Insight report aiming to help you better understand the current state of play, what vendors are doing and where PFM is heading PFM Insight Series: Will Big Data projects help put PFM centre stage? Mapa Insight Series Find out more about our research: www.maparesearch.com/research/reports Table of contents: 1. Report objectives and methodology (p.2) 2. Sample pages from the report (p.3) 3. Mapa Insight Series: Report schedule 2014 (p.12) 4. About Mapa (p.14)
Transcript
Insight report aiming to help you better understand the current state of play,what vendors are doing and where PFM is heading
PFM Insight Series:Will Big Data projects help put PFM centre stage?
Mapa Insight SeriesFind out more about our research:www.maparesearch.com/research/reports
Table of contents:1. Report objectives and methodology (p.2)2. Sample pages from the report (p.3)3. Mapa Insight Series: Report schedule2014 (p.12)4. About Mapa (p.14)
Basic visualisations (Entice)Purpose: Make customers think about what is happening (good or bad) in relation to their day-to-day finances; and, as a result, buildawareness and understanding, with the aim of creating interest in gaining deeper insights and developing interaction with the bank.
Examples:• Visualisation of current balance / level of balance prior to login• Balance described in terms of number items you can buy (e.g. cinema tickets, coffees, jeans)• Basic charts straight after login showing last month’s total incomings, in relation to spend, with net balance developments.
Analysis (Educate)Purpose: Facilitate customers analysing their personal finance situation; where, how and how much do they spend in relation topeers. Understand both ”good and bad” behaviours. Get an up-to-date view on current value of savings, investments and loans.
Examples:• Spend per category in relation to total spend including the option to view evolutions over time• Geographical spend summary (i.e. unveiling patterns)• Own spend compared to peers• Holistic view of finances (e.g. providing an overview of all assets and liabilities held with the bank).
Take-action tools (Activate)Purpose: Provide engaging tools to help customers improve their personal finance situation (day-to-day focus)
Examples:• Intelligent budget feature based on past spend that can help customers avoid overspending• Savings goals to help realising dreams• Scenario analysis – forward looking assessment giving an indication whether to buy or not to buy an item.
Introduction: In the four years that we have been reporting on PFM , it is clear that PFM service offerings have expanded andbecome more diverse, both in terms of channels and of specific features and approaches adopted. One theme evident in reviewingthe market, is that each component offered naturally sits in one of three levels of progressive user sophistication. Starting at a basiclevel, progressing to an analytical level, and ending with an action-taking level. In this edition we have used these three levels as away of better showing what is happening where in the market place. Below we define the three levels:
Statistics on the previous page focused on what is present or not, but what about the actual user experience? Considering PFMinitiatives in the 10 countries we examined, you can, broadly speaking, divide them into the two following distinct groupings.
Top PFM developments in the last 12 months: Current state-of-play
New approach PFMKey characteristics• Present across channels, or mobile and tablet only• Well integrated and appealing visuals• Focus on day-to-day finances, not everything
Examples• Danske Bank (DK)• BNP Paribas (FR)• ING Direct (ES)
Challenges / opportunities• Presenting relevant and engaging insight regardless of the
device used• Likely to appeal to a wider audience• The next step: how to make users analyse and take action
from the data
Traditional early user PFMKey characteristics• Typically present within internet banking only• Hidden from pages visited the most• Detailed, not intuitive and outdated visuals
Examples• Bank of America (US)• La Caixa (ES)• Rabobank (NL)
Challenges / opportunities• Getting users to find and use the information• How to attract a wider audience• Lack of engagement and not front of mind as only present in
one channel
The traditional approaches out there face the biggest challenges whilst we see that new initiatives have the potential to createengagement with a wide range of customers. In last year’s report, we discussed Danske Bank discontinuing its outdated internetbanking only solution in order to make way for the development of a new and simplified cross channel approach. We suspect thatbanks belonging to the left-hand column are considering a similar route.
This report focuses on how we think PFM will develop in retail banking services. This is coupled with insight from niche playersoutside the regular banking sphere as they often seem to raise the bar for what is feasible.
Building on the examples on the previous page, we would like to highlight some further improvements. Again, these are all minor yetsignificant examples of how relevant additions can add value to the experience. Besides the fact that these are predominantly thetypes of approaches banks have been working on, it is evident that mobile is the prioritised device for developments.
Bank of Melbourne (AUS)Customers can choose toactivate a quick balance
feature including abarometer indicating whereyour balance sit in relation
to pre-set thresholds.
Comm. Bank (AUS)Following an app relaunch
Q1 this year total credits anddebits and net position arenow displayed straight after
login.
As it stands accounts andcards are included. This can
help customers to get abetter feel for their overall
finances.
BBVA (ES)The bank has recently
introduced an app re-design.The landing page after loginlists all your products withthe bank and a bar chart at
the top now gives customersa visual understanding ofsplit between assets and
liabilities.
Sabadell (ES)Yet another example of a
Spanish banking app refreshcomes from Sabadell.
Similar to BBVA a bar chartapproach is used. In this
case it highlights thepercentage split between
regular accounts andinvestments.
Top PFM developments: Basic visualisations – smaller improvements3.1
One of the most significant additions during the last 12months amongst the traditional players we regularly monitorcame from Commonwealth Bank (AUS). Highlighted beloware the standout qualities of the ’My Spend’ tool which ispresent within internet banking only:
1. Features are present and nicely integrated to the accounttransactions page, hence one of the pages you visit often.This can help to drive awareness amd engagement.
2. Using the settings drop-down users can choose to turn on/ off ’My Spend’ features as and when they like.
3. Relevant and eye-opening summary of spend percategory. Users can switch between pie and bar chartview.
4. Automatic categorisation can be easily amended. Do notethe option to ’Apply to similar transactions’
5. Relevant and easy to use search feature
Finally, users can click ’More’ and arrow icon links in order tonavigate to a specific page with more features, see next page.
June 2014 – Page 7
Top PFM developments: Analysis – internet banking only focus
ING (BE): The ’My Budget’ section is still highlighted as beingin beta and consists of one clear and intuitive overview page(screenshot to the left).
Users set the preferred time period at the bottom. By pressingand turning the wheel users can choose to highlightcategories of interest. In this case ’Salary’ and ’Home’. Whentapping ’View details’ users can see a breakdown of spend inthat particular category (see below).
ING has prioritised developing PFM features for iPad usersonly. No features are available in mobile or internet banking.
What do we like about this example?
Available features are seamlessly integrated
Prominent positioning of features
No setup process
Not overdoing it – relevant and intuitive features.
Top PFM developments: Analysis – tablet only development3.2
Kiboo (US) is a relatively new initiative primarily aimed at kids, youths and their parents. The product consists of a debit card,current and savings account which you manage through a browser based interface. Central to the service is a visual overview offinances, how and where your spend, budgets and savings goals.
An interesting part of the service is that parents can overview how their kids spend their money and what savings goals theycurrently have. Parents can quickly and easily transfer money in to their kids’ accounts.
Finally we want to emphasize that Kiboo has partnered with a number of retailers and this comes in to play when having achieveda savings goal. Depending on the purpose with the goal the user is presented with information on where to buy the item (e.gsmartphone, bicycle) at the best price.
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Link to an interview with the founder:elitedai.ly/1ah8NDH
June 2014 – Page 9
Link to site kiboo.com
Increasing customer engagement: Initiative aimed at kids and parents
Point of noteDo remember Yodlee’s comment earlier saying
Introduction to the reports:These eight reports (two per quarter) are aimed to cover key hot topics within the field of digital financial services. The reports havea global emphasis providing insight into the latest trends and developments.
The reports aims to support investment decisions within the field providing an independent view. In addition they provide as aninspirational resource as well as it helps to increase your overall understanding and awareness of different topics.
3. Mobile banking – state of the market 2014Three key questions to ask as part of the research1. What is the current state of play?2. What innovative ways have banks developed for mobilebanking users in the last 12 months?3. What are the key trends and what does the future hold?Three key points for the reader to take away:1. Up-to-date view on developments within the mobile banking2. Understand where developments take place and key trends3. Insight into leading initiatives
4. The evolution of digital PFM – 4th editionThree key questions to ask as part of the research1. What new digital PFM tools have been implemented in thelast 12 months?2. What have leading vendors accomplished over the last 12months and where do they see the market going?3. What are the key trends and what does the future hold?Three key points for the reader to take away:1. Up-to-date view on developments within digital PFM2. Understand where developments take place and key trends3. Insight into leading initiatives
1. Cross channel experiences- state of the market 2014Three key questions to ask as part of the research1. To what extent are experiences aligned (look and feel,functionality, security and communication)?2. What is the current state of play including key challenges?3. What are the key trends and where are we moving?Three key points for the reader to take away:1. Up-to-date view on the current state of play2. Understand where developments take place and key trends3. Insight into leading initiatives
2. Tablet banking report series – 6th editionThree key questions to ask as part of the research1. What are the current tablet banking propositions2. What are current browser experiences after login like?3. Are banks utilising sales opportunities at hand?Three key points for the reader to take away:1. Understanding of tablet banking propositions2. A feel for current browser experiences after login3. Identify to what extent banks have utilised the salesmonetisation opportunity that comes with tablets
5. Digital innovations: Selling within digital bankingchannels – 2nd editionThree key questions to ask as part of the research1. How do banks utilise the different channels from a sales andmarketing perspective?2. How have approaches evolved over the last 12 months?3. What are the key trends and what does the future hold?Three key points for the reader to take away:1. Understanding of different techniques and approaches used2. Get a feel for where the market is moving3. Insight into leading initiatives
6. Digital innovations: Engaging and onboardingbusiness banking customers – 2nd editionThree key questions to ask as part of the research1. What are banks doing to segment their offerings and makethem more relevant and appealing to customers/prospects?2. What are banks doing to engage customers/prospects and bythat draw them into the website?3. How have techniques and approaches in relation to point 1-2evolved over the last 12 months?Three key points for the reader to take away:1. Understand how retail banks worldwide try to engageprospects in the digital space2. A review of niche features available to business bankingcustomers3. Insight into how retail banks worldwide utilise the digitalchannels to generate new customers
7. Digital banking security report – 3rd edition3 key questions to ask as part of the research1. What innovative and different initiatives are currentlyavailable?2. How will these initiatives affect the customer experience?3. What are the key trends and what does the future hold?3 key points for the reader to take away:1. Up-to-date view on developments within the field2. Understand where developments take place and key trends3. Detailed insight into activity from banks worldwide
8. The evolution of point-of-sale mobile paymentservices – 3rd edition3 key questions to ask as part of the research1. What is the current state of play of the mobile paymentsmarket in relation to edition 1-2?2. What new services have come to market (and beingscrapped) in the last 12 months?3. What are the key trends and what does the future hold?3 key points for the reader to take away:1. Up-to-date view on developments within the mobile paymentssphere (point-of-sale only)2. Understand where developments take place and key trends3. Insight into a range of innovative and different initiatives
June 2014 – Page 11
Mapa insight series: Reports schedule 20145
Next steps:If you are interested in finding out more about the reportsincluding purchasing options please do get in touch withNiklas Olsson: [email protected]
