Post on 18-Nov-2014
description
Michael J. McEvoy Managing Director
+1.617.243.9500
mmcevoy@athpower.com
www.athpower.com
Generating Mobile Banking Revenue While Improving Customer Experience
© 2012 ath Power Consulting Corporation. All Rights Reserved. a3 Intelligence® Customized Research. Michael J. McEvoy +1-617-243-9500
If you plan to switch banks within the next 12 months, what are the main reasons?
11%
11%
12%
13%
16%
20%
21%
22%
24%
25%
28%
52%
58%
0% 20% 40% 60% 80%
Want a bank with better mobile banking
There was a security issue with one or more of my accounts
Other
Do not trust my current bank
Want a bank with better online banking
Current bank has made account errors
Want a bank that has more ATMs
Recommendation by friends/family/colleagues
Want a bank with more convenient banking hours
Want a bank that has more conveniently located branches
Not happy with the customer service at my current bank
Another bank has a good offer or promotion to join
Want better rates and fees on my accounts
Customer Expectations are Rising: Quality of Digital Channel Offerings Matters More Than Ever
2
Source: ath Power 2012 Ideal Banking Study™
© 2012 ath Power Consulting Corporation. All Rights Reserved. a3 Intelligence® Customized Research. Michael J. McEvoy +1-617-243-9500
49%
37%
30%
27%
30%
26%
10%
17%
24%
14%
16%
20%
0% 25% 50% 75% 100%
Mobile Banking2010
Mobile Banking2011
Mobile Banking2012
Do Not Need Would Like To Have Must Have Would Make Ideal
Soon, Majority of Customers Will See Mobile Banking As Core to Banking Relationship
3
Source: ath Power 2012 Ideal Banking Study™
Michael J. McEvoy +1-617-243-9500
5%
16%
32%
19%
20%
8%
Multiple times a day
Daily
2-3 times a week
Once a week
1 to 2 times a month
Less than once a month
How often do you use mobile banking with your bank?
72%
Mobile Customers Are Frequent Users of Mobile Banking – Suggests Revenue Opportunities
4 © ath Power Consulting Corporation. All Rights Reserved.
Source: ath Power 2012 Mobile Banking Study™
Michael J. McEvoy +1-617-243-9500
Gap in Mobile User Support Needs Addressing…. Or Customer Experience, Retention Will Suffer
5 © ath Power Consulting Corporation. All Rights Reserved.
3% 0%
14%
6%
38%
7%
23%
14%
0%
25%
50%
Text interaction with abanking agent
Video interaction with abanking agent
A tutorial on mobilebanking features
Banking advice
Available Feature Would Like
Source: ath Power 2012 Mobile Banking Study™
Michael J. McEvoy +1-617-243-9500
12%
16%
17%
19%
56%
61%
62%
Apply for a mortgage
Purchase a CD
Apply for an auto or other loan
Invest money in stocks or bonds
Conduct debit transactions at a store orrestaurant
Receive special offers, promotions,coupons
Store and maintain rewards points
Percent Who Would Use Feature
Improve Customer Experience and Revenue Potential by Providing Mobile Customers with Desired Capabilities
6 © ath Power Consulting Corporation. All Rights Reserved.
Source: ath Power 2012 Mobile Banking Study™
Michael J. McEvoy +1-617-243-9500 7 © ath Power Consulting Corporation. All Rights Reserved.
Best Practice in Mobile: Design ‘Customer Experience’ to Match the Device
Bigger Screen: • Detailed information (e.g. PFM) • Viewing statements / documents • Graphical representation
Less Mobile than Smartphone:
• Less useful for ‘on-the-go’ activities
Potential for Small Business Banking: • Less mobile device less likely to be lost • No alternate primary function (e.g. telephone)
Small Screen: • Quick transactions (e.g. checking balances) • Check what’s available for spending – like opening a wallet
Device Mobility:
• Location based services • P2P Payments • Point-of-sale transactions
‘Always on’:
• Alerts (fraud, stock trades, balance alerts, etc.)
Smartphone
Tablet
Michael J. McEvoy +1-617-243-9500 © 2012 ath Power Consulting Corporation. All Rights Reserved. a3 Intelligence® Customized Research. 8
Text Banking
Account Monitoring
Aligning Digital Channel ‘Customer Experience’ with the Device: Example of North American Bank
Text Banking Mobile Browser
Account Monitoring Bill Payment Credit Card Payment Transfers - In-Bank ATM / Branch Locator Customer Service
Text Banking Mobile Browser Mobile App
Account Monitoring Bill Payment Credit Card Payment Transfers - In-Bank ATM / Branch Locator Customer Service RDC P2P Payments
Text Banking Mobile Browser Mobile App Tablet
Account Monitoring Bill Payment Credit Card Payment Transfers - In-Bank ATM / Branch Locator Customer Service RDC P2P Payments Visualization - Spending, Cash Flow PFM Tools, Advice
Text Banking Mobile Browser Mobile App Tablet Online
Account Monitoring Bill Payment Credit Card Payment Transfers - In-Bank ATM / Branch Locator Customer Service RDC P2P Payments Visualization - Spending, Cash Flow PFM Tools, Advice Bill Payment - Setup Transfers - Out-of-Bank International Transfers Currency Orders
© 2012 ath Power Consulting Corporation. All Rights Reserved. a3 Intelligence® Customized Research. Michael J. McEvoy +1-617-243-9500 9
Looking Ahead…..
Laptop
Smartphone Tablet
Device Convergence
Touchscreen Laptops ‘Tabletization’ of websites? – Websites to be reengineered for Touchscreen devices:
‘Point-and-click’ to be replaced by ‘tap-and-swipe’
– Shift away from sequential navigation paradigms to Tablet-like experience
– Feedback from Tablet apps. to websites
– Touchscreen laptops
– Smaller tablets
– Smartphones with bigger screens
Meanwhile: How to serve up the ‘right’ customer experience???
Michael J. McEvoy +1-617-243-9500 © 2012 ath Power Consulting Corporation. All Rights Reserved. a3 Intelligence® Customized Research. 10
6 Key Considerations for Banks Seeking to Improve Customer Experience in Mobile Channel
• Usage is high among mobile customers – experience needs to be reliable and consistent
• Technical support needs improvement
• Customer education on mobile capabilities will become more important with broader, ‘non-techie’ user base • Broad adoption will require a more compelling mobile offering – better functionality, more reasons to ‘tune in’
• ‘Customer experience’ needs to match the device for optimal results
• Rapid technology advances mean C.E. needs to be re-evaluated on an on-going basis
Michael J. McEvoy +1-617-243-9500 © 2012 ath Power Consulting Corporation. All Rights Reserved. a3 Intelligence® Customized Research. 11
81%
0%
0%
1%
1%
4%
13%
0% 20% 40% 60% 80% 100%
Not willing to pay for service
> $15
$12-15
$9-11
$6-8
$3-5
$1-2
1 in 5 Users Willing to Pay for Today’s Mobile Banking
Revenue Potential Will Rise as Mobile Offerings and Customer Experience Improve
Source: ath Power 2012 Mobile Banking Study™
Monthly Fee for Mobile Banking Access
Michael J. McEvoy Managing Director
+1.617.243.9500
mmcevoy@athpower.com
www.athpower.com
Generating Mobile Banking Revenue While Improving Customer Experience