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Member Experience: Blurring the Lines
Between Digital and Physical
Jaime Dominguez
Director, Strategy and Product Management
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
FORTUNE Magazine World's Most Admired Companies®
2014 | 2015 | 2016 | 2017 | 2018
Agenda
• Market Insight
• Meeting Member Expectations
• 2030 Landscape
2
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
FORTUNE Magazine World's Most Admired Companies®
2014 | 2015 | 2016 | 2017 | 2018
Market Insight
3
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
FORTUNE Magazine World's Most Admired Companies®
2014 | 2015 | 2016 | 2017 | 2018
Date
4
Source: IDC, US Banking Digital Transformation Spending Forecast 2017; Javelin, “Online Banking Forecast 2016: Optimizing Online Banking in a
Mobile Era.”; Source: Aite Group 2017; Bain Report – customer in retail banking Global Edition 2016
U.S. FI Spend
$20.2 billion
to Support Digital
Transformation
Initiatives in 2017
U.S. Banking Digital Transformation Spending Projection
$-
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
2015 2016 2017 2018 2019 2020
Hardware Software IT Services Internal IT
($B)
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
FORTUNE Magazine World's Most Admired Companies®
2014 | 2015 | 2016 | 2017 | 2018
Your members’ last best experience becomes their expectation
5
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
FORTUNE Magazine World's Most Admired Companies®
2014 | 2015 | 2016 | 2017 | 2018
Consumers expect to be able to engage with their credit union …
6
When it’s convenient for me
With immediate results
With any device I choose
Without interrupting my life
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
FORTUNE Magazine World's Most Admired Companies®
2014 | 2015 | 2016 | 2017 | 2018
Generational Segments
7
Traditionalists Baby Boomers Gen X Millennials Gen Z
1922 ‒ 1945 1946 ‒ 1964 1965 ‒ 1978 1979 ‒ 1999 2000 to Current Day
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
FORTUNE Magazine World's Most Admired Companies®
2014 | 2015 | 2016 | 2017 | 2018
Millennials Are More Likely to Interact With Their Primary FI Through Mobile Platforms; Boomers Rely More on Computers
Last Time Logged Into Primary Financial Organization’s Banking Site
BASE: ALL QUALIFIED RESPONDENTS (Q99/1): Q717a/Q717b When was the last time you logged into your primary financial organization’s banking site on [a mobile device (smartphone, tablet, or wearable device)] [a computer (laptop or desktop)]?BASE: VISITED FO’S SITE IN THE PAST MONTH (Q717a/1-5) (Q717b/1-5): Q719a/Q719b Approximately how many times have you logged into you primary financial organization’s banking site on [a mobile device (smartphone, tablet, or wearable device)] [a computer (laptop or desktop)] within the past month?
8
Total (n=3,050) Total (n=3,050)
Logged on Through Mobile Device Logged on Through ComputerAverage number of computer logins:
9 past month
Average number of mobile logins:
11 past month
30%
23%
6%
2%
3%
2%
2%
1%
3%
30%
Within the last day
Within the last week
Within the last 2 weeks
Within the last 3 weeks
Within the last month
2 to 3 months ago
4 to 6 months ago
7 to 12 months ago
More than a year ago
Never
33%
29%
9%
2%
6%
4%
2%
2%
3%
10%
Within the last day
Within the last week
Within the last 2 weeks
Within the last 3 weeks
Within the last month
2 to 3 months ago
4 to 6 months ago
7 to 12 months ago
More than a year ago
Never
*Note: Revised Question Set Q1 2018
Boomers (53-71)
(40%)
Seniors (72+)
(65%)
Millennials (18-37)
(42%)
Urban Consumers
(40%)
Boomers (53-71)
(38%)
Seniors (72+)
(15%)Rural Consumers
(35%)
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
FORTUNE Magazine World's Most Admired Companies®
2014 | 2015 | 2016 | 2017 | 2018
Source: Aite: Top 10 Trends in Retail Banking & Payments in 2018 as of January 4, 2018
Tech Firms
Become FIs
FIs Become
Tech Firms
The largest companies
today are technology
companies, digital and
“customer obsessed”
And, they’re setting
members’ banking
expectations
9
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
FORTUNE Magazine World's Most Admired Companies®
2014 | 2015 | 2016 | 2017 | 2018
Digital Transformation: A Member Experience, A Member Journey
BryceBanker
JimBack-office Operations
“I want an experience that feels tailor-made for me.”JessicaIT Manager
HaleyBusiness Manager
Sends Jessica money for half the dinner bill
Starts to open new account at her financial institution on her tablet
Goes to branch to continue opening account
Monitors security
one experience | personalization | money movement | security
10
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
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Top 5 FI Trends for This Year
11
• Frictionless member journeys
• Modernize regulatory compliance
• Enhance the use of AI, big data and advanced analytics
• Create differentiation
• Transform the workforce
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
FORTUNE Magazine World's Most Admired Companies®
2014 | 2015 | 2016 | 2017 | 2018
Meeting Member Expectations
12
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
FORTUNE Magazine World's Most Admired Companies®
2014 | 2015 | 2016 | 2017 | 201813
• Convenience
• Ease of use
• Frictionless interactions
• Immediacy
Always On, Always Connected
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
FORTUNE Magazine World's Most Admired Companies®
2014 | 2015 | 2016 | 2017 | 2018
Blur the Lines Between the Physical and Digital Worlds
14
Technology
Process
Member
Culture
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
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2014 | 2015 | 2016 | 2017 | 2018
Creating an extended journey for the member goes beyond a re-designed physical space…
15
Extend Service
Omnichannel
Think Differently: Streamline Journeys
Frictionless
Streamline Experts
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
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New Business Model: Branch Self-ServiceCU Results
16
• Teller cost savings of 40% through a full
digital transactional experience
• Branch cash has been eliminated
• Night-drop service eliminated
• Branch staff reallocated to focus on
greater value
• Branch and drive up hours extended
including weekends, some locations
to 8 p.m.
• Annual savings is projected at $2.1M
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
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2014 | 2015 | 2016 | 2017 | 2018
Only Digital Can Connect the Dots: Game Changers
One Experience
Deliver precisely what your member wants
Personalization
Operate efficiently and profitably
Security
Reduce risk
Money Movement
Speed up and simplify transactions
17
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
FORTUNE Magazine World's Most Admired Companies®
2014 | 2015 | 2016 | 2017 | 2018
Automated Account Alerts
Banking
Card Controls
Card Free Cash
Client Acquisition
App Store
ATM Check Deposit
Card Instant Issue
CRM
Digital Front Office
Commercial Online Banking
Consumer Online Banking
Immediate Funds Availability
Marketing & Adoption
Online Money Management
Online Account Funding
Online Account Opening
Online Lease & Loan Management
eBills, eStatements, eInvoicingand eNotifications
Mobile Bill Capture
Mobile Bill Payment
Small Business Invoicing
18
eSignatures
Mobile Customer Acquisition
Virtual Teller
Web Services Integration
Analysis and Reporting
Automated Check Fraud Detection
Automated Risk Automated Signature Verification
Behavioral Analytics
Biometrics
Credit Score Monitoring
Deep Device Inspection
Knowledge Based Authentication
Out-of-Band Authentication
Secure Browser
Integrated Payables
Marketing & Adoption
Mobile
Money Exchange Network
Overnight Checks
Person-to-Person
Real-time ACH
Wires
Digital Check Deposit
Enrollment
Marketing & Adoption
Wallet
Enabling a Seamless Digital Experience for Your Members
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
FORTUNE Magazine World's Most Admired Companies®
2014 | 2015 | 2016 | 2017 | 2018
A Member Journey
BryceMSR
JimTeller
“I want an experience that feels tailor-made for me.”JessicaIT Manager
HaleyBusiness Manager
Sends Jessica money for half the dinner bill
Starts to open new account at her financial institution on her tablet
Goes to branch to continue opening account
Performs teller transactions
one experience | personalization | money movement | security
19
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
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2014 | 2015 | 2016 | 2017 | 2018
Account Open: Save Process
20
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
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Out and About
21
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
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Lobby Manager: Check In
22
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
FORTUNE Magazine World's Most Admired Companies®
2014 | 2015 | 2016 | 2017 | 2018
A Member Journey
BryceMSR
JimTeller
“I want an experience that feels tailor-made for me.”JessicaIT Manager
HaleyBusiness Manager
Sends Jessica money for half the dinner bill
Starts to open new account at her financial institution on her tablet
Goes to branch to continue opening account
Performs teller transactions
one experience | personalization | money movement | security
23
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
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2014 | 2015 | 2016 | 2017 | 2018
Lobby Manager: Notify Bryce
24
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
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Member Information: Notable Events
25
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
FORTUNE Magazine World's Most Admired Companies®
2014 | 2015 | 2016 | 2017 | 2018
A Member Journey
BryceMSR
JimTeller
“I want an experience that feels tailor-made for me.”JessicaIT Manager
HaleyBusiness Manager
Sends Jessica money for half the dinner bill
Starts to open new account at her financial institution on her tablet
Goes to branch to continue opening account
Performs teller transactions
one experience | personalization | money movement | security
26
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
FORTUNE Magazine World's Most Admired Companies®
2014 | 2015 | 2016 | 2017 | 2018
Biometric Authentication: Faster and More Secure
27
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
FORTUNE Magazine World's Most Admired Companies®
2014 | 2015 | 2016 | 2017 | 2018
A Member Journey
BryceMSR
JimTeller
“I want an experience that feels tailor-made for me.”JessicaIT Manager
HaleyBusiness Manager
Sends Jessica money for half the dinner bill
Starts to open new account at her financial institution on her tablet
Goes to branch to continue opening account
Performs teller transactions
one experience | personalization | money movement | security
28
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
FORTUNE Magazine World's Most Admired Companies®
2014 | 2015 | 2016 | 2017 | 2018
Formula for Success
Enterprise addressable market opportunity includes digital and payment solutions, account processing and surround solutions.
29
SuperiorClient Experience
Intuitively
Differentiated Solutions
QualitySolutions & Delivery
Likelyto Recommend
+
+
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
FORTUNE Magazine World's Most Admired Companies®
2014 | 2015 | 2016 | 2017 | 2018
2030 Landscape
30
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
FORTUNE Magazine World's Most Admired Companies®
2014 | 2015 | 2016 | 2017 | 2018
The Generational Segments
Number of births by year illustrates the significant size of both the Millennial generation
and the Gen Z group that follows
Source: U.S. Bureau of the Census
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
19
22
19
25
19
28
19
31
19
34
19
37
19
40
19
43
19
46
19
49
19
52
19
55
19
58
19
61
19
64
19
67
19
70
19
73
19
76
19
79
19
82
19
85
19
88
19
91
19
94
19
97
20
00
20
03
20
06
20
09
20
12
20
15
20
18
20
21
20
24
20
27
20
30
20
33
20
36
20
39
Mill
ion
s o
f B
irth
s
Traditionalists Baby-Boomers
Gen X Millennials Gen Z Gen AA (??) and beyond
31
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
FORTUNE Magazine World's Most Admired Companies®
2014 | 2015 | 2016 | 2017 | 2018
Credit Union• Complex• Multichannel• Old Processes• Timely
Technology Company• Convenient• Ease to use• Frictionless interactions• Immediate
2030• Brand focused
• Digital primary across all market segments
• Branches• Fewer and smaller footprints through
automation• Learning centers• Remote experts• Digital and branch tightly woven
• Focused on social influencers for marketing
• FI will be merged inside social apps like Instagram
• Processes will be streamlined with redesigned compliance to match
• Internet of things will be more integrated with banking capabilities
Equalizer• Technology• People• Process
32
What Does This Mean for the Credit Union?
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
FORTUNE Magazine World's Most Admired Companies®
2014 | 2015 | 2016 | 2017 | 2018
Your members’ last best experience becomes their expectation
33
© 2018 Fiserv, Inc. or its affiliates. | CONFIDENTIAL – LIMITED
FORTUNE Magazine World's Most Admired Companies®
2014 | 2015 | 2016 | 2017 | 2018
Q&A
34