nikhil gupta imi delhi
DESCRIPTION
ING Hunt for LionsTRANSCRIPT
Executive Summary The objective of the case study was to garner customer insights through
primary and secondary research
Various online and offline publications were studied and primary research was conducted
The primary research consisted of a field study with 108 responses (20 offline and 88 online)
The survey gives insights on the recall and usage rate of 16 digital banking services, satisfaction level with their current bank’s services
Other insights – factors for going digital, problems faced while using digital banking and attributes valued while choosing banking services
Based on the study a digital roadmap has been prepared with three steps Improved dashboard demo, mobile website
Introduction of most valued Mehatva customers
New customer acquisition – target institutions and corporate joiners
Results and Analysis The following chart shows the usage and recall rates for various digital
banking services provided by banks Low recall services needs to be marketed more to make the consumer
aware Low usage services- Customers should be rewarded for first time usage of
services
The users have faced security issues, this factor needs to be covered via marketing
Users in India are marred by slow internet speeds, which can be covered via mobile 3G data
Implications of the research Customers who are satisfied with current banking services can’t be
moved to ING
Customers who are not satisfied, can be enticed towards ING digital
By working on the parameters that they are unsatisfied with their current bank Waiting period and line management at branch
Single window services, bank’s operating hours, customer feedback
Introduce Mobile website- m.ingvysyabank.com The recall and usage rate for mobile website is higher
More people are using mobile website to do transactions
71% of respondents choose technology to reduce transaction related time
69% respondents are in favour of using mobile banking
Quality of service and technology have become the biggest factors for choosing banks
SWOT- Strengths and WeaknessSTRENGTHSCustomer access to information 24 hours a dayAbility to offer a customer more than one method of retrieving informationSophisticated technology systemsFund transfer facility- no need for use to travelDiversity helps to capture different types of market.The ability to cut internal cost due to advanced technologyCustomer loyalty and CRMIncreased accuracy of banking transaction
WEAKNESSESHigh initial cost of infrastructure and customer acquisitionContinual wants of customers wants and needsHostile feelings of employees due to possible pending layoffs due to automationMultiple option for the customersInitial investment in technology will be expensive
OpportunitiesThe ability to have a larger customer baseRural expansion- capturing enormous market in previously unreachable placesBetter connect with the Gen Y
ThreatsContinual changing technologyUncertainty of the banking industryCompetition from the lower price operationPossible failure of product due to non-acceptance of customers
Digital Roadmap - highlights
Digital engagement for customers Social media engagement
Invite feedback on social media – use of handlers to provide mediation
Invite inputs on product development
Help customers identify additional services
Financial control on-the-go Offers through mobile app push messages
IMPS based message recharge and irctc ticket booking
Integrate customers insights with CRM data Use of analytics to infer the opinion leaders in their target segment
The most affectionate and regular users – who feel connected to ING bank
These customers would be termed as Mehatva Customers
Use of Predictive Analytics
Mehatva customer
Reduce marketing costs
Publicise the gift - ATL
Better targeting and customer profiling
Reward the Valued Customers
The Fossil Watch is for representational purposes.The gift should have enough brand power to be able to attract the readersThe non-ING customers would also be enchanted towards using ING Digital Banking
Use of advertisements in newspapers
To showcase how ING rewards it’s customers
The gift would be extended to Most-Valued “Mehatva” customers
Cover the security risk factor Brand ING as a Safe way to bank - through advertisements
This mitigates the customers’ concern about security of online banking
Integrated Algorithmic protection = Safe Digital Banking
Find out about how ING has implemented patented algorithms to provide safe digital banking for all its customers
Supported by videos on Youtube and website
*representational advertisement
Website changes ING should work on enticing customers by showcasing better services which
score low on other bank’s parameters
A Demo of the digital banking – view dashboard navigation and functionalities provided Interactive HTML5 dashboard demo
user interface and navigation all account related information at one place- multiple accounts under same Id
Easy access to feedback and service requests
Personalisation and customisation Allow customization of dashboard
Simplified Transaction Process
Start a mobile website with on-the-go fund transfer @ m.ingvysyabank.com
Target students and corporates India has a ready user base of 20000 students who would move to
Affluent class every year Identify institutes like B-schools where students have higher income potential
in the next 5 year horizon
Provide full service with lower charges for first 3 years
Convert them into full potential customers- reaping benefits
Open accounts on joining day of colleges or during conclaves via banking partner (sponsor of events)
Offer free movie tickets on first time use of digital banking
Target new joiners at corporate level Open accounts then and there – on joining day as salaried accounts
Provide exclusive restaurant discounts when paying by using the mobile app
Conclusion and references ING bank needs to apply predictive analytics via its partners
Mindtree and IBM
This would help in real time customer insights, improved customer service and anticipation of digital information
The bank should also complement mobile app with mobile website
The bank should install cash collection machines at ATM’s and use banking correspondents to improve off-branch cash collection
Reward valued customers with aspirational gifts which can be advertised in business newspapers
http://www.accenture.com/Microsites/banking-digital-innovation/Documents/Accenture-PoV-Banking-Digital.pdf
http://www.pwc.com/en_GX/gx/banking-capital-markets/publications/assets/pdf/pwc-new-digital-tipping-point.pdf