LDD Southern Summit 2013 - Santander - An insight on digital innovation in banking
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This document discusses digital innovation in banking driven by the speed of technological change and adoption of mobile devices. It notes that mobile technology is converging various services and that payments initiated via mobile will soon outnumber those using plastic cards. The challenges for banks are providing seamless multi-channel customer experiences across branches, telephone, online, mobile and social media. Opportunities exist in proximity-based services, understanding customer value and building connections through relevant personalized experiences and fast services. The growing influence of mobile will see its use surpass online banking for day-to-day activities. This points banks towards focusing on digital banking, media monitoring and payments innovations using mobile wallets, NFC and faster payment methods.
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LDD Southern Summit 2013 - Santander - An insight on digital innovation in banking
- 1. An insight on digital innovation in Banking Stephen Dury Managing Director SME Markets & Business Development
- 2. •Background My background Speed of change Quantum of change Impact of change Influence of mobile technology Converging services and markets Areas of change in banking iZettle 2
- 3. SPEED OF CHANGE…. Radio Television Internet iPod iPhone Facebook Android 38 years 13 years 4 years 3 years 2 years 2 years 1 year It took…. To reach 50m users Estimated 50 billion devices will be connected to the web Within 10 years: 3 Payments initiated by mobile devices will outnumber transactions initiated by plastic cards
- 4. 4 4
- 5. THE CHALLENGE…. … MULTI CHANNEL CUSTOMER EXPERIENCE BRANCH TELEPHONE ONLINE FACE TO FACE ATM MOBILE SOCIAL MEDIA 5
- 6. THE OPPORTUNITIES… PROXIMITY VALUE UNDERSTANDING RELEVANCE CONNECTION CUSTOMER EXPERIENCE 6 SPEED
- 7. 7
- 8. GROWING INFLUENCE OF MOBILE… • Smartphone adoption is growing rapidly and estimated to be 75% in the UK by 2016 • NFC enabled smartphones offer seamless information transfer and are estimated to reach 863 million units by 2015, an increase of ~ 300% from 2013 • Online spend growth remains strong, but exponential growth is expected through mobile devices • Mobile is showing rapid growth for access to day to day banking. Faster growth than any channel. UK SMARTPHONE PENETRATION 8 NFC ENABLED DEVICES Source: Portio Research, “Worldwide Mobile Handset Installed Base 2012 – 2016”; Frost & Sullivan, “NFC - When Will Be the Real Start?”, Edgar, Dunn & Co 2012 ESTIMATED SPEND BY PLATFORM
- 9. INCREASING CONVERGENCE…. Mobile Financial Services Mobile Prepaid Mobile Wallet Remittances App Markets NFC/ Private Label Remote Direct Bill Banking/ Alerts NFC/ Remote Offers Payments Mobile Wallet INTEGRATED EXPERIENCE Social Media and online advertising Mobile OS Mobile Wallet Marketing Apps Networking Offers 9 Retail, Transport, Ticketing Mobile Checkout NFC/ Proximity BarCode/Text Pay Offers/ Promotions Shopping Apps/ Mobile Web
- 10. Areas of focus… 1. DIGITAL BANKING 2. MEDIA MONITORING 3. PAYMENTS • • • • • • • Brand insight • LinkedIn • YouTube • Customer understanding • Sharing insight •… • • • • • • • 10 Enhanced Mobile Integrated services Simple ID&V Visualise Alerts … Mobile POS Mobile Wallet Peer to Peer NFC Faster payments QR codes …
- 11. INNOVATION… 1. DEVICE 2. SIGN UP SPEED 3. USER EXPERIENCE 4. ONLINE SERVICE 5. NO CONTRACT 11
- 12. Closing thought… 1. Aggregate 1. Contextualise 1. Visualise 12
Hinweis der Redaktion
- {"5":"Banking and the technology and channels that support banking have evoled over many decades.\nThe different channels have grown over a long period of time and in silos in terms of process, operational design, customer experience, culture and in doing so have created an expectation.\nCustomers select the channel that works best for them, many use multiple channels, however bringing together the customer experience across the difference legacy platforms, and continuing to innovate to maintain pace with customer expectation, is where the opportunity and challenges lie.\nNew entrants in the Financial Services market have the ability to start with a clean slate. Start with a technology platform and build propositions, data capture and management strategies, data models, products, services, processes and so on that work seemlessly across all channels.\nGiven the pace of technological change, as illustrated previously, and the influence this has had on customer expectations, very few businesses can ignore the need ensure they have an integrated channel strategy.\n","11":"Huge threats and huge opportunities all at the same time. Partners and competitors can be one and the same – but can you afford not to play?\nThis is a perfect example of where insurgents and incumbents can leverage the best of each others capability to succeed.\nUs – network, customer base, relationship teams, physical distribution network, connection with customers and scale, customer checks such as identification and AML in place etc.\niZettle – innovative product, speed and straight through processing, simple service and pricing model and a singular focus on being the best in their market on an international scale.\nIn Brazil, one of the first markets to go live, after only four days into the launch, more than 10,000 small retailers and self-employed people had requested the product. The launch also gained attention from the country’s major newspapers and media outlets, with over 90 citations. The buzz extended to social networks reaching more than 285,000 people and generating 5,000 “Likes” on Facebook, It has also been “shared” nearly 2,000 times and prompted over 500 comments, a testament to the success of the launch.\n","6":"To understand innovation in banking and financial services its important to set the context against which new innovations can be evaluated.\nThe threat and opportunity created by disruptive and emerging technology, in particular for more mature businesses with established propositions and a value models, comes from some of these areas.\nProximity – an ability for someone to be closer to your customers than you are. Disintermediation created by comparison sites.\nValue – finding a new opportunity to create value or extract existing value from the existing established model. Payments as an example.\nUnderstanding – advancement of data analytics and tools that can deliver insights to you or your customers faster than you can. Media monitoring. RFV.\nRelevance – In a basic sense… right place, right time, right proposition.\nConnection – ability to stay connected with your clients. A key part of a multi-channel strategy and where mobile plays a big role.\nCustomer Experience – thinking end to end design, from contact to utilisation.\nSpeed – at times a function of customer experience but can also be a key tool for insurgent new entrants to disrupt established markets. \n","7":"Show video.\n","3":"A key challenge is the sheer pace of that change in today’s world. \nHuge global markets can be created within a matter of months. \nNew players can claim and occupy new ground at breathtaking speed (consider how quickly the iPhone or Android became global phenomena)\nAnd, all the time, we are seeing profound, shifts in people’s behaviour. \nThe demand among consumers for new technology is seemingly insatiable. \nSmartphones are continuing to sell at the rate of more than a million a day. \nIn 2011, smartphone and tablet sales will outnumber PC sales for the first time – in the future, they will leave them far behind\nThis means that we should not be faced with a long tail of legacy phones with limited capability. Instead, a substantial proportion of the population will be fully equipped and ready to go.\nMany authorities are predicting ever sharper adoption curves.\nEricsson, for example, is confident that, within ten years, 50 billion devices will be connected to the web – up from 5 billion today.\nAnd, with everything that’s happening in our industry, new payment technologies will be subject to the same equations. CapGemini, for example, believes that by the end of 2013, mobile payments will account for 15% of all card transactions. And, within 10 years, payments initiated by mobile devices will outnumber transactions initiated by plastic cards.\nWhether these estimates are correct or not, what is not in questions is that change is irreversible\nNew payment environments and payment related products and services are emerging daily.\nVisa is part of these new environments\n","9":"The market is converging. This slide shows just a few examples of how and where Mobile devices and technology are bringing together once disparate businesses into a common experience.\nBy way of example the combination of mobile banking, payments and loyalty offers with key retailers to reduce unnecessary additional cards and tokens, improve POS information for retailers and accelerate the check out process by automatically applying the latest offers and discounts at payment.\nWhen looking at all these changes and convergence it will be ruthless simplicity that wins in the long run, it is important to remember \nSame people, same market, same income… \nReach and importance of devices/operating systems is complex \nWhat are you designing experience and propositions for – mouse, finger or gesture?\nSimplification of design – pairing down required on small devises leading design back online\n","4":"It’s a pretty scary picture - Take a look at what goes on in just 60 seconds. Take a moment to take on board the explosion in activity that simply didn’t exist for us or our customers just 15 years ago. \n168 million emails are sent.\n320 new Twitter accounts and 98000 tweets\nThis is a world where Data and Content are king; where you can know about your customers in intimate detail (if they like you enough); where there are few boundaries.\nAnd all of this is possible because of fat broadband pipes in our homes and offices. \nAnd that has fed an “Instant”, “Always on” culture that has had a huge impact on retail.\n","10":"What does this mean for banking… \nMobile transaction growth is outstripping other channels.\nSmartphones and tablets are transforming behaviour.\nCustomers will look for us and interact with us in a different way\nApps help retain balances and boost share of wallet.\nSMEs are early adopters of new technology\nMobile Banking is set to become a hygiene factor\nReduce service pressure by spreading across channels & increase ease of access\nDigital Banking – evolving the availability of services on mutilple devices. Providing richer information, increasing ease and speeds of access and actions, enhancing the ability to analyse alerts and customise and thinking differently about how to enable customers to interact with their money.\nMedia Monitoring – back to my comment earlier about understanding, connection, relevance and proximity. If you have a true relationship with your customers, whether at a transactional level or at a more complex level. We actively use LinkedIn and You Tube to connect with our customers. \nPayments – this is part of the financial services market that is changing rapidly and has the potential to be both disruptive and transformational. With the proliferation of payment services options where P2P, checkout, bank faster payments and so on there is a new payments eco system evolving. I wouldn’t like to predict which ones will prevail as their evolution and integration with the existing payment models and customer behaviour will determine this however we have recently partnered with iZettle in the mobile POS arena. Before I close I’ll tell you a bit about the partnership in the UK and globally, and also share my thoughts on where the innovation sits for this partnership.\nLinks to your smartphone* or tablet via Bluetooth. Works from anywhere with wifi or 3G coverage. Chip & PIN security Visa, MasterCard, Maestro, Electron and V Pay cards accepted \nSettlement within 7 days \nTake up to £25,000 per day in card payments. The option of e-mail receipts for customers \nOne off set up costs £99 inc VAT per device \n£50 cashback on the successful set up of the account and completion of your first card transaction. Exclusive to Santander business current account customers only \nPay as you go - standard fee of 2.75% per card reader transaction (fee reduces dependant upon volume and value of transactions) \nTransactions made without using the card reader are charged at a higher rate. \n"}