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Copyright © 2014, Oracle and/or its affiliates. All rights reserved. |
Rohini Goyal CX Evangelist Oracle Financial Services December 03, 2014
Oracle Financial Services
Copyright © 2014, Oracle and/or its affiliates. All rights reserved. |
Mobile phones at arm’s length when we go to sleep.
3
70%
Over
Oracle Financial Services
Copyright © 2014, Oracle and/or its affiliates. All rights reserved. |
Mobile phones are used for alarms.
4
50%
Over
Oracle Financial Services
Copyright © 2014, Oracle and/or its affiliates. All rights reserved. |
1.3 Mobile payment transactions are expected to Quadruple by 2017.
5
Trillion Annually
Oracle Financial Services
Copyright © 2014, Oracle and/or its affiliates. All rights reserved. |
Mobile payment transaction contenders
Banks
Credit card processors
Retailers
Mobile carriers
Technology and internet firms
1
2
3
4
5
6 Oracle Financial Services
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Product Out to “Customer In”
7 Oracle Financial Services
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What Is Customer In?
8 Oracle Financial Services
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The Telecommunication Customer In Transformation
Engage Activate
9 Oracle Financial Services
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Customer In Changes The Way Banks Engage Customers
Checking Mortgage Insurance
Product Out
10 Oracle Financial Services
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Architecting Your Business for Customer In
11 Oracle Financial Services
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Let’s talk customer
12 Oracle Financial Services
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Customer is king or queen
13
…expect more …are informed …have a voice
…trust their peers …have choices
Oracle Financial Services
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Retention Advocacy Engagement
Customer relationship lifecycle
Acquisition Satisfaction Awareness
14 Oracle Financial Services
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Digital on-boarding
26%
50%
24%
Fully digitized on-boarding
Plan to fully digitize on-boarding in the next two years No plans to fully digitize on-boarding in the next two years
15 Oracle Financial Services
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Start retention at “Hello” Implementing retention strategies into every customer touch point
Retention strategies
Churn risk
Return on investment
More effective Most expensive Low effectiveness
Not thinking about leaving
Preemptive
Thinking about leaving
Proactive
Left
WinBack
Leaving
Reactive
16 Oracle Financial Services
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16% Of Institutions focus on Customer retention.
17
Only
Oracle Financial Services
Copyright © 2014, Oracle and/or its affiliates. All rights reserved. |
Degree of trust in primary financial institution
0%
10%
20%
30%
40%
50%
60%
Complete trust Moderate Minimum trust No trust at all
Global
Indonesia
Singapore
Vietnam
18 Oracle Financial Services
Copyright © 2014, Oracle and/or its affiliates. All rights reserved. |
“Financial comparison websites are used by 65% of customers, eclipsing financial advisors and encouraging customers to take control of their own research and decision making.”
– PwC The new digital tipping point
19
71% Friends and Family
44% Social Networking
Oracle Financial Services
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Where to go...
20 Oracle Financial Services
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Self service
Automated Telephone
Banking
ATMs Internet banking
Mobile banking
Banking Apps
Budgeting Social and Customer
Insight
Suite of Apps
Next gen of Wealth creators
Integration with 3rd
Party
Smarter Branches
Smarter Personalised
Products
Banks to Digital Vaults
Wealth Manager
21 Oracle Financial Services
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Important Current capability Market Lag
Real-time synchronization 92% 24% -68%
Location-driven services 82% 19% -63%
Real-time analytics 90% 30% -60%
Social media account management 72% 14% -58%
Gamification 72% 15% -57%
Digital advisory service 83% 28% -55%
Digital personal assistant 67% 12% -55%
Mobile device payments 94% 44% -50%
Comparison services based on financial profile
76% 28% -48%
Offers via social media 78% 34% -44%
22
Q - How important would you say each of the following will be in order to be a successful bank in five years’ time?
Q - What is your organization’s current status in relation to each of the following developments?
For omni-channel customer engagement
Oracle Financial Services
Copyright © 2014, Oracle and/or its affiliates. All rights reserved. |
Connect with us on Digital Banking
23
Follow the conversation at Twitter @digitize2thrive Ask Rohini at @evoid
Access www.oracledigitalbank.com to read our global survey on Digitization in Retail Banking and the Response to Millennial Demand and participate in the Digitization conversation
Meet us at Stand No. 6, to see how are solutions can help in your Digital Transformation
Copyright © 2014, Oracle and/or its affiliates. All rights reserved. | 24 Oracle Financial Services