deloitte 2016 - ekf - digital customer journey - conference material - f
Post on 14-Apr-2017
183 Views
Preview:
TRANSCRIPT
Headline Verdana Bold
Customer journey for banking institutions in digital channels VI European Financial Congress
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 2
Mobile
Call Center
Information service
Branch
Social Media
Transactional service
ATM
Advisory service
Wearables
Sales Service Transactions
Main channel functionsV European Financial Congress Sopot, 23.06.2015
The area of interest in this year's EFC panel discussion
A year ago we looked at the role of banking branches, now it is time for digital channels
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 3
We applied a holistic approach:3 research studies combined with own model of retail banking
The study of customer journey in digital channels
A two-month study of 200 functionalities in Internet and mobile banking in 15 Polish banks
The study of user experience in digital channels
The study of customer experience in Internet and mobile channel based on a sample of 250 people
The study of banking brand perception among retail customers
The study of knowledge and brand perception of the banks based on a 3000 people sample
Revenue model of retail banking
Revenue model of retail banking in the period of 2014 - 2018 with division on products, customers, segments, age groups, geographical location and level of income
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 4
Are digital channels used effectively for acquisition, service and sales?
How Polish banks stack up in comparison with best practices in the area of digital channels?
Do the most innovative banks are characterized by a positive perception among their customers?
What is more important: UX or functionality? How do the banks cope with this dilemma?
Is the mobile channel still coming after the Internet channel or mobile channel has already become a leader?
Key questions for today
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 5
We looked at the 6 stages of Customer Journey
32actions
194 questions
15product categories
15banks
1 3 5
2 4 6
Information gathering
Account opening
Customer onboarding
Day-to-day banking
Expand relationship
End relationship
Identification of needs and access to the information about products and services
The first steps in online banking: installation of mobile application and support in the implementation of new functionalities
Identification of needs and access to information about more complex products and services
The choice of financial institution, the account opening process and receiving the accesses
Checking account: balance and history, payments and transactions, simple credit products
Identification of the necessary steps to close an account and carry out the process
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 6
A few words about methodology:How the banks were assessed?
In a three-tier scale we evaluated how innovative are offered functionalities, comprising the actions performed by the customer and additionally appreciating distinctive solutions
0point 1point 2points bonus
InnovationBest practicesThe standard solutions
The basics
100%
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 7
Banks digitized early stages of Customer Journey, but they do not necessarily support the financial goals
% of functionalities consistent with best practices in digital channels
Notes: The study of functionalities in digital channels was carried out between 10/03/2016 - 30/04/2016
Information gathering
Account opening
Customer onboarding
Day-to-day banking
Expand relationship
End relationship
1 3 52 4 6
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 8
The study distinguished 4 groups of banks which significantly differ in terms of the strategy in digital channels
Cheetahs Bears Turtles
20% 18%24%
47%
40%46%
51%
42%Bank 7
Bank 14
Bank 6
Bank 4
Bank 15
Bank 8
Bank 5
Bank 13
% of functionalities consistent with best practices in digital channels
Antelopes
15 banks which represent 75% of the Polish banking sector assets
Notes: The study of functionalities in digital channels was carried out between 10/03/2016 - 30/04/2016
61%63%
52%
Bank 1 Bank 2
Bank 3
40%35%
30%
40%Bank 9
Bank 11
Bank 10
Bank 12
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 9
Banks so far focused on the transactional banking, but equally high revenue is generating by less digitized credit products
Significant revenue, but still low digitalization
Reven
ues
from
bankin
g a
ctivitie
s
in 2
015 [
bn P
LN
]
% of functionalities consistent with best practices in digital channels
Checking and saving accounts,debit cards
Term depositsCar loans
Unit-link
Credit cards
Overdraft
Saving accounts
Investment funds
10,0
0
2,5
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Cash loans
Mortgages
8,0
9,0
1,0
2,0
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 10
% of active customers in online banking1 Rating of mobile application in Google Play (1-5)
A wide range of functionalities results in activity and the positive customer assessment both in Internet and mobile channel...
Notes: 1.% of active retail customers estimated based on the number of page views of online banking (data available for all banks based on SimilarWeb) and the actual number of real users (data available for selected banks) which was compared to the number of retail customers of particular bank.
~25%
~30%
~50%
~60% 4,51
4,27
3,48
Lack of native mobile application
Cheetahs
Antelopes
Bears
Turtles
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 11
24%
40%
52%
61% 31%
Cheetah
Antelope
Bear
Turtle
% of functionalities consistent with best practices in digital channels
% of the respondents who think the bank is a trendsetter (n = 2983)
... but it does not necessarily guarantee the perception of the bank as an innovator
33%
+37 p.p. -2 p.p.
28%
37%
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 12
Logging in Checking account balance
Checking transaction history
Making transfers
„Click test”
• Average time
• Heat map
„5 seconds test”
Correctness
Average time
„Navigation test”
Success rate
Average time
„Navigation test”
Success rate
Average time
Web platform
Sample of 250 people
Mobile platform
During User Experience (UX) study we looked at 4 most frequent operations
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 13
UX in the mobile channel begins to win with the web channel
Notes: 1. The time was measured from the start of a new transaction (click on the button "New Transfer") to its end (obtaining the transfer confirmation) to undefined / trusted recipient with whom the operations were carried out previously. When making a transfer, testers completed the minimum amount of required information and used all available facilities offered by the bank.
Logging
Making the transfer
Checking transaction
history
7,6sec Average time
of logging in 8,5 Average time of logging in
sec
32%% of respondents who managed to find information about the last transaction with the first attempt
Average time of making payment1/
sec 25 sec Average time of making payment1
33
54%
Web channel Mobile channel
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 14
Example: Transfer and search for the last transaction is performed faster and easier in mobile channel
time [sec]
accuracy [%]
Time and accuracy of activities execution in the surveyed banks
0
5
10
15
20
25
30
35
40
45
50
0% 20% 40% 60% 80%
Web channel
Mobile channel
Mobile
• Average accuracy of analyzed transaction amounted to 46%
• The average time of making the transfer is 25 seconds
• The average time of search of the last transaction is 22 seconds
46%
• Average accuracy of analyzed transaction amounted to 30%
• The average time of making the transfer is 33 seconds
• The average time of search of the last transaction is 27 seconds
30%
Online
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 15
Cheetahs and antelopes neglect user experience (UX) towards functionalities
% of functionalities consistent with best practices in digital channels
User e
xp
erie
nce (
UX
)com
pare
d t
o b
est
pra
ctices
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 16
3 leading banks are enough to create Superbank which has nearly 90% of best practices on Polish market
The bank share in best practices available on the Polish market
Assumption: if more than one bank offers given best practice, only the best gets points
Polish Superbank
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 17
So far banks have focused on the early stages of CJ and transaction banking, while developing relationships and sales of credit products show considerable potential for digitization.
Although Cheetahs apply innovative and advanced solutions on European scale, still many banks significantly lag behind best practices.
There is no simple correlation between subjective perception and objective bank innovation. Some Cheetahs have worse perception than Turtles.
Cheetahs and Antelopes develop plentiful functionalities at the cost of the customer experience (UX).
The mobile channel has already provided a better UX than the web channel and along with the functionality development this advantage will be enhanced.
Key conclusions
Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 18
top related