Digital Engagement. Jeremiah Lotz VP Digital Experience and Payments PSCU

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Sharyl Wilkerson
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1 Digital Engagement Jeremiah Lotz VP Digital Experience and Payments PSCU

2 How ready you are Expense Issues Realizing Value Happy Ignorance Attraction & Retention Issues How ready your customers are

3 How do you define mobile payments? Score 1 point for each 10% of your organization that has a consistent definition. For example, if you think 30% are agreed your score is 3.

4 Do you have a shared vision? Score 1 point for each 10% of your organization that has a consistent definition. For example, if you think 30% are agreed your score is 3.

5 Does everyone consider your program the same priority? Score 8-10 if appropriate budgets & resources have been allocated. Score 5-7 if some budgets & resources have been allocated. Score 1-4 if funding & resourcing is haphazard. Score 0 if budgets have not been allocated at all.

Score 5-7 if some budgets & resources have been allocated.

6 Do you have a mobile business model? Score 8-10 if you have a model and a plan to review. Score 5-7 if you have a model but no plan to review. Score 1-4 if multiple models have been built, but not yet combined at the organization level. Score 0 if you have no idea what the economic outcomes could, should or would be.

7 Have you set benchmarks? Score 8-10 if yes, and plans are being executed to meet or further your lead. Score 5-7 if benchmarks have taken place. Score 1-4 if there are plans for these activities. Score 0 if there are not even any plans. 20

8 Is your information an asset? Score 8-10 if you think your organization uses information as an asset. Score 5-7 if there are at least some activities. Score 1-4 if there are plans for these activities. Score 0 if there are not even any plans.

as an asset. Score 5-7 if there are at least some activities.

9 Can you respond in real time? Score 8-10 if you can respond to your customers as they use your services. Score 5-7 if there are at least some activities. Score 1-4 if there are plans for these activities. Score 0 if there are not even any plans.

10 Are you truly omnichannel? Score 8-10 if you really can perform any transaction in any channel. Score 5-7 if some capabilities are in place. Score 1-4 if there are plans for this activity. Score 0 if there are not even any plans.

11 Do you utilize design thinking? Score 8-10 if yes, all plans are made based on these ideas. Score 5-7 if some feasibility is being undertaken. Score 1-4 if there are plans for this activity. Score 0 if there are not even any plans.

12 Do you map out the customer journey? Score 8-10 if yes, all the core touchpoints are mapped. Score 5-7 if some feasibility is being undertaken. Score 1-4 if there are plans for this activity. Score 0 if there are not even any plans.

13 Definition Vision Priority Business Model Benchmark Info as Asset Real Time Omnichannel Design Thinking Customer Journey Total 46

14 How ready you are ~30 You are slow, understand planning and discussing are different things <15 You likely will never be digital How ready your customers are >85 Stop fooling yourself ~70 You are advanced, how do you recognize the value from the investment? ~50 Median or mode? Have you done well or do you have pet projects?

are >85 Stop fooling yourself ~70 You are advanced, how do you recognize the

15 Now, let s consider where your customers are.

16 When selecting a new bank or credit union, do you care about how close you are to a branch? 35% 30% Yes, I do the majority of my banking in a branch 25% 20% 15% Yes, I occasionally use a branch 10% 5% 0% No, if I need one I'm willing to find it

17 45% 40% Assuming you could do any banking transaction through each, select the most important outlet you feel your bank or credit union offers. ATM 35% 30% 25% 20% 15% Branch Web 10% 5% Mobile 0% years old years old years old years old years old 65+ years

18 90% Would you like to see your bank or credit union partnering with local businesses so that they integrate offers for you within their website? 80% 70% 60% Keep them separate 50% 40% 30% Show me integrated offers 20% 10% 0% year olds year olds year olds year old year olds 65+

80% 70% 60% Keep them separate 50% 40% 30% Show me integrated offers 20% 10%

19 80% 70% 60% 50% 40% 30% 20% 10% 0% If your bank was re-thinking their online and mobile products to be more like non-banking products, which experience would you prefer most? years old years old years old years old years old 65+ years old None, I like my banking how it is Uber: limited functions but easiest to use Facebook: people to help when needed Amazon: finding products that meet my needs Apple: product design is the primary focus Google: a wide range of products easy to use

18-24 years old 25-34 years old 34-44 years old 45-54 years old 55-64 years old 65+ years old None, I like my banking how it is

20 What would make you think about closing an account? 70% 60% 50% 40% 30% Poor Service Increased Fees Better Online Banking 20% 10% 0% years old years old years old years old years old 65+ years Better Mobile Banking

Online Banking 20% 10% 0% 18-24 years old 25-34 years old

21 Channel Popularity By Age-profiled Customers in Call Centers 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Generation Y Generation X Baby Boomers Silent Generation Telephone Don t Know Electronic Messaging Social Media Smartphone App Internet or Web Chat Source - Dimension Data: 2015 Global Contact Centre Benchmarking Report

22 Mobile Banking and Mobile Payments 70% 60% 50% 40% 30% 20% 10% 0% Mobile Banking Mobile Payments Source - Federal Reserve: Consumers and Mobile Financial Services 2015, March 2015, showing most recent data available (2014)

23 years old years old years old years old 65+ years old Engagements Per Year Source Filene Research Institute: Channel Delivery for Tomorrow

24 How ready you are Inverse Relationship 65+ year olds year olds year olds year olds year olds How ready your customers are year olds

25 How ready you are ~70 Sweet spot ~50 Sweet spot year olds year olds How ready your customers are

26 How ready you are CUSTOMER JOURNEYS DESIGN THINKING OMNICHANNEL REAL TIME INFO AS AN ASSET BENCHMARK BUSINESS MODEL PRIORITY VISION DEFINITION How ready your customers are

27 Lending Online & Mobile Investments FIs remain critical to healthy economic activity Gov ts need them and can t let industry fail Startups realistically can't perform some gov t mandated functions Startups ignore the critical role of FIs at their own peril Payments PFM Advice CUs that don't innovate and partner well will suffer - but the sky isn t falling today

28 Jeremiah Lotz VP Digital Experience and Payments PSCU

Welcome to an introduction to Business Model Canvas. We decided to use the Business Model Canvas to illustrate and demonstrate business models for

Welcome to an introduction to Business Model Canvas. We decided to use the Business Model Canvas to illustrate and demonstrate business models for each of the four Stride demonstrator apps. In order to