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This presentation is an exceprt from a talk we gave at the SAP Forum on Financial Services (in NYC) in September 2013. THINK co-presented with Return on Intelligence, a consulting group focused, as we are, on core system transformation. First, we show insights from the rise of mobility of people, devices, information, and behaviors. Then we present 5 principles shaping mobility: user-centered design and wrapping the business business process around the customer, delivering on the full customer journey via service design mapping, using branded utilities in Financial Services, and finally channel planning and process transformation.
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5 PRINCIPLES FOR MOBILITY IN FINANCIAL SERVICES DIGITAL ECOSYSTEMS
A decade-long alliance
2
Return on Intelligence THINK Interactive
+
Services firm solely focused onCore Systems Transformations
Deliver critical business & technology change within the
context of today's disruptive forces.
We call the trend I-SMAC: Internet of Everything, Social Technologies,
Mobility, Analytics & the Cloud.
We know mobile.
mobile applications200+
SAP mobile projects20+
We know mobile.
iOS Android Windows BlackberryHybrid& Web
135 26 15 14 20
SAP mobile projects
200+
20+
MOBILITY MEANS...
DEVICES PEOPLE INFORMATION PROCESSESBEHAVIOR
MOBILITY MEANS...
DEVICES PEOPLE INFORMATION PROCESSESBEHAVIOR
It goes far beyond devices...
People are more mobile, living in more places, and doing work everywhere
Processes are mobilized and move information & work to the ‘edges’
Transforming behaviorsduring work. And play.
PEOPLE ACCESS THEIR SMARTPHONE AROUND 150 TIMES PER DAY. YES REALLY.
Tomi Aronen Almanac 2013 (Also cited in Mary Meeker’s KPCB 2013 deck)
MOBILE WEB AND APP USAGE HAS CREATED NEW DAY-PARTS FOR UTILITY AND MARKETING.
Comscore 2012
Morning Midday Evening
NEW BEHAVIORS AND ATTITUDES AS PEOPLE BUY. IN 2000, 70% OF US CONSUMER TRANSACTIONS WERE BY CASH AND CHECK. BY 2010, IT WAS ONLY 43%.
2000 2010
To an Analog Banker in a Digital World Booz&Co 2013
MOBILE DEVICES ARE THE STARTING PLACE FOR MANAGING FINANCES 66% OF THE TIME (59% PHONE, 7% TABLET).
59%
7% 34%
Google 2012
56%
29%
7%
17%
3%
38%
IN WEALTH MANAGEMENT, 85% OF CLIENTS ARE WILLING TO USE TECHNOLOGY-MEDIATED TOOLS. ONLY 43% OF ADVISORS ARE.
Ernst & Young 2012
THE BIGGEST THREAT THAT MOBILE POSES TO FINANCIAL SERVICES BUSINESSES: DISRUPTIVE ENTRANTS & FLANKING COMPETITORS
18%
18%
23%
41%
41% New and disruptive entrants
23% Existing competitors
18% Security vulnerabilities
18% Other
41%
From DMI ‘The Future of Financial Services in a Mobile World’ 2013
23%
MOBILITY ADDRESSES CHALLENGES INCLUDING SELF-SERVICE, RETENTION, AND IMPROVED BROKER PRODUCTIVITY
UBM TechWeb Report on Insurance IT 2011
31%
19%
16%
14%
6%
6%
3%
3%
Increase customer acquisition, new business sales
Increase market share
Improve retention rates
Enhance wallet share/cross-sell & up-sell
Improve customer data – single view of the customer
Improved customer service
Improved agent/broker services
Agent/broker productivity
PRINCIPLES TO LEVERAGE MOBILITY
v
Principle #1: Wrap the business around the technology around the customer.
Devices
The BusinessThe economy
Customer
Touchpoints
Principle #2: Map the entire digital ecosystem via ‘Customer Journey Maps’
STAGE: CONNECT STAGE: CONSIDER STAGE: CONVERT STAGE: RELATIONSHIP
TRIGGER TRIGGERTRIGGER
BUSINESS SYSTEMSDevices, Platforms & Products, Analytics
3
1
2 4
4
6
4
5
Useful
BRANDED UTILITY
DIGITAL PRODUCTS & SERVICES
ADVERTISING
Eye
Cat
chin
g
Principle #3: Apply a branded utility framework to balance emotion and function.
Useful
BRANDED UTILITY
DIGITAL PRODUCTS & SERVICES
ADVERTISING
Eye
Cat
chin
g
Principle #3: Apply a branded utility framework to balance emotion and function.
Deliver value and usefulness in addition to messaging
Wrap the useful service in branded and differentiable language and experiences
Principle #4: Mobile stands on its own, but also links online and offline.
WEB, APPSIVR & CSRKIOSKS MOBILE APPSCRM
Not just a channel...
TV
PRINT OUTDOOR
DIGITAL
WEB, APPS
IVR & CSR KIOSKS
MOBILE APPS
CRM
Principle #4: Mobile stands on its own, but also links online and offline.
Principle #5: Drive FS process transformation from the device closest to the process.
PROVIDER
PROVIDER
2012
2014+
Summing up the opportunities:
The FS customer journey is in flux. Customers are exploring new ways of accomplishing FS tasks, and exploring competing offers as well as competing value chains.
Touchpoints including branches and FAs (when they are key business steps) will need to be re-thought in this world. Today’s ways of educating, selling, processing and servicing relationships may not be tomorrow’s.
Crafting and transforming internal processes may be just as important as customer-facing technologies. Building elegant, usable, and consistent user experiences for employees is critical for omni-channel success.
A digital innovations and experience design company
THINK Interactive is a digitally focused agency of thinkers, inventors and makers. For the last 20 years, we have helped brands solve fascinating, complex business
and marketing problems. We help brands create and distribute digital experiences that become ever-present and indispensable in the daily lives of
their customers and employees.
We focus on: - Building innovative digital products, utilities and platforms
- Designing beautiful, frictionless experiences across all screens - Distributing, marketing and tracking initiatives across
a brand’s entire digital ecosystem
Follow us: www.thinkinc.com/blog
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