Sibos Dubai 2013
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Improving Customer Engagement with the Next Generation Digital Branch
The Bank Branch
Then and Now
“Rumors of my death have been greatly exaggerated..” – Mark Twain.
Remember when the ATM would kill the Bank Branch?
UK has lost 7500 branches since 1989
40% Bank of America 193
PNC 54
RBS Citizens 53
U.S. Bank 44
Wells Fargo 43
Number of EU Branches
fell 2.5% in 2012
2,267 Branches in 2012
2.21 Visits per Month
26.5 Visits per Year
0.26 Visits per Month
3.2 Visits per Year
Free Checking Services 46%
Convenient Branch Locations 46%
Easy Online Banking Services 44%
More Personalized Services 43%
Friendly Service “Feeling welcome” 43%
A stable, financially secure Bank 30%
Convenient ATM Network 28%
Access to free financial advice 23%
Recommend from friend/relative 21%
Complete service in one bank 16%
Open or Close an Account
14%
Apply for a Loan
12%
Ask for Financial
Advice
13%
Report a Problem or Complaint
24%
Enquire about fees or charges
25%
Deposit Cash
16%
Withdraw Cash
13%
Investigate Products &
Services
26%
Request Loan payoff amount
28%
Receive Statements
13%
Request Account Info like balance
enquiry, transaction history or cheque
images
30%
Transfer Funds
11%
Pay Bills
12%
Receive Alerts
20%
prefer closing their local branch
Over more fees
Or Lower Service
Customers are times
To switch banks because of additional fees thanBecause of branch closures
. . . as long as there is a branch
within of where they bank
Why Do Branches Still Matter? Because Consumers Say They Do!
Research Products online - YES, but when it comes to making big ticket decisions like my loan or mortgage I want to do it
in person in the branch.
60% will not
consider a bank if it has no
branch nearby
Simple FACT: People like Branches!
From Multi-Channel Omni-Channel
Digital & Mobile convergence with payments 23%
Establishing TRUST in the eCommerce Platform 23%
Security of Mobile Banking & Payments 19%
Low Customer Adoption of Mobile 15%
Consistent Brand Experience 14%
Combining Virtual & Physical Banking 6%
Branch Evolution from Transactional to Relationship
The eCube Key Ingredients
eCube
People
Technology Content
Customers Staff
Omni-channel : Converge your Digital & Physical Channels
Customer Centric: Individualize Each Branch Experience
Enable Choice of Form Factor
Enable Quick and Easy Self Service Channels
Simplify Banking: Make it understandable & relevant
Simple Products: Clear, crisp and simple Product Information
Don’t just use your website content!
Facilitate Feedback: LISTEN and Evolve the Experience
“The Customer is not just King, they are Dictator”
Invest in Design: Make it elegant & beautiful!
Top Tips for creating an Engaging Branch Experience
Experience Branch Banking the Mashreq Way: eCube
David Horton [email protected]