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July 9, 2014 Strategically Think, Plan, Communicate, Collaborate! David L. Peterson Chief Strategic Officer i7strategies
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Page 1: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Strategically Think, Plan, Communicate, Collaborate!

David L. Peterson

Chief Strategic Officer – i7strategies

Page 2: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

Think About How You

Think!

Page 3: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

Spell:

SILK

3

Page 4: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Exercise 1

Think!

Page 5: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Win as much as you can!

One Sheet for 2 players

4 in a row wins 1 point

Keep track of your own score

Page 6: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

What’s in Common?

Page 7: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

WHAT ARE THE CHANCES THAT YOUR

INSTITUTION WILL BE SUCCESSFUL BY

ACCIDENT?

Page 8: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

WHAT IS YOUR STRATEGIC FOCUS?

Page 9: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Strategic Focus

strat·e·gy/ˈstratəjē/ - Noun:

A plan of action or policy designed to achieve a major

or overall aim …

What is Your Overall Aim???

Page 10: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

What is Your Strategic Focus?

How would you define what it is your institution does?

• Community/Seg Credit Union?

• Retail / Commercial Oriented?

• Financial Services Provider?

• Catalyst of Economic Activity?

• Payments Gateway?

Page 11: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .
Page 12: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

#

Get Prepared for Innovation

Page 13: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

My Definition of Innovation

Creativity Expressed,

Manufactured, and Consumed

Page 14: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Creativity vs. Innovation

Go to edge of space and skydive Skydive from edge of space and live

Page 15: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

• If innovation is not rampant in your organization, get it started

• If Innovation occurs, figure out how to fan the flames

• Make innovation a discussion topic w Sr Mgmt

Strategic Takeaway

Page 16: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

#

Devices Are Not Channels,

Your Members Are Channels

Page 17: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Your members and their behaviors are changing

Why Innovate?

Page 18: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Why Change – Consumer Spending

Tablets sold in 2013

1 9 5 M 46% of Americans with mobile phones said

their monthly bill was $100 or more

32% Growth in smartphone shipments in 2013

372 Avg price for a smartphone in 2013

$ 3 0 % Of all U.S. households own a tablet

14 Avg monthly amount spent on apps

$

Page 19: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Why Change – Consumer Time

Spent on a smartphone daily

128min

Active LinkedIn users

2 2 5 M Spent on social networking weekly

6 hrs

32hrs Spent browsing the web weekly

1B Angry Birds apps sold

Smartphone owners shop on their

mobile device

79%

Page 20: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

In savings

167 $

Annual FI savings per online banking user

Why Now – Savings

End users

6000 $ = 1M In savings

When you look at your

end users as a group:

End users

1500 $ = 250K In savings

Page 21: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Retail Segmentation (% of Deposits)

Page 22: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

According to the Johnson Center for Philanthropy, 2012

Page 23: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Retail Segmentation (% of Deposits)

Page 24: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Your virtual branch is or is about to be your largest

branch!

Why Innovate?

Page 25: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

• Make Mobility a priority • Add Mobile Banking to your Virtual

Branch

• Add Tablet banking to your short term plans

• Open account with a bank that has mobile

• Sign up for some type of mobile payment

Strategic Takeaway

Page 26: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

#

You Will Have To Transform

Physical Branches

Page 27: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

The Physical Branch Dilemma

Close Branches?

Shrink Square Footage?

Understaff?

Change focus to sales and education… like an Apple Store!

?

Page 28: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

The “Apple Store” Branch

Could your physical branch act like the Apple Store?

• Sales and Demos

• Education

• “Genius” Bar

Page 29: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Wait a minute – the JC Penney’s CEO just got fired for trying to make JCP into an

Apple Store!

Page 30: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Why didn’t the new JCP work?

Page 31: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Yes, he made them “look” like Apple but they didn’t “act” like

Apple!

Page 32: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

The Physical Branch Dilemma

Close Branches?

Shrink Square Footage?

Understaff?

Change focus to sales and education… like an Apple Store!

Share your retail space

?

Page 33: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014 38

Page 34: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Strategic Takeaway

• Configure your P&L to treat the virtual branch like a real branch

• Sr. Manager focus

• Fully staffed and funded

• Services that will exceed customer/member expectation!

Page 35: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Exercise 2

Plan!

Page 36: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Strategic Thinking Exercise

•Line up 14 quarters in a row with $1,000,000 bill at the end

41

$1

,00

0,0

00

Flip a coin to see who will go first

Page 37: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

On your turn, pick up 1, 2, or 3 objects

(ie: coins or the bill)

Objective: Win the $1,000,000

42

Page 38: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

Hint: If You Go First, You Should Never Lose!

43

Page 39: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Thinking Wrap-up

• Did you figure it out?

• Which coin must you control to win?

44

$1

,00

0,0

00

Planning early for success making winning guaranteed

(at least easier)!

Page 40: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

#

Payments are Your

Franchise – Don’t Let 3rd

Parties Disintermediate You!

Page 41: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

FIs Face Disintermediation

Page 42: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

If BankSimple and Square can take market share from FIs …

… it can leave FIs as transaction silos

Page 43: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

What makes you unique as a financial institution?

Page 44: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

You Get to Initiate/Process

Payments!!

Page 45: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

How Are We Defining - What is a Payment?

50 50

Page 46: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Payments: My Definition

Payment (n): a debit transaction that posts against an account at a

financial institution that reduces the balance

Page 47: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

How Many Types of Payments Are There?

Page 48: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

How People Pay

http://www.frbservices.org/files/communications/pdf/research/2013_payments_study_summary.pdf

Page 49: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Payment Types

Using my definition, payments include:

• Check (physical or image)

• ACH

• EFT (Debit)

• Internal (manual) Transfer

Page 50: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Credit Cards??

• Initiation of payment via credit card 21% of existing non-cash payments

• Is this a payment type?

• No – member executes a payment to reduce card balance

Page 51: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Payments:

Initiating vs Acquiring

Page 52: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Acquiring POS and Mobile

Page 53: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Transmission Methods

• Direct connect

• Internet • Ethernet

• Dial-up

• Mobile

• Near Field Communications

• Bluetooth

• Direct Input

58

Page 54: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

P2P and Mobile Wallet Opportunity

Mobile driving P2P

Need to provide instant credit • Works great if both parties are on the

same processor

Its better to give than receive! • Receiver must register with processor

• Can take up to 48 hours (or more) to get your money

Page 55: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

State of P2P

Multiple Options • Core Bill Pay Vendors

• Fiserv / FIS / JHA

Major Players • Google

• Paypal

• Amazon

• ClearXchange

Many other players!

Page 56: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

State of P2P

Look Who’s Coming! • Square Cash

• iTunes

• Ripple

What if Facebook decides to offer P2P??

Page 57: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

P2P Issues

Fees

Access to cash (recipients)

Use of prepaid cards • Breakage

Funds left in P2P account • FDIC Insurance

Page 58: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Mobile Wallet: Who’s Playing?

Page 59: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

• Be more aggressive in origination • Don’t wait for customers to ask for it

• Don’t let perceived risk stop or slow you down

• Carefully examine payments initiatives

• Same-day ACH?

• Act like you own it!

Strategic Takeaway

Page 60: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

#

Deploy Risk and Fraud

Analysis

Page 61: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Risk and Fraud

• FIs are in a strong position to innovate …

• .. but must convince customers on two key factors: • Trust

• Privacy

Page 62: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Dealing with Risk

• Internal employee fraud / theft

• Corporate Account Takeover

• Individual customer fraud

Page 63: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

• Behavioral Analytics

• Systemic review of activity patterns for end-

users • Where they access

• When they access

• Volume of transactions

• Velocity of transactions

Risk and Fraud Alerts

Page 64: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

• Deploy Fraud Analytics that tracks behavior

• Educate customers on use of alerts

• Enforce Dual Control!

• Don’t Auto Approve any Exceptions

Strategic Takeaway

Page 65: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

15 Minute Break

Page 66: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Exercise 3

Collaborate

Page 67: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

The Marshmallow challenge -

Build the tallest free standing

structure

Page 68: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Your Building Materials

20 sticks of spaghetti one yard tape one yard string one marshmallow+ + +

ChallengeThe

Monday, March 15, 2010

Page 69: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Instructions

1. Build the tallest “Freestanding Structure” • Cannot prop it up or suspend it from a taller

structure

2. The entire marshmallow must be on the top 3. Use as little or much of the kit as you like

• You cannot use the paper bag

20 sti

cks of

spag

hetti

one y

ard ta

peon

e yard

string

one m

arshm

allow

+

+

+

Chall

enge

The

Mond

ay, M

arch

15,

2010

Page 70: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Instructions

4. You can break the spaghetti, or cut the string / tape

5. The challenge last only 18 minutes • You need to plan and execute your design within the

18 minutes

6. When the challenge is over, you cannot touch your structure

20 sti

cks of

spag

hetti

one y

ard ta

peon

e yard

string

one m

arshm

allow

+

+

+

Chall

enge

The

Mond

ay, M

arch

15,

2010

Page 71: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Begin Now!

Page 72: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

#

Marketing and Social Media

Page 73: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

SoMe and Advertising

Source: MarketingSherpa

“You can’t just say it. You have to get people to say it to

each other” James Farley, CMO Ford Motor Company

25% of Ford’s marketing spend is on digital/social

Page 74: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

The Problem

• Most FIs have only “brochure-ware” sites

• Not listening to SoMe conversations

• Not optimizing online footprint • Site importance

• Organic Search Placement

Page 75: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

End User Marketing Vision Statement

Partner with members to deliver integrated, multi-

channel programs designed to help them

maximize the potential of the virtual

banking channel

Page 76: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

CPM Cost per Mille or

cost per 1,000 impressions

Higher CPM

Qualified impressions

Targeted impressions

High net worth individuals | Life cycle | Transaction based

GEO mobile

Walled garden solutions = post authentication

Forms of Online & Mobile Advertising

Page 77: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

CPA (Action)

IF a member clicks on the banner and buys the offer

(Disney Vacation)

Geared around transaction of 3rd party products/services

Website has no control of purchase funnel or content

CPC (click)

WHEN a member clicks the advertisement

Website has control of placement, but not content

Forms of Online & Mobile Advertising

Page 78: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Advertising Market Data = Q1 2013

AdSense Ad Network - $0.25-$1 CPM

• Low end, remnant advertising solution

Hulu in-stream ads = $25-$30 CPM

Homepage Takeover

• AOL - $400,000 / Day

• YouTube - $400,000 / Day

• Yahoo - $450,000 / Day

Forbes - $75 CPM

Fidelity - $90 CPM

• (ex. 10K Dashboard impressions per day = $27,000 per month)

Page 79: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Trusted Source

More trusted than almost any other

digital media

Ability to tie offers

End user behavior = transactions

End user desires = goals (PFA/PFM)

Theme/Group level targeting (UUX

Release)

High engagement of account

holders

High impressions per unique each

month

Why Your FI is Different than Traditional Channels

Page 80: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

FI Could Offer Three Forms of FI Advertising

Bank

Products &

Services

Bank

Business

Partners

National

Products &

Services

Page 81: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Scenario

• Ella

• Age 12

• Opens her first share account

• Joined to her parents account with your CU

• Goes onto her ipad, and picks the princess kids theme

• Later, while exploring the app, she sets a goal

• ……let see what happens next

Page 82: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Page 83: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Page 84: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Scenario (cont)

• Her goal = New bike that costs $450

• Local bike shop is notified of goal

• Friends & Family crowdfund goal for next 10 months

• Reaches 90% of goal

• Same bike shop sends offer for $45 off, come buy it this week!

• Parents approve transfer of funds to retailer

• Thank you emails go to all friends and family that funded the goal

• Ella wins, Local Retailer wins, FI wins.

Page 85: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Decide if your institution would market

through digital channels to members

If so, can you create meaningful offers

that engage at appropriate times?

Members are going to buy, why not from

you?

Strategic Takeaway

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July 9, 2014

#

Pay Attention to the Member

Experience

Page 87: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

How Important is Customer Experience?

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July 9, 2014

1

Page 89: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

How Important is Customer Experience?

Page 90: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

How Important is Customer Experience?

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July 9, 2014

• Determine the usage of mobile/tablet for your customers

• Provide: • Integrated experience for online,

mobile and tablet

• Engaging experience

• Purchase tablets for Sr. Mgmt!

Strategic Takeaway

Page 92: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Exercise 4

Communicate and

Problem Solve

Page 93: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Communication Exercise

• Separate team into: • CEO (1)

• Manager (1)

• Workers (2-6)

• Workers separate out “Inventory” • Jr. Tinker Toy Set

• CEO and Manager leave the workers

Page 94: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Communication Exercise

• CEO chooses one of the pictures

• Explains to manager what to build

• Manager cannot look at the picture

• Manager goes to visit the workers

Page 95: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Communication Exercise

• Manager cannot speak except to say “yes” or “no”

• Workers ask questions to determine what to build

• Manager can have unlimited communication with CEO

• Workers must build what the CEO picked

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July 9, 2014

#

Get Busy!

Page 97: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Sitting Out The Downturn?

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July 9, 2014

Not Standing Still …

• Standing “pat” is moving backward

• Start small but move forward

• Be ready for the “big wave”

• Pick one new initiative and move forward

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July 9, 2014

What Was in Common?

Page 100: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Success Rarely Happens By Chance, But it Never Comes to Find

You!

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July 9, 2014

Summary

• Change your attitude on strategic focus

• Collaborate with peers

• Assign someone to pay attention to payments trends

• Mobile/Tablet will become primary computing device

• Pick one initiative and move forward!

Page 102: Strategically Think, Plan, Communicate, Collaborate!Peterson+Strategically+Think+Plan... · Communicate, Collaborate! David L. Peterson Chief Strategic Officer – i7strategies .

July 9, 2014

Thank You!

David L. Peterson, EVP

229-630-1000 (m)

[email protected]


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