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Presentation given by Melanie Woods, Digital Product Manager at UMB Bank. Did you miss out on NF 2014? Then make sure to join us in San Diego for NetFinance Interactive: http://wbresear.ch/ht 'How do you convert the end user into using online channels instead of traditional channels?'
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Driving Digital Adoption. How Do You Convert The End User Into Using Online Channels Instead Of Traditional Channels?
Melanie Woods – Digital Product Manager NetFinance - April 2014
UMB Bank
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Driving Digital Adoption. Agenda
Brief Background Digital Adoption Case Study Key Take-aways Q&A
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Driving Digital Adoption. Background
Our brand promise, Count on more®, underpins our every action.
Assets Under Management 41.4B
110 Branches across the Midwest
101 Years in business
3,498 Associates
Umb.com
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What’s the problem?
Driving Digital Adoption. Case Study – Business Objectives
Migrate customers from doing self-serve transactions in high cost channels (branch & call center) to low cost channels (online & mobile).
Create raving fans by making customers feel cared for by helping them grow, manage, and protect their money and time.
Educate Associates so that they feel confident directing customers to self-serve channels.
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What’s the solution?
Digital GeniusTM
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One-on-one guidance with a Digital GeniusTM
+ + +
Saves Time
Saves Money
Fraud Detection
More Control
Driving Digital Adoption. Case Study – Customer Benefits
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100% Customers say they recommend this service to friends and family
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15m today = 2hrs mo.
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Customers say it will save them time!
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Customer Quotes
UMB Customer
“I would of not been able to figure this out on my own if it wasn't for her, thank you!”
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UMB Customer
“I am new to UMB and I am very surprised that you all took the time to show me how to use my online banking and mobile banking, great
customer service!!”
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UMB Customer
“I live rather far away from banks and I was very pleased to be able to check my accounts
at home :)”
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UMB Customer
“She was super nice and explained the whole website. She walked me through all my
questions. The site does more than I thought”
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UMB Customer
“He was wonderful and it was a great idea to help the UMB customer out on getting online
bill pay set up.”
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UMB Customer
“She made it very easy for me to set up my online banking. I am not good with technology, seeing as I just now bought a computer...thank you so much for taking the time to help an old
lady!”
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UMB Customer
“Got a new smart phone and did not understand Mobile Banking - he helped me grasp this concept and answered al of my
questions”
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Results
22% vs. 81% After Digital Genius Appt Before
Driving Digital Adoption.
Case Study - Results
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3 or more self-serve channels used by customers
Digital Adoption
94% of appointments lead to decreased call volume
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30% Associate Engagement
to
22 Within 45 days
90%
32% Open doors to cross sell opportunities
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100% Customers say they recommend this service to friends and family
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Lessons Learned
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Take-aways
Driving Digital Adoption. Take-aways
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Have a plan for driving sales before you drive customers out of the branch
Customers want help learning how to use digital
Align your budget – People and plans must align to digital if you want to move the needle
Invest in training - Associates must see and understand the value digital brings
Digital is an untapped sales funnel - look at how many times you touch a customer in branch vs. digital
Thank you.
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Safe Harbor Statement
This document may contain forward-looking statements of expected future developments. We wish to ensure such statements are accompanied by meaningful cautionary statements pursuant to the safe harbor established by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may refer to projections of future financial performance and financial items, plans and objectives of future operations, and other matters. The forward-looking statements reflect management’s expectations and are based on currently available data; however, actual future results are subject to future events and uncertainties, which could materially affect actual performance and cause future results to differ materially from those referred to in the forward-looking statements. Such future events and uncertainties include, but are not limited t, changes in: loan demand, the ability of customers to repay loans, consumer saving habits, employee costs, pricing, interest rates, competition, legal or regulatory requirements or restrictions, U.S. or international economic or political conditions such as inflation or fluctuation in interest rates or in the values of securities traded in the equity markets. Any forward-looking statements should be read in conjunction with information about risks and uncertainties set forth in the company’s Securities and Exchange Commission reports, including its annual report, Form 10-K for the year ended December 31, 2011 and the 8-K filing which includes the press release for the quarter ended March 31, 2012. Forward-looking statements speak only as of the date they are made, and the Company does not intend to review or revise any particular forward-looking statement in light of events that occur thereafter or to reflect the occurrence of unanticipated events.
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