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Prof. Dr. Andrea Back, Christian RufInstitute of Information Management, University [email protected]
DESIGN OF A MOBILE COLLABORATION PROCESSFOR THE PRIVATE BANKING CUSTOMER SEGMENT
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0% 20% 40% 60% 80% 100%
Video conferencing
Socia Media
Mobile
E-Banking
Paper
Personal contact
Phone
2013
2015
Mobile becomes the most important channel.
Which of the following does your organization currently primarily utilize to interact with your clients and which are you planning to utilize in the next 2 years?
PwC. (2013). Global Private Banking and Wealth Management Survey 2013.
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Mobile banking is strategically importantfor private banking clients.
By 2022, the dedicated adviser‘s role will have changed to a moderator that connects the customer
with a broader range of topic experts through …
In 2022, digital channels will have significantly replaced the traditional “bricks and mortar“ channel.
By 2022, mobile information services that allowclients to engage directly in the investment process
will have become standard.
By 2022, enhanced mobile and internet-basedsolutions will become major differentiators also for
private banks (e.g. mobile apps, etc.).
The number of products and servicesyour bank offers clients will decrease and
become leaner by 2022
1 = Strongly disagree 2 = Disagree 3 = Neither agree nor disagree 4 = agree 5 = strongly agree
Mobile becomes a key differentiator in private banking.
Expectations regarding digital channel development.
KPMG. (2013). Success through innovation - achieving sustainability and client-centricity in Swiss private banking.
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Problems of current financial advisory services (FAS).
Principal Agent Problem
• Conflict between long-term goals of the client and short-term goals of the RM
• Financial incentives
Private Banking Customer
• Customers demand the best financial advisory service anytime, anywhere
• Speed of the financial advisory services
Relationship Manager (RM)
• The average portfolio of an RM is about 200-300 private banking customers
• Individual client advisory is becoming more difficult
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The solution: customer Journey of a mobile FAS.
Define strategy
Gather information
Analyze information
Financial planning
Implement strategy
Monitor
Contact Recommend Follow upAdvice Close
1. Contact
• RM wants to execute investment strategy and contacts the client
• Client has questions with regard to the current market development
2. Recommend
• Client evaluates with «like» «do not like»
• Client asks questions or requests additional information
3. Advice
• RM can choose between IM, Video or VoIP
• Answer questions and update investment strategy
4. and 5. close and follow up
• Binding sale or buy requests
• Determine follow-up sessions
1 2 3 4 5
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The dissertation project.
UnderstandProblem
Define the design goals
Analyze goals and draft new
service
Define service
Evaluate service
Pro
cess
Res
ult
sA
ctiv
itie
s
Principal agent problem, high-quality FAS anytime, anywhere
Requirements along the customer journey• RMs• Bank• IT und processes• Environment (legal,
compliance)
• 9 interviews with experts • 3 focus group workshops• Literature review
work-in-progress planned
• Design of a service blueprint• Develop a prototype• Evaluate the prototype
Evaluation with prototypes• How can such a service help to
build customer trust and thus acquire more assets?
• Are the customers satisfied?
done
Interviews, focus groups and literature review
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1. project: Requirements Engineering with experts
Various experts from the financial service industry
RMs, IT, project managers, decision makers
2. project: focus groups workshops
Requirements will be presented to the practitioners and project partners
Requirements will be prioritized and specified
3. project: evaluate and build first prototypes
Design of a service blueprint
Simulate interactions between the RM and the customer
Two evaluations
Three current projects.
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Customer trust
Perceived normality
Perceived familiarity
Perceived privacy, security
Perceivedtransparency
Perceived social presence
Calculative-based trust
Relational-based trust
Institution-based trust
Gefen, D., Karahanna, E., & Straub, D. W. (2003). Trust and TAM in Online Shopping: An Integrated Model. MIS Quarterly, 27(1), 51–90. doi:10.2307/30036519
Intention to use
Theoretical contribution: from a model to requirements.
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Method: expert interviews.
Interviewee Position
INT01 Responsible for projects and infrastructure at a Swiss private bank
INT02 Senior consultant at a technology company with a focus on the
financial service industry
INT03 Banker at an international private bank
INT04 Community manager for investment advisors at a Swiss bank
INT05 Investment advisors at a Swiss bank
Interview questions (semi-structured)
• How could we increase customer trust in collaboration processes on mobile banking platforms?
• How do you think the design requirement “normality” can build trust in a collaboration process between a RM on a mobile banking platform?
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Results.
Design Requirement Representative Quotation Count
(1) Security, Privacy “Does the customer really trust the bank that the security and privacy
standards are sufficient?” INT015
(2) Transparency “I propose that the bank should provide the customer with the same tools as
the relationship manager. The customer needs to know that the bank has no
interest in biased financial advice that maximizes its own revenues.” INT04
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(3) Familiarity “As a bank you have a lot of channels and you need to make sure that the
customer experience is somewhat similar across these channels.” INT021
(4) Social Presence “Personal financial advice is not bound to the medium. For example, a richer
medium does not necessarily result in a more personal interaction. The
specific content makes the interaction between a relationship manager and
the customer personal.” INT04
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(5) Normality “We have looked at extraordinary financial portals in order to get some
ideas on how to design a mobile banking platform for our customers.” INT054
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Prof. Dr. Andrea Back
Andrea Back ist Direktorin, Lehrstuhlinhaberin und Professorin für
Wirtschaftsinformatik an der Universität St.Gallen. Sie leitet das CC Business 2.0 und
das CC Mobile Business. Ihre Forschungsinteressen umfassen vor allem
Wissensmanagement, Enterprise 2.0 und Collaboration Workspaces.
Tel.: +41(0)71 224-2545
M.A. HSG Christian Ruf
Christian Ruf studierte Business Innovation an der Universität St.Gallen. Während
des Studiums sammelte er Erfahrungen in Praxisprojekten und in der Lehre als
Assistent an der ZHAW mit Schwerpunkten in Prozess-, Projektmanagement. Seit
Oktober 2012 ist er in Themen rund um mobile Kollaborationsprozesse tätig.
Tel.: +41(0)71 224-2791
CONTACT US