In the Backbase webinar held December 14, 2011, Roger Peverelli presented Reinventing Financial Services, What Consumers Expect From Future Banks.

1. Backbase webinar – 14 December 2011

2. Introduction VODW

3. VODW: customer focused strategy
• Customer centricity
- New way of working: benchmark, strategy and change management
- Customer experience and service design
- Repositioning marketing: putting customers at centre stage
• New growth perspectives
- Online strategy: turning a channel into a business model
- CSR: a driver for business
- Self directed concepts for the mass affluent and for Generation Y
• ‘More bang for the buck’
- Pricing strategies for direct additional bottom line growth
- Front line effectiveness, sales excellence and retention programmes
- Customer advocacy, social media and mobile services strategies

6. Reinventing financial services
Consumers' relationship with financial
1 institutions has changed
Consumers are calling for transparency
2 and simplicity
Consumers become more and more
3 self-directed
4 Consumers rely on the wisdom of crowds
5 Consumers are revaluing values
6 Consumers prefer to be 'close’
7 Reinventing financial services

7. 1. Consumer's relationship has changed

8. 1. Consumers' relationship has changed

9. 2. Consumers call for transparency and simplicity

10. 2. Consumers call for transparency and simplicity

11. 3. Consumers are more and more self directed
Voetnoot

12. 3. Consumers are more and more self directed

13. 3. Consumers are more and more self directed

14. 3. Consumers are more and more self directed

15. 4. Consumers trust the wisdom of crowds

16. 4. Consumers trust the wisdom of crowds
Awareness Orientation Purchase Post purchase
From
Advertising Point of sale
mass media / online Sales force, outlets, PoS material
To
Comparison sites, Comparison sites,
social media social media

17. 5. Consumers revalue values

18. 5. Consumers revalue values

19. 5. Consumers revalue values
Common decency:
Recommend and sell only products that you would buy yourself.
Treat customers the way you would like to be treated.
• Act from the customer’s best interest
• Guarantee an honest price
• Don’t offer new customers a better price than existing customers
• Stop empty promises
• Ban each product that is not completely clear
• Show more leniency. Act less rigid.
• Only sell products that customers actually need
(not what we like to cross sell)
• Support customers who face difficulties. Offer relief.
• Leverage assets and competences to make a positive change in society

20. 6. Consumers prefer ‘being close’

21. 6. Consumers prefer ‘being close’

22. 6. Consumers prefer ‘being close’

23. 6. Consumers prefer ‘being close’
Online Current account
Mobile Daily empowerment

24. Reinventing financial services
Dilemmas
• Transparency and simplicity versus margin
• Cost reductions versus service excellence
• Back to the original function versus new added value
• Shareholder value versus value for customers
• Scale versus close - is small the new big?
• Compliance versus customer communication
• Sales versus 'ethics'
• Future solutions versus past problems
• Responsibility and sustainability versus short term results
• ...

25. Reinventing financial services
Design principles
• Changing purchase drivers: service will gain importance.
• Customer intimacy and service excellence
on top of operational excellence.
• Mobile and online: keys to restore trust.
High frequency use, satisfaction and advocacy.
• Become part of life. Authentic and relevant. 'The human scale'.
• Empowerment.
• 360 Transparency and simplicity.
• Seamless integration of channels.
• Leverage contact frequency for deep understanding.
• Put customers at centre stage.

26. Reinventing financial services
Book website
www.reinventingfinancialservices.com
Apple iBook edition
Kindle eBook edition
at Amazon.com