next generation financial services russia dec 2012
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Next generation financial services Russia Digital Marketing Forum 2012TRANSCRIPT
© 2012 Forrester Research, Inc. Reproduction Prohibited 1
The Next Generation Financial Services In Russia Auke D. Veenstra, Principal Analyst / Dec 2012
We help you make better decisions in a world where
technology is radically changing your customers
© 2012 Forrester Research, Inc. Reproduction Prohibited 3
1) Insights into global consumers
FORRESTER CONSUMER TECHNOGRAPHICS®
© 2012 Forrester Research, Inc. Reproduction Prohibited 5
How technology affects consumers' attitudes, behaviors, and motivations
Argentina
Australia
Brazil
Canada
China
France
Germany
India
Italy
Japan
Mexico
Poland
The Netherlands
Russia
South Korea
Spain
Sweden
United Kingdom
United States
+ Longest-running digital
consumer study (since 1997)
+ 330,000+ completed surveys
+ 1,400 brands
+ 300 attitudes captured
+ 6 proprietary profiles
____________________
= Deep, customizable,
trended consumer insights
Custom global data
Peer collaboration
Analyst engagement
Core research and tools
2) Levels of Engagement
© 2012 Forrester Research, Inc. Reproduction Prohibited 6
© 2012 Forrester Research, Inc. Reproduction Prohibited 7
3) Research Based Consulting (outside-in)
© 2012 Forrester Research, Inc. Reproduction Prohibited
Agenda
How will Russian customers look like 3 year from now?
- State & Trends
What does this mean for Russian companies
- Age of the Customer
- 5 Challenges for 2013
Next Generation Digital Financial Services
- How can Forrester help you
Q & A
© 2010 Forrester Research, Inc. Reproduction Prohibited 9
Technology matters.
But at the end of the day,
it’s all about people.
© 2011 Forrester Research, Inc. Reproduction Prohibited 10
An average online Russian...
Source: Forrester Russian Technographics Online Benchmarks, Q3 2012
Base: 1,986 Online Adults age 16-55 in Russia
99% go online everyday
Spend over 18 hours online every week
94% have a
connection at home
Used Internet for around
4 years
55% has a laptop
97% use Social
networks
10% has a tablet
© 2011 Forrester Research, Inc. Reproduction Prohibited 11
Younger Russians adopt Internet on par with Western Europe
Source: Forrester Technographics Benchmarks, Q2 2011 EU and RU
Base: Adults in Urban Russia, Europe
0%
20%
40%
60%
80%
100%
16 - 18years
19 - 20years
21 - 24years
25 - 29years
30 - 34years
35 - 39years
40 - 44years
45 - 49years
50 - 54years
55 - 59years
60 - 64years
65 yearsand over
PC at home - Urban Russia PC at home - EU-7
Online at least monthly- Urban Russia Online at least monthly - EU-7
“How many computers (PC/Mac/laptop/netbook/Tablet) are there in your household?”
“How often do you go online on a PC (including weekdays and weekends)?”
© 2011 Forrester Research, Inc. Reproduction Prohibited 12
85%
83%
70%
34%
11%
65%
61%
37%
12%
9%
44%
13%
4%
11%
3%
2%
39%
17%
4%
Yandex
Mail.ru
Rambler
Yahoo
V Kontakte
Odnoklassniki
Narod.ru
Youtube
Rutube
Google Player
LiveJournal
Blogger
Blogspot
Wikipedia
Google Maps
Lib.ru
Online Russians give preferences to local websites
“Which of the following websites do you visit at least monthly?”
Portals/search
Social networks
Video
Blogs
References
/information
VKontakte is the top social
networking site in Russia today it
already has 100 million users. 28
million users visit Website the
website everyday
Source: Forrester Russian Technographics Online Benchmarks, Q3 2011
Base: 2,000 Online Adults in Russia
While online banking dominates in The Netherlands, it is only used by 8% of Russians, more of whom use mobile
“Do you use the following banking channels at least monthly?”
Base: 2,355 Dutch adults age 16+; 3,181 Russian adults age 16+
(percentages may not total 100 because of rounding)
Source: European Technographics® Benchmark Survey 2012
Online
Banking
88%
Branch
7%
Mobile
Banking
14%
1%
70%
5%
12%
1%
None of these
11%
Online
Banking
8%
Branch
46%
Mobile
Banking
18%
1%
34%
1%
5%
7%
None of these
46%
2% 4%
© 2012 Forrester Research, Inc. Reproduction Prohibited 16
People increasingly use multiple channels on a single Financial customer journey
Human assistance for
interactions that . . .
. . . are complex.
. . . happen rarely.
. . . have high emotional
involvement.
Self-service for
interactions that . . .
. . . are simple.
. . . happen often.
. . . have low emotional
involvement.
Start filling in savings
quotation online 1 Telephone the call
centre to check
specific detail 2
3 Complete quotation
and then compare
with other providers 4
Call back to check
whether the savings
deposit is backed Buy the savings
product online 5
Source: Forrester Research
© 2012 Forrester Research, Inc. Reproduction Prohibited
The enablers….
17
Mobile Splinternet
Social Media
© 2010 Forrester Research, Inc. Reproduction Prohibited 18
has
1 billion active users
accounts
has over
175 million
members has more than
200 million
active blogs
hosts more than
6 billion
images
visitors per
month, 4 billion
hours watched
per month
500 million 800 million
Social Media is mainstream
© 2010 Forrester Research, Inc. Reproduction Prohibited 19 © 2010 Forrester Research, Inc. Reproduction Prohibited
0%
10%
20%
30%
40%
50%
60%
0% 20% 40% 60% 80% 100%
Es
tim
ate
d u
se
am
on
g a
du
lts,
20
11
-20
15
Technology momentum (scale of 0% to 100%)
Mobile is the most disruptive consumer technology trend(s) from now to 2015
Loyalty
programs Social
networking
Mobile
browsing
Smartphone
apps Geo-location
Barcodes
Digital
wallets
Personal
cloud
Tablets PFM Social
gaming
Kiosks
Digital
signage
Social
commerce
Contactless
payment
NFC
Natural language Internet TV
Disruptiveness
(bigger is more
disruptive)
Financial
services
Verticals
Smart
Home
Digital
Wallets
Digital
Media
The Catalysts ….
De
vic
es
Ex
pe
rie
nc
es
Pla
tfo
rms
C
om
po
nen
ts
HA
RD
WA
RE
S
OF
TW
AR
E
© 2012 Forrester Research, Inc. Reproduction Prohibited
As a result…
21
Consumers become always addressable
Spend shifts online
Purchase paths expand
Data becomes the new oil
Agenda
How will Russian customers look like 3 year from now?
- State & Trends
What does this mean for Russian companies
- Age of the Customer
- 5 Challenges for 2013
Next Generation Digital Financial Services
- How can Forrester help you
Q & A
© 2012 Forrester Research, Inc. Reproduction Prohibited
We have entered ‘The Age of The Customer’
23
Source: June 2011 “Competitive Strategy In The Age Of The Customer”
© 2012 Forrester Research, Inc. Reproduction Prohibited 24
Customer obsession?
A customer-obsessed company focuses its strategy,
its energy, and its budget on processes that enhance
knowledge of and engagement with customers
© 2012 Forrester Research, Inc. Reproduction Prohibited
A customer obsessed company…..
From
1. Traditional market
research
2. Customer service
as a cost center
3. Inefficient channel sales
4. Push advertising
To
1. Real-time customer
insights
2. Customer experience
as a differentiator
3. Agile commerce
4. Interactive content and
marketing
25
© 2012 Forrester Research, Inc. Reproduction Prohibited
It pays off….
Source :http://swampland.time.com/2012/11/07
28
© 2012 Forrester Research, Inc. Reproduction Prohibited
Creating customized brand ecosystems for your clients
Depth
Engagement
Reach
© 2012 Forrester Research, Inc. Reproduction Prohibited
The new CRM is a multistage process
Data Management
Processing
Data
Customer A
Name
Phone
FB
Opinions
Influence
Web
Transactions
Customer B
Name
Opinions
Transactions
Customer C
Name
Phone
FB
Opinions
Influence
Customer Data
Enterprise Data
Social Data
Dashboards Reports Consulting
© 2012 Forrester Research, Inc. Reproduction Prohibited
Defining the ‘Always Adressable Customer’
33
Source: Melissa Parrish, September 2012 “The Always Addressable Customer”
Frequent access
Go online at least
daily
Multiple Devices
Own at least three
connectable devices
Multiple Locations
Go online at home and/or
work, and at least one
other location
© 2012 Forrester Research, Inc. Reproduction Prohibited
Every age group has its Always Adressable Customers
34
Base: All Dutch adults (age 16+); Source: European Technographics® Benchmark Survey, Q3 2012
3%
7%
11%
18%
29%
50%
18%
65+
55-64
45-54
35-44
25-34
16-24
Netherlands
The percentage of always addressable customers by age group
© 2012 Forrester Research, Inc. Reproduction Prohibited
The Addressability Framework
35
Source: Melissa Parrish, September 2012 “The Always Addressable Customer”
© 2010 Forrester Research, Inc. Reproduction Prohibited 37
Tablet usage skews toward the evening compared with PCs and smartphones
Source: comScore Custom Analysis, August 2011
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
12AM
3 AM 6 AM 9 AM 12PM
3 PM 6 PM 9 PM
PC All Tablets All Smartphones
News Category Browsing by Time of Day and Device Type
© 2012 Forrester Research, Inc. Reproduction Prohibited 39
Your customers and employees have given
you permission to be in their pocket.
Your customers and employees have given
you permission to be in their pocket.
What will you do with that honor?
© 2012 Forrester Research, Inc. Reproduction Prohibited
0%
10%
20%
30%
40%
50%
60%
70%
2011 2012 2013 2014 2015 2016
% of European consumers owning a
device
Smartphones Tablets
Mainstreaming of smartphones and tablets
Source: Forrester Research Mobile Adoption Forecast, 2011 to 2016 (Western Europe); Forrester Research
Digital Devices Forecast, 2011 To 2016 (Europe)
© 2012 Forrester Research, Inc. Reproduction Prohibited
Mobile phones capture a lot of consumers’ attention and time
41
Source: http://www.intomobile.com/2012/02/09/tomi-ahonen-average-users-looks-their-phone-150-times-day/; V. Bhaskaran & K. Peterson,
Transforming Customer Feedback Through Mobile, at Market Research in a Mobile World Conference, Amsterdam 2012
On average, e-mail is read 48 hours after it is sent,
while the average SMS is read in four minutes.
The average person looks at their phone
150 times a day, or once every six-and-
a-half minutes of every waking hour.
Eighty-four percent keep their device within 3
metres of them at all times.
© 2012 Forrester Research, Inc. Reproduction Prohibited 42
Communicate
Create Consume
Control
Blogs
IM /
chat
SMS
Ringtones Music
Search
News
Video TV
Web browsing
Games
Maps
Health
Payment Commerce
Banking
Ticketing
Parking
Social
networks
Pictures
E-mail / MMS
Organizer Voice
Mobility: A whole new ecosystem of mobile commerce has emerged
© 2012 Forrester Research, Inc. Reproduction Prohibited
Mobile payments may not be widely used just yet, but the interest in them presents a large opportunity
43
Base: 1,904 online Dutch adults (age 16+) who own a mobile phone; Source: European Technographics Online Financial Services Survey,
Q3 2012
“Are you interested in using, or are you already using, the following types of mobile payments?”
22%
16% 15% 15%
14%
1% 3%
1% 2%
1% 0%
5%
10%
15%
20%
25%
Unattendedmachine
payments (usingyour mobile
device to pay at aparking machineor other type of
kiosk)
Person-to-personpayments (using
your mobiledevice to pay afriend or familymember (not a
company))
In-store payments(using your
mobile deviceinstead of cash ora card in a shop)
Remote payments(using your
mobile device tobuy goods or
services on theInternet)
Payments tosmall traders(using your
mobile device topay a plumber,market stall or
other small trader)
Interested
Already using
∆ 21%
∆ 13%
∆ 14%
∆ 13% ∆ 13%
© 2012 Forrester Research, Inc. Reproduction Prohibited 44
Mobile devices have unleashed a storm of innovation that will change shopping and transform payments
Offers & coupons
Product information
Loyalty & rewards
Mobile payment
Source: Forrester Research
© 2012 Forrester Research, Inc. Reproduction Prohibited 45
Commonwealth Bank of Australia’s Kaching app makes it simple to make many different payments
Source: Commonwealth Bank iPhone app
© 2012 Forrester Research, Inc. Reproduction Prohibited 46
T-Mobile US and Square partnership. Telia will use iZettle in its own shops.
Mobile phones as a point of sale create a new opportunity to help small traders
High-touch Effective
Expensive
High-tech Efficient
Cheap
Routine
interactions
High-value
interactions
Right-channelling – balance technology efficiency with human effectiveness
Secure messaging
Agents and branch staff
IVR
Telephone staff
Online account access
Chat and co-browsing
ATMs
Web search & FAQs
Mobile account access
The Performance Of Bank X Relative To The Industry For Drivers Of Retention
October 2012 “What Drives Retention And Sales In US Banking?”
© 2012 Forrester Research, Inc. Reproduction Prohibited
Banks are in the best position to deliver an experience that spans digital touchpoints
Support customer desire to
obtain referrals.
Obtain
recommendations
from social
networks.
Find branch
locations.
Find an advisor.
Peer
recommendations
and reviews
View product
comparisons, and
interact with a
banker.
Apply for products,
accept offers, obtain
application status, and
communicate with a
banker. Interact with financial
information, obtain live help,
and manage complex assets. Sign documents, and
obtain application
status.
Account alerts,
merchant-funded
rewards, and
digital wallet.
51
And their FAO iPad app supports the quoting activities of their independent agent channel
Source: Progressive Investor Relations Deck 06/14/12
Did you know?
Progressive sells more
insurance through
agents than online...
While online banking dominates in The Netherlands, it is only used by 8% of Russians, more of whom use mobile
“Do you use the following banking channels at least monthly?”
Base: 2,355 Dutch adults age 16+; 3,181 Russian adults age 16+
(percentages may not total 100 because of rounding)
Source: European Technographics® Benchmark Survey 2012
Online
Banking
88%
Branch
7%
Mobile
Banking
14%
1%
70%
5%
12%
1%
None of these
11%
Online
Banking
8%
Branch
46%
Mobile
Banking
18%
1%
34%
1%
5%
7%
None of these
46%
2% 4%
© 2012, Forrester Research, Inc. Reproduction Prohibited
Three Questions Drive Forrester’s Customer experience
© 2012 Forrester Research, Inc. Reproduction Prohibited
Forrester literally wrote the book on how to become client-centric
59
Outside-In: The Power of Putting Customers at
the Center of Your Business
• Customer experience counts. Companies can
save billions, gain loyalty, and profit from
customer experience excellence.
• The customer experience ecosystem. The
causes of customer experience problems come
from throughout the organization.
• The six disciplines of customer experience.
Companies must master these disciplines:
strategy, customer understanding, design,
measurement, governance, and culture.
Inside-Out
Company perceptions
Company “moments that matter”
Company value
Outside-In
Customer perceptions
Customer “moments that matter”
Customer Value
Create unified customer experiences across all touchpoints
Forrester report: “Customer Experience Maturity Defined”
Customer
Understanding
Culture
Strategy
Governance Measurement
Design
Take Control: The six Disciplines of Customer Experience
CXi Leaders 22.5%
S&P 500 Index,-1.3
CXi Laggards-46.3%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
Cu
mu
lati
ve t
ota
l re
turn
Five-year stock performance
Source: Watermark Consulting
Agenda
How will Russian customers look like 3 year from now?
- State & Trends
What does this mean for Russian companies
- Age of the Customer
- 5 Challenges for 2013
Next Generation Digital Financial Services
- How can Forrester help you
Q & A
© 2012 Forrester Research, Inc. Reproduction Prohibited 65
A new generation of digital financial
services is emerging that is Simple,
Ubiquitous, Personal, Empowering
and Reassuring.
© 2012 Forrester Research, Inc. Reproduction Prohibited 66
Few digital financial services can match the best human agents at building customer relationships
Most digital financial services today:
Fail to recognize the customer and
create a personal and relevant
experience.
Don’t help customers understand
what to do.
Often fail to provide human help at
critical moments.
Don’t empower customers to take
action.
Don’t take advantage of the power of
community.
© 2012 Forrester Research, Inc. Reproduction Prohibited 67
Simple: Make it easy for customers to achieve their goals. S
Ubiquitous: Be available wherever customers want it. U
Personal: Tailor the experience to individual needs. P
Empowering: Help customers to take action. E
Reassuring: Offer human help when and where it’s needed. R
Next Generation Digital Financial Services
© 2012 Forrester Research, Inc. Reproduction Prohibited 68
Simple: Make it easy for customers to achieve their goals. S
Ubiquitous: Be available wherever customers want it. U
Personal: Tailor the experience to individual needs. P
Empowering: Help customers to take action. E
Reassuring: Offer human help when and where it’s needed. R
Next Generation Digital Financial Services
© 2012 Forrester Research, Inc. Reproduction Prohibited 69
Société Générale’s iPhone App Gives Customers A Simple View Of Their Finances
April 2012 “Trends 2012 : European Retail Banking eBusiness And Channel Strategy”
© 2012 Forrester Research, Inc. Reproduction Prohibited 71
La Caixa’s Bar Code Scanning App Makes Bill Payments Easy
© 2012 Forrester Research, Inc. Reproduction Prohibited 72
Simple: Make it easy for customers to achieve their goals. S
Ubiquitous: Be available wherever customers want it. U
Personal: Tailor the experience to individual needs. P
Empowering: Help customers to take action. E
Reassuring: Offer human help when and where it’s needed. R
Next Generation Digital Financial Services
© 2012 Forrester Research, Inc. Reproduction Prohibited 73
• USAA lets customers
access and manage
their accounts via its
My USAA tab in
• Customers can add a
tab to their Facebook
page to access
account information,
services, and more
from Facebook
USAA lets customers access and manage their accounts through Facebook
© 2012 Forrester Research, Inc. Reproduction Prohibited 74
Commonwealth Bank’s property guide helps home buyers get information about the homes around them
© 2012 Forrester Research, Inc. Reproduction Prohibited 75
Simple: Make it easy for customers to achieve their goals. S
Ubiquitous: Be available wherever customers want it. U
Personal: Tailor the experience to individual needs. P
Empowering: Help customers to take action. E
Reassuring: Offer human help when and where it’s needed. R
Next Generation Digital Financial Services
© 2012 Forrester Research, Inc. Reproduction Prohibited 76
First-time visitors
Returning visitors
Source: GEICO website
GEICO offers a fully personalized home page for clients that is different to that for prospects
© 2012 Forrester Research, Inc. Reproduction Prohibited 77
Backbase s’ front- and mid office solution makes segmentation possible (i.e student)
© 2012 Forrester Research, Inc. Reproduction Prohibited 78
Simple: Make it easy for customers to achieve their goals. S
Ubiquitous: Be available wherever customers want it. U
Personal: Tailor the experience to individual needs. P
Empowering: Help customers to take action. E
Reassuring: Offer human help when and where it’s needed. R
Next Generation Digital Financial Services
© 2012 Forrester Research, Inc. Reproduction Prohibited 79
Rabobank (NL) Housing Expenses Calculator
© 2012 Forrester Research, Inc. Reproduction Prohibited 80
AXA’s interactive advisor in Germany helps customers choose the right insurance for them
The interactive video is complemented with links to
calculation tools, application forms and contact
details
© 2012 Forrester Research, Inc. Reproduction Prohibited 81
Israeli insurer, Migdal, built an iPhone app that gives agents easy access to sales tools and customer data
Source: Migdal iPhone application for insurance agents
© 2012 Forrester Research, Inc. Reproduction Prohibited 82
Simple: Make it easy for customers to achieve their goals. S
Ubiquitous: Be available wherever customers want it. U
Personal: Tailor the experience to individual needs. P
Empowering: Help customers to take action. E
Reassuring: Offer human help when and where it’s needed. R
Next Generation Digital Financial Services
© 2012 Forrester Research, Inc. Reproduction Prohibited 83
State Farm lets customers to send a quote to an agent at any point in the online application process
© 2012 Forrester Research, Inc. Reproduction Prohibited 84
ABN Amro specialist communicates via VC with client
© 2012 Forrester Research, Inc. Reproduction Prohibited 85
Groupama’s iPhone app makes it easy to get in touch…
Contract information
Car and bike insurance quote
Home care assistance
Dental and optical insurance
Car and bike insurance claim
Other quotes
Be called back
No waiting time
Source: Groupama iPhone app
© 2012 Forrester Research, Inc. Reproduction Prohibited 86
…and even tells customers how long they will have to wait
Confirm call back
Make a car or bike insurance claim
Waiting time before call back
For a better service, please get your accident report ready, your plate number or contract reference number.
Source: Groupama iPhone app
© 2012 Forrester Research, Inc. Reproduction Prohibited 87
Simple: Make it easy for customers to achieve their goals. S
Ubiquitous: Be available wherever customers want it. U
Personal: Tailor the experience to individual needs. P
Empowering: Help customers to take action. E
Reassuring: Offer human help when and where it’s needed. R
Next Generation Digital Financial Services
Our playbook framework FORRESTER’S PLAYBOOK FRAMEWORK
© 2012 Forrester Research, Inc. Reproduction Prohibited 89
1) Insights into global consumers
FORRESTER CONSUMER TECHNOGRAPHICS®
© 2012 Forrester Research, Inc. Reproduction Prohibited 91
How technology affects consumers' attitudes, behaviors, and motivations
Argentina
Australia
Brazil
Canada
China
France
Germany
India
Italy
Japan
Mexico
Poland
The Netherlands
Russia
South Korea
Spain
Sweden
United Kingdom
United States
+ Longest-running digital
consumer study (since 1997)
+ 330,000+ completed surveys
+ 1,400 brands
+ 300 attitudes captured
+ 6 proprietary profiles
____________________
= Deep, customizable,
trended consumer insights
Insights Layer
Business Lifecycle
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Strategy R&D Marketing Sales Support
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Provide Insights
& Performance
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Requests for
Information
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Leadership & CMO
Consumer
Product Strategy
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Marketing
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Strategy
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Experience
Market
Insights
Customer
Intelligence
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Forrester Wave™: B2C eCommerce Platforms, Q4 ‘10
Engage with Forrester through…
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© 2012 Forrester Research, Inc. Reproduction Prohibited 94
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© 2012 Forrester Research, Inc. Reproduction Prohibited
Spasiba & Questions
95
Auke Douwe Veenstra - Principal Analyst
Mob: +31 651451053
Mail: [email protected]
Blog: Auke 's Blog posts
Twittter:@aukedouwe
www.forrester.com