- 1.Enhancing eBusinessin theHigh Net Worth Client
2. Agenda
-
- Components of a Successful User Experience
-
- A Source of Competitive Advantage
-
-
- Self Education and Service
-
- Successful Execution for the User Experience
-
-
- Successful Features and Functionality
-
-
- Driving Traffic and Adoption
-
- Illustrations in Differentiation
-
-
- Scenario #1: Competitive Advantage through Personalization
-
-
- Scenario #2: Competitive Advantage through Collaboration
3. Objectives
-
- Moving from Product to Product
-
- Accessing research and(personal)informationseamlessly and
holistically
-
-
- Client to Financial Advisor
-
-
- Financial Advisor to Financial Advisor
-
-
- Client to Client (explore)
-
- Drive traffic and adoption
-
- Present perspectives around online best practices on the Web,
in Financial Services, and with HNW clients
4. Agenda
-
- Components of a Successful User Experience
-
- A Source of Competitive Advantage
-
-
- Self Education and Service
-
- Successful Execution for the User Experience
-
-
- Successful Features and Functionality
-
-
- Driving Traffic and Adoption
-
- Illustrations in Differentiation
-
-
- Scenario #1: Competitive Advantage through Personalization
-
-
- Scenario #2: Competitive Advantage through Collaboration
5. Components of a successful User Experience Superior HNW
Experience Design & Brand Information Architecture Features
& Functionality
- Self Education and Service
Cost of doing business - obtaining Web-based sustainable
competitive advantage from these pillars is difficult Leading
companies repeatedly deliver and drive adoption & loyalty
across tools to heighten the user experience
- Concentrated Stock Management
Failure to find the right focus among the three pillars can
result in award winning Websites that fail to deliver for the user
6. Design/Brand and Information Architecture
- Disjointed look & feel across BU Web presences
-
- Brand confusion for the customer
-
- Difficulty cross-selling between product-silos (e.g., brokerage
and banking)
- Different site architectures and multiple navigation schemes
resulting in workflow confusion and frustration
- Inefficient Web development (design, IA, technology) due to
repeated reinvention of site standards and lack of leverage (reuse)
across the system.
- Centralized (as shared services) Web development
-
- Efficient resource allocation
-
- Hiring & career management
-
- Facilitated standards supervision
- Use a Web content management tool to manage content and
workflow similarly across all sites
- Publication of a robust Style Manual that includes defined
standards around:
-
- Design (e.g., palette, font, imagery)
-
- Content (e.g., tone, nomenclature)
-
- Information Architecture (e.g., Global Navigation,
workflow)
- Utilize Web tracking tools to monitor drop-off/abandonment and
high usage pages
- Conduct user testing periodically with live site and always
with new modules/functionality
Issues & Symptoms Solutions & Best Practices From our
experience, companies address issues associated with design and IA
but rarely do these lead to competitive advantage.However failure
in this arena can reduce competitiveness in some cases severely. 7.
Agenda
-
- Components of a Successful User Experience
-
- A Source of Competitive Advantage
-
-
- Self Education and Service
-
- Successful Execution for the User Experience
-
-
- Successful Features and Functionality
-
-
- Driving Traffic and Adoption
-
- Illustrations in Differentiation
-
-
- Scenario #1: Competitive Advantage through Personalization
-
-
- Scenario #2: Competitive Advantage through Collaboration
8. Competitive advantage
-
- Customer focused value added features and functionality that
are easy to use and (typically) tied to personal and third party
content
-
-
- Heighten relationships for the high-touch, highly personalized
relationships of HNW, these value added features can be even more
important
-
-
- Leverage functionality modules that exist in other areas of the
bank (e.g. corporate banking)
-
-
- Introduce new concepts demonstrate new opportunities not in the
common vernacular yet
-
-
- Innovate continuously features and functionality continually
change so competitive advantage can be short-lived without an
innovation mindset
-
- Six main areas to investigate
-
-
- Self Education and Service
-
- Web 2.0 related capabilities have become a source of innovative
offerings
-
-
- Web 2.0 technologies move data and computing power off desktop
PCs and onto the Internet, thus making it easier to collaborate and
share information, either among close-knit teams or vast
populations.
-
-
-
- Information aggregation: digg, del.icio.us, Wikipedia
-
-
-
- Information management: salesforce.com's customer relationship
management tools
-
-
-
- Connectivity: CarbonNYC (exclusivity), LinkedIn and MySpace
(networking), GuideStar.org (philanthropy)
-
-
-
- New Media: YouTube, Second Lifes (virtual world)
Features & Functionality 9. Personalization
-
- Customizable view of information based on user preferences
and/or authorizations
-
-
- Password protected areas to enable qualified investors to
access and download paperwork, prospectuses, and memoranda on a
variety of investment vehicles
-
-
- Dashboards timely, personal investment data and statistics at
the users convenience and available at different levels of
authorization based on customizable business rules
-
-
- Customized alerts: alerts to an Financial Advisor and the HNW
client for tax, stock, etc.
-
- Personalized problem resolution rather than canned answers
-
-
- Customized reports on trust, custody and investment management
accounts
-
-
- Scenario planning tools to monitor market conditions based on
personal assets, plans, and tax efficiency
-
- Intimate user experience through consistency in multi-channel
interactions (live agent, online, etc.)
-
-
- Private placement life insurance
-
-
- Donor advised fund and foundation counseling
-
- Targeted opportunities/advice/marketing driven off of user
id/password and/or tracking tools (e.g., cookies)
-
-
- Tied to customer level knowledge such as products owned,
previous inquiries or issues, needs & attitudes, behavior
analysis, etc.
-
-
- Provide alerts to the Financial Advisor as to what the client
has been viewing on the site so the Financial Advisor can use that
to engage them in discussions and potentially meet there needs
Cross Industry Leading Practices
- Concentrated Stock Management
10. Channel access
-
- Cell/PDA push and pull high-tech for convenience not the
gee-whiz factor
-
-
- One-set of data supported by multiple presentation layers
-
- Multi-channel consistency
-
-
- KYC AUM versus credit requests (e.g. high value purchases on a
credit card)
-
- Messaging versus Browsing
-
-
- SMS/MMS alerts and messaging
-
- Single view across multiple channels
-
-
- Web, CSR, Financial Advisor similarity and have access to
historical interaction data
-
- Customizable security as requested
-
-
- Code word protected CSR;key fob code entry
-
-
- Information security and privacy
Cross Industry Leading Practices
11. Data access
-
-
- The more complex the portfolio, the HNW customer expects a
Private Bank to at least provide financial reports on all of their
assets, if not manage them all
-
-
- Information aggregation technologies like Yodlee (used by Smith
Barney) and other more complex tools provide the ability to create
this compiled view for personal and family office situations
-
-
- Single view of customer HNW customers tend to be less satisfied
with their banks than the total population so need to identify and
aggregate all deposit, credit and other accounts held by these
high-net-worth individuals (both personal accounts as well as
business related accounts)
-
-
- Implications may include SSO (like) functionality, document
management, content management, etc.
-
- Other Investment Pursuits
-
-
- Research Some banks are realizing that they no longer can
provide all the specialized services themselves so work with other
financial advisors which means a need for access to their
research
-
-
- Endowment management and consulting views into compliance,
governance, charitable grant making solutions, planned giving
guidance and management
-
- Automated Feeds (e.g., RSS, Atom)
-
-
- Protocols that makes it easy for computer users to receive
content from their favorite providers whenever the content is
updated
-
-
- Data needs to be accessible for other platforms (e.g. Excel,
Quicken, etc.)
Cross Industry Leading Practices
12. Self education and service
-
- Online/on-demand seminars
-
-
- Canned or live discussions with celebrity financial
personalities (Buffet, Trump, etc)
-
-
- Life stage lessons around wealth management
-
-
-
- Marriage, children, selling a business, retiring, gifting,
estate planning, etc
-
-
- Podcasts access to and dissemination of innovative ideas from
business world to travel to lifestyle
-
-
- Developed/mature countries global research, trends and
international affairs
-
-
- BRIC and other emerging markets driving wealth creation
-
-
- Luxury collectibles, wine, art, jewelry, coins, sports
investments marketplaces
-
- Ubiquitous Asset Management
-
-
- Capability to move funds across all bank accounts
-
-
- Eventually link bank assets to third party accounts
Cross Industry Leading Practices
13. Collaboration tools
-
- Collaboration tools should be considered across traditional as
well as non-traditional relationships
-
-
- Financial Advisor to Client
-
-
- Financial Advisor to Financial Advisor
-
- Traditional capabilities include instant message, chat rooms,
live chat customer service
-
- Blogs A blog is a simple content Website created with
inexpensive self-publishing tools. Blogs allow for HNW
communication within a family as well as between HNW
relationships.
-
- Social Networking/Peer-to-Peer Networking/Social Media -
Web-based tools that harness the power of collaboration and group
interaction. This can take many forms, from the personal Web pages
of MySpace to the virtual worlds of Second Life to the professional
networking popular on LinkedIn
-
- Collective Intelligence (e.g., wikis) - A dynamic Web document
that allows users to add, change, or edit the content displayed on
the page. The user-created Wikipedia online encyclopedia is the
most famous example
-
- Implications for Web services emerging technology based on
XBRL
Cross Industry Leading Practices
14. Analytic tools
-
-
- Tax advantaged credit/lending
-
-
- What-if analysis and tax planning
-
-
- Trust and estate planning
-
-
- Websites or applications that combine content from one or more
sources.
-
-
- e.g., Cellreception.com combines Google Maps with a database of
124,000 cell phone tower locations to help users determine where
mobile coverage is strong and where it isn't.
Cross Industry Leading Practices
15. Agenda
-
- Components of a Successful User Experience
-
- A Source of Competitive Advantage
-
-
- Self Education and Service
-
- Successful Execution for the User Experience
-
-
- Successful Features and Functionality
-
-
- Driving Traffic and Adoption
-
- Illustrations in Differentiation
-
-
- Scenario #1: Competitive Advantage through Personalization
-
-
- Scenario #2: Competitive Advantage through Collaboration
16. Successful features & functionality
-
- Consider the ramifications on the Financial Advisor/HNW
relationship with any piece planned functionality
-
- Tie the tool into an application your customers already use and
love
-
-
- This approach lets the bank place the application into its
customers hands while providing a familiar interface.
-
-
-
- e.g., Zoho CRM is a widget that plugs into Microsoft Outlook,
synchronizing contacts and customer-specific emails between Outlook
and Zoho's Web-based customer-relations management tool.
-
- Pre-configure the tool with basic templates or structures to
guide new users
-
-
- Applications that start out as a blank canvas can confuse
customers instead of inspiring them. To encourage customers to
sample the tools, look to pre-configure applications to be easily
customized as users gain experience and familiarity.
-
-
-
- e.g., Enterprise-grade wiki tools from BrainKeeper offer a
variety of standard templates as well as the ability to make custom
ones.
-
- Provide a human being who can help with tech support
-
-
- There's nothing worse for the user experience of a HNW customer
or Financial Advisor than being in the middle of an important task
and being told to search through pages of forum questions to find
solutions to a technical problem.
-
-
-
- e.g., At Inkling, the maker of prediction-market tools, the
staff personally answers all emails. The company also maintains a
private wiki for clients and publishes its phone number so anyone
can call to ask a question
17. Site development
-
- Design en masse but develop the site in efficient
increments
-
-
- Piggy back development on the back of standard maintenance
-
-
-
- Group development across like modules
-
-
- Avoid incremental changes across the breadth of the site
(unless using a CMS)
-
-
- Roll out new development/redesigns in a modular fashion
-
- Drive toward a shared services-like development model for
leveragable and non-core competency tasks
-
-
- Develop a responsibilities matrix
-
-
-
- Business requirements are owned by the business
-
-
-
- Implementation is owned by the eBusiness group (e.g., shared
services)
-
-
-
- Validation (testing) is owned by both
-
- Define an authoritative Style Manual and mechanism for
enforcement
-
- Pilot (live test) concepts/offerings/design changes at the
Financial Advisor level first before rolling out to clients
-
- Leverage a common Web platform between Financial Advisors and
clients
18. Driving traffic and adoption
-
- Segment within the client population
-
-
- New to the bank vs Existing to the bank
-
-
- Financial Advisor vs Client
-
- Drive messaging developed from a tactical understanding of the
client where possible
-
-
- Leverage user-id/password and/or cookie technology to
understand needs/attitudinal based segments
-
-
- Search engine optimization
-
-
- Online affiliate/partnerships
-
-
- Cross-sell within current product relationships (e.g., in the
account center)
-
-
- Focus on brand development for segments less likely to be
transaction oriented
-
- Driving Adoption approach as a standard marketing campaign
-
-
-
- Define a compelling concept
-
-
-
- Communicate frequently and effectively
The breadth of traffic and adoption strategies will likely
differ dramatically across emerging HNW, HNW, and UHNW segments 19.
Agenda
-
- Components of a Successful User Experience
-
- A Source of Competitive Advantage
-
-
- Self Education and Service
-
- Successful Execution for the User Experience
-
-
- Successful Features and Functionality
-
-
- Driving Traffic and Adoption
-
- Illustrations in Differentiation
-
-
- Scenario #1: Competitive Advantage through Personalization
-
-
- Scenario #2: Competitive Advantage through Collaboration
20. Excelsior Card:Overview
- The Excelsior Card is a web driven finance transaction tool
(not just a credit card) that exceeds the market parity attempted
by cards like the Citi Chairman AMEX Card and includes the ultimate
in personalization and unique service features meant to compete
with and excel over the AMEX Centurion Card
-
-
- Personalization to drive loyalty
-
-
- Deepened relationship: Ability for the bank to understand what
members are searching upon for investment ideas to help guide
future discussions/ideas
-
-
-
- Public demonstration of uniqueness and success
-
-
-
- Ultimate personalization of primary purchase instrument
-
-
-
- Share of Wallet through hyper loyalty obtained through
personalization and esprit d'corps
-
-
-
- Buzz around first to market personalization instrument perfect
match of product to customer need
-
-
-
- Increased client information and client understanding
-
-
-
- Once established the platform can extend to mass card marketing
to drive bank card competitiveness in the broader consumer
business.
21. Excelsior Card:Strategic Story Tomorrows HNW Bankwill
compete through market leading personalizationIf and Dan Reiro is a
recently minted multi-millionaire with $7 million in assets andsome
personal need for recognition Strategic Story
- Based on patternsin his account and buying behaviors Dan Reiro
is notified through a targeted marketing email to link to his
account center for an exclusive invitation only offer:The Excelsior
CardLike no other
- On entering the his account center theother targeted
messagesDan normally receives are masked by a flash pop-up
informing him of his eligibility for a highly exclusive,invitation
only cardoffer.The pop-up directs Dan to the Excelsior Card
micro-site.
- The micro-site provides further information on the Excelsior
Card and its truly one of a kind attributes.On Dans request it
initiates theuniquely personalized product designprocess.
- Dan views anapplication pre-populatedwith his account
information.The design process begins by asking Dan to choose the
four most important features of a card according to hispersonal set
of needs criteria .
- The four core features (representing key needs) drives aweb
based conjoint analysiswhich helps Dan prioritize over 30 card
design features through dynamically generated trade-off
questions.The questions are rapidly presented and binary in nature
and thus can be completed in less than 5 minutes.
- Once completed, the Web based application presents Dan a draft
Excelsior Card through a menu ofprioritized features driven by his
personal value criteria .
- Dancan refinehis Excelsior Cards features to include those
features having dependencies (e.g., high rewards may mean higher
fees).Web applicationlogic will adjust other card featuresas
appropriate based on Dans needs analysis (from the conjoint
exercise) and bank business requirements (economics, risk,
etc).
how Can the credit card, as the most frequently used financial
product in a highly mature market, break from its traditional
models to new means ofcompetitive
differentiationthroughpersonalization ? 22. Excelsior
Card:Strategic Story Additional Commentary
- Once designed the one-of-a-kind card is printed on a gold
embossed white titanium card.
- If features and functionality of the card are found to be
deficient or circumstances change the Web application can be used
to modify the Excelsior Cards features at any time over any Web
terminal.
- The Excelsior Card offers One Card functionality in that it can
be used as both a personal card as well as business card (thus not
forcing the member to choose).Each month the member (or their
family office) receives an email that links them to a site allowing
quick categorization of transactions.
- The Excelsior Card can be accepted across two networks (it
carries two magnetic stripes) of the Clients choice so that it
almost never encounters a merchant out of network (e.g., Visa and
AMEX)
- Accompanying the Excelsior Card will be a key fob that provides
the ultimate in security to online HNW client information.For those
with stricter security needs, the Excelsior Card may be swiped
through the fob to obtain randomly generated access codes for full
access to the site.
- For the active lifestyle, a chip in the Excelsior Card can
carry important personal information such as medical records and
emergency contact information.
- The Excelsior Card is actually a test bed using a relatively
defined, small segment to test and perfect the card configurator
concept.Once done the capability can be rolled out to the mass bank
consumer base as a step change differentiator in the card
space.
Where most HNW cards fall under a one size fits all model that,
the Excelsior Card will be one of a kind and first of its kind.
Illustrative Feature Choices
- Form (phone, key card, etc)
- Rewards program type (air, hotel, cash, etc)
- Elite status across hotels and airlines
- Themes (travel, entertainment, etc)
- Affiliate donation program (e.g., Green Card)
23. ExcluNet: Overview
- An invitation only online network from the HNW bank where
criteria for membership include achievement in life, a demonstrated
passion for your pursuits, and a desire to influence the business
world.As a member of the banks exclusive online network, high net
worth individuals are provided a safe, secure and reliable means to
research and interact with others.As an exclusive club, privacy is
the utmost and as such the bank is vouching for the reliability of
the networking between individuals.
-
- Sample Segment: Advised Determiner Informed investor with
ideas, but values advisory input and informed feedback. Works with
their advisor, however, makes all final decisions.
-
-
- Enhanced collaboration for information and decision making
-
-
- Esprit d'corps through belonging to a truly exclusive and
empowering community
-
-
-
- Trusted advisor:First source turned to when investigating
potential ideas/business investments
-
-
-
- Deepened relationship:Ability for the bank to understand what
members are searching upon for investment ideas to help guide
future discussions/ideas
-
-
-
- Lead generation:The bank as the network enabler provides
referral opportunities to other HNW customers currently not
supported by the bank
-
-
-
- Improved servicing:Begins the process of improving competitive
positioning on important servicing areas such as research
information and delivery as well as communication and
collaboration
24. ExcluNet:Strategic Story The bank needs to compete through
market leading service If and Mr. Longmuir is the patriarch of a
$50 million family with $40mm in personal assets and two children
each with $5mmsearching for local opportunities to invest ina high
growth market Strategic Story
- Mr. Longmuir is looking to invest in a high-growth industry and
has asked his daughter to do someresearch .
- Sara Longmuir has lunch with her father and he asks her to come
back withideas around investmentsin a high-growth industry.
- To quickly getconnectedto the appropriate sub-segment in the
high-growth industry locally, she turns to ExcluNet to provide
guidance.
- On entering the online network from her bank HNW account, she
noticessomething differentthan the other online networks shes
seen.
- ExcluNet isnt about jumping between people in other community
based networks.Instead ExcluNet deals with the privacy of its
members by utilizing the financial advisor/private bankeras a
proxyfor the HNW clients represented by the bank.
- The banks private bankers and financial advisors have filled
outattributes/interest areasfor each of their opted in
clients.
- Bysearchingthe attributes, Sara quickly realizes that there are
at least 10 bank touchpoints for information that may be of
interest.
- Through adiscreetcontact feature, Sara and her Private Banker
can reach out to other Financial Advisors/Private Bankers touncover
research/ideasthat might be of interest.
- If things work out during the research, the banks Private
Bankersmay coordinate a discussionwhere the bank serves as the
network connector and enabler.
how can the bank HNW team utilize its trusted advisor status to
introduce individuals in a private, discreet manner and
providedifferentiationthroughservice and networking ? 25.
ExcluNet:Strategic Story Additional Functionality
- Additional collaboration functionality can be added over
time:
- ExcluConnect A secure business oriented social networking site
used for professional networking. The main purpose of the site is
to allow registered users to maintain a list of contact details of
people they know and trust in business. The people in the list are
called Exclusive Connections. Users can invite anyone in the banks
HNW community to become an ExcluNet Connection.A contact network is
built up consisting of their direct connections, each of their
connections' connections (called 2nd degree connections) and so on.
This can be used, for example, to gain an introduction to someone
you wish to know through a mutual, trusted contact.
- ExcluFolio A secure social networking website offering an
interactive, user-submitted network of acquaintances, personal
profiles, blogs, groups, and interests (hobbies, passions, etc).
Profiles contain two standard components "About Me" and With Whom
Id Like to Network which appear in a sanitized fashion (anonymous
facts) to clients until they are invited by the poster. Profiles
also contain an Interests" section and a "Details" section.Similar
offerings exist in aSmallWorld.net and DiamondLounge.com.
Beyond FA facilitated collaboration the banks HNW community can
be brought together in three other ways.
- FindFriends Each HNW member will have access to an on call
networking system.Should an individual be found with time on their
hands (e.g., at the Red Carpet Club at LGA for a few hours) they
can text the banks HNW FindFriends system to identify similarly
disposed members.A list of available members and associated
interest briefs is presented (pulled from ExcluFolio) and a request
for contact can be sent.Members can gauge communication to their
respective comfort level with options ranging from SMS, to
anonymous cell connection, to personal contact at their
discretion.
- FindMe- Cell based location services can be used to notify
members that they are in the vicinity of other members (within 3-5
miles).Additionally, the Excelsior Card key fob will be enabled
with always on blue tooth functionality tied to the Clients
cell.Once in the vicinity of another ExcluNet member (50-100
meters) the fob notifies the Client.A masked collaboration request
can be sent to the other ExcluNet member and an anonymous dialogue
can begin by SMS, sanitized email or phone call.