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Prof. Dr. Andrea Back, Christian RufInstitute of Information Management, University St.Gallenchristian.ruf@unisg.ch

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

Email

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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0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

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.

andrea.back@unisg.ch

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.

christian.ruf@unisg.ch

Tel.: +41(0)71 224-2791

CONTACT US