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1
How two Italian banks achieved their business goals through more effective documents
Nicola Muraro – Vice President Gruppo Selecta Marketing Dynamics – Brussels – 27-28 October 2010
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Corporate documents as business drivers
ñ Direct documents cost is small compared to the total company expenditure (1-3%)
ñ Because of that documents are often out of the priorities of the top management despite their large impact on the company business:
ñ Documents imply many other costs (postage, archiving, etc)
ñ Documents are one of the key touch points towards the customers
ñ Not giving the right attention to documents a company misses opportunities:
ñ to reduce hidden costs
ñ to improve its own business
ñ Today we will see how more effective documents have helped two big banks in improving their own business
ING DIRECT CASE STUDY
Italian Market Leader in Online Banking
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What is Ing Direct in Italy
ñ Ing Direct Italian branch is market leader in online banking with 1,2 million customers.
ñ Started in Italy in 2001 with just one product: online saving account
ñ Business model is to supply low cost services with no tricks and to pay high interests on the savings
ñ Success depends largely on low process costs with means a continuous effort to make processes as smooth as possible
ñ Main touch points to become Ing Direct customers are: Web and phone
ñ Selecta designed (2001) a frictionless workflow which ensure Ing Direct:ñ To produce and send a customized Opening pack to new customer in J+1
ñ To minimize the back-office activities
5
New business model introduced more complexity
ñ Business model moved from being just a piggy-bank to become a complete online bank by adding new services: mortgages, investments, trading on-line, payment account
ñ Ing Direct has a strong risk adverse approach, so new filters have been added and more information has been requested
ñ It drove to more difficulties in completing correctly data collection forms
ñ More services meant more complexity:
ñ More products to explain to customers
ñ More difficulties to explain how to fulfil documents correctly
ñ More information to collect (i.e. fiscal code, ID)
ñ More back-office activities (costs) for dealing with incomplete information and phone call
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ñ Ing Direct asked for a “simplexity” approach without increasing internal process costs:
ñ To make it as easy as possible for customers to understand and complete successfully data collection forms
ñ To avoid any further complexity or activity overload in Ing Direct back-office
ñ The request was for making the existing process more frictionless than before
ñ Metrics for success: ñ Rate of documents correctly completed
ñ Lower number of phone calls for asking clarification
ñ Process automation
ñ To minimize item to pre-print and stock
ñ Main goal: quality, meaning to be quick and correct
Ing Direct requirements
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Changes done jointly by Ing Direct and Selecta
• White space approach for totally data-driven documents
On-demand
• Documents easier to complete
Redesign
• Different layout depending on customer behavior
Differentiation
• Instead of offset plus black & white printing
Full color printing
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Bank account statement
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The opening pack
Ing Direct Benefits
ñ Business improvement
ñ Higher success rate in transforming prospects into customers
ñ More documents correctly fulfilled by the customers at the first attempt
ñ Better overall perception of Ing Direct experience by the customers
ñ Faster time-to-market for changing documents
ñ Savings
ñ Less phone calls thanks to more effective documents
ñ Reduced overload on back-office department
ñ No more waste for discarded pre-printed material
ñ Lower overall process costs
www.selecta.itp. 15
BANCA FIDEURAM CASE STUDY
Italian market leader in financial advisory
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Who is Banca Fideuram
ñ Banca Fideuram is market leader in the financial advisory market in Italy, with over 30% market share, and the fourth player in asset management with 4300 financial advisors and more than 450 offices and branches
ñ Main offer consists in investment products such as trading, mutual funds, individual products and life-insurance products.
ñ Market: private and afferent segments, where two thirds of Banca Fideuram assets and management are concentrated.
ñ Marketplace has a low level of differentiation among the offers of the different actors, so communication is the key to reinforce and confirm brand equity and value proposition
ñ Communication media are financial advisors and documents sent to customers. Customers relationship, trust and loyalty depends on them.
ñ So, documents are one of the key success factors for the bank
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The Project
ñ Re-design the whole transactional information towards the customers.
ñ 100 documents produced only 14 were really relevant.ñ Project steps were:
ñ analysis to understand the way documents worked and to see what to do with them (improve, cancel, consolidate)
ñ to check the best practise regarding similar documents sent by other companies
ñ to set the rules to improve documents effectiveness and compliance with corporate values
ñ focus groups: customers and financial advisors involvement to understand their expectations
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Outcomes
ñ Reading should be immediate, easy, transparent, clear. ñ labels using customer language ñ fonts, colours and shapes chosen to maximise readiness
ñ The customer has to understand the asset allocation and the level of risk
ñ First of all: usage of digital full-colour printing to deliver clear and understandable performance
ñ Reduction of the number of documents (merging, cancellation)ñ Documents usage as a cross-selling supportñ Document: it is a way to increase customer’s trust and
loyalty
The new Fideuram color statement
Fideuram Benefits
ñ Business improvement
ñ Increased customer satisfaction and loyalty
ñ Better overall perception of Banca Fideuram experience
ñ Differentiation toward competition by using more effective documents than the market standard
ñ Stronger support to financial advisors for cross-selling
ñ Savings
ñ Less postal costs because of documents consolidation
www.selecta.itp. 15
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2 sides of the same coinLessons learnt
ñ If documents are the nervous system opportunity to create value through them helping customers to see the whole process from data to the recipient
ñ 2 complementary perspectives:
ñ Effective and ineffective documents cost more or less the same. But only effective documents helps in getting business goals.
ñ Transactional colour documents in Europe maybe are not so glamour as expected but anyway they can be incredibly effective
Effectiveness
Efficiency
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The business model
ñ Pro-activeness toward customer’s needs as a long-term strategic partner
ñ Consultative approach looking for the value hidden behind corporate documents
ñ Look at the whole document process
ñ Charge for the added value services you supply: process analysis, software development, document design consultancy, postal delivery optimization
ñ Value creation shared with the customer
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Thank you
Gruppo Selecta
Nicola MuraroGruppo Selecta Vice [email protected]/in/nicolamuraro
ñ Mission:
ñ To help companies in choosing the best communication solutions through document management.
ñ Basic data:
ñ Turnover: over € 70 Mio/Euro
ñ First private transactional and direct marketing operator in Italy
ñ Customers: 750 in different EU Countries
ñ Sales offices: Italy and Europe
ñ Partner: IPN Global