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Cards and Payments Asia presentation - Apr. 2015

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Winning with Contextual Financial Services
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Cards and Payments Asia 2015, Singapore

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Cards and Payments Asia presentation - Apr. 2015

  1. 1. Winning with Contextual Financial Services Cards and Payments Asia 2015, Singapore Loon Wing Yuen Director, Innovation Enterprise Architecture & Solutioning, Group Information and Operations Division Suntec, Singapore 22-23 April, 2015
  2. 2. How the world has changed – in the post-millenial era, it is the customer who is now in the “driver’s seat” Business- driven IT Consumer- driven IT 1. Business’ computational power & information assets >> Consumer 2. Business applications model and automate the business process 3. Informating the business process component generates structured data 4. Analytics from the generated data serves the business 5. Data stays with the business – the business has the “information monopoly” 6. Proprietary data does not enable new collaborative business models 1. Consumer’s available computational power & information assets >> Business 2. Consumer cloud-centric applications dominate – models and enables the consumer digital lifestyle and activity 3. Informating/instrumenting the customer/physical world generates large amounts of structured and unstructured data 4. Analytics from the generated data serves both the consumer, business and partners 5. Cloud APIs enable information sharing and collaboration – the consumer is as informed as the business 6. Open data from Cloud APIs enable new collaborative business models and disruptors 7. Enabling the creation of new alternatives and choices for the consumer How the Information Technology landscape has changed:
  3. 3. With the customer in the “driver’s seat”, the paradigm is shifting from managing interactions to supporting engagement Customer Interaction Customer Engagement*  Acquisition / Retention  Campaign-driven  Customer Segmentation  Schedule-driven  Customer Touchpoints  Digital Interaction  Value Exchange  Customer Moment-driven  Customer Recognition  Continuous  Customer Journeys  Digital Engagement * -- Optimal Customer Engagement has to be contextual supported with the best customer experience.
  4. 4. CIMB’s journey – Embracing the digital frontier New Enablers New Digital Offerings New Channels Big Data Analytics- enabled Customer Insights and Applications STP, Instant Decisioning & Instant Fulfillment Regional Converged Clicks Platform CIMBMessenger Mobile POS KWIK Rekening Ponsel/OctoSend Instant over the Phone DecisioningGeo-location based Deals Bank-in-a-Briefcase Beat Banking’s Collaborative Wallet with AIS telco CIMB Clicks User Base ‘000 New Core Banking Platform 1Loyalty Regional Loyalty Platform
  5. 5. In the consumer-driven world, customer experience is now key Principle Concept/Technology CIMB Initiatives Convenience  “Open account where I am”  “Pay where I am”  “Cash where I need it”  “Motorcycle loan at the shop”  “Merchant Offers Near Me”  Enquiries and Complaints via Twitter  Bank-in-a-Briefcase  Plug n Pay  Go Mobile/Reckoning Ponsel  SAMM (Self-Apply Machine for Motorcycle Loan)  CIMB Deals  CIMB Assists Low-friction User Interfaces & Ease-of-Use  Converged Internet-Mobile Platform  Straight-through Processing  Messaging and Chat Services  Virtual Assistant*  Regional Converged Clicks Platform  1View Instant Decisioning  CIMBMessenger  Smart MoneyManager Before considering context, we first need to support the enablement of quality customer engagement via superior customer experience. * -- In conceptual stage
  6. 6. Principle Concept/Technology CIMB Initiatives Personalisation  Group CIF  360o Single Customer View  Advanced Analytics  1Platform  1View  Big Data Processing Platform (consisting of Hadoop cluster, Cassandra NoSQL and Machine Learning) Loyalty & Recognition  Loyalty  Smart Mobile Wallet and Payments  1Loyalty  Go Mobile/Reckoning Ponsel, Beat Banking Wallet, CIMBpay In the consumer-driven world, customer experience is now key The 5 principles and associated concepts/technologies that drive a good customer experience, and CIMB’s various projects and initiatives that address these.
  7. 7. Principle Concept/Technology CIMB Initiatives Context-based Interactions  Location-based Offer Recommendation Engine  Social-awareness  Smart Mobile Wallet and Payments  BLE4 Beacons, Smart Wearables and IoTs*  Fraud Detection via Geo- fencing  Advanced Analytics  Offers4Me for CIMBMessenger  OctoPay Facebook Banking  CIMBpay, OpenBanking  CIMBpay, OpenBanking  PlugNPay m-POS  Big Data Processing Platform (consisting of Hadoop cluster, Cassandra NoSQL and Machine Learning) In the consumer-driven world, customer experience is now key The 5 principles and associated concepts/technologies that drive a good customer experience, and CIMB’s various projects and initiatives that address these. * -- In conceptual stage
  8. 8. Context “Circumstance” – a fact or condition connected with or relevant to an event or action. Hence all this is about information connected/generated from an event which is related to an action being performed. In order to gain a full understanding of the underlying customer event or action (customer context), the following information categories are typically needed: 8 “The circumstances that form the setting for an event, statement, or idea, and in terms of which it can be fully understood.” – Dictionary.com Information Category Contextual Information Baseline Info CustID, Customer Profile (Demographical, Psychographical, Personas, Preferences & Tastes), Risk Appetite, Loyalty Index, Social Graph Historical Info Interaction History, Customer Journey Current/Present Info Channel/Device, Location, Time of Day, Task at Hand, Life-Stage External Info IoT-generated data, Season, Weather, Stock Market Index, Other Economic Indices
  9. 9. Using Context to drive relevant actionable interactions and deeper engagement 9 Contextual Event Trigger / Info* CIMB Initiative Contextual Information Product / Offer Customer Interaction CIMBMessenger “Call-Me-Back” Customer Profile, CustID, Product, 360o Single Customer View CIMB Product CIMB product enquiry (and sale) Offers4Me for CIMBMessenger Customer Profile, Interaction History [previous card transactions], Channel/Device [XMPP over Mobile], Location, Time, Task [shopping, meal, entertainment] Merchant Offers Merchant offer usage PlugNPay m-POS CustID [MerchantID, TerminalID], Customer Profile [merchant profile], Location [Geo-code], Time Credit Card Valid card transaction OctoPay Facebook Banking CustID [CIF, FBID], Social Graph [friend’s FBID], Interaction History [previous P2P fund transfers] CoinBox P2P Fund Transfers Social P2P fund transfer Product or Offer* Customer* Interaction or Transaction Contextual Historical Info * -- Triggering entity
  10. 10. Why context matters – CIMBMessenger “Call-Me-Back” CIMBMessenger is an enhancement module to the CIMB Clicks Mobile App which provides an “always on” communication channel between the bank and the customer. CIMB Product Promotions can optionally have the “Call-Me-Back” function. 10 1. Server automatically checks if the customer will receive notification via Messenger or SMS / 2. Clicks Mobile customer receives push notification via the Apple or Google Cloud. 3. Clicks Mobile app will display the latest notification upon customer clicking on the push notification. 4. Interested customer responds by pressing the “Call-Me-Back” button. 5. A Lead will be generated in Siebel CRM and routed to the assigned Retail Telemarketing Center agent. 6. RTC agent calls the customer within the same business day with regards to the product enquiry.
  11. 11. Why context matters ► The mobile channel is rapidly becoming the dominant channel of interaction between the bank and the customer ► The mobile has become a very personal device – in particular, customers are very selective about which app to enable notifications – these apps must provide value to them ► Hence, in order for our mobile banking app to “qualify” and being sufficiently “valuable” to the customer to enable push notifications – the interactions between the bank and the customer have to be contextually relevant With the growing trend of “Out-of-Band” mobile interactions (such as CIMBMessenger), context matters. 11 Targeted Personalised Contextual Targeted Campaign Offers  No choice  Push based  Segment based “Send me relevant Offers”  Opt In (eg. F&B offers in KLCC mall)  Pull based  ‘Segment of One’ based “Send me relevant Location Offers”  Opt In  Event trigger based (eg. location detected at KLCC mall via a BLE4 beacon) during dinner time  ‘Segment of One’ based “In-Band” Post-Login “Out-of-Band” Pre-Login Mobile Banking txns Mobile interactions
  12. 12. Advanced Analytics and Machine Learning is a key component Context-based interactions leverage Big Data and Machine Learning technologies in order to provide the best possible experience and value to the customer. 12 ElasticSearch Indexing Map - Reduce Pig Hive Tez HBase Storm Spark* Yarn HDFS Exploration Portal Enterprise Data Warehouse Lifetime Customer Data-Mart of One (Cassandra NoSQL Repository)Analytics REST-API layer Business Analyst Machine Learning * -- In evaluation and testing stage
  13. 13. Where is the tech headed ► Customer expectations of banking services are always increasing ► They expect these services to be convenient, easy to use, personalised, rewarding and delivered according to their context ► “Less is more” – within the customer’s interaction / usage context By 2017, consumers who use networked endpoints daily will allow smart machines to make at least 20% of their personal decisions. – Predicts 2014, Gartner 13 Customer uses smartphone for payment at store Wallet app chooses a particular bank card because there is promotion for the card with the merchant As the customer is making the payment, the wallet app also informs the customer that a particular Japanese restaurant nearby is offering 15% discount, as the wallet app knows that it is near dinner time and that the customer loves Japanese food ► Smart personal banking assistants ► Contextual UIs ► Supported by advanced analytics and machine learning / A.I. While waiting for her food, the wallet app alerts the customer that she is due on a particular utility bill payment and she should pay within the day so as not to incur late penalty charges
  14. 14.  Focus on the business priorities first, start with an engaged business stakeholder and manageable pilot  Identify a business opportunity to address and prove the viability/business case, let the next business use case build upon this success and expand  Business case contains a blend of traditional ROI as well as new non-traditional quantitative metrics (such as no. of user downloads, no. of user signups, no. of user active usage, no. of mentions in social media)  Design processes and systems for customer choice and empowerment  Incorporating Design Thinking  Focus first on people and skills, technologies come in second  Some of the technologies are new, so be prepared to experiment; use, discard and replace technology components as required – hence the need to use an agile “pilot approach” Approach Capabilities  Opportunity in the large amounts of data that banks process and store – having more data can give a competitive advantage  Opportunities in using the Push Notification as a new channel for digital engagements with contextual and customer experience innovations  Just using location data (and micro location data using beacons for example) for realtime scenarios opens up many opportunities  There is an incredible opportunity to leverage Big Data and Machine Learning technologies to innovate around digital channels and create new customer propositions with superior customer experience Opportunity 14 Summary and our learnings along the journey so far
  15. 15. Thank You