deloitte 2016 - ekf - digital customer journey - conference material - f

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Headline Verdana Bold Customer journey for banking institutions in digital channels VI European Financial Congress

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Page 1: Deloitte 2016 - EKF - Digital Customer Journey - conference material - f

Headline Verdana Bold

Customer journey for banking institutions in digital channels VI European Financial Congress

Page 2: Deloitte 2016 - EKF - Digital Customer Journey - conference material - f

Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 2

Mobile

Call Center

Information service

Branch

Social Media

Transactional service

ATM

Advisory service

Wearables

Sales Service Transactions

Main channel functionsV European Financial Congress Sopot, 23.06.2015

The area of interest in this year's EFC panel discussion

A year ago we looked at the role of banking branches, now it is time for digital channels

Page 3: Deloitte 2016 - EKF - Digital Customer Journey - conference material - f

Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 3

We applied a holistic approach:3 research studies combined with own model of retail banking

The study of customer journey in digital channels

A two-month study of 200 functionalities in Internet and mobile banking in 15 Polish banks

The study of user experience in digital channels

The study of customer experience in Internet and mobile channel based on a sample of 250 people

The study of banking brand perception among retail customers

The study of knowledge and brand perception of the banks based on a 3000 people sample

Revenue model of retail banking

Revenue model of retail banking in the period of 2014 - 2018 with division on products, customers, segments, age groups, geographical location and level of income

Page 4: Deloitte 2016 - EKF - Digital Customer Journey - conference material - f

Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 4

Are digital channels used effectively for acquisition, service and sales?

How Polish banks stack up in comparison with best practices in the area of digital channels?

Do the most innovative banks are characterized by a positive perception among their customers?

What is more important: UX or functionality? How do the banks cope with this dilemma?

Is the mobile channel still coming after the Internet channel or mobile channel has already become a leader?

Key questions for today

Page 5: Deloitte 2016 - EKF - Digital Customer Journey - conference material - f

Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 5

We looked at the 6 stages of Customer Journey

32actions

194 questions

15product categories

15banks

1 3 5

2 4 6

Information gathering

Account opening

Customer onboarding

Day-to-day banking

Expand relationship

End relationship

Identification of needs and access to the information about products and services

The first steps in online banking: installation of mobile application and support in the implementation of new functionalities

Identification of needs and access to information about more complex products and services

The choice of financial institution, the account opening process and receiving the accesses

Checking account: balance and history, payments and transactions, simple credit products

Identification of the necessary steps to close an account and carry out the process

Page 6: Deloitte 2016 - EKF - Digital Customer Journey - conference material - f

Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 6

A few words about methodology:How the banks were assessed?

In a three-tier scale we evaluated how innovative are offered functionalities, comprising the actions performed by the customer and additionally appreciating distinctive solutions

0point 1point 2points bonus

InnovationBest practicesThe standard solutions

The basics

100%

Page 7: Deloitte 2016 - EKF - Digital Customer Journey - conference material - f

Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 7

Banks digitized early stages of Customer Journey, but they do not necessarily support the financial goals

% of functionalities consistent with best practices in digital channels

Notes: The study of functionalities in digital channels was carried out between 10/03/2016 - 30/04/2016

Information gathering

Account opening

Customer onboarding

Day-to-day banking

Expand relationship

End relationship

1 3 52 4 6

Page 8: Deloitte 2016 - EKF - Digital Customer Journey - conference material - f

Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 8

The study distinguished 4 groups of banks which significantly differ in terms of the strategy in digital channels

Cheetahs Bears Turtles

20% 18%24%

47%

40%46%

51%

42%Bank 7

Bank 14

Bank 6

Bank 4

Bank 15

Bank 8

Bank 5

Bank 13

% of functionalities consistent with best practices in digital channels

Antelopes

15 banks which represent 75% of the Polish banking sector assets

Notes: The study of functionalities in digital channels was carried out between 10/03/2016 - 30/04/2016

61%63%

52%

Bank 1 Bank 2

Bank 3

40%35%

30%

40%Bank 9

Bank 11

Bank 10

Bank 12

Page 9: Deloitte 2016 - EKF - Digital Customer Journey - conference material - f

Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 9

Banks so far focused on the transactional banking, but equally high revenue is generating by less digitized credit products

Significant revenue, but still low digitalization

Reven

ues

from

bankin

g a

ctivitie

s

in 2

015 [

bn P

LN

]

% of functionalities consistent with best practices in digital channels

Checking and saving accounts,debit cards

Term depositsCar loans

Unit-link

Credit cards

Overdraft

Saving accounts

Investment funds

10,0

0

2,5

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%

Cash loans

Mortgages

8,0

9,0

1,0

2,0

Page 10: Deloitte 2016 - EKF - Digital Customer Journey - conference material - f

Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 10

% of active customers in online banking1 Rating of mobile application in Google Play (1-5)

A wide range of functionalities results in activity and the positive customer assessment both in Internet and mobile channel...

Notes: 1.% of active retail customers estimated based on the number of page views of online banking (data available for all banks based on SimilarWeb) and the actual number of real users (data available for selected banks) which was compared to the number of retail customers of particular bank.

~25%

~30%

~50%

~60% 4,51

4,27

3,48

Lack of native mobile application

Cheetahs

Antelopes

Bears

Turtles

Page 11: Deloitte 2016 - EKF - Digital Customer Journey - conference material - f

Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 11

24%

40%

52%

61% 31%

Cheetah

Antelope

Bear

Turtle

% of functionalities consistent with best practices in digital channels

% of the respondents who think the bank is a trendsetter (n = 2983)

... but it does not necessarily guarantee the perception of the bank as an innovator

33%

+37 p.p. -2 p.p.

28%

37%

Page 12: Deloitte 2016 - EKF - Digital Customer Journey - conference material - f

Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 12

Logging in Checking account balance

Checking transaction history

Making transfers

„Click test”

• Average time

• Heat map

„5 seconds test”

Correctness

Average time

„Navigation test”

Success rate

Average time

„Navigation test”

Success rate

Average time

Web platform

Sample of 250 people

Mobile platform

During User Experience (UX) study we looked at 4 most frequent operations

Page 13: Deloitte 2016 - EKF - Digital Customer Journey - conference material - f

Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 13

UX in the mobile channel begins to win with the web channel

Notes: 1. The time was measured from the start of a new transaction (click on the button "New Transfer") to its end (obtaining the transfer confirmation) to undefined / trusted recipient with whom the operations were carried out previously. When making a transfer, testers completed the minimum amount of required information and used all available facilities offered by the bank.

Logging

Making the transfer

Checking transaction

history

7,6sec Average time

of logging in 8,5 Average time of logging in

sec

32%% of respondents who managed to find information about the last transaction with the first attempt

Average time of making payment1/

sec 25 sec Average time of making payment1

33

54%

Web channel Mobile channel

Page 14: Deloitte 2016 - EKF - Digital Customer Journey - conference material - f

Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 14

Example: Transfer and search for the last transaction is performed faster and easier in mobile channel

time [sec]

accuracy [%]

Time and accuracy of activities execution in the surveyed banks

0

5

10

15

20

25

30

35

40

45

50

0% 20% 40% 60% 80%

Web channel

Mobile channel

Mobile

• Average accuracy of analyzed transaction amounted to 46%

• The average time of making the transfer is 25 seconds

• The average time of search of the last transaction is 22 seconds

46%

• Average accuracy of analyzed transaction amounted to 30%

• The average time of making the transfer is 33 seconds

• The average time of search of the last transaction is 27 seconds

30%

Online

Page 15: Deloitte 2016 - EKF - Digital Customer Journey - conference material - f

Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 15

Cheetahs and antelopes neglect user experience (UX) towards functionalities

% of functionalities consistent with best practices in digital channels

User e

xp

erie

nce (

UX

)com

pare

d t

o b

est

pra

ctices

Page 16: Deloitte 2016 - EKF - Digital Customer Journey - conference material - f

Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 16

3 leading banks are enough to create Superbank which has nearly 90% of best practices on Polish market

The bank share in best practices available on the Polish market

Assumption: if more than one bank offers given best practice, only the best gets points

Polish Superbank

Page 17: Deloitte 2016 - EKF - Digital Customer Journey - conference material - f

Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 17

So far banks have focused on the early stages of CJ and transaction banking, while developing relationships and sales of credit products show considerable potential for digitization.

Although Cheetahs apply innovative and advanced solutions on European scale, still many banks significantly lag behind best practices.

There is no simple correlation between subjective perception and objective bank innovation. Some Cheetahs have worse perception than Turtles.

Cheetahs and Antelopes develop plentiful functionalities at the cost of the customer experience (UX).

The mobile channel has already provided a better UX than the web channel and along with the functionality development this advantage will be enhanced.

Key conclusions

Page 18: Deloitte 2016 - EKF - Digital Customer Journey - conference material - f

Digital channels in Polish retail bankingCopyright © 2016 Deloitte. All rights reserved 18