystems
Superior Service
• Highly relevant, targeted content
• Online tools that help a customer achieve their goals
• Predict and an1cipate customer demands
• Understand a customer’s social circumstances and connecCons,
• Build a wide network of partnerships
Atomised
• Make func1ons available beyond the bank’s web site
• Take advantage of emerging consumer technology