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R A J A T E H M A I M U N A H R A J A A B D . A Z I ZC h i e f E x e c u t i v e O ffi c e r – H o n g L e o n g I s l a m i c B a n k
BANKING EVOLUTION: THE EARLY DAYS
JOHN SHEPHERD-BARRON
27 JUNE 1967
World’s largest taxi operator
DOESN’T OWNA SINGLE TAXI
World’s largest accommodation
providerDOESN’T OWN
A SINGLEREAL ESTATE
World’s largestcommunication
playersDON’T OWN
A SINGLETELCO
INFRASTRUCTURE
World’s largest movie house
DOESN’T OWNA SINGLE
MOVIE THEATRE
World’s most valuable retailer
DOESN’T OWNA SINGLE
INVENTORY
World’s leading travel agent
DOESN’T OWNA SINGLE PHYSICAL BRANCH
World’s fastest growing bank
DOESN’T HOLDA SINGLE CENT World’s Most
PopularMedia Space
DOESN’T OWNANY CONTENT
DBS DigibankA mobile banking app designed to make things simpler, easier, and faster for its users.Some notable functions include:
Peek Balance
Does not require any pre-login and customers can choose to “peek” at any of their DBS/POSB deposit or credit card accounts.
The “account balance enquiry” function is the most used among DBS’ customers across the bank’s platform, including ATMs, online services and its call centre
Personalised Profile & Customised Quick-Links
Customers can customise their own profiles with a picture or nickname, and can also create shortcuts for their favourite mobile banking services (First in industry)
Payments made easier
Customers can use a list of recent and favourite payees for faster transactions (First in industry)
Instant account opening
Customers can open an additional banking account with just a few simple steps
Touch ID
Customers can log on to their account securely with their fingerprint
DBS Remix Pilot Brancha technologically-driven banking experience that resonates with the digitally-empowered generation of young adults.
Consultation Pods complete with interactive table-tops, projected queue displays and news feeds
Banking hall transforms into a cosy lounge and financial playground space at night
Wifi and touchpads to engage with customers, screen plays movies and presentations
Relatively small retail bank set up with the intention of
competing for business with large, long-established national
banks.
These newer banks have, primarily, an online presence vs. a physical one, riding on the waves of digital innovation and mobility.
“Opening a bank with branches now would be like BT installing phone booths”
Anthony ThomsonChairman – Atom Bank
No branchesNo Call-Centres
App-basedHighly competitive one-year fixed saver offering
an interest rate of 2% and a two-year savings product
with a 2.2% rate
No branchesNo Call-CentresApp/Card-based
Initially started with prepaid cards to load funds, now
sending out physical MC debit cards at 1k cards a week, with
more than 35,000 on waiting list
… even non-financial, retail brands can now hold your money
Buy coffee – use my Contactless Card
Colleague pays for lunch using PEx+ at partner restaurant….I pay her my portion using PEx, sending the amount straight to her account
Check my account balance on my Apple Watch
Pay my bills through my Mobile Phone
Left my ATM card in the office, use phone to withdraw money for maid
Movie with kids. Buy tickets & scan QR with mobile
Imagine asking for these things 10 years ago, people would think I’m crazy:
“Refrigerator to have remote viewing of its content and recommend recipes based on stored items”
“Lights turn off when no one is nearby and can be remotely activated”
“Weighing scale to aggregate data with exercise machines to constantly update my health plan”
“Water filter to automatically shut off when nothing is in the sink and tracks water usage from all faucets and shower heads”
“Washing machine to send a notification to phone once the wash cycle is complete”
“Coffee maker to sync with alarm clock, heats up coffee automatically”
Look at things from aCUSTOMER EXPERIENCE
perspective, less from a product design’s.Wrap your thinking around optimizing the
customer journey
DIGITIZING YOUR PRODUCTSDOESN’T necessarily equate toa better customer experience
This means different things to different people. Know your
customers, and find out what matters to them most e.g. cost,
speed, variety etc.
ONLINE and OFFLINE consumers are birds of very different feathers.Attempting behavioral change, although rewarding, is also risky
So focus on Customer ExperienceIn the context of DIGITAL TOUCHPOINTS
Develop Digital initiatives that COMPLEMENT existing customer journeys, not necessarily changing them
INTEGRATE YOUR GO ONLINE & OFFLINE GO-TO-MARKET STRATEGIES