Say little, do more.

suraj.mishra@aprikot.biz
Say Little – Do More
Say Little – Do More

Waves of Change Oceans of Opportunities 7 – 8 October 2013 Hilton Kuala Lumpur Hotel
Good Afternoon. My name is SURAJ.
Work: 23 years experience in banking, asset
management and insurance.
Job: Last 3 jobs > CEO for Prudential Fund
Management in Singapore, Middle East and
Malaysia (now called Eastspring)
Education: MBA (Finance), B.Com (Hons),
Chartered Wealth Manager (CWM), MFP,
CIPM.

Suraj Mishra
MBA, B.Com (H), CWM, MFP,

23 Years – Experience
Ex-CEO Prudential SG, UAE
Author, Winning-the-Wealthy
Day-to-Day Customers: 5 Children, ranging from 24 to 3
years old. Different strokes for Different folks.
What now? Speaker, Author, Trainer and Consultant.
Work on what I enjoy.
48 Years

Different Volks
Different Folks
for

3

9

Unnawears.
My husband bought these
nerdtron Edison boxers from
‘The Gap’ a few days ago.
I like them.
The end.

CHOICE
What do consumer want?
What did the consumer need?
UNDER WEAR

Traditional Purchase Process
Traditionally, there have been three critical junctures within a customer’s purchase
process where product must be successful: “stimulus”, “shelf”, “experience”.
Second Moment of Truth
Experience
(Experience) - Once home with the
product, the consumer uses it and forms
an opinion of his or her purchase.

First Moment of Truth
At shelf In-store
The consumer, driven by an
advertisement or knowledge, visits your
oﬃce and the combination of product
packaging and salesperson claims,
results in a purchase.
Stimulus
This is the moment when an
advertisement/knowledge connects with
a consumer in such a way that pushes
him or her to visit a start the discussion.

Advertisement

Stimulus
Advertisement
At shelf In-store
Experience

Something else happening ….
Experience
At shelf In-store
Stimulus
Advertisement
?

Online research forever changed the game
Query Volume, January 2008 – January 2012!
Automotive
+262%
Real Estate
+253%
Travel
+211%
Legal Services
+233%
Source: Google Internal Data, 2011.

Ad location
TV
58%
Shop/business
57%
Magazines
48%
Posters / Billboards
36%
66%
have performed
a mobile search after
seeing an ad
Source: Google and ipsos, “Our Mobile Planet: Understanding the Mobile Consumer, May 2012
Oﬄine ad exposure leads to search

So what does all this online research mean to us?
There is a new “Moment of Truth” to consider.

Second Moment
of Truth
Experience
First Moment of
Truth
Stimulus
New Paradigm
At the Bank or Meeting
the Relationship Manager
Experience
Pre-Shopping / Evaluating
Opening the Bank
Account
Advertisement or Call or
meeting with Relationship
Manager

Zero
Moment
of
Truth
Zero
Moment
of
Truth

Second Moment
of Truth
TESTIMONIAL

When you were considering purchasing {PRODUCT}, what sources of information did you seek out to
help with the decision?
Source of Information (Banking)
40%!
36%!
30%!
28%! 28%!
61%!
59%! 58%!
48%!
36%!
51%!
43%!
39%!
31%!
Adontelevision
MailfromBank
Readinformation
Emailfrombank
Noticedadonline
Stimulus
40%!
36%!
30%!
28%! 28%!
61%!
59%! 58%!
48%!
36%!
51%!
43%!
39%!
31%!
ZMOT
Bankwebsite
Searchengine
Friends/family
Comparison
online
Reviewsonline
Talkedwithbanker
in-person
Readbrochurein
bank
Talkedwithcust.
serviceonphone
Lookedatsignage
inBank
40%!
36%!
30%!
28%! 28%!
61%!
59%! 58%!
48%!
36%!
51%!
43%!
39%!
31%!
FMOT
Source: Google/Shopper Sciences, Zero Moment of Truth Study – Banking, Apr 2011
75%
91%
79%

45%!
42%!
39%!
32%!
29%!
75%!
64%!
60%!
53%!
40%!
36%!
60%!
53%!
Source of Information (Insurance)
When you were considering purchasing {PRODUCT}, what sources of information did you seek out to
help with the decision?
Adontelevision
MailfromInsurance
Company
Readinformation
Company
website
Emailfrom
InsuranceCo.
Noticedadonline
Searchengine
Friends/family
Comparison
online
Reviewsonline
Talkedwithcust.
serviceonphone
Talkedto
Representative
in-person
Stimulus
ZMOT
FMOT
Source: Google/Shopper Sciences, Zero Moment of Truth Study – Insurance, Apr 2011
Customer
serviceonline
79%
94%
79%

56%!
38%!
33%!
23%!
21%!
54%!
49%!
41%!
39%!
30%!
23%!
22%!
26%!
24%!
21%!
20%!
Source of Information (Credit Card)
Emailatwork
MailatHome
Readinformation
Company
website
Adonline
AdonTV
Searchengine
Friends/family
Comparison
online
Reviewsonline
Talkedto
Representative
in-person
Stimulus
ZMOT
FMOT
Source: Google/Shopper Sciences, Zero Moment of Truth Study – Credit Card, Apr 2011
Customer
serviceonline
Readcomments
TalkedtoCust.
serviceonline
in-person
Signageat
Bank
Brochureat
Bank
84%
81%
47%

This is the new World of ZMOT
50% 49% 38% 36% 31% 22% 22% 18%
Searched
online
Talked with
friends /
family
Compared
product
online
Sought
info. from
manufacturers’
website
Read
product
reviews
Sought
info. From
retailers
website
Read
comments
Became
friend/
follower/
’liked’ a
brand

Average Number of Sources
5.8
7 7.3
9.8
8.6 8.9
10.2 10.8 11.7
14.8
18.2
14.7
Restaurant
CPGHealth/
Beauty
CPGGrocery
OTCHealth
CreditCard
Investment
Travel
Banking
Insurance
Tech
Automotive
Voters
Average # of Sources Used by Category
Shoppers can range from using an average of 5.8 sources when choosing a
Restaurant to a high of 18.2 sources used by Automobile shoppers.
Shoppers use a range of sources, depending
on type of decision
Q2 When you were considering purchasing [PRODUCT], what sources of information did you seek out to
help with your decision?
Base:N=5,003
Investor use 10.8 and 11.7 sources respectively, when choosing a Banking and Insurance product.
[Based on research in the USA]
Source: Google/Shopper Sciences, Zero Moment of Macro Study, Apr 2011. www.google.com/think/insights. Google Conﬁdential and Proprietary material.

Gen X | Gen Y : Average Number of Sources
Source
14.5
ZMOT
99%
Source
11.2
ZMOT
90%
Source
6.0
ZMOT
83%
Source
13.5
ZMOT
94%
Source
12.4
ZMOT
93%
Source
9.6
ZMOT
96%
Source
13.5
ZMOT
91%
Source
5.5
ZMOT
79%
Source
7.4
ZMOT
74%
Source: Google/Shopper Sciences, Zero Moment of Truth Study – Apr 2011
18-34! 35-49! 50+!
Banks!
Insurance!
Credit Card!

Mobile as ZMOT  
will only grow in importance
61%
of smartphone users call a
business after searching
45%
of all consumers use
smartphones for in-store
product research
Source: Google TheMobilePlaybook.com 2012

WHAT IS "
HAPPENING

640 Tweets
per second!
March 2006!
340 million
Tweets per day!
500 million
registered users!
IPO*!
$10-11 billion!
Market Value!
*based on $17 per share private sale.
Less than 10 years!

If
Facebook
was
a
country.

CHINA

1.3
billion

INDIA

1.1
billion

USA

300
million

Brazil

190
million

Facebook

1.1
billion

It will be the
second largest
populated
country in the
world.
Feb 2004!
1.11 billion
active users,
globally.!
Market Value!
Crossed $100
billion in August
2013!
Less than 10 years!

0!
100!
200!
300!
400!
500!
600!
700!
800!
900!
1000!
1110!
Aug' 04! Aug'08! Apr'09! Sep'09! Feb'10! Jul'10! Jan'11! May'11! Sep'11! Apr'12! Oct'12! Mar'13!
First !
4 years!
Next 1 Years;!
added 150 m.!
Next 1 Years;!
added 200+ m.!
Next 1 Years;!
added 350+ m.!
Next 1 Years;!
added 200+ m.!

Feb 2005!
4 billion views
per day.!
100 hours

NINETY-FIVE.The percentage of companies using LinkedIn
to find and attract employees.
59% use Facebook and 42% use Twitter.
14
Dec 2002!
244 million
monthly unique
visitors!
Market Value!
US$ 32.56 billion!

Waves of Change Oceans of Opportunities 7 – 8 October 2013 Hilton Kuala Lumpur Hotel© faberNovel 2013 ••• 6
IT’S THE FASTEST GROWING TALENT NETWORK.
Source: “LinkedIn’s Road to IPO” – Mashable.com
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
2 new
members
every second
Members(inmillions)
LinkedIn – Is Acquiring 2 members/second
§  What are they doing?

That’s
13X
more
than
the
LIBRARY
of
CONGRESS

THESE WERE ALL
SOCIAL MEDIA
COMPANIES.

WHAT HAVE
THEY DONE! ?

WHAT ABOUT
DIGITAL
COMPANIES ?

§  Online Money Transfer (2000, USA)
§  Oct 2002 > acquired by ebay for US$ 1.5 billion
§  In EU, Paypal operates as a Lux-based bank.
As of 2012
§  Payment volume : US$ 145+ billion;
§  194 markets;
§  232 million accounts.
§  Customers can sent, receive and hold in 26 currencies worldwide.
PayPal

§  Online Money Transfer (2000, USA)
§  Oct 2002 > acquired by ebay for US$ 1.5 billion
§  In EU, Paypal operates as a Lux-based bank.
As of 2012
§  Payment volume : US$ 145+ billion;
§  194 markets;
§  232 million accounts.
§  Customers can sent, receive and hold in 26 currencies worldwide.

AMAZON.COM
It is the world's largest online retailer!
| 152 million |

Did you know:
Market cap

US$ 105 billion

1.7 X market cap
eBAY

Customers

152 billion
4 X # customers
GROUPON

Employees
51,300
13 X # more than
FACEBOOK

Revenue
US$ 48 billion
27% more than
GOOGLE

Retail Brand
#1
Better than
WALMART

In 15 years
Amazon went from 1 category (books) to 16 main categories

Jeff Bezos
Every step was for Customer.
“Be afraid of our customers, because those are the folks
who have the money. Our competitors are never going to
send us money.”
§  CUSTOMER FOCUS
§  FRUGALITY
§  INNOVATION

Will pay $5 to Walk-Out of Stores
Empty-handed.

§  Scan the bar code of the product or !
§  Take a picture & type the product’s
name, or !
§  Say the name of the product !

The customer will receive the
search results and the user
can decide if Amazon and its
merchant partners offer the
same product, including the
price and the discount.!

Different Folks
for
Different Volks

How about
ﬁnancial industry ?

Car Insurance

How about Banks?

Easily manage your money !
through Online Banking!
Keep track of your
spending automatically!
Setup sub-accounts for
Savings Goals!
See how other people like
you manage their money!
Easily manage your money !
through Online Banking!
Keep track of your
spending automatically!
Setup sub-accounts for
Savings Goals!
See how other people like
you manage their money!

New branch offers paperless
transactions, digitablets, financial
literacy workshops & more
“Bank by day, financial playground by night, ”

“I-Designed-A-Bank” contest, former students from the NUS School of Design and Environment designed the DBS Remix
branch.

DBS Remix takes on a brand new platform.
§  It offers all financial capabilities like most other branches,
§  It also serves as a learning zone for the youth.
§  It is an avenue to network, share ideas and spread creativity.

The branch,
§  Digital guest book available for customers and clients to provide comments and feedback.
§  No marketing brochure. Paperless branch, DBS Remix will send by email.
§  Embrace social media. Facebook. Everything, from the latest news to cyber advertising, in Facebook.
§  Digitablets, touch screens, an e-queue system and an infotainment screen, have all been installed to make the experience
a memorable one.

needs; but on wants
must focus not just on
The ORGANISATION

The CONSUMER

GEN X Y Z
You have heard of

C
The birth of
Generation
Control
Content Communicate
Creativity
Channel
Creative Class
Community
Connected
Co-Creators
Cash
Consumer 2.0
Conversation

The consumers today are

I post on blogs and BBS because I can express
myself to millions of people at once. I like the
rush, and I feel empowered.
“
”
Source: http://china.seekingalpha.com/article/30979

I believe the bloggers and their ideas.
They are my friends and will tell me the truth,
unlike advertisements.
“
”
Source: http://china.seekingalpha.com/article/30979

Fortunately, banks are in a position to take advantage of
BIG DATA &
ANALYTICSto generate new revenue and amazing customer relationship.

personalized offers
targeted cross-sell
improved customer service

BIG DATA & ANALYTICS
Spending
Pattern
Behaviour
Channel
Usage
Product
Portfolio
“
“
Bank
Interaction
Credit
Information
Social
Media
Customer
Proﬁtability
“deliver offers at point of decision”
More insight
Deeper insight
Faster insight

§  sad
Mr. Ahmed
Leading Bank
Mr. Ahmed is a customer
Housing Loan
Checking Account
Saving Account
Credit Card

Mr. Ahmed is
renovating his kitchen
And he buys a new set of
chef Knives
The bank recognizes that
Mr. Ahmed has made a
number of household
purchases lately, and
analyzes his ﬁnancial and
transactional data,
including …………

Shares dinning
experiences
Likes 6-ring Gas
cooker
Visits gourmet
restaurants
Loves to cook
Spending Pattern
Income
Saving Balance
Available Credit
Loans
Credit Score
⏏
Level of Risk
Social Media
Bank will also look
at Mr. Ahmed’s
related activities in
Social Media (Public
Information)!

Using BIG DATA predictive analytical, the
bank has the following information to take a
decision:

1.  Mr. Ahmed wants a 6-ring Gas Cooker
(Professional Quality)
2.  Stove will cost around USD 2,500
3.  Credit History of Mr. Ahmed has been
good
4.  He has exhausted his credit limit, due to
the latest kitchen renovation.
5.  There is good possibility that the
appliance store will offer Mr. Ahmed
credit (Store Credit – Courts).
6.  The banks compares with other
individuals similar to Mr. Ahmed’s
profile.
The bank wants to ceased this business
opportunity before the store credit is offered to
Mr. Ahmed.

The bank send Mr. Ahmed an offer to extend his
line of credit:
OFFER
$2,500 at 0%
for purchases
made in the
next 24 hours.
Review Terms
Accept

Mr. Ahmed uses the additional credit to buy
the 6-ring Gas Cooker (Professional Quality).

The bank oﬀers to hold in custody the copy
of the receipt and the warranty.

OFFER
Protect your
purchases!
Extend your
warranty for
$100 for 2 years
Review Terms
Accept
ALERT
Protect your
purchases!
Archive receipts
and warranty
with us.
OK to Proceed
The bank oﬀers an extended warranty for a
$100 for 2 additional years.

§  Meeting expectations is “boring”.
§  Customers view products/services
as “commodities”. We need to oﬀer
innovative and “engaging
experiences” that will consistently
excite and delight customers.
§  Customers expect to receive greater
value for their loyalty, heightening
their wants and expectations for
products, services and overall
experiences.
M E E T I N G
VS.
EXCEEDING
EXPECTATIONS

The most successful companies
recognize that they are engaged
in a continuous battle for the
hearts and minds of customers.
Deliver not just what you promised;
the key to deliver more than they
were expecting.
X
Y
C
Z
Recognize
EXPECTATIONEXPECT

Thank You
have a “great evening”
Suraj Mishra
+65 97916144

Say little, do more.

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