THE NEW DEFINITION OF SERVICE
MIKE KERSTENDAMIEN HAYES
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MARKET DISRUPTERS OF THE LAST DECADE
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MARKET DISRUPTERS OF THE LAST DECADE
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FINANCIAL CRISIS
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MARKET DISRUPTERS OF THE LAST DECADE
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DATA AGGREGATION
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MARKET DISRUPTERS OF THE LAST DECADE
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MARKET DISRUPTERS OF THE LAST DECADE
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NEW CHANNELS
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THE PROBLEM IS THAT MOST PRODUCTS DO NOT SUPPORT SERVICE STRATEGIES
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Meh.
Most banks offer products that treat all customers the same rather than focusing on building products and service programs that respond to the unique behaviors of their age and lifestyle.
CURRENT STATE OF INDUSTRY PRODUCTS
Product designs do not reflect your strategic goals
Limited differentiation creates commoditization
Similar products create front-line sales challenges
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POLLING QUESTION
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Conducted November 2014 Surveyed 1,200 consumers Consumers represented 3 groups:
lower mass market upper mass market mass affluent
Surveyed 400 small businesses
OUR SURVEY WITH INFORMA
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NOTABLE RESULTS…
20% of millennials are currently shopping for a checking account
Millennials are 64% less likely than the overall market to prefer a product with overdraft coverage
75% of millennials bank with the same institution as their parents
88% of un/underbanked would pay between $5-$10 monthly for an account with no other surprise fees
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NOTABLE RESULTS…
63% of mass affluent would increase deposit balances to receive cash rewards on their checking account
Mass affluent have no statistical difference in preference between interest versus cash rewards (2.6% higher preference for interest)
97% of small business owners are satisfied with their current banking relationship
96% of small business owners with a credit relationship selected their bank based on credit rather than deposit or treasury services.
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NOTABLE RESULTS…
Consumers (including Millennials) at all levels are willing to perform “sticky behaviors” in order to receive rewards
All prefer monthly rewards. Millennials would switch to an FI with a product
that offered ATM fee refunds and online, mobile and debit card access with a low monthly fee.
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OUR CULTURE AND EXPECTATIONS HAVE CHANGED
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OUR INDUSTRY IS UNDER ATTACK
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OVERVIEW
OUR MISSIONTO IMPROVE THE PROFITABILITY AND PRODUCT INNOVATION OF FINANCIAL INSTITUTIONS BY PROVIDING SMARTER, DEEPER, ACTIONABLE ANALYTICS ON THE FINANCIAL BEHAVIORS OF CONSUMERS AND BUSINESSES.
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Winner201220132014
America’s fastest growing private companies
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WHAT IS BEHAVIOR-BASED PRICING?
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Customer/Account Incentives:
Interest rate adjustmentsCash backATM surcharge reimbursementsTransaction fee refundsService charge rebatesPointsAnnual bonusesMerchant specific discounts or credit
Deploying programs that drive customer behaviors based on incentives that motivate them
Reward for behaviors Banks wants:
DepositsAccount feesInterchange E-statementsLoan usageFinancial services relationshipPrimary relationship status (DD)
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EXAMPLE PROGRAMS IN THE MARKET TODAY
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EXAMPLE PROGRAMS IN THE MARKET TODAY
DEVELOPING YOUR BEHAVIOR-BASED PROGRAMS
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INTEGRATION WITH CORE
© 2014 SAYLENT TECHNOLOGIES, INC. PROPRIETARY AND CONFIDENTIAL
FI’s files
Data ServiceRelational
Account360 Data FlowFI’s files
FI’s files
FI’s files
Customer Tables Staging Tables
Live Tables
Reward files Creating XML
Reward files Creating XML
ProfitabilityHousehold Keys
Etc.
Cash Back IncentivesFee Rebates
Interest Rate AdjustmentsSC Waivers
Core AccountsTransactionsMortgages
InvestmentsEtc.
Product PackagesProgram QualificationCustomer Messages
A PROVEN SOLUTION
Launched in 2010 thru Channel Partners
Installed at over 150 Financial Institutions
• Ranging from $50M to $30B• 5 Million accounts on A360• $100 Billion Total Deposits
Holistic view of the customer to include checks, ACH, debit, bill pay, direct deposit, eStatement, loans, etc.
BAI Best in Show
Best Midsize Bank
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Launched new flagship account in March 2013. CNN award for Best Midsize Bank in 2013, due to A360-driven Checking account.
Program attributes:- Cash Back on Debit transactions- Balance and Estatement requirement- cash back on qualified transfers to savings- 5% annual savings bonus
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-130
10,000
20,000
30,000
40,000
50,000
60,000
New Checking Accounts
# Ac
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Best Midsize Bank
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ACCOUNT360 USE CASE: $22B ASSET BANK
ACCOUNT360 USE CASE: $7B ASSET FI
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CAPITAL BANK’S METRICS/ROI
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THANK YOU FOR ATTENDING
How can we help your bank? Let’s schedule a follow up call and in-depth demo to see how Account360 can help your bank.
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AND THE WINNER IS…
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CONTACT INFORMATION
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Damien HayesSenior Revenue [email protected]
Mike KerstenSales [email protected]