An Engagement Banking Masterclass. Page 1

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1 An Engagement Banking Masterclass Page 1

2 A Objectives and Methodology Objectives Retail banks today are facing a number of challenges as an increasing number of FS disruptors emerge offering customers attractive alternatives. Growing the customer base is only one of the key challenges. A more critical challenge lies in building trust and loyalty among existing customers. As consumers change the way they interact with service providers, retail banks need to rethink the way they connect and engage with customers on an ongoing basis. This report explores a number of banks leading the way in building more engaging online platforms with the aim to strengthen longterm relationships with their customers. A key objective of this research was to provide an overview of the innovation and developments in online banking aimed at fostering meaningful engagement and conversation with customers. In addition, the report highlights forward-looking and inspirational concepts steered towards building trust and loyalty amongst consumers. Methodology We have conducted research using the portfolio of live accounts that we have access to. In addition, desk research focused on uncovering other initiatives of interest and insights relevant to the topic. Our findings are summarised in this report, providing in-depth insight into a number of innovative banks and initiatives from across the globe. Areas covered In Chapter 1 we highlight innovative ways that banks have sought to foster further customer engagement through their product offerings and online proposition. In Chapter 2 we explore some of the stand out features that have been launched to drive customer interaction with the bank through value added services and enhanced customer experience across digital channels. In Chapter 3 we look at examples of help and support initiatives that can help increase long term customer satisfaction and loyalty. Finally we summarise and report our conclusions. What s next? Please make sure to look at the list of coming reports for the 2015 Mapa Insight Series (see end of this report). Next we focus on security in digital banking. Stay tuned! Page 2

3 Sample Slides Page 3

4 1 Products / Propositions A number of banks, such as Barclays and Tesco Bank in the UK, have already established online communities that facilitate discussion on products and services. Barclaycard Ring (US) however, differs from these as the forum is used as a way to enable customers to influence how their products are developed. Barclaycard Ring is a credit card that is managed through an online community, effectively making it a crowd- and open-sourced product. The product is managed in an open and transparent way. Financial data on the card s user base, such as charges, payments and interest are released to the community. The cardholder community then regularly votes to make changes to policies according to its priorities. How the community works: Discuss Community members are invited to join discussions under the four discussion categories: Card Basics, Community, Track Talk, and Financial Health. Influence This section offers an opportunity for members to submit ideas about the product, which are reviewed by the Barclaycard Ring team. Voting then occurs under Community Decisions, where the community can vote on particular issues and ideas. Blog Every week the Barclaycard Ring team posts a new blog article written by Barclaycard colleagues, industry experts, or other sources on topics relevant to the Ring product or other newsworthy items. Page 4

5 1 Products / Propositions Fidor (UK) is currently rewarding customers for their active participation in helping spread the word about Fidor on Facebook with the Interest for Likes feature. Essentially, the more likes Fidor UK receives on Facebook, the higher the interest rate on the Fidor Smart Current Account balance will be. The interest rate is currently 0.25% per annum. Page 5

6 1 Customer Experience: Actionable Notifications Mondo (UK) is committed to keeping customers informed so that they do not incur charges. One way they do this is by sending notifications when customers are likely to pay more for something than they normally would. Source: Source: Page 6

7 1 Customer Experience: Payments & Transfers Desjardins (CA) has extended its instant savings tool, the Hop n S@ve feature, to Apple Watch and Android Wear, stating that It s always a good time to save. To use the feature, customers need to set up a savings goal and choose a category. When setting up a goal a High Interest Savings Account is then opened automatically and free of charge. Customers can then easily save towards their goal whenever and wherever they choose. Tangerine (CA) also offers an innovative way for customers to manage their products using a smart watch by enabling them to transfer fund to any address directly from the watch. Page 7

8 Mapa Insight Series: Report Schedule 2015 Page 8

9 Mapa Insight Series: Report Schedule Tablet Banking Series 7th edition: A deep dive into five standout initiatives Published: February 2. SME Banking: How to win share through successful differentiation Published: March 3. Mobile Banking Series: How to successfully implement increased app functionality Published: April 4. Bank Disruption: Assessing the Disruptive Threat in Retail Banking Published: May 5. PFM Insight Series: Building PFM With Mass Market Appeal Published: July 6. Mobile Banking Series: State Of The Market 2015 Part 2 Published: August 7. The Digital Branch: Integrating technology and innovation to re-imagine the traditional bank Published: September 8. The Promise Of Wearables: An Internet Of Things In Banking Published: October 9. An Engagement Banking Master Class Published: November 10. Digital Banking Security Insight Series, 4th Edition Due: November 11. Ten Things Digital Teams Should Do In 2016 Due: December Page 9

10 Contact Details Author Katie Nachshon Research Manager Subscription and Consultancy Enquiries Ross Methven Director of Client Services Meaghan Johnson Associate Director, Consultancy Management Mark Pavan Managing Director Chris Guerin Business Development Director Jane Collins General Manager Offices Mapa Research HQ 4 th floor Turnmill street London EC1M 5QP Tel: The Watchtower St Cuthbert's Churchyard 7A Lothian Road Edinburgh EH1 2EP Tel: +44 (0) ross.methven@maparesearch.com Nordic Bondegatan Stockholm Sweden Tel: +46 (0) nordics@maparesearch.com Ross Methven Director of Client Services ross.methven@maparesearch.com Page 10

11 @ About Mapa OUR CLIENTS Use our social media resources to keep ahead of the game Subscribe to our RSS feed Follow what we are saying on Twitter Join our LinkedIn Group: Digital Banking Innovation Subscribe to our free e-newsletter Mapa Market Monitor Like us on Facebook! Or just see what is new in Mapa Research Page 11