small business banking webinar, november 30, 2010 by david singh
DESCRIPTION
Learn how to transform your Small Business Banking eChannel from a commodity to a unique differentiator through customer engagement. We will present several dramatic transformations from typical, stodgy online banking sites into true collaborative Web 2.0 financial portals. A Small Business Banking customer can now have an online toolset that delivers relevant and customized information and personalized financial guidance.TRANSCRIPT
From Commodity to Differentiator: Transforming Your Small Business Banking
Online Channel
David SinghVP of Strategic Accounts
www.backbase.com
The Quiet Truth about Small Business Banking
• All Online Offerings are Essentially the Same– The same look-and-feel– The same products– The same capabilities– The same Client Experience
• But Small Business Banking is no longer a commoditized process with Clients simply looking for the best rate– They are seeking a Trusted Relationship with their Bank
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How can your online offering stand apart from the
Competition?
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The Next-Generation SBB Online Offering• The Core Products are the Commodities• The Client Experience is the Differentiator
– Be relevant to Client needs– Proactively provide guidance, advice, and coaching– Extend the personal relationship through a scalable channel– Offer a trusted relationship to Clients– Engage and Delight your Clients – Help Clients grow and prosper
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Today’s Agenda
How Can You Transform Your Online Client Experience?
• Small Business Banking – The Current Situation
• What Clients Want from the Online Channel
• Six Capabilities to Quickly Differentiate Your Online Channel
• Jumpstarting the Transformation of your Online Channel
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Who is Backbase?
• We help banks transform their online channel into a unique and engaging Client Experience through technology and services
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We Address the Needs of All Stakeholders
• Your Clients want a solution that is engaging, delightful, and relevant
• Your Business wants a solution that is adaptable, extensible, and unique
• Your IT Team wants an unobtrusive, flexible, and modern solution that fits within the existing IT constraints
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We Have Worked with Many Organizations
© Copyright Backbase Confidential Information / www.backbase.com
Email me at:[email protected]@backbase.com
But this isn’t a vendor demo….
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Small Business Banking – The Current Situation
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J.D. Powers and Associates 2010 SBB Study
• Satisfaction and loyalty of Clients continues to decline
• Only 19% of Clients “definitely will” use their bank for additional products
• Satisfaction is highest among Clients who feel they have a collaborative partnership with their bank
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Forrester Research – General SBB Attitudes
North American Technographics Banking Online Survey
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Forrester Research – SBB Online Activity
North American Technographics Banking Online Survey
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Forrester Research– Missed Opportunities
North American Technographics Banking Online Survey
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Forrester Research – The Blunt Facts
North American Technographics Banking Online Survey
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The Root Cause – An Inside-Out Approach
Available Technology focused simply on web-enabling banking systems
A One-Size-Fits-All Solution
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The Solution – An Outside-In Approach
Focus on your Clients’ Needs and your Business Objectives…
and customer-enable your systems
A My-Size-Fits-Me Solution
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What Clients Want from the Online Channel
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Mark, CEO of a High Tech Start-up• “I chose Bank of America since I have
my personal account with them.”
• “My bank doesn’t give me the information that I need at my fingertips.”
• “I understand that I’m not a $100M client, but can I get a little personal attention when I am in need?”
• “I expect to be successful, and when that happens, I know that my bank did nothing to earn my continued business.”
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Rebecca, Owner of a Cupcake Bakery• “I chose HSBC because my father is a
HSBC SBB client.”
• “I have made a risky career change, and I wish my bank could help me make the important decisions.”
• “I get no financial guidance from my bank. I get it from my Dad or Google.”
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Kelly, Owner of a Fashion Boutique
• “I bank with JP Morgan Chase since I have my personal account with them.”
• “I can tell how much my bank values me when I have a question and try to call customer service.”
• “I do my financial planning in other tools, not on my banking site.”
• “I have no loyalty to my bank, because they don’t know who I am.”
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Ryan, Owner of a Home Renovation Firm
• “I selected Bank of the West due to a personal recommendation.”
• “I am not an Accountant, and I don’t feel that my bank provides me with any help or assistance.”
• “I don’t know what my bank has to offer to make me successful.”
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So Why Can’t My Bank…
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…Provide a My-Size-Fits-Me Experience?
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…..Put Me in Control?
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…Easily Help Me Find What I Need?
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…be Simple to Use?
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…Offer Unparalleled Personal Service?
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…be Fun and Engaging?
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It Is Possible!
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Six Capabilities to Quickly Differentiate Your Online
Channel
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1. Personalized Client Dashboard
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Personalized Client Dashboard
• Information at the Clients’ Fingertips: – Provide a single snapshot view of all of the important information
that your Client needs to know
• Custom Tools, Premium Services, and Upselling Messages: – Push out relevant information to the Client by leveraging what you
already know about them
• Put the Client in Control: – Allow your Client to further tailor their Dashboard to meet their
needs (e.g. new tabs, new tools, preferred layout, etc.)
• A Rich Web 2.0 Experience: – Engage and Delight your Customers with a compelling
experience (e.g. Single Page Interface, Drag and Drop, Animations, etc.)
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2. SBB Finance Management Tools
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SBB Finance Management Tools
• Keep Your Clients on Your Site: – Why let your Clients go to a 3rd Party Solution when you can
provide them with a one-stop-shop?
• Provide Mutually-Beneficial Guidance: – Leverage FM Tools to upsell and cross-sell Clients to other
products and solutions
• Learn from Your Clients: – Examine Client behavior and trends to understand their
concerns and issues
• Offer Premium Services: – Offer additional tools at a premium cost
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3. Personal Online Advisor
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Personal Online Advisor
• Leverage Limited Resources: – Relationship Management isn’t just for your largest Clients –
Utilize a Small Number of Resources to provide on-demand assistance through the web for everyone
• Availability Based Upon Segmentation: – Initially roll-out the offering based upon entitlements of the
Client and expand the capability as you grow
• Build the Personal Relationship: – Let your Clients see how you value their relationship and what
they can expect as they grow
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4. Relevant Guidance and Advice
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Relevant Guidance and Advice
• Personalization: – Utilize the information that you know about your Client to
proactively ascertain their needs and push out relevant content
• Subscriptions: – Allow your Clients to subscribe to topics of interest to them
• Faceted Search and Share: – Allow your Client to easily search and view relevant articles and
share that information with others
• Integrate 3rd Party Information:– Leverage and incorporate third party guidance and advice to
provide your Client with the information that they need
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5. Live Assistance
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Live Assistance
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Live Assistance
• On-Demand Support:– Bring the human element back into the online channel to
build a tighter relationship with your Client
• Integrate Click-to-Call and Click-to-Chat with Co-Browsing: – Allow Support Agents to view the Customer’s web session
and direct them visually to the right answers and information
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6. Integrated Mobile Experience
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Integrated Mobile Experience
• Extend the Experience with Additional Touch Points of Value: – Deliver a useful and user-friendly mobile experience to
increase the touch points between you and your Client
• Provide a Consistent Cross-Platform Experience: – Ensure that your mobile capabilities match your desktop
browser capabilities
• Build Once – Deploy on Multiple Platforms:– Have a single project effort to develop capabilities that are
portable and platform-agnostic
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Six Differentiators for a WOW Client Experience
• Personalized Client Dashboard• SBB Finance Management Tools• Personal Online Advisor• Relevant Guidance and Advice• Live Assistance• Integrated Mobile Experience
“ This sounds great, but how can I easily get this implemented within my organization?”
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This is whereBackbase comesinto play
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Backbase Next-Generation Portal
• Our solution allows you to add these capabilities on top of your existing systems without requiring any backend re-architecting.
• With Backbase, you don’t need to modify your existing core banking systems – we utilize what you currently have.
• We place a loosely-coupled, rich presentation layer on top of your current systems.
• We allow you to provide these innovative capabilities quickly and easily within your current environment.
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Jumpstarting the Transformation of Your Online Channel
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The Potential Pitfalls
• Lack of Organizational Ambition
• Lack of Focus on the Client
• Lack of Business Empowerment
• Lack of Executive Support
• Lack of IT Belief
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Cookbook for Quick Success
• Assess your current offering to identify the deficiencies between your current state and your desired objectives
• Perform user experience research on a sampling of your Clients to understand what they need from you
• Construct a prototype to paint a vision of what is possible
• Build internal consensus and support with the Executive Team
• Win over IT detractors by reusing your existing assets and leveraging a loosely-coupled rich presentation layer
• Continuously analyze and optimize to always stay on top
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About Backbase
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We Deliver Portal Solutions for Financial Services
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Our User-Centered Approach is Unique
• Like a major design agency, we focus on understanding the needs of your Clients and the needs of your Business to define the best possible user experience
DISCOVERY RESEARCH CONCEPT PROTOTYPE EVALUATE
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Our Specialized Technology is Unique
• Gartner calls Backbase a “Portal-less Portal” • Our solution enables banks to quickly implement a rich
presentation layer on top of existing backend systems • Gartner states that our approach will surpass the
traditional portal approach by the year 2015
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We Work Globally
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The Industry Recognizes Us as a Top Innovator
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And We Help Top Organizations Innovate
FINANCIALS HIGH TECH TELECOM GOVERNMENT
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Our Goal
Transform your
online channel
into a Customer
Engagement Platform
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Our Vision – Outside-In Customer Engagement
INTERNALSYSTEMS
AND PLATFORMS
INSIDE-OUTAPPROACH
WEB ENABLEMENT
OUTSIDE-INAPPROACH
CustomerEngagement
CUSTOMEREXPERIENCE
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Our Vision – Unify Disparate Systems in the UX Layer
Customer Engagement Portal
PublicWebsite
OnlineBanking
BranchFront-end
Call CenterFront-end
1:1 customer treatment(targeting, segmentation)
Business Rules
collect customer preferences(implicit & explicit)
Customer Profile
Transactional
Core Banking
CRM, …
Other Back-end Functions
PFM, …
3rd Party Functions
Consistent across Channels
Content
Simulation, Calculators, …
Advisory Tools
Reusable Widgets
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Our Vision – Provide a Multi-Channel Experience
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Web Site 1.0
Core Banking Systems & Processes
Customer Engagement Platform
SuperiorExperience
Any PlaceAny Device
Personalization& Targeting
Cross-ChannelIntegration
Easy PortalManagement
SocialIntegration
CustomerIn Control
Interactive Forms& Advisory tools
Our Vision – Integrated Customer Experience Platform
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Our Offer to You
• Let Us Help You with the Transformation:– Let’s Do an Assessment of Your Online Offering– Let’s understand your strategic Business Objectives– Let’s understand your Client Needs– Let’s build a Concept Car to show your organization what is
possible– Let’s transform your Online Offering from a Commodity to a
Differentiator
Thank You!WWW.BACKBASE.COM
SAN FRANCISCO: +1 866 800 8996
AMSTERDAM: +31 (0)20 465 8888