Post on 11-Jan-2017
transcript
Enriching Financial Services with Advanced Real-Time Communications
Dean Bubley, Disruptive Analysis
Amanda Mills, Xura
January 2016dean.bubley@disruptive-analysis.com @disruptivedean
1 | © Xura, Inc. 2016 - ConfidentialEnriching Financial Services Webinar, Jan 2016
About Xura & Disruptive AnalysisDisruptive Analysis: Applying WebRTC to Financial ServicesXura View: Financial Services TrendsXura: Advanced Communications Overview & Use-CasesKey Takeaways
2 | © Xura, Inc. 2016 - ConfidentialEnriching Financial Services Webinar, Jan 2016
About Xurawww.xura.com NASDAQ: MESG
35% Market Share in Global SMS Traffic
350+ Customers
Extended digital knowledge base and capabilities
Largest Messaging Installation Worldwide
Industry leader in digital
communication
500 million messages every hour
3 Billion Endpoints
8 out of the top 10 global operators
3 | © Xura, Inc. 2016 - ConfidentialEnriching Financial Services Webinar, Jan 2016
About Disruptive Analysis
Tech/telecom analyst house & strategic consulting firm Cross-silo, contrarian, independent Futurism, Forecasting & anti-forecasting Focus: Voice/video, WebRTC, 4G/5G, Telco biz models & regs Consultant & advisor to telcos, vendors, regulators & investors Speaker at 30+ events per year in Europe, US & Asia
Twitter @disruptivedean Blog: disruptivewireless.blogspot.com
Copyright Disruptive Analysis Ltd 2016Enriching Financial Services Webinar, Jan 2016
Broad drivers of the future, beyond networksChapter by Dean Bubley: “The Future of the Phone Call”
Other Chapters cover:Financial systems & moneyAI & machine-learningAnalytics & Big DataContextual computingCrowds & the Sharing EconomyWearables & quantified-self3D-printingIoT, Robots & dronesAutonomous vehiclesLongevity & human enhancementGreen TechPolitical & social changeBlockchain
Copyright Disruptive Analysis Ltd 2016Enriching Financial Services Webinar, Jan 2016
About Xura & Disruptive AnalysisDisruptive Analysis: Applying WebRTC to Financial ServicesXura View: Financial Services TrendsXura: Advanced Communications Overview & Use-CasesKey Takeaways
6 | © Xura, Inc. 2016 - ConfidentialEnriching Financial Services Webinar, Jan 2016
Hea
lthca
re, I
oT e
tc
Ana
lytic
s &
M
achi
ne le
arni
ng
Smar
tpho
nes
Fina
ncia
l Ser
vice
s
Opportunity & value at intersections
Copyright Disruptive Analysis Ltd 2016
New communications & network capabilities
Enriching Financial Services Webinar, Jan 2016
Changes in communications technology
Generic communications
services & systems
Where do we communicate?• Industry• Application• Geography
How do we communicate?• Video/voice• Messaging• Timelines• UIs & APIs
Why do we communicate?• Outcomes• Value• Context
Copyright Disruptive Analysis Ltd 2016Enriching Financial Services Webinar, Jan 2016
Huge changes in financial servicesSelf-service & efficiency
Mobile & multi-channel
Regulatory & compliance
Security & trust
FinTechCopyright Disruptive Analysis Ltd 2016Enriching Financial Services Webinar, Jan 2016
Mobility transforming financial services
Mobile-only banking1bn mobile banking users worldwideFast growth in developing marketsCatalysed by smartphones / tablets
Strong fit with self-service trend Desire for differentiation by banksInteraction by SMS, push, chat, biometrics, image, voice & video
Copyright Disruptive Analysis Ltd 2016Enriching Financial Services Webinar, Jan 2016
Add verticals to comms, or vice-versa?
Copyright Disruptive Analysis Ltd 2016Enriching Financial Services Webinar, Jan 2016
Verticalisation of communications isn’t new
Copyright Disruptive Analysis Ltd 2016Enriching Financial Services Webinar, Jan 2016
What is WebRTC & why is it important?
Peer-to-Peer Gateways & extensions
Embedded & vertical solutions
MobileCopyright Disruptive Analysis Ltd 2016Enriching Financial Services Webinar, Jan 2016
WebRTC support broad on PCs & mobile
Source: Disruptive Analysis WebRTC Report Q1 2016
Copyright Disruptive Analysis Ltd 2016Enriching Financial Services Webinar, Jan 2016
Lead WebRTC use-cases, January 2016
Source: Disruptive Analysis WebRTC report update
• Contact centres / support• Consumer video-chat• Developer SDKs/platforms• Conferencing extensions
• Workstream collaboration • Finance/training/healthcare• Video ID-checking• Novel & non-telephony VoIP• CDNs, File/screen-sharing• IPTV & personal broadcast
Live & commercial
• Full-scale corporate conferencing• Vertical-specific UC & collaboration • Telco VoLTE/IMS extension• Telco internal• Early IoT use-cases
Pilots /pre-
commercial
Trials & demos
• Entertainment & consumer electronics• Mainstream M2M & IoT• Public Safety
Copyright Disruptive Analysis Ltd 2016Enriching Financial Services Webinar, Jan 2016
Video identification as a service
Copyright Disruptive Analysis Ltd 2016Enriching Financial Services Webinar, Jan 2016
Trust & security: the role of video
“Please walk around the car & video the damage”
Copyright Disruptive Analysis Ltd 2016Enriching Financial Services Webinar, Jan 2016
Evolving retail & multi-channel finance
Copyright Disruptive Analysis Ltd 2016Enriching Financial Services Webinar, Jan 2016
3-party conversations in finance
Mortgage specialist + banking customer + branch staffer Fund-manager + analyst + equity salesperson Employee + HR executive + pensions advisor High net-worth individual + private banker + tax specialist Trader + client + compliance officer Car policy-holder + insurance assessor + repair garage
Improved process efficiency & security by conducting communications in-app/in-browser
Copyright Disruptive Analysis Ltd 2016Enriching Financial Services Webinar, Jan 2016
Internal as well as external comms
UC core
WebRTC APIsCustomer interaction
Collaboration & conferencing
Vertical apps
MobilityHorizontal
apps
UC extended by WebRTC Comms “disunified” by WebRTC
User UC
Conferencing
Contact centre
Comms-enriched apps & cloud
services
WCC & plug-ins
Standalone vertical comms apps
Mobile apps
Copyright Disruptive Analysis Ltd 2016Enriching Financial Services Webinar, Jan 2016
About Xura & Disruptive AnalysisDisruptive Analysis: Applying WebRTC to Financial ServicesXura View: Financial Services TrendsXura: Advanced Communications Overview & Use-CasesKey Takeaways
21 | © Xura, Inc. 2016 - ConfidentialRich Comms for Financial Services Webinar, Jan 2016
Communication Touch-Points throughout Customer Lifecycle
Wide range of TechnologyProviders
Mobile Banking has evolved quickly
Banks
Customers
CommercialWealth Mgmt
Savings/Loans
Cash/ Current Accounts
Jupiter Research- 1B mobile banking users worldwide by end of 2017, almost doubling from 2013
22 | © Xura, Inc. 2016 - ConfidentialRich Comms for Financial Services Webinar, Jan 2016
Service Enhancement
New Revenue Streams
Cost Reduction
Increased Efficiency
For Banks, the decision is motivated by costs and efficiencies
23 | © Xura, Inc. 2016 - ConfidentialRich Comms for Financial Services Webinar, Jan 2016
For Customers, it’s about Efficiency and Service Enhancement
Integrated Banking72 percent of consumers ages 18 to 34 would be ‘likely’ or ‘very likely’ to bank with at least one technology, telecommunications, retail or shipping/postal company (Accenture)
Service Enhancement
VIP ExperienceBetter service and additional upsell opportunities with a more personalized service and new channels
New Products & Services
‘Online’ Services are ConvenientFoot traffic in branches decreased by 400% since 2007 at Societe Generale – TV5 Monde Sep 2015 Anytime Access
Shorter Calls PreferredA call from an online service (web or mobile) will be shorter than a call to call center: no need for auth and context is at hand Increased
Efficiency
24 | © Xura, Inc. 2016 - ConfidentialRich Comms for Financial Services Webinar, Jan 2016
About Xura & Disruptive AnalysisDisruptive Analysis: Applying WebRTC to Financial ServicesXura View: Financial Services TrendsXura: Advanced Communications Overview & Use-CasesKey Takeaways
25 | © Xura, Inc. 2016 - ConfidentialRich Comms for Financial Services Webinar, Jan 2016
Advanced communications can be built into Websites and Apps
Messaging, IP/Chat
VideoVoice
ENTERPRISE TOOLS Measurement
AnalysisBusiness Information
ENVIRONMENTEnterprise Class
architecture, security, infrastructure and support
Replace service calls with video
chat session
Resolve issues/inquiries
more quickly
Securely message VIP
customers on their mobile device
Click-to-Call or Video
Chat from a website
Cost savingswith IP
Communication
Contextual information and screen-sharing from
a mobile device
26 | © Xura, Inc. 2016 - ConfidentialEnriching Financial Services Webinar, Jan 2016
Click-to-call enables contextual calls into the right customer service department
Video chat offers customer empathy and engagement
File transfers, video chat and an instant-messaging conversation, all in one place.
Browser and SDK Based Solution (Chrome, Firefox, Opera, iPhone, Android)
Adding real-time communications revolutionizes customer experiences
27 | © Xura, Inc. 2016 - ConfidentialEnriching Financial Services Webinar, Jan 2016
800 Number
IVR Entry
Hold
Agent Authentication
Identification of Problem
Specialist Hand-Off
Hold
Re-describe Problem
Issue Resolution Click-to-Call
Hold & Routing
Identification of Problem
Issue Resolution
Example: Dispute a Charge
20-30 minute call, 800 number
10-15 minute
call, Over IP
28 | © Xura, Inc. 2016 - ConfidentialEnriching Financial Services Webinar, Jan 2016
Click to CallEmbedded in
Mobile App & Web Service
Agent picks up call from Mobile,
Tablet, PC
Wait TimeRich possibilities to
interact with customer during
wait time
Display Applications,
Video, audio, etc.
Describe Problem
User already authenticated from
Mobile/Web service
Agent can see user’s history
(requires integration)
ResolutionLeverage rich
features as necessary (video,
file transfers)
Feedback on customer
satisfaction via survey
Charge Dispute : A better way
Personalized, quicker experience, likely engaging enough to upsell services
Secure/hosted in-networkAccess to meta data:
customers and agentsPresence
Traditional Call Center Routing (Fallback)
+ Additional options for routing the call via ForgeAS
29 | © Xura, Inc. 2016 - ConfidentialEnriching Financial Services Webinar, Jan 2016
Protocol of log-ins and data access
Encrypted storage and redundant cross link between data centers.
Increased network security through VLAN segmentation
Up-to-date, security critical system updates
Fully protected host access via SSH key
365/7/24 operation and run-time monitoring
Robust physical security, fire and water protection systems, climate control, emergency-power supply, etc
End to end encryption of all incoming and outgoing information e.g. via VPN, HTTPS, MPLS
Compliant ISAE 3402, ISO 9001 & ISO/IEC 27001 & Federal Agency for Security in Information Technology (BSI-IGZ-0143)
For Banks, Operational Processes Matter
30 | © Xura, Inc. 2016 - ConfidentialEnriching Financial Services Webinar, Jan 2016
Bank Name Relative Size measured in holdings, $Trillion
Total customers (million)
JP Morgan/ Chase 2.4 35Bank of America 2.1 57Citigroup 1.8 100Wells Fargo 1.7 70US Bancorp 0.4 18.5Capital One 0.3 16HSBC- NA 0.3 3American Express 0.2 100 (est)
Toronto-Dominion (TD) Bank
1.1 22 global, 11 CA
Royal Bank of Canada 1.1 18+ 1.6 Caribbean
Bank of Nova Scotia 0.9 21 (55 countries)
Bank of Montreal 0.7 12Canadian Imperial Bank 0.4 11
National Bank of Canada
0.2 2.4
The savings model – N America
Video ChatCost of Branch Transaction
$4.25²
Cost of mobile banking transaction
$0.10³ + video chat call $2 (est)
Savings /visit $2.15
Savings/customer*70% go in bank 2x/year⁴
2⁴ = $4.30
# mobile banking customers
10 million
Savings/year/ bank
$43m
SAVINGS$80 yearFor each
10M mobile banking
customers
Click-to-Call Total Cost
Avg Min
Cost/min
Cost of Call $2.50¹ 2 1.25
Minutes saved with contextual data
1 (est)
Total Savings/call $1.25
Calls/customer/year 2.39² (2011 stat)
# mobile banking customers
10 million
Savings/year/ bank
$36m
31 | © Xura, Inc. 2016 - ConfidentialEnriching Financial Services Webinar, Jan 2016
Client calls for enquiring…fees, transfers, international transfers, etc.
Client calls for a loan, mortgage, product information
Client can schedule a call
Agent can schedule a call
Customer social network enablesclients to share, chat, amongst each other
Document signature
And much more…
Other use cases… for an improved and personalized client experience
32 | © Xura, Inc. 2016- ConfidentialEnriching Financial Services Webinar, Jan 2016
About Xura & Disruptive AnalysisDisruptive Analysis: Applying WebRTC to Financial ServicesXura View: Financial Services TrendsXura: Advanced Communications Overview & Use-CasesKey Takeaways
33 | © Xura, Inc. 2016 - ConfidentialEnriching Financial Services Webinar, Jan 2016
WebRTC will be increasingly important in the financial services vertical.
• Self-service and messaging/notification channels will continue to evolve, but with voice and video – WebRTC is probably the single most important innovation to allow that to occur.
• App-embedded interactions, contextualisation, multi- and omni-channel customer will be at the fore front of this
• Benefits to financial institutions not just from loyalty and satisfaction through human interaction, but also improved security, cost efficiencies and workflow productivity.
Take a holistic view on the overall direction of the “future of
communications” and analyse how it applies to your existing and possible future businesses – create the digital branch
Key Takeaways
Now for Questions
For more information:
forge.xura.com / forge.demo@xura.com / @I_am_xura
dean.bubley@disruptive-analysis.com / deanbubley.con / @disruptivedean
To access our whitepaper: Enriching Financial Services with Advanced Real-Time Communications – email: contactxura@xura.com