addressing legacy systems for a digital future
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Addressing Legacy Systems for a Digital FutureGraham Cobb Mick BullBanking SME Consultant BI & Analytics Solutions [email protected] [email protected]+44 7825 726337 +44 7799 343298
Challenges Driving Digital/Mobile
▪ Consumer Demand Driven Market – Accelerated by Digital Transformation− Millennials Less Loyal
▪ Increasing competition− New Entrants− Challenger Banks− Non-Traditional FS and Banking players
▪ Customers and Branches rarely connect▪ Regulation driving more competition between institutions▪ Focus on the Customer
− Customer Advocacy and Retention through differentiated Digital services will be key
▪ Mobile Channel will be King (Gartner)▪ Predictive growth of the Mobile Market is enormous▪ Very High expectations for Digital/Mobile delivery
− Customer Convenience when I need it V traditional Bank Convenience▪ Predictive view is that the laptop will virtually cease within 5 years
Have FS and Banking Institutions Done Enough?
▪ Focus has been Internet Banking on a Mobile Device− Limited to Transactional Banking
• Account Balance• Transfer Monies• Transaction views• Make Payments• Simple Account Opening• Limited Offers• Come spending categorization
▪ Limited Value added services and therefore no real differentiation
▪ Limited Analytics usage to personalise Customer Experiences− Big data – Third Party Data sources including Social – Unstructured – Real Time
▪ Digital – Cost of Doing business or Revenue opportunity?
Digital FS & Banking Opportunity Through Intelligent Integration
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▪ Provide a value added service integrated into a customer’s every day life as opposed to a destination for traditional banking activities
• Build stronger customer loyalty• Increase share of wallet
▪ Key capabilities• Access core banking services from anywhere, anytime, with an ease that
delights• Provide new services that extend beyond traditional banking to make customer’s
lives easier and better by helping them make the most of their time and money • Drive outbound communication and interaction when “customer” considers
valuable – relevant, timely and value added
▪ Delivery requirements• Digital centric interface designed to operate branch-free and contact-center-lite
to minimise impact on existing infrastructure• Highly scalable platform to keep launch costs low without restricting take-up of
any product/service that goes “viral” • Agile development enabling phased delivery of new functionality in small
incremental cycles, leveraging existing infrastructure and capabilities
• Attract new target customers• Create new revenue stream opportunities
Intelligent Integration
▪ Intelligently integrating the Customer’s daily experiences, − FS and Banking Experiences− Day to Day Experiences
Customer Journey Analytics Customer Behaviours/Activity
Customer Omni-Channel
Experience
Call Centers Internet Relationship Managers/
AgentsBranchesMobile ATMs
Mobile Technology
Core Banking Systems
Infrastructure Management,Monitoring & Governance
Rapid Development& Integration
Mastek Intelligent Integration PlatformM
obile
Com
mun
icat
ion
Man
agem
ent
Dep
osits
Car
ds
Loan
s
Wea
lthCollaboration
Services
Secure, Real-Time, Two-way
Communications
Community Collaboration
Services
Business Analytics
Campaign Insight
BusinessInsight
PredictiveAnalytics
Risk & FraudAnalytics
PerformanceManagement
Web & Mobile
Experience Analytics
Channel Integration
Platform
CommonData
Repository
CommonChannelServices
DataHandlers
DataTransformers
DataMappers
ServiceInvokers
PresentationServices
DataCaching
MarketingManagement
CampaignMgmt
CampaignScheduling
CampaignDelivery
3rd PartyData (sample)
Demographic
Credit Scores
Geographic
Weather
Social Media
Secure, Real-Time
Comms
Community Collab.
Services
LocalConnectivity
Support
ContextAwareness
Wallet Notifications
LocalAnalytics
Mobile Channel
Application & Device
ManagementAccess to Native Device Features
Local Storage Mgmt
Pre-Built / Template Applications
Audio / Video Chat
Credential Store
Location Data
CollectionAugmented
Reality
Security Services
Authentication
Authorization
Biometrics
Data Analytics
Text Analytics
/ NLPImage
Recognition
Content Analytics
Data Management
MasterData Mgmt
Warehouse
Information Integration
Operational Data Mgmt
Content Management
Poly-Structured Data Mgmt
Information Lifecycle
Governance
Payments
ExternalPaymentGateway
Wallet
Financial Network
ConnectorsOth
er(s
)
General Ledger
Process and Rules
Management
BusinessRules Engine
Process Models
BusinessProcessManager
Event Detection
Electronic Forms
Electronic Signature
ETL
On-Demand Scalability
Hybrid Integration – Cloud & On-Premise
Endpoint Management, Monitoring & Reporting
Multi-Device Mobile App Development FrameworkDiverse Device Testing Collaborative Development
Lifecycle Management
Application Management
Application Infrastructure
Additional Channels
Bra
nch
Cal
l Cen
ter
ATM
Inte
rnet
IVR
Kio
sk
PO
S …
Commerce
Product Catalog
Shopping Basket
Order Management
Fulfillment
Digital Banking Reference Architecture
The Sticky Customer▪ What if a bank could create communities that linked their Retail and Small medium enterprise clients for
mutual benefit? ▪ What if an institution could identify potentially fraudulent transactions, deliver those insights to the
customers mobile device securely and gain confirmation/resolution over the mobile, without the need for extensive phone conversations or irritating electronic voice or key based selections?
▪ What if you could provide location based offers partnering with merchants such as restaurants offering
discounted meals that drive usage of their credit or debit card and resulting loyalty/advocacy? ▪ What if you could deliver banking Product offerings such as extending credit facilities when the client needs
it, recognising their location, spending habits and current financial position in real time?
▪ What if you could provide Wealth Management clients with research on their investment portfolio, personalised portfolio dashboards by mobile, followed by visual interaction with their relationship manager in the same way?
▪ What if clients could pay in cheques via mobile phone? ▪ What if clients could open new accounts via mobile devices and submit and store the relevant supporting
documentation the same way? ▪ What if clients could order travel services via their mobile phone or tablet, or where prompted to at the right
time based on historical customer insights? ▪ What if clients could securely store their important receipts and documents via mobile banking in a manner
that enabled cross sell opportunities to be identified?
▪ What if the customer could advise the bank securely through the mobile device about their travel plans? Reducing suspect fraud transactions being actioned incorrectly and ensuring the client does not have an embarrassing financial experience when abroad?
Intelligent Integration For Mobile – Customer’s View Examples
Mobile Banking Digital Core Banking
ServicesDigital
PaymentsDigital AgentInteraction
DigitalVault
HomeInventory
MobileDeposit
Mobile Fraud Resolution
Mobile Credit Extensions
Mobile Account &Loan Application
Foreign Currency Delivery
Virtual TellerKiosk
Spending Categorization
SpendingSaver
Personal Financial Mgmt
FinancialAlerts
Financial Advisory Targeted
News & Research
Digital Advisor Interaction
Smarter Banking
Intelligent Sweep
Charitable Round Up
IntelligentMerchant Offers
Peer Comparisons
Peer Recommendation
sCommunities
SocialCollaboration
SocialBanking
Case Study from Retail Sector: Customer Analytics in Action
Customer Stickiness: Objectives and Proposition
▪ Increase customer stickiness by creating more relevant and personal communication channels
▪ Increase basket spend through accurately targeted promotions
▪ Increasing footfall and customer promotion take-up would be significant steps towards these objectives
▪ Proposition: Combine various sets of information to deliver a timely and relevant personal offer to a “segment of one”− Customer location (from mobile device) inside the “geo-fence”− Contextual information – time of day, weather conditions, etc− Known Customer Insight from Loyalty programme – buying habits, take-
up of previous promotions, etc▪ Example: Promotion of packaged evening meals at 5:30pm
inside geo-fence of a City Centre convenience store at the railway station− Meal choice based on customer’s previous purchase history− Also promote a bottle of the customer’s favourite wine to increase
basket size− And don’t forget some chocolate for the kids!
Implementation via straightforward mobile app
Notification Relevant Offer Helpful Info Upsell
▪ Questions & Additional Contacts
Nigel Heller – Head of Banking & FS Vertical
[email protected]: +44 7884 232856