Engagement Banking Strategies for a Digital World
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The document discusses how financial institutions need to adapt to technological changes in banking. It notes that checks will disappear within the next decade, paper money will be replaced, and cards will supplant cash by 2012. It emphasizes that credit unions are already behind and challenges include legacy systems and reluctance to invest in new technologies. However, there is still time to plan and catch up by focusing on customers, establishing a strong digital infrastructure, reinventing branches and online/mobile experiences, and innovating for emerging trends.
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Engagement Banking Strategies for a Digital World
- 1. Engagement Banking Presenter: Bryan Mishkin Sr. Manager eServices Twitter: @bryanmishkin
- 2. Technology and Change New technologies enable new ways of doing business USAA Mobile Deposit Capture Rapid Adoption means we need to be faster to market Banking is not just for FIs anymore
- 3. Why is this important? Examples of Companies that have been slow to adapt Are you next?
- 4. The Writing is on the Wall 90% of branch transactions involved checks In the next decade… Checks WILL disappear
- 5. Paper Money is Next
- 6. Cards will Supplant Cash in 2012
- 7. Transactional Branch Traffic Decreasing
- 8. Change is coming Financial Services is ripe for a shift Past 2 decades have seen more change then previous century in banking
- 9. Reaching 50 million people throughout history
- 10. Trouble? Other companies are coming after our business Lendingclub.com Banksimple.com Dwolla.com Paypal.com Mint.com
- 11. How are you preparing? What’s your mobile wallet strategy? What’s your strategy for phasing out checks? Can your mobile banking offering scale to provide all of the functionality in your online offering? Are you planning to attend a financial innovation conference like Finovate?
- 12. The Challenge Credit Unions are already behind Change happens faster each time Puts you further behind with each change Legacy Systems pose challenges Reluctance to invest and adopt new technologies
- 13. There’s Good News There’s time to plan Not every customer is embracing this shift…yet There’s plenty of opportunity catch up and lead People trust us and have confidence in us
- 14. But… Convenience can supersede trust for some Trust can be built over time by others People are beginning to change behaviors
- 16. Engagement Banking Being Customer focused Provide Insight and Meaning as opposed to simply presenting data. Consistency and convergence Innovate
- 17. Infrastructure – the foundation Scale Technology Industry Standards The power of web service apis Investment A willingness to invest in technology Treat technology as a primary channel
- 19. User Experience Ease of use Understand your customers Serving your customers Never force someone to change channels
- 20. Convergence Branch, Mobile, Online Data Convergence
- 21. One Stop Shop REDACTED
- 22. Reinventing the Branch Need a reinvention Automate transactions, focus on sales Nobody ‘wants’ to be in a branch for a transfer or deposit View a branch as a Retail storefront
- 23. Re-envision online Easy to use Complete complement of services Unified in the online portal Direct lending 24/7/365 Create a great experience with great service
- 24. Re-imaging Mobile Strategy should include rivaling branch capabilities Offer non-members information Goal: Convert to member Offer members convenience and interaction Trusted advisor Video conferencing
- 25. Think Ahead & Innovate Recognize and execute on emerging trends. Mac App Store Mobile Wallet Strategy iPad/Tablet Strategy Mobile Banking Strategy Socializing the experience Take risks
- 26. Moving forward Embrace the changing landscape Start now, don’t wait Position yourself for success Leverage CU Strengths Member Trust Collaboration
- 27. Wrapping Up Establish a strong foundation Treat eServices as a primary channel Put product and experience first Take risks and innovate
- 28. Questions? Follow me on twitter: @bryanmishkin
Hinweis der Redaktion
- Blockbuster was slow to adapt to the shift in their business from brick and mortar to online.Dell was slow to adapt to the commoditization of the personal computer and resisted putting their computers in stores for years
- Paper money is on the decline. We can expect mobile payments to hasten this decline
- Why are we ripe for a shift? Industry is behind in technology adoption and architecture.We tend to take a wait and see approach which won’t work anymore because technology moves so quickly that wait and see will become wait and see ya later
- Past 125 years have seen more change than the previous 5,000 in human historyTechnology is being adopted faster with every new technology that is introduced. The iPad and Xbox Kinect further illustrate this point
- How many of you have heard of these companies? If you haven’t you should be looking into them TODAYTalk about what each of these companies is doing and how it could threaten credit unions over the long term.
- Do you view mobile banking as a sales tool for those that aren’t members and don’t have accounts?
- Discuss the branch model, need numbers around branch traffic decreasing overtime.Discuss not viewing online/mobile/ecomm/eServices as an alternative channel anymore. View it as a primary. For many members this is how they interact with you.Startups don’t have the constraints of Legacy systems. They have the benefit of developing from the ground up.Core technologies are 15-20 year old technology. They were never intended to be used in the way it is being used and the data structure is showing its age. Technology is typically viewed as a Cost center/versus revenue generation center.
- The window to plan and execute is narrowing every day.They might not have the same confidence in a startup (RE Trust)
- Soon enough convenience will supersede trust for most. Example of business we are losing and how a third party can influence that.
- People are changing behaviors – increasingly they are willing to switch banks because of a lacking mobile or online offering.Very soon we will reach a day when a mobile banking offering (or lack of) will cost you members and business.
- Create a good product that customers will want to use first, contend with the security, compliance and technology issues second.5-10 years ago people were satisfied with getting their balances, viewing their history, etc. but today they want to know what it all means, how they can be better stewards of their money, and get all of that anytime anywhere.
- Discuss importance of scale of infrastructure. Must be able to handle the new channels that are not even out there yet.Business rules layer. Core is a data layerTalk about data presentment across all channels in the same way.
- Makescore a data source like any other data source and allows it to be treated that way.The core is no longer the only system that matters. Consistent experience
- Create a user experience so compelling that members will be telling their friends about it.Apple as an example – iPad; iPhoneCreated a product offering where non existed before. Were brave enough to give consumers something that didn’t know they needed but that enriched their lives and was easy to use. Smartphones were nothing new in 2007, they were just horrible experiences. Apple changed that forever by making it so easy to use a manual isn’t required. They did the same thing with the iPad. They’ve made technology so easy to use that anyone can use it and nobody feels intimidated by it. That’s the philosophy we should live by.Discuss how some simple user experience changes increased our online account openings in 2010 130%. 2011 is projected to increase another 33% over 2010.
- How are you going to present information with consistency?There’s no reason the online and mobile channels shouldn’t be offering all of the capabilities that a branch does and then some.
- Discussthe drive through – how it came to be, convenience aspect and how it holds true today. People in a drive through can and should be enabled online. If you do that the drive through will be emptyDiscuss Apple store as an example. You can buy online, you can buy in store.
- When unifying in the online portal, all views should show inside that framework. No pop-ups, and no punch outs. To the member it should all be in the same window for everything they need.Talk about how data convergence can enable this. If the vendor doesn’t support it, they aren’t our vendorSource the Bain Report – Online banks like USAA and ING Direct handily beat out Cus and banks in customer satisfaction and loyalty.
- Over the long term your strategy should rival the branch. Learn from experiences with online, and don’t fear it; embrace it.
- There’s no reason after 3 years a credit union couldn’t be the first FI in the mac app store. Where do you see the mac app store going? Mac apps could supplant web as primary method for online interaction via Mac.Microsoft will follow with the PC after success is proven by Apple.Discuss 17 million iPads in year 1. iPad sales are going to supplant laptops. What’s your iPad strategy?Discuss our automated lending project. What we are doing and how it’s going to change lending forever.Be willing to failAsk who is Attending SXSW Interactive
- Technology won’t wait and the longer you wait the more time works against you and the more urgent things becomeCreate strategies for dealing with things like a mobile wallet so you are prepared to address it with your members and have something ready to go when it’s available.Show technology isn’t just a cost center by showing metrics of loans funded online and accounts opened online compared to the physical locations or call center.Working together can decrease the costs, enable more ideas to come forward and see the light of day
- Talk about big banks marketing online, mobile, and dedicating airtime in TV ads to that with regard to treating eServices as a primary channel