EVOLUTION OF BANKING

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MOBILE <strong>BANKING</strong> Quick balance check Mobile alerts Notification Message alert from your bank What is it? – To drive greater adoption and engagement, banks need to take a more active role in helping customers proactively manage their finances through real-time notification of events that impact their accounts. Alerts can provide the foundation for greater interaction with your customers, increasing engagement, lowering servicing costs and even providing potential revenue opportunities. Some allow the user to alert the bank of lost or stolen cards triggering card blocking automatically. 42 | The Evolution of Banking and Financial Services What is it? – The quick balance feature introduced by Bank of the West is a simple feature which allows users to check their balance without logging into their account, by dragging down the banks logo at the top of the login screen, they can see their account balance. The bank has reported a tripling of daily login volumes since introducing this opt in feature. In the local Australian market, great new features like MoneyMeter in the St.George Banking App is a fast and convenient way to check and track your available balance at any time. With a simple swipe from the home page, MoneyMeter will tell you how much, or how little, you have available to spend without the need to log on to mobile banking. National Australia Bank announced a money management tool as one of the latest part of the bank’s technology overhaul. The Money Tracker tool integrates with NAB’s Internet banking service to analyse a customer’s transaction history and map spending behaviour. The tool can also suggest budget targets based on previous spending and make forecasts for the future. Commonwealth Bank is also leading innovation in the launch of MyWealth, a website showing customers’ bank accounts and investments in one place. Mobile and social media together What is it? – Customers want to be able to reach their bank in different ways. Avid users of social media increasingly conduct much of their lives through sites like Facebook, making use of embedded applications. Banks and many other organisations are starting to exploit this by adding more communications options to their social media pages. Bank of America has combined contact options with other initiatives, such as a switch from a sales- and product-led approach, to service and consultative approach. This has led to a fivefold increase in the number of customers visiting branches for investment advice, from 5,000 a week to 25,000, according to the bank’s figures. More contact options will result in more opportunities for banks.
VIDEO INNOVATION IMPACTING <strong>BANKING</strong> Monthly spend summary You’re spending less than you earn each month, with £230 left over. Where the money goes Your spending Category Spending (£) Mortgage / rent 800.00 Living / Travel 680.00 Credit card 200.00 Loan 365.00 Insurance 400.00 Regular savings 300.00 Life & Pensions 1200.00 Other commitments 230.00 Total 4175.00 How do I – Invest for my retirement? Needs and goals Is there anything you’d like to talk about or start planning today? +Add Affordability validation Video Chat and ‘Push to Talk’ or ‘Click to Chat’ Help What is it? – Integrated assistance similar to current web chat capabilities but with a face and a voice allowing customers to interact with centrally located advisers helping them with questions, assisting them in understanding their position and guiding them to product solutions and servicing. Simplified distribution dramatically reduces cost to serve, whilst maintaining customer engagement, with fewer security and ID hurdles. YouTube education – video vs. text What is it? – With the majority of web content being consumed in the future by video, this creates a fantastic platform for banks to engage customers through educational and advisory content to help them manage their finances better and achieve their goals. Covering the basics to the complex. You Tube has 1 billion users, consuming 6 hours of content a month. Another option for use could be to send video links to customers post sale to re-emphasise key features. One-to-One guidance and help What is it? – Google ‘Helpouts’ is a new Google service that puts the confused in touch with the clued up via paid hangout calls. Whilst it doesn’t cover financial matters yet, a growing demand for expert guidance on all matters will connect people globally in this way. Banks and financial advisers could easily leverage this infrastructure to engage with new and existing customers. The Evolution of Banking and Financial Services | 43
Page 1 and 2: COMPETITION LOYALTY COMPREHENSIVE-R
Page 3 and 4: 01 CUSTOMER 02 REGULATORy Framework
Page 5 and 6: EXPECTATIONS OF THEIR BANK Know me
Page 7 and 8: MULTI CHANNEL SERVICING Convenience
Page 9: The way forward A move to a custome
Page 12 and 13: Responding to the global financial
Page 14 and 15: Comprehensive Credit Reporting is a
Page 16 and 17: DRIVING CUSTOMER CENTRICITY Good co
Page 18 and 19: A MODEL OF CHECKS AND BALANCES FOR
Page 20 and 21: DELIVERING GREAT CUSTOMER EXPERIENC
Page 23 and 24: 03 NEW ENTRANTS The Evolution of Ba
Page 25 and 26: MOBILE PAYMENTS: AN OPPORTUNITY AND
Page 27 and 28: NON BANKS: DIGITAL WALLET, MULTIPLE
Page 29 and 30: CROWD FUNDING AND INVESTING Crowd f
Page 31 and 32: DELIVERING CHANGE Legacy Systems Of
Page 33 and 34: AP Interfaces TO SUPPORT BANKS’ S
Page 35 and 36: HARNESSING BIG DATA TO SERVE CUSTOM
Page 37 and 38: INNOVATION IMPACTING BANKING: ID an
Page 39 and 40: EXAMPLE OF PERSONAL FINANCIAL MANAG
Page 41: MOBILE BANKING payment £ £ PAY Mo
Page 45 and 46: The way forward Technology solution
Page 47 and 48: 05 BANKING EVOLUTION The Evolution
Page 49 and 50: THE FUTURE Customer Educated and em
Page 51 and 52: RETAIL A new bank proposition - hel
Page 53 and 54: THE way forward Financial instituti
Page 56: Experian Australia Pty Ltd Melbourn

EVOLUTION OF BANKING

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