Backbase webinar – 14 December 2011

Introduction VODW

VODW: customer focused strategy

• Customer centricity

- New way of working: benchmark, strategy and change management

- Customer experience and service design

- Repositioning marketing: putting customers at centre stage

• New growth perspectives

- Online strategy: turning a channel into a business model

- CSR: a driver for business

- Self directed concepts for the mass affluent and for Generation Y

• ‘More bang for the buck’

- Pricing strategies for direct additional bottom line growth

- Front line effectiveness, sales excellence and retention programmes

- Customer advocacy, social media and mobile services strategies

Reinventing financial services

Consumers' relationship with financial

institutions has changed 1

Consumers are calling for transparency

and simplicity 2

Consumers become more and more

self-directed 3

Consumers rely on the wisdom of crowds 4

Consumers are revaluing values 5

Consumers prefer to be 'close’ 6

Reinventing financial services 7

1. Consumer's relationship has changed

1. Consumers' relationship has changed

2. Consumers call for transparency and simplicity

2. Consumers call for transparency and simplicity

1

0

3. Consumers are more and more self directed

Voetnoot

3. Consumers are more and more self directed

3. Consumers are more and more self directed

3. Consumers are more and more self directed

4. Consumers trust the wisdom of crowds

Awareness Orientation Purchase Post purchase

Advertising

mass media / online Point of sale

Sales force, outlets, PoS material

Comparison sites,

social media

Comparison sites,

social media

From

To

4. Consumers trust the wisdom of crowds

5. Consumers revalue values

5. Consumers revalue values

5. Consumers revalue values

Common decency:

Recommend and sell only products that you would buy yourself.

Treat customers the way you would like to be treated.

• Act from the customer’s best interest

• Guarantee an honest price

• Don’t offer new customers a better price than existing customers

• Stop empty promises

• Ban each product that is not completely clear

• Show more leniency. Act less rigid.

• Only sell products that customers actually need

(not what we like to cross sell)

• Support customers who face difficulties. Offer relief.

• Leverage assets and competences to make a positive change in society

6. Consumers prefer ‘being close’

6. Consumers prefer ‘being close’

6. Consumers prefer ‘being close’

6. Consumers prefer ‘being close’

Online Current account

Mobile Daily empowerment

Reinventing financial services

Dilemmas

• Transparency and simplicity versus margin

• Cost reductions versus service excellence

• Back to the original function versus new added value

• Shareholder value versus value for customers

• Scale versus close - is small the new big?

• Compliance versus customer communication

• Sales versus 'ethics'

• Future solutions versus past problems

• Responsibility and sustainability versus short term results

• ...

Reinventing financial services

Design principles

• Changing purchase drivers: service will gain importance.

• Customer intimacy and service excellence

on top of operational excellence.

• Mobile and online: keys to restore trust.

High frequency use, satisfaction and advocacy.

• Become part of life. Authentic and relevant. 'The human scale'.

• Empowerment.

• 360 Transparency and simplicity.

• Seamless integration of channels.

• Leverage contact frequency for deep understanding.

• Put customers at centre stage.

Reinventing financial services

Book website

www.reinventingfinancialservices.com

Apple iBook edition

Kindle eBook edition

at Amazon.com