Enriching financial services with advanced real time communications

Enriching Financial Services with Advanced Real-Time Communications

Dean Bubley, Disruptive Analysis

Amanda Mills, Xura

January [email protected] @disruptivedean

1 | © Xura, Inc. 2016 - ConfidentialEnriching Financial Services Webinar, Jan 2016

mailto:[email protected]

About Xura & Disruptive AnalysisDisruptive Analysis: Applying WebRTC to Financial ServicesXura View: Financial Services TrendsXura: Advanced Communications Overview & Use-CasesKey Takeaways


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


http://www.xura.com/

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




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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


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


Add verticals to comms, or vice-versa?


Verticalisation of communications isn’t new


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


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


Video identification as a service


Trust & security: the role of video

“Please walk around the car & video the damage”


Evolving retail & multi-channel finance


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


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



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


Service Enhancement

New Revenue Streams

Cost Reduction

Increased Efficiency

For Banks, the decision is motivated by costs and efficiencies


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




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


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


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


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


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


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


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



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 / [email protected] / @I_am_xura

[email protected] / deanbubley.con / @disruptivedean

To access our whitepaper: Enriching Financial Services with Advanced Real-Time Communications – email: [email protected]




Date post:	11-Jan-2017
Category:	Mobile
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