digital acquisition - temenos...•replaced an existing digital personal loan application. •did...
TRANSCRIPT
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Digital acquisition: How to drive new
business through optimization. The need of
onboarding and origination journeys.
Chris Wooldridge
Head of Client Advisory, Temenos
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Observing
Unicorns Jumping Rainbows
or
How Analytics Will Help You
Drive New Business
By Optimising Your Bank’s
Onboarding Journeys
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Banks analyse their competitors’
digital strategies (early 2019)
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Let’s start with a framework for
understanding the
speed of innovation
in banks’ technology stack
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Pace Layers
Source: Gartner - Pace-Layered Application Strategy and IT Organizational Design: How to Structure the Application Team for Success
“Even small application teams should be thinking about how they can organize to
deliver according to rates of change”
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Pace Layers
Source: Gartner - Pace-Layered Application Strategy and IT Organizational Design: How to Structure the Application Team for Success
System of Record• Packaged software• 10+ year lifecycle
System of Differentiation• Supports unique processes• 1 to 5 year lifecycle
System of Innovation• Supports new opportunities• About a 1 year lifecycle
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System of Record• Packaged software• 10+ year lifecycle
System of Differentiation• Supports unique processes• 1 to 5 year lifecycle
System of Innovation• Supports new opportunities• About a 1 year lifecycle
Core BankingTemenos T24 Transact
Digital Front OfficeTemenos Infinity
Digital Customer AcquisitionTemenos Journey Manager
Pace Layers
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Since 2016, AVOKA | TEMENOS
has published an annual
Digital Sales Report
System of Innovation• Supports new opportunities• About a 1 year lifecycle
Pace Layers
How do we measure how banks have utilized
Systems of Innovation
to optimize digital customer acquisition?
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Since 2016, AVOKA | TEMENOS
has published an annual
Digital Sales Report
Measuring
be applied for on a mobile device
and
process is for the user
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Measuring how many products can
be applied for on a mobile device
and how easy the application
process is for the user
It
performance compared to their
peers over a multi
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products can It quantifies banks’ onboarding
performance compared to their
peers over a multi-year cycle
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The Digital Sales Report
answers the questions
who has been doing what?
and
how well are they doing it?
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Digital Readiness(% of Personal Products that can be applied for on mobile)
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Under Achievers
Legacy Lovers
Digital Promised Land
Digital Dreamers
Digital Readiness(% of Personal Products that can be applied for on mobile)
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2017
Digital Readiness(% of Personal Products that can be applied for on mobile)
Ea
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Under Achievers
Legacy Lovers
Digital Promised Land
Digital Dreamers
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2018
Digital Readiness(% of Personal Products that can be applied for on mobile)
Ea
se o
f U
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tio
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Under Achievers
Legacy Lovers
Digital Promised Land
Digital Dreamers
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Under Achievers
Legacy Lovers
Digital Promised Land
Digital Dreamers
2019
Ea
se o
f U
se(T
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sac
tio
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Digital Readiness(% of Personal Products that can be applied for on mobile)
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Under Achievers
Legacy Lovers
Digital Promised Land
Digital Dreamers
2019
Ea
se o
f U
se(T
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sac
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Digital Readiness(% of Personal Products that can be applied for on mobile)
Since 2016 investment has been
directed towards lowering the effort
required to apply for new products,
especially on mobile
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New to Bank customer onboarding journeyThe and beyond
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Digital sales conversion relies on customer attention
What do we understand aboutthe effect of digital processes on
customer acquisition rates?
New to Bank customer onboarding journeyThe and beyond
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New to Bank customer onboarding journeyThe and beyond
What do we understand aboutthe effect of digital processes on
customer acquisition rates?
Digital sales conversion relies on customer attention
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New to Bank customer onboarding journeyThe and beyond
For every 100 prospective customers who start a digital application journey
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For every 100 prospective customers who start a digital application journey
85% will abandon after entering some details…
New to Bank customer onboarding journeyThe and beyond
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Can we quantify thebenefits of optimising
the users’ journey?
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Mid-tier
Australian
Bank
• Replaced an existing digital personal
loan application.
• Did not change the product.
• Did not change marketing.
78%more applications were received through the digital channel.
Three month program of work…
System of Innovation• Supports new opportunities• About a 1 year lifecycle
Digital Customer Acquisition
Temenos Journey Manager
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Fixing Digital Paper Cuts(now we know how much they hurt)
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Platinum Credit Card
Observing a Digital Paper Cut in the Wild…
Platinum Credit Card
Customer: Tier 1 US bank
Product: Credit Card Application
Symptom: Abandonment
Value: USD$450 / customer / year
Diagnostic: Transact Insights
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Platinum Credit Card
Observing a Digital Paper Cut in the Wild…
Diagnostic: Transact Insights
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Platinum Credit Card
Observing a Digital Paper Cut in the Wild…
Diagnostic: Transact Insights
Cost: 11,349 × $440 = $4,993,560
Platinum Credit Card
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Platinum Credit Card
Observing a Digital Paper Cut in the Wild…
Diagnostic: Transact Insights
Cost: 11,349 × $440 = $4,993,560
Platinum Credit Card
Platinum Credit Card
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Observing a Digital Paper Cut in the Wild…
Diagnostic: Transact Insights
Cost: 11,349 × $440 = $4,993,560
Platinum Credit Card
Paper Cut: Poorly drafted consent clause
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“The imperative for every organisation [is] to make a few strategic choices about specific capability platforms on
which they intend to build what we call vectors of innovation.”
Escaping the Commodity Trap - The Future of Banking in AustraliaPrice Waterhouse Coopers, 2016
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Customer OnboardingMinimum Required Capabilities for Success
System of Innovation• Supports new opportunities• About a 1 year lifecycle
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Detailed CustomerAnalytics
Customer Onboarding –
Rapid, Safe, IterativeChanges to CX
Security, Compliance(CPS234) & Performance
Responsive Web,Native App &
API Ready
Omni-Channel& Multi-Customer
Save & Resume
AbandonmentManagement
Core Agnostic
Minimum RequiredCapabilities for Success
And more
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Temenos Journey Manager is the
customer journey orchestration layer :
Capture data and engage with customer
DESIGN
Open UX
&
INTEGRATE PROCESS OPTIMIZE
Maestro–Interactive Design Environment
Open UX–Use your own JavaScript Design
Avoka Exchange + Temenos
Marketplace
Journey Manager Journey Analytics
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System of Record• Packaged software• 10+ year lifecycle
System of Differentiation• Supports unique processes• 1 to 5 year lifecycle
System of Innovation• Supports new opportunities• About a 1 year lifecycle
Core BankingTemenos T24 Transact
Digital Front OfficeTemenos Infinity
Digital Customer AcquisitionTemenos Journey Manager
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Thank You
temenos.com
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