The future of banking
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This document provides an overview of the changing banking environment and opportunities for new digital services and products. Key points include: - The banking industry is being disrupted by digital competitors that offer more seamless, mobile-first experiences for customers. - Technology is changing customer expectations around fast, cashless, and on-demand banking services that can be accessed anywhere. - The document outlines several potential new digital banking products and services like mobility banking, service bots, experience banking apps, and tools to help different generations. - It argues that banks need to shift their focus from products to customer experience, change business models, use algorithms, and try new apps to better connect with customers in this changing environment.
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The future of banking
- 1. CREATING INNOVATIVE DIGITAL EXPERIENCES Insights into the future of banking and showcases of possible new services and features
- 2. Slide Overview The changing environment of banking The Digital Wave Changing business models New algorithms New products and services One more thing 02 03 07 08 12 17 28 I. II. a III. b c
- 3. DIGITALIZATION COMPETITORS ARE... ...disrupting the market TECHNOLOGY CAN... ...change infrastructure CONSUMERS WANT... ...a seamless experience Fast & Easy Cashless Get Money where I want On the go Nr26 - send money via SMS Atom Bank - no filials Fidor Bank - Crowdinvesting Transferwise - real exchange rates New possibillities Bitcoin Blockchain Crowdloans The environment has already changed and is going to change more rapidly in the future
- 4. 4 Transferwise Number26 Cookies Cringle New competitors offer multi-valued services and catch people on their #1 device
- 5. CHALLENGES How to be part of the disruption? How to create real customer-centric services? How to ride the digital wave and attract native digitalists? How to connect generation Y and generation Z? How to combine digital and analog? It’s not too late - but Banks have 5 big challenges to solve
- 6. FOCUS SHIFT Target: User centric, seamless 360 degree experience CONTROL EFFICIENCYHUMAN TARGET CURRENT STATE Banks have to change their focus - from Product to Customer to Customer experience
- 7. CHANGE BUSINESS MODELS turning away from typical branch business to innovative and user-centric models USE ALGORITHMS partly automated but personalized customer service TRY NEW SERVICE APPS deeper customer bonding through emotional and solution based service apps EARLY MAJORITY EARLY ADAPTORS LATE MAJORITY LAGGARDSINNOVATOR Possibilities to refresh digitalization at banks - from creating the wave to riding the wave Start NEXT YEAR Start TODAY TOO LATE
- 8. INNOVATOR Mobility Banking EARLY MAJORITY EARLY ADAPTORS LATE MAJORITY LAGGARDS Turning away from typical branch business an innovative and user-centric approach
- 9. Benefit: Creating bonding micro moments! On Demand Banking Mobility Banking services would enable a stronger and faster bond with customers while reducing operating costs and providing a new interaction channel. Customers would be able to: open a bank account, send, receive and authorize documents and order/ deposit cash on their account. 9
- 10. 10 Order cash Choose amount Confirmation Arrival
- 11. 11 Benefits: Why is Mobility Banking beneficial to... • fast and easy access to money • on demand banking • less paperwork • no more waiting in line • efficient ... the customer • fewer filials, more mobility • reduced costs • positive micro moments • better customer service • innovator image ... the provider (Bank)
- 12. Service Bots EARLY MAJORITY EARLY ADAPTORS LATE MAJORITY LAGGARDSINNOVATOR Partly automated but personalized customer service
- 13. 13 PAUL PAULA BECAUSE EVERYBODY SHOULD HAVE ‘SOMEONE‘ IN THE BANK
- 14. 14 USER CENTRIC Directcommunicationcatches customer needs in real time SECURE Integration into existing security protocols PERSONALISED Chat based interface, fast and direct support What makes Paula and Paul more human?
- 15. 15 Saldo Modules - ATM Menu IAP
- 16. 16 Multi Purpose Platform Integration into popular communication platforms as add-on bots that can be called upon with simple hashtags Integration into Messenger App ... the customer Integration into popular messaging apps as installable bots through an existing bot store (free of charge). Integration into existing banking App ... the provider (Bank)
- 17. Experience Banking EARLY MAJORITY EARLY ADAPTORS LATE MAJORITY LAGGARDSINNOVATOR Deeper customer bonding through emotional and solution based service apps
- 18. EXPERIENCE BANKING NEW SERVICES EXISTING SERVICES INNOVATION INVESTMENT Round up ‘I can easily save money without even perceiving it - that’s a nice surprise’ LOANS Control ‘I have full control over my current loans or can check if I can get one’ HELPING USERS Split it easy ‘It’s awesome to split bills so easily - it was always trouble!’ Solves problem Improves loyalty Comfort and speed Acquisition customers Younger target group Opportunity to scale (money transfer) Market positioning New service apps have clearly put customer needs in the forefront
- 19. NEW SERVICES EXISTING SERVICES INNOVATION INVESTMENT Invest Round up and invest. The easiest way to invest your money LOANS Control Control your loan or check your chances to get one HELPING USERS Split it easy ‘It’s awesome to split bills so easily - it was always trouble!’ Solves problem Improves loyalty Comfort and speed Acquisition customers Younger target group Opportunity to scale (money transfer) Market positioning 19
- 20. 20 Split it easy - Idea Split it easy helps people to manage group expenses and it’s the simplest way to calculate who owes what and for what cause. Users create an account with their email address or with their Facebook account. After signing up, users can create events (cause) which they are financing with other friends and add all expenses for that event. Split it easy App splits the costs through all participants and tells you who owes how much to who. Scaling: By transferring money to other bank accounts, you owe to someone through the app and by advertising the bank’s products to customers (loans, investment possibilities etc.)
- 21. 21 Create expense Group spending Data Profile
- 22. NEW SERVICES EXISTING SERVICES INNOVATION INVESTMENT Round up ‘I can easily save money without even perceiving it - that’s a nice surprise’ LOANS Control Control your loan or check your chances to get one manage ends Solves problem Improves loyalty Comfort and speed Acquisition customers oup ney transfer) ing 22
- 23. 23 Round Up App - Idea The Round Up App helps people to invest their money easy by giving them the chance to round up every transaction on their bank account or to determinate a fixed amount they want to invest with every transaction. Users can sign up by using their Facebook account or email. After signing up, users have to connect their profile to their bank account. Users can choose if they want to round up every transaction and invest that amount, or if they want to determine a fixed amount they want to invest. They can also decide what kind of investment they want to do, should it be in a single fund or dispersed in different funds and the risk level they want to take. Targets people who want to be flexible in investing their money and don’t have huge budgets to do so.
- 24. 24 Charts Projections Investing Secure
- 25. 25 NEW SERVICES EXISTING SERVICES INNOVATION INVESTMENT Invest Round up and invest. The easiest way to invest your money LOANS Control ‘I have full control over my current loans or can check if I can get one’ HELPING USERS Friends The easiest way to manage expenses with friends Solves problem Improves loyalty Comfort and speed Acquisition customers Younger target group Opportunity to scale (money transfer) Market positioning
- 26. 26 Control App - Idea Control App helps bank customers to monitor/control their cash loans and to request a loan by checking their chances to get one at first. Users can sign up by using their Facebook account or email. After signing up, users have to connect their profile to their bank account. With successful connection of bank account with Control App, users get a overview on how their loan is doing/developing. On the monitor dashboard users can easily see what is the remaining amount they have to pay back or how high the current interest rate is. By taping on ‘check for new loan’ users can also check their chances on getting a new loan and request a meeting with a bank representative to work out the details.
- 27. 27 Loan Check Loan Terms Loan Monitoring History
- 28. GENERATION Y GENERATION XGENERATION Z Usage: mobile only Target: delight and engage Usage: mobile first Target: surprise Usage: low mobile usage Target: keep loyal Focus: Connecting Generations The more tasks I finish, the more money I can receive - that’s fun - but I also want to impress my parents! For me, it’s an easy and fun way to educated my kid - do something and you will receive something...
- 29. Monitor and award archived goals Awardee App Awardee engages both parent and child to a bond, where they interact with each other, performing actions that lead to a predefined goal (i.e. buying a new bike). With both short, and long term goals covered, the child can set its goals and perform tasks in order to archive them - all monitored by their parents who are equally engaged in the process of awarding their youngsters. 29
- 30. 30 Setup Dashboard First Investment History
- 31. Cashless Piggy Bank experience Piggy Bank Piggy Bank is an innovative approach to an old territory, the simple yet effective way to save money. However - this approach enables the youngster to experience the benefits of cashless transactions, and become familiar with HPBs digital products, early on. 31
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