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Sibos 2014 Presentation on Mashreq's Digital Branch Transformation eCubeTRANSCRIPT
Improving Customer Engagement with the Next Generation Digital Branch
The Bank Branch
Then and Now
“Rumors of my death have been greatly exaggerated..” – Mark Twain.
Remember when the ATM would kill the Bank Branch?
UK has lost 7500 branches since 1989
40% Bank of America 193
PNC 54
RBS Citizens 53
U.S. Bank 44
Wells Fargo 43
Number of EU Branches
fell 2.5% in 2012
2,267 Branches in 2012
2.21 Visits per Month
26.5 Visits per Year
0.26 Visits per Month
3.2 Visits per Year
Free Checking Services 46%
Convenient Branch Locations 46%
Easy Online Banking Services 44%
More Personalized Services 43%
Friendly Service “Feeling welcome” 43%
A stable, financially secure Bank 30%
Convenient ATM Network 28%
Access to free financial advice 23%
Recommend from friend/relative 21%
Complete service in one bank 16%
Open or Close an Account
14%
Apply for a Loan
12%
Ask for Financial
Advice
13%
Report a Problem or Complaint
24%
Enquire about fees or charges
25%
Deposit Cash
16%
Withdraw Cash
13%
Investigate Products &
Services
26%
Request Loan payoff amount
28%
Receive Statements
13%
Request Account Info like balance
enquiry, transaction history or cheque
images
30%
Transfer Funds
11%
Pay Bills
12%
Receive Alerts
20%
prefer closing their local branch
Over more fees
Or Lower Service
Customers are times
To switch banks because of additional fees thanBecause of branch closures
. . . as long as there is a branch
within of where they bank
Why Do Branches Still Matter? Because Consumers Say They Do!
Research Products online - YES, but when it comes to making big ticket decisions like my loan or mortgage I want to do it
in person in the branch.
60% will not
consider a bank if it has no
branch nearby
Simple FACT: People like Branches!
From Multi-Channel Omni-Channel
Digital & Mobile convergence with payments 23%
Establishing TRUST in the eCommerce Platform 23%
Security of Mobile Banking & Payments 19%
Low Customer Adoption of Mobile 15%
Consistent Brand Experience 14%
Combining Virtual & Physical Banking 6%
Branch Evolution from Transactional to Relationship
The eCube Key Ingredients
eCube
People
Technology Content
Customers Staff
Omni-channel : Converge your Digital & Physical Channels
Customer Centric: Individualize Each Branch Experience
Enable Choice of Form Factor
Enable Quick and Easy Self Service Channels
Simplify Banking: Make it understandable & relevant
Simple Products: Clear, crisp and simple Product Information
Don’t just use your website content!
Facilitate Feedback: LISTEN and Evolve the Experience
“The Customer is not just King, they are Dictator”
Invest in Design: Make it elegant & beautiful!
Top Tips for creating an Engaging Branch Experience
Experience Branch Banking the Mashreq Way: eCube
David Horton [email protected]