Banks have to become SUPER

1. Next-Generation Financial Service Sites Brad Strothkamp, Vice President & Principal Analyst eBusiness and Channel Strategy – Financial Services November 9, 2011 1 © 2011 Forrester Research, Inc. Reproduction Prohibited 2009

3. Agenda What are the shortcomings of many secure sites today? What are the elements of Next-Generation secure sites? What are the implication for retail financial services firms? 3 © 2011 Forrester Research, Inc. Reproduction Prohibited

6. Today’s secure sites have a range of shortcomings Most secure sites today:  Don’t always make it easy for customers to achieve their goals.  Cannot be accessed from every device.  Provide content that isn’t always relevant to individual needs.  Don’t empower customers sufficiently.  Fail to offer human help during high-value interactions. 6 © 2011 Forrester Research, Inc. Reproduction Prohibited

8. Next-generation secure sites will be SUPER S Simple: Make it easy for customers to achieve their goals. U Ubiquitous: Interact with customers wherever they want to. P Personal: Make the entire experience relevant to personal needs. E Empowering: Enable customers to take action by themselves. R Reassuring: Provide human help whenever it adds value. 8 © 2011 Forrester Research, Inc. Reproduction Prohibited

10. Next-Generation digital financial services will make it easy for customers to achieve their goals  Most people don't enjoy spending time managing their personal finances  Few firms make it easy for customers to manage their accounts online since most secure sites today cater more to the needs of experienced users  Next-generation digital financial services will simplify the experience 10 © 2011 Forrester Research, Inc. Reproduction Prohibited

14. Next-generation secure sites will be SUPER S Simple: Make it easy for customers to achieve their goals. U Ubiquitous: Interact with customers wherever they want to. 14 © 2011 Forrester Research, Inc. Reproduction Prohibited

16. Choice: USAA let’s customers access and manage their accounts via their Facebook profile pages • USAA let’s customers access and manage their accounts via its My USAA tab in Facebook • Customers can add a tab to their facebook page to access account information, services, and more from Facebook 16 © 2011 Forrester Research, Inc. Reproduction Prohibited

18. Consistency: RBC and Fokus Bank let customers add mobile banking gadgets on iGoogle • Customers can add a widget to their iGoogle personal web portal that gives access to the bank’s mobile banking Web site, thereby creating a consistent experience across the two touchpoints Source: Personalized iGoogle Web site 18 © 2011 Forrester Research, Inc. Reproduction Prohibited

19. Continuity: Australia’s CommonWealth Bank lets customers track applications on the secure site • A unique application number is assigned to every product application that is started — no matter via which channel • Customers can finish them via whichever channel they prefer • They can view the application number and status via a dedicated tab ―My applications‖ within online banking. 19 Source:Forrester Research, Inc. Reproduction Prohibited © 2011 Commonwealth Bank of Australia

20. Next-generation secure sites will be SUPER S Simple: Make it easy for customers to achieve their goals. U Ubiquitous: Interact with customers wherever they want to. P Personal: Make the entire experience relevant to personal needs. 20 © 2011 Forrester Research, Inc. Reproduction Prohibited

21. Next-generation digital financial services will personalize the entire experience Content Navigation Presentation Personalization Personalization Personalization -Personalized greetings like ―Hallo Alexander‖, ―Happy Birthday‖, or ―Merry Christmas‖ -Information about last login and the most significant transactions that happened since then -Possibility to continue where -Language, layout, and user stopped during the last formatting is tailored to -Proactive notifications about visit different customer segments what actions are required -Main navigation provides -Site customization lets users -Personalized product offers shortcuts to the most likely select displayed content and (e.g. banner ads) user scenario rearrange page layouts -Personalized marketing and -Different navigation layers are -Product pages highlight which service messages (secure presented to different customer products the customer already inbox) segments has and which ones are most relevant to him -Forms and tools that are prefilled with existing customer information -Information about the nearest branch or dedicated advisor 21 © 2011 Forrester Research, Inc. Reproduction Prohibited

22. GEICO offers a fully personalized home page for clients that is different to that for prospects First-time visitors Returning visitors 22 © 2011 Forrester Research, Inc. Reproduction Prohibited Source: GEICO Web site

24. Cross-channel campaign management solutions integrate all inbound and outbound customer interactions Source: December 2009 “The Forrester Wave™: Cross-Channel Campaign Management, Q4 2009” 24 © 2011 Forrester Research, Inc. Reproduction Prohibited

25. Next-generation secure sites will be SUPER S Simple: Make it easy for customers to achieve their goals. U Ubiquitous: Interact with customers wherever they want to. P Personal: Make the entire experience relevant to personal needs. E Empowering: Enable customers to take action by themselves. 25 © 2011 Forrester Research, Inc. Reproduction Prohibited

26. Next-generation digital financial services sites will provide tools to help customers with 4 main questions 1.) What do I 2.) How am I 3.) What 4.) How can I own? doing? should I do? take action? -Let customers -Make proactive create budget and recommendations savings goals and based on -Provide a real-time track their progress customer’s -Make relevant and snapshot of the transaction data actionable customer’s entire -Let customers and financial recommendations financial position create reports to objectives analyze their -Let customers -Include all assets behavior -Offer tools and execute the and liabilities (e.g. functionality that recommendations pension, real -Provide time- and help customers to immediately estate, etc.) event-triggered optimize their alerts finances 26 © 2011 Forrester Research, Inc. Reproduction Prohibited

27. Next-generation secure sites will be SUPER S Simple: Make it easy for customers to achieve their goals. U Ubiquitous: Interact with customers wherever they want to. P Personal: Make the entire experience relevant to personal needs. E Empowering: Enable customers to take action by themselves. R Reassuring: Provide human help whenever it adds value. 27 © 2011 Forrester Research, Inc. Reproduction Prohibited

28. Next-generation digital financial services will intelligently provide human advice whenever it adds value Right Right Right Customer Interaction Information -Offer human help proactively during high- -Offer human help value interactions like depending on customer -Equip agents with the researching a complex value, i.e. more valuable right information like product or filing a clients are more likely to customer data and complaint get human help recent interaction data -Proactively anticipate -Take customer’s -Provide consistent the reason for a channel preferences levels of support by customer call and reach into account to sharing information out to customers before determine which channel across multiple channels they need to make the is offered call 28 © 2011 Forrester Research, Inc. Reproduction Prohibited

29. ABN Amro is providing direct access to a personal advisor on the secure site for preferred banking clients On the secure site, preferred banking customers can see a picture of their account manager, find his or her direct telephone number, and receive personal service messages. 29 © 2011 Forrester Research, Inc. Reproduction Prohibited

30. Bankinter offers one-to-one video calls to provide human advice on digital channels Since 2007 Bankinter offers a Video Call service: • Customers can do one-to-one Web video chats with call center staff via VoIP beyond standard business hours • Video call is used both for sales and servicing and enables sharing documents, applications and web pages • A software needs to be installed first and users can use a webcam • The service is integrated with the bank's CRM system for call routing and customer information • Bankinter handled more than 47,000 video calls in 2008 • Since the system was installed, upsell rates went up by 150% in the first three months 30 © 2011 Forrester Research, Inc. Reproduction Prohibited

32. Implications and recommendations  The secure site is gradually becoming the heart of the customer relationship  Differentiation is shifting from the branch network to the public and secure sites  Most of today’s secure sites don’t take the full advantage of the web  Financial services firms should develop a new generation of secure sites that are SUPER 32 © 2011 Forrester Research, Inc. Reproduction Prohibited

33. Thank you Brad Strothkamp Vice President & Principal Analyst, eBusiness & Channel Strategy bstrothkamp@forrester.com Twitter: http://twitter.com/strothkamp © 2009 Forrester Research, Inc. Reproduction Prohibited

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