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How to thrive in digital disruptionReinventing core products and services Creating real relationships online the merging of physical and digitalMaking the Brand purpose come alive
Peter Fletcher-Dobson, Digital Strategy Lead
ItsOurs.
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Worried
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My story
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Its the 90s all over again
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Thatcher resigns in front of world media
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She cried. It was big news.
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Thats me! Back row, 18th on right
Banking is an industry undergoing digital disruption. Similar to the music (itunes); news (social media); photography (smartphones); postal (email); accommodation (AirBnB) and even taxi (Uber) industries, thanks to the internet, banking will be unrecognisable in 10 years time.
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Breaking: Digital disruption hits news
200020071995
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Revenue impact
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Industries disrupted by digital
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Huge increase in FinTech investment
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Step changes aheadRelevancy with new consumers
Products replaced by platforms
Humanisation of big data
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Challenge 1: Relevancy77% of millennials more excited by financial services innovation from Google, Apple or Facebook, than a bank
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Challenge 2: Proposition not product
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Challenge 3: Humanising dataWhat digital customers want is to be treated like a human being by organisations. They want to be treated with respect, care, dignity and concern.
Jim Stengel, former Global Marketing Officer for Proctor and Gamble
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Consumer context is changingSource: Windshift (2014)
Qualities of brands that will thriveAttitudeCultureBrand differentiationPerformanceSales and Service ExcellenceSimplicityUtilityDigitalPropositionsData
Customer challenge
Banks are large faceless, self-serving and not people orientated.
I want the convenience of online.
Dont treat me like a number.
Banks are large faceless, self-serving and not people orientated.
I want the convenience of online.
Dont treat me like a number.
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What are banks for Dad?
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Our purpose
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Case Study: Online Relationship Managers
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Value propositionA good friend who helps you get ahead
Fixes your problems simply without fuss
Does the right thing by you not by the bank
Where you are, whenever, wherever you choose
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Digitising the relationship
Hi, my name is Sarah. Im your online Kiwibank personal account manager.
Hi, my name is Sarah. Im your personal online banking assistant.
Hi, Im Paul Brock, CEO of Kiwibank. Im writing to you as you are a valued online banking customer and Id like to offer you a special service
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Hey John!
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Customer responses
Customer responsesHi Becks. I know this has nothing to do with my banking but thought you would like to know that my daughter in law has beaten the cancer.
After nearly a year, she has won the battle. So we are going to have the happiest Xmas ever.
Once again, thank you for that advance on my account to help them with the travelling to hospital.
I hope you have a Merry Xmas and a Happy New Year.
Recognition
A simply outstanding example of customer driven innovation.
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Case study: Home Hunter
Daunting paper application process
The Home Hunter brief
Fundamentally reinvent home lendingEnable buyers to buy smarterDigital and data, mobile firstAutomate processes Drive revenueDont add risk
Heres what we built
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Challenges in creating great experiencePower of cross functional team, co-locatedIntegrating Agile into a waterfall environmentBuilding three times over (native x 2 and web)Pivoting LVR restrictionsLegal and credit involvement mixed successValue of good partners
Recognition
Winner Innovation in Financial & Professional Services
Great example of design that takes a complex, dynamic process, and makes it dramatically friendlier.
Conclusion
Imbue values
Cant do it all on your own
Truly reinventing means deep change
Real people at the centre
Thank you.@peterfd
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