digital banking and customer expectations - gba 2015 meeting/2015/presentations/rah… · reinforce...
TRANSCRIPT
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June 18, 2015
Digital Banking; Meeting Expectations in 2015 and Beyond
Rahm McDaniel
Who do you compete with?
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Traditional Banking Companies
Non-Traditional Financial Services
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Consumer Brands
There is no such thing as mobile or online.
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Voic
e O
nlin
e
Retail
Commercial
Onl
ine
Mob
ile
Tabl
et
1998
1994
2006
2010
Support/Admin Integration Channel When
Core
Check Archive
Statement Archive
Bill Pay
Security/Fraud Analytics
RDC
PFM
1980’s
Channel Separation is an Artifact of Infrastructure
Seven Customer Expectations & How to Meet Them
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CUSTOMERS EXPECT to be courted
Why people switch banks
• 66% of small biz will switch for better mobile
• 81% research online before making big purchases
• Poor service and high fees are the most likely reasons that customers switch banks.
• Branch convenience, promotions and recommendations help attract customers.
• In the short-term, limited functionality and poor design of mobile apps may increase volumes in other channels.
*J.D. Power and Associates
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Lesson:
You must be able to differentiate in the digital channels.
CUSTOMERS EXPECT a personal experience
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Lesson:
To successfully engage your customers in the digital channels you must prove that you know
them personally.
CUSTOMERS EXPECT clean and consistent branding
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June 18, 2015
Does Your Digital Channel Exhibit Any of the Following?
• Inconsistent URL • Incorrect grammar • Inconsistent fonts/typefaces • Low resolution or absent
logos/images • Off colors • Attachments instead of forms • Dated look and feel
Measuring Brand Value • A brand is a set of expectations
that influence a consumer’s decision about a product or service.
• Brand value is the sum of how much extra people will pay, or how often they choose, one brand over another.
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Need image here for frustration
Need image here for frustration
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Lesson:
Brand must be clean and consistent, even when the elements around it change.
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CUSTOMERS EXPECT everything, everywhere,
all the time
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Apple Devices as of 2015
Android Devices
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Apple Smartphones & Tablets
Do Financial Services Measure Up?
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We Believe That Banking Is No Exception
We’re Not Alone…
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Lesson:
Deciding whether to offer a banking service on a device should be a
business decision, not a technology limitation
CUSTOMERS EXPECT targeted marketing,
but they HATE irrelevant marketing
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June 18, 2015
FI Marketing Opportunities
Banner Advertisement Dashboard placement Optional
Element Advertisements
News/Rates Page Interstitial Page
Targeting Gen-Y (They are grownups now) • 54% of millennials would prefer to work with locally owned and operated
community banks • 64% of millennials say that developing a relationship with their financial
institution is vital • 41% of millennials say they are very interested in starting their own business,
more than double the percentage of baby boomers *Independent Community Bankers of America and The Center for Generational Kinetics Reinforce Investment in Digital Channels with Human Touch • Create "entrepreneur advisory boards“ • Offer individualized service, invite them to special events • Adapt to millennials' communication style by using videos, photos and bullet
points, not blocks of texts • Make social media a two-way conversation
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Lesson:
Virtual Branch traffic is valuable and the virtual branch can be a sales channel.
(if you have the ability to personalize offers)
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CUSTOMERS EXPECT security, but HATE inconvenience
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June 18, 2015
Customer Awareness At All-Time High
June 18, 2015
Common Security for All Devices
Tablet
Mobile
Online
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Building a Layered Security Strategy
Perimeter Transaction Behavioral
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Lesson:
Security is as much about knowing your customers as rules and policies.
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CUSTOMERS EXPECT you to meet their expectations
Customer Expectation Gap
2015
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June 18, 2015
Availability Marketing Security
Courted Personalization Branding
Reviewing Customer Expectations
Lesson:
Invest in platforms designed for keeping up, NOT CATCHING UP
