efma journal2013 digital d_villaseca
TRANSCRIPT
Interview Aurelio Montinola and Raul Dimayuga from the Bank of the Philippine Islands
Special report Making profit from the SME segment
Efma Journal No. 236 January/February 2013
THE DIGITAL BANKING ISSUE: HOW FAR WILL DIGITALISATION GO IN FINANCIAL SERVICES?
Plus: A focus on Australia and New Zealand – Roundtable on attracting and retaining customers – and much more…
JOURNAL
1
Going digital
Welco
me to
issue 236 o
f the Efma Jo
urnal.
To sta
rt off the new
year w
e’re focusing
on a
topic tha
t is undoub
tedly
a key a
rea o
f focus fo
r the vast m
ajo
rity of reta
il financia
l services org
anisa
tions a
t the mom
ent – dig
ital b
anking
.
Indeed
, as m
obile techno
logy b
ecom
es ubiq
uitous, a
nd m
ore a
nd
more p
eople find
it hard
to think o
f life witho
ut the internet, custom
ers are d
emand
ing a
n increasing
number o
f dig
ital cha
nnels so tha
t they ca
n interact w
ith their bank w
herever and
whenever they cho
ose. O
ur co
ver story o
n page 1
9 hig
hlights the key trend
s and
challeng
es in the dig
ital b
anking
land
scape, a
nd p
rovid
es insight into
the strateg
ies of
the most successful reta
il banks a
t the mom
ent.
In this issue we a
lso ha
ve a very interesting
round
table a
rticle on p
age 3
8, w
hich gathers o
pinio
n from
som
e of the lea
ding
autho
rities in financia
l services. Together, they a
ddress the to
pic o
f attra
cting a
nd reta
ining custo
mers. O
n page 4
4 w
e have a
specia
l fo
cus piece o
n Austra
lia a
nd N
ew Z
eala
nd, a
nd o
n page 5
5
there’s a ro
undup
of a
rticles that lo
ok a
t the challeng
e of p
rovid
ing
better services to
SM
Es. W
e also
have a
n interview w
ith two senio
r sp
okesp
eople fro
m the B
ank o
f the Philippine Isla
nds, a
piece o
n the future o
f cash, a
nd m
uch much m
ore.
I hope yo
u enjoy this issue a
nd w
ish you a
wond
erful 2013.
Philip
pe W
alle
z
Edito
rial B
oard
Cha
irman, Efm
a
Genera
l Mana
ger, Priva
te Banking
, ING
Belg
ium
FOREW
ORD
For Efma Sa
rl:
Publish
er ������������
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ITORIA
L BO
ARD
Chairm
an
Philippe W
allez
Genera
l Mana
ger, Priva
te Banking
IN
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elg
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Christia
n Casseb
aum
M
ember o
f Board
of M
ana
gem
ent A
llianz B
era
tungs- u
nd V
ertrie
bs-A
G
Driss M
aghra
oui
Directeur D
istributio
n Produits et M
archés
Attija
riwafa
Bank
Dam
ien De Po
nthaud
H
ead o
f Custo
mer Exp
erience A
XA
Gro
up
Mateo
Rodrig
uez-Bra
un Seg
ments D
evelopm
ent Directo
r Banco
Santa
nder
Tobbia
s Schloem
er D
irector, G
lobal M
arketing
& C
om
munica
tions
Deutsch
e B
ank
Jan H
endrik K
raus
Genera
l Mana
ger, G
roup
Strateg
y Em
irate
s NBD
Markus D
iemayer
Hea
d o
f Retail B
oard
Office
Erste G
roup B
ank
Franco
is Duchesne
Directeur Princip
al, Intellig
ence d’A
ffaires et D
istributio
n Fé
déra
tion d
es C
aisse
s Desja
rdin
s du Q
uébec
Mura
t Ata
lay
Retail B
anking
Marketing
Divisio
n Hea
d
Isbank
Patrick K
indt
Marketing
Directo
r K
BC B
ank
Marc A
laurent
Directo
r of Pa
yments
LaSer
Torb
en Laustsen
Dep
uty Hea
d o
f Banking
Denm
ark
Nord
ea B
ank
Philippe C
heyssial
Directeur d
u Marketing
Clients Pa
rticuliers Socié
té G
énéra
le
Diviesh V
ithlani
Hea
d o
f Com
petitive Intellig
ence Sw
edbank
Illustra
tions �������#��
Prin
ted b
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Efma Journal is published by Tudor Rose on behalf of Efm
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ayen, 7
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Efma Journal N
o. 23
6
Janua
ry/Feb
ruary 2
01
3
Are
as C
ove
red
We A
im To
Inte
rnet b
an
kin
g
Mo
bile
ba
nkin
g a
nd
pa
ymen
t
Pers
on
al fin
an
ce m
an
ag
em
en
t
On
line s
ale
s to
ols
So
cia
l med
ia b
an
kin
g a
nd
'ga
mific
atio
n'
Sa
les fo
cu
sed
fron
t-en
d s
olu
tion
s fo
r servic
ed
ch
an
nels
(bra
nch
an
d c
all c
en
tre)
Deve
lop
dig
ital b
an
kin
g te
ch
no
log
y to w
eb
2.0
Turn
on
line c
ha
nn
els
to c
usto
mer e
ng
ag
em
en
t pla
tform
Ma
ximize
on
line s
ale
s e
fficie
ncy
Fo
r mo
re in
form
atio
n
co
nta
ct u
s a
t
or s
en
d e
-ma
il to
ww
w.in
dg
rou
p.e
u
sale
s@
ind
gro
up
.eu
Au
stria
, Ge
rman
y, Hu
ng
ary, P
ola
nd
,
Slo
vakia
, Ro
man
ia, U
nite
d K
ing
do
m
On
line b
an
kin
g h
as b
eco
me
the m
ost im
po
rtan
t way to
serv
e c
usto
mers
, an
d it o
ften
rem
ain
s th
e o
nly
ch
an
nel to
sell n
ew
pro
du
cts
.
Tod
ay's
on
line s
erv
ices lik
e
Faceb
oo
k, G
oo
gle
or
Pin
tere
st h
ave ra
ised
the
exp
ecta
tion
s o
f on
line
cu
sto
mers
. New
bu
sin
ess
mo
dels
, fierc
e c
om
petitio
n o
f
new
mark
et p
layers
an
d
ch
an
gin
g c
usto
mer
beh
avio
ur m
ean
that
ad
justin
g b
usin
ess to
the
new
era
is n
ow
mo
re
imp
orta
nt th
an
ever.
So
me o
f Ou
r Pro
du
cts
IND
Inte
rnet B
an
kin
g
IND
Inte
rnet B
rokera
ge
IND
Pers
on
al F
ina
nce M
an
ag
er
IND
Ga
mific
atio
n C
on
cep
t
IND
Po
rtfolio
An
alys
is
IND
On
line S
ale
s
Inte
rne
t Ban
kin
g
IND
Gro
up
is a
lea
din
g in
no
vato
r an
d
deve
lop
er o
f on
line a
nd
mo
bile
ba
nkin
g, P
FM
an
d p
aym
en
ts
tech
no
log
y pro
du
cts
on
the g
lob
al
e-fin
an
ce m
ark
et. O
ur g
oa
l is to
evo
lve o
nlin
e b
an
kin
g te
ch
no
log
y to
web
2.0
, turn
ing
it into
a s
ale
s a
nd
cu
sto
mer e
ng
ag
em
en
t pla
tform
.
Acco
rdin
gly w
e p
ut a
stro
ng
focu
s o
n
su
perio
r cu
sto
mer e
xperie
nce, a
nd
ou
r pro
du
cts
are
desig
ned
to e
xceed
the e
xpecta
tion
s o
f tech
no
log
y
insp
ired
users
as w
ell a
s to
en
co
ura
ge n
on
-users
to a
do
pt o
nlin
e
ba
nkin
g.
Th
e re
ma
rka
ble
gro
wth
IND
Gro
up
ha
s e
xperie
nced
ove
r the p
ast ye
ars
ma
rks a
true s
uccess s
tory.
We p
rovid
e p
rofic
ien
cy a
nd
sta
te-o
f-the-a
rt tech
no
log
y to m
ore
tha
n 3
0 b
an
ks in
15 c
ou
ntrie
s o
n
thre
e c
on
tinen
ts.
Mo
bile
Ban
kin
gIN
D M
ob
ile B
an
kin
g
IND
Pa
ymen
t Ap
p
IND
Mo
bile
PF
M
IND
Mo
bile
Trad
ing
IND
Mo
bile
Token
IND
Mo
bile
Ba
nkin
g P
latfo
rm
IND nnovativ
eext
Genera
tion
igita
lB
ankin
g
37
Efma Journal N
o. 236
Attra
cting a
nd re
tain
ing cu
stom
ers
all the info
rmatio
n they need thro
ugh
their mobile d
evices. This mea
ns new
custom
er dem
and
s for us a
s a b
ank
– custom
ers expect to
get a
nswers to
their q
uestions q
uicker, and
they want
to b
e able to
reach b
anking
services w
hile on the m
ove.
Villa
seca: C
ustom
ers world
wid
e are cha
nging
dra
matica
lly. Inform
ed
and
dem
and
ing, they a
re far m
ore
pra
gm
atic. They w
ant to
be truly
heard
and
consid
ered, a
nd a
sk for
real so
lutions to
their needs.
What a
re th
e k
ey ch
alle
nges
facin
g re
tail fi
nancia
l serv
ices
org
anisa
tions in
term
s of
attra
cting a
nd re
tain
ing
custo
mers?
C
zuba: The key is to
build
up
pro
cesses and
systems w
hich will
enable the rea
l and
individ
ual
custom
er appro
ach. W
e also
need
to b
e able to
accura
tely pred
ict custo
mer exp
ectatio
ns and
beha
viour.
It’s no lo
nger a
bout p
rovid
ing
bla
nket pro
duct o
fferings, b
ut about
ROU
ND
TABLE
How
are
today’s cu
stom
ers
diffe
rent th
an in
the p
ast?
C
zuba: Very d
ifferent! This is b
ecause o
f the chang
ing
technolo
gica
l environm
ent, and
also
due to
a shift in client need
s and
exp
ectatio
ns. We’ve o
bserved
a
huge cha
nge in client b
ehavio
ur over
recent years. Peo
ple d
o no
t like to b
e trea
ted the sa
me w
ay a
nymore.
Furlan: O
ur customers ha
ve radica
lly cha
nged
their beha
viour in recent yea
rs: they have m
ore information;
they compare b
ank offers; a
nd, a
bove
all, they exp
ect a custom
er experience
simila
r to wha
t they experience w
ith reta
ilers and
telcos, both in term
s of flexib
ility and
in terms of m
ulti-channel
capabilities. They exp
ect to be a
ble
to get in touch w
ith the bank throug
h different cha
nnels in an ea
sy way, a
nd
they apprecia
te being
able to visit the
bra
nch when they p
refer. Furthermore,
the crisis has m
ade their b
ehaviour
chang
e: if they don’t find
a g
ood offer,
or they are not sure, they d
on’t buy.
Lindell: O
ur custom
ers’ basic
needs rem
ain the sa
me, b
ut the new
environm
ent mea
ns that their
expecta
tions a
re much hig
her than
befo
re. They want to
be a
ble to
access
their bank w
herever and
whenever
they want, m
ixing a
nd m
atching
cha
nnels in a w
ay tha
t suits them.
Torstend
ahl: Perha
ps the clea
rest cha
nge is tha
t our custo
mers ha
ve beco
me m
ore a
nd m
ore m
obile.
Private custo
mers a
s well a
s entrep
reneurs are used
to a
ccessing
The customer’s
alw
ays rig
htIn tod
ay’s vola
tile economy, effectively a
ttracting
and
retaining
customers is fund
am
ental to
success. Lindsa
y Jam
es spea
ks to five bankers to find
out about their a
pproa
ches to winning
and
mainta
ining a
share of the custom
er’s wallet.
THE PA
NEL
David
Villa
secaG
lobal hea
d of custom
er m
ana
gem
ent, BBVA
Rickard
Lindell
Genera
l mana
ger, H
ead
of segm
entation a
nd va
lue prop
osition, Nord
ea
Laura
Furlan
Hea
d of tra
nsactiona
l prod
ucts, Intesa Sa
npaolo
“It’s no longer a
bout p
roviding
bla
nket prod
uct offering
s, but a
bout d
elivering a
bund
le of ded
icated services a
nd p
roducts w
hich will
make our clients’ lives ea
sier”
Krzyszto
f Czub
a, A
lior B
ank
Krzysztof C
zuba
Dep
uty CEO
, A
lior Bank
Mats Torstend
ahl
Hea
d of reta
il banking
, SEB
delivering
a b
undle o
f ded
icated
services a
nd p
roducts w
hich will
make o
ur clients’ lives easier.
Furlan: Fro
m a
n acq
uisition p
oint
of view
, the key challeng
e is to b
e able to
talk the sa
me la
ngua
ge a
s our p
rosp
ect custom
ers. It is importa
nt to
offer ta
ilored
price p
rom
otio
ns and
an a
ttractive service m
odel a
nd
pro
duct ra
nge, b
ut it is also
relevant
to m
onito
r the ranking
on the sites
where p
otentia
l custom
ers navig
ate
and
to fine tune the w
ord
ing a
nd the
tools a
potentia
l custom
er may check
in ord
er to verify w
hether the offer fits.
More tha
n that, it’s a
bout sa
tisfying
the existing custo
mer b
ase in o
rder to
genera
te a p
ositive w
orld
of m
outh.
Lindell: The b
asic fund
am
ental
princip
les of b
anking
are cha
nging
, as
is the regula
tory la
ndsca
pe. A
nd, a
t the sa
me tim
e, custom
er expecta
tions
are hig
her than ever. W
e need to
adapt to
all o
f this. Success today
is very much a
bout d
istributio
n and
m
aking
banking
easy fo
r custom
ers. Torstend
ahl: H
ard
competition is
prob
ably the b
iggest cha
llenge, w
ith so m
any d
ifferent pla
yers on the market
today. The tra
ditiona
l wholesa
le bank
is just one of the alterna
tives and
we
39
ROU
ND
TABLE
Efma Journal N
o. 236
Attra
cting a
nd re
tain
ing cu
stom
ers
are not just com
peting
in traditiona
l w
ays a
nymore. O
ther bra
nds w
ith a
connection to other prod
uct area
s are
attra
ctive alterna
tives for the customers,
and
therefore build
ing loya
lty is even m
ore crucial tha
n earlier.
Villa
seca: O
ur business focus is
build
ing fina
ncial a
nd non-fina
ncial
solutions, based
on a d
eep loca
l und
erstand
ing of custom
er’s needs a
nd
the latest technolog
ies. The second
challeng
e is to be releva
nt for each
customer, a
ctual or p
otential, w
hether a H
NW
I or a SM
E or a com
pany. The
organisa
tion needs to a
lign everything
in ord
er to work for a
better future for
each custom
er, both on servicing
and
advising
all seg
ments.
Is a fa
ce-to
-face
adviso
ry
appro
ach
more
importa
nt th
an
a re
mote
one?
Czub
a: It d
epend
s on the
definitio
n of fa
ce-to-fa
ce, beca
use the tra
ditio
nal m
eaning
of it ha
s cha
nged
. We d
o o
ffer a vid
eo
connectio
n with o
ur virtual b
ranch,
which ha
s been w
ell-received.
How
ever, there will a
lways b
e clients tha
t prefer to
visit a b
ranch; w
e’re just no
t sure wha
t the bra
nch will
look like in the future.
Furlan: The co
rrect answ
er is tha
t it dep
ends: it d
epend
s on the
custom
er preferences a
nd o
n the sp
ecific situatio
n. The key is the ability to
serve the custom
er in a
pro
fessiona
l way. A
lthoug
h it is a
fact tha
t many custo
mers a
pprecia
te a fa
ce-to-fa
ce adviso
ry appro
ach,
especia
lly for investm
ents, it is also
importa
nt to b
e able to
serve custo
mers a
t their pla
ce if they prefer it o
r via a
remote a
ppro
ach.
Lindell: It’s not about one or the other: it’s about the individual needs of the custom
er. Some custom
ers prefer face-to-face, som
e prefer remote. It depends
on the circumstances and on the product
the customer is looking at. M
any custom
ers can spend a long period
being happy with a rem
ote relationship, but a significant life event m
ay spur the need for a face-to-face m
eeting. To
rstendahl: W
e think that it
is importa
nt to und
erstand
how
different cha
nnels fulfil different
custom
er needs. O
ur vario
us cha
nnels: the bra
nch offices;
the internet bank; the telep
hone
bank; a
nd o
ur mobile services
all co
mplem
ent each o
ther, and
custo
mers cho
ose d
ifferent channels
for d
ifferent needs. The p
hysical
meeting
occurs less freq
uently than
befo
re, but is still a
very importa
nt w
ay o
f meeting
our custo
mers. A
nd
we kno
w tha
t many custo
mers w
ant
to m
eet som
ebody in p
erson w
hen it co
mes to
more co
mplex a
dvice o
r im
porta
nt issues, such as b
uying a
ho
use or a
n apartm
ent. Villa
seca: The key is to
serve the best w
ay to
our custo
mers, a
nd they
decid
e when a
nd ho
w to
connect
with us. The a
nswer is a
n innova
tive m
ulti-channel a
ppro
ach: w
e offer o
ur services b
oth o
ff-line, throug
h 8,0
00
bra
nches, and
we a
re also
focused
on the b
est online b
anking
.
What is y
our a
ppro
ach
to
attra
cting n
ew
custo
mers?
What
role
does p
ricing p
lay h
ere
?C
zuba: W
e have co
nceived severa
l pro
jects in ord
er to a
ttract new
custo
mers. Fo
r exam
ple ‘K
ill bill’
allo
ws custo
mers to
pay b
ills free of
charg
e. We w
ere the first in Pola
nd
to o
ffer this, giving
custom
ers a 1
0%
decrea
se in their energy, p
hone a
nd
internet bills, a
long
with b
anking
and
insura
nce services. In additio
n to this
we ha
ve created
alio
r sync- the first truly virtua
l bank, a
nd m
any o
ther sm
aller initia
tives like real esta
te agencies in b
ranches. Pricing
does
have a
substa
ntial ro
le here – we
have to
differentia
te pricing
policies
am
ong
pro
duct a
nd services.
Furlan: W
e have d
eveloped
a sp
ecific project ca
lled Sup
erflash in ord
er to
attra
ct new young
customers. Follow
ing
a holistic a
pproa
ch we’ve review
ed the
prod
uct rang
e, chang
ed our la
ngua
ge,
joined socia
l networks, tried
new store
formats a
nd crea
ted a
specific loya
lty pla
tform for them
. We b
elieve that p
rice is im
porta
nt, but it is not the only key
to acq
uire a new
customer: the key
factor is relia
bility a
nd a
consistent and
sea
mless exp
erience.
Lindell: W
hen we’re ta
lking a
bout
attra
cting new
customers, p
rice is a
very importa
nt component, b
ut as a
rela
tionship b
ank it’s m
ore than tha
t – w
e build
on a holistic a
pproa
ch. When
we sta
rt dea
ling w
ith a new
customer
it is genera
lly a key event – b
uying a
house or g
etting m
arried
– so we a
im
to provid
e added
value ra
ther than just
low p
rices. From our p
oint of view it’s
about looking
at the w
hole offer, and
crea
ting sim
plicity a
nd ea
se of use. To
rstendahl: O
ur main fo
cus is to
build
strong
, long
-term rela
tionship
s w
ith our custo
mers. W
e want to
make
everyday life ea
sier for them
, and
help
them to
meet a
ll their financia
l need
s. We rew
ard
loya
lty and
prio
ritise full service custom
ers. Of
course, a
ttractive p
rices are to
som
e extent im
porta
nt when it co
mes to
attra
cting new
custom
ers as w
ell as to
keep
ing existing
custom
ers.Villa
seca: W
e connect w
ith co
nsumers w
orld
wid
e on d
ifferent levels, esp
ecially w
ith a stro
ng b
rand
and
key glo
bal sp
onso
rships. Fo
r insta
nce, in basketb
all, B
BVA
is the O
fficial B
ank fo
r the NBA
, and
in fo
otb
all, B
BVA
is the title sponso
r for
the Spanish Fo
otb
all Prem
ier League.
Based
on the custo
mers’ need
s and
und
erstand
ing, w
e offer them
the best
rang
e of so
lutions, a
t the right p
rice.
Once
bank
s have a
cquire
d
custo
mers, h
ow
can th
ey n
ot
only
keep th
em
but a
ctually
boost th
eir lo
yalty
?C
zuba: It’s a
bout listening
to clients’
needs, b
eing inno
vative, m
aking
pro
of o
f concep
ts for new
things –
all w
hile remem
bering
qua
lity and
ta
king a
n individ
ual a
ppro
ach.
Furlan: By litera
lly taking
care of them
and
their fam
ilies – but it is ea
sy to say
and
much m
ore difficult to d
o: loyalty
comes from
meeting
or exceeding
the exp
ectations in a
ny single intera
ction w
ith the bank. M
ore than tha
t, we
believe the key is a
nticipating
and
covering
all custom
er needs w
ith ded
icated
tools of prop
osals.
Lindell: First a
nd forem
ost you need
to secure the basics a
nd tha
t’s about
understa
nding
customer need
s and
delivering
wha
t they want in a
way tha
t is ea
sy. It’s about p
roviding
advice a
nd
making
it easily a
vaila
ble, a
dapting
to w
here the customer is a
t a tim
e that
suits them. This, a
long w
ith price va
lue and
a relia
ble service, crea
tes trust and
therefore lea
ds to loya
lty. Torstend
ahl: There is of course m
any
ways of b
oosting custom
er loyalty, b
ut und
erstand
ing the custom
ers’ needs
and
when they occur, is one of the
most im
porta
nt. Harsher com
petition
on the banking
market a
nd increa
sed
openness a
nd tra
nsparency result in
tougher d
emand
s from our custom
ers. For SEB, it is im
porta
nt to be op
en, clea
r and
transp
arent.
Villa
seca: O
ur goa
l is build
ing la
sting
relationship
s with increa
singly sa
tisfied
customers. W
e focus our organisa
tion in ord
er to satisfy these need
s, using
multi-cha
nnel CRM
information a
s a
loyalty m
otivator. A
nd, on top
of that,
we need
to deliver releva
nt experiences
across a
ll touch points.
How
do y
ou se
e th
ings
changin
g in
the fu
ture
? W
ill cu
stom
ers b
eco
me m
ore
loyal
in th
e y
ears to
com
e?
Czub
a: N
ot lo
yal a
t all. N
ow
adays,
switching
bank is m
uch easier tha
n befo
re. The big
challeng
e for the
financia
l sector w
ould
be to
ensure they m
ainta
in the ‘first bank’ p
ositio
n.
Furlan: I think w
e’ll see decrea
sing
loya
lty in the future – our custo
mers
will b
e more a
ble to
evalua
te pro
motio
ns and
offers a
nd w
ill search
to o
ptim
ise value fo
r money so
lutions.
In ord
er to keep
our custo
mers lo
yal
we’ll need
to d
elight them
, care fo
r them
, and
offer p
ersona
l solutio
ns tha
t match their need
s.Lind
ell: I don’t think there w
ill be a
big
chang
e in loya
lty, but I think there
will b
e new service p
rovid
ers that w
ill co
me in o
ffering new
levels of service
in different w
ays. Fina
ncial services
org
anisa
tions need
to step
up to
keep
pace w
ith this, and
to d
eliver the best p
ossib
le level of service to
meet
custom
er needs.
Torstend
ahl: It is a
lways d
ifficult to
pred
ict the future, but w
e believe tha
t the ha
rd co
mpetitio
n will co
ntinue, and
that it w
ill be even ha
rder to
build
loya
lty in the future.Villa
seca: In the future, d
espite the
transfo
rmatio
ns of custo
mers a
nd
technolo
gy, w
e will keep
on w
orking
in o
rder to
build
strong
relatio
nships
with o
ur custom
ers, both o
ff-line and
online, o
ffering the b
est so
lutions a
nd crea
ting va
lue acro
ss co
untries. Und
erstand
ing the d
igita
l revo
lution a
s a lo
yalty o
pportunity,
we need
to keep
on b
uilding
dig
ital
experiences, evo
lving the rem
ote
channels exp
eriences. At the end
of
the day, lo
yalty is the co
nsequence
of everything
else: the reward
that
custom
ers give us.
“ Success today is very m
uch about d
istribution a
nd m
aking
banking
easy for custom
ers”Ricka
rd Lind
ell, Nord
ea
“ The physica
l meeting
occurs less freq
uently than b
efore, but
is still a very im
porta
nt way of
meeting
our customers”
Mats To
rstendahl, H
ead o
f retail b
anking
, SEB
BBVA
has a
custom
er-focused
appro
ach