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BANK 2.0 Keynote delivered to the TD CIO counsel in T
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THE BIG SHIFTThe 3 Phases of Customer Behaviour Disruption
1 Internet givesControl & Choice
THE BIG SHIFTThe 3 Phases of Customer Behaviour Disruption
300% $ IncreaseSince Jan 09
15%Online as % ofRetail Deposits
Market
Source: Reuters
x2
“We’re living in a world of mouth world...”
Gary Vaynerchuk
I trust my network more than I trust your brand...
THE BIG SHIFTThe 3 Phases of Customer Behaviour Disruption
2
Mobility givesAnywhere & Anytime
Mobility Usability
0
1000000
2000000
3000000
4000000
5000000
Aug-07Oct-07Dec-07Feb-08 Apr-08 Jun-08 Aug-08 Oct-08 Dec-08 Feb-09 Apr-09 Jun-09 Aug-09 Oct-09 Dec-09 Feb-10 Apr-10
Take up of Bank of America Mobile (App Phone) Internet Banking
16
Slow Mobile App Involvement
• 8,012 FDIC Insured Institutions in the USAAs at Q1 2010
• Dedicated iPhone Apps: 257
• Specialized Mobile Websites:54
• Android or other: 28
source: iTunes/Apple Inc, NetBanker.com, Mobile Phone McGee4.2%** With confidence error adjustment
Who does your head of mobile report to?
Behavioral Shift97% own a computer
94% own a mobile phone
76% use Instant Messaging
15% of IM users are logged on 24/7
34% use websites as their primary source of news
28% author a blog and 44% read blogs
49% download music using peer-to-peer file sharing
75% of college students have a Facebook account
60% own some type of portable music and/or video device such as an iPod
Source: Heidi Przybyla "Obama's `Youth Mojo' Sparks Student Activism, Fueling Campaign", Bloomberg.com (May 7,2007) Source: Generation Y, Business Week, February 15 1999
THE BIG SHIFTThe 3 Phases of Customer Behaviour Disruption
3MobilePayments gets us
Ubiquitous & Cashless
Who is in charge of phasing out cheques?
Source: Celent
Why don’t we give our customers mobile phones instead of checking accounts?
How will I apply for a credit card if there is no plastic?
Hot mortgage deals*Citibank offset 6.5% 14 years ★★★☆☆HSBC Fixed Rate 5.75% 18 years ★★★☆☆Bank of America 5.65% 18 years ★★★★☆
More deals
*Based on 30% deposit and mean value of houses in street $765,452
THE BIG SHIFTPoint-of-Impact
Direct Mail Offer
“SPAM” Client walks into
store
Uses non-bank Card or Cash
Lost Opportunity
More Direct Mail SPAM?
2010
Ad impressions per day(based on 100 Million units sold)
1 Billion iAd
DataWho?When?Why?How?
Where?
Breaking the silos
THE BIG SHIFT
“The world is changing very fast.Big will not beat small anymore...
it will be the fast beating the slow.”
Rupert Murdoch, 79
43%
£4.8mm
WEB, SOCIAL & MOBILE
8%
£540mm
BRANCH
Leading UK Bank
2010 Budget
2010 Transactions
Budgets reinforce silos
Are your metrics broken?
Simplicity
THE BIG SHIFTIt’s not about channel, it’s not about technology
Engagement
