Business Update Webcast

Transcription

Business Update Webcast
Creating Your Competitive Edge Guides Our Priorities
January 28, 2009
Evolving the Experience
Creating Your Competitive Edge
Insights
Ideas
Clarity and Confidence
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Intuit Confidential
Innovation
Agenda
• 2009 Market Opportunities: Offense is Your Edge
– Catherine Graeber, Independent Thought Leader to the Online Financial Services
Industry
• Creating Your Competitive Edge Guides Our Priorities
– Sasan Goodarzi, President
• Right for you and your customers/members offerings better than any alternatives
– Glenn Tom, SVP of Consumer Solutions
– Nadilee Russell, SVP of Commercial Solutions
– Albert Ko, SVP of Shared Services
• Greater adoption and active use of online channel
– Katherine Jansen, SVP of Marketing Strategy
• Great total experience for you and your customers and members
– Lou Anne Moody, VP of Key Accounts
– CeCe Morken, EVP of Sales, Marketing and Support
• Q&A
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2009 Market Opportunities …
Offense Is Your Edge
Digital Insight Webcast
January 28, 2009
Catherine Graeber
Independent Thought Leader To The Online Financial Services Industry
The biggest mistake for 2009…
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Taking a defensive stand…
sitting on the sidelines…
and doing nothing.
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Agenda
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6

Current economic uncertainty creates new market
opportunities for financial firms that go on offense

Online services can help consumers through these uncertain
times

Bottom line rewards will come to those firms that seize the
new market opportunities
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Does the current economic uncertainty create market
opportunities?
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YES!
The bleak economy causes high anxiety:
•
•
•
Declining home values
Shrinking nest-eggs
Looming lay-offs
The Bottom Line:
Consumers need to change their spending and saving habits,
but lack the knowledge and tools to do so.
Banks and credit unions can help.
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Three ways to seize the market opportunities
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1) Reposition your online
offerings to meet current
needs
2)
3)
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Implement and market
online money
management tools
Offer SMS alerts to help
consumers manage their
finances
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1. Reposition your online offerings
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2. Offer, and market, online money management tools
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Data
10 sources: Compete for Mint/Wesabe/Geezeo statistics, BofA and Wells Fargo
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3. Provide proactive mobile alerts
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The best strategy for 2009: Seize the market
opportunities created by the troubling economic situation
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The Rewards:

Smart firms that do what’s right for their customers/members by
offering help to better manage finances will be rewarded with the
opportunity for:

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Increased loyalty and deeper relationships: Doing what’s best for the
customer, and not just what’s best for your firm’s bottom line, pays off with
customers staying longer and buying more products
Higher online customer profitability: Case studies have shown that for
every incremental online service used there is an increase in profitability
New customers: Consumers don’t switch banking providers to get better
online services, but when an online consumer is planning on switching
providers they do take into account online service offerings. With recent
bank acquisitions and failures, deposit account movement is expected to
increase.
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In conclusion
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Today’s uncertain economic climate forces
consumers to be more hands-on in managing
their finances.
This creates opportunities
for banks and credit unions.
Will your firm defensively sit on the sidelines –
or offensively seize the opportunities?
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Thank You
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Cathy Graeber
Thought leader to the online financial services industry
[email protected]
831-622-9392

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Creating Your Competitive Edge Guides Our Priorities
Sasan Goodarzi
Right for you and your customers/members offerings
Consumer Update
Glenn Tom
Capitalizing on Current Market Opportunities
Open & Fund/
Account-to-Account Transfer
Efficiency
Growth
FinanceWorks
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Retention
FinanceWorks – Helping you retain and grow your
customers & members
• 100+ clients live or implementing
• Delighting customers & helping
them save money
Key Customer Delighters
See Where $
Goes
• Delivering for you on efficiency &
customer retention
• Increased relevance of the online
channel
• Ease of Implementation &
Support
• Consumers are asking for it
“
• Focus on continuing
improvement through follow-mehomes and client interviews
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All My Finances
in One Place
Simple
Budgeting
Money is tight right now but I feel that
seeing where we are spending the little
extras we don’t need really will help us to
save. Great product!!!!!
- FinanceWorks User
”
FinanceWorks – Driving Adoption & Penetration
• Discoverability… increased
adoption rate by 2 times
• Power of strong marketing…
clients already surpassing
10% penetration of IB
users (Bank of America’s
reported rate)
In-Product Discoverability
Before
After IB 4.10.1 (Dec/Jan ’09)
• Media attention on personal
finances is raising the
relevance
Marketing
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PODCASTS
TV
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AWARDS
Future Focus: Further helping customers and members
save money and meet their obligations
End Q1/Beg Q2
Richer experience
•
•
•
•
New User Interface
Biz Categories
Alerts
Enhanced control
•
•
On/Off Access
Late FY09/FY10
New opportunities
•
•
•
TurboTax integration
Tighter integration with
IB/BP
…opportunity to grow deposits now and to cement
loyalty for the long term
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Three Takeaways…
#1 Constantly improving through client and
end user feedback
#2 Growing problem + Discoverability of Solution + Marketing
leads to increased success
#3 Customers & members who use FinanceWorks to save
money & meet their obligations will repay you with deposit
growth and long-lasting loyalty
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Business Solutions
Nadilee Russell
There’s never been a better time to capture business
customers
What recent research tells us…
• Nearly half the small to mid-size businesses in the country would entertain the
notion of switching if they were given a compelling enough offer[1]
What customers/ members have told us…
•
•
1
2
23 3
The worry of not getting paid quickly by customers keeps 42% of business
owners up at night[2]
Business owners are seeking ways to work efficiently and save time so they
can focus on any opportunities to grow that they can uncover in this economy[3]
Greenwich Associates Pulse Survey, January 2009
Intuit Billing Manager “Get Paid” Survey, November 2008
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Intuit Design Workshops, January 2009
Intuit Confidential
SBFW helps protect you from losing small businesses to other
financial institutions and attract new customers or members
Addressing the most important
small business needs:
•
•
•
•
Get paid faster
Pay employees
Work more efficiently
Look professional and establish credibility
Helping you:
•
•
•
•
Compete with the largest institutions
Attract and retain customers/members
Grow business deposits
Generate fee income
Helping you gain your competitive edge through game-changing differentiators.
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Helping you serve businesses of all sizes more
efficiently
Planning for beta
by Q2 2009
Addressing more end
user needs:
•
•
Our approach,
“design 4 Delight”:
Small business cash
management workflows
within CB and BB
Administration workflows
•
•
•
Observe users as they work
Rapid prototyping
Continually seek user input
as solution is developed
The new “dashboard” or landing page on our Business platforms will help
retain business customers and deepen use of the online channel
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Roadmap Initiatives
Recently delivered…
Work in process…
¾ Small Business FinanceWorks
• Business Banking
¾
MFA for Wire Transfers
¾
Data Conversion Tool
¾
Mobile
Small Business Dashboard
¾ Expanding Security Solutions
¾ Online Statements
¾ Direct Connect
¾ Wire Enhancements
¾ International ACH - IAT
¾
• Corporate Banking
¾
MFA Authentication
¾
Support for Image Cash
Letter (x9.37 format)
• Marketing and Training
¾
Adoption and Active Use Campaigns
Allowing you to serve your business customers with robust solutions that will help
them – and you – to be more successful
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Three Takeaways…
There’s never been a better time to capture
business customers
SBFW helps protect you from losing small businesses
to other financial institutions and attract new
customers or members
Deploying innovative ways to bring the right solutions
to you and your customers
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Mobile/MyBanking
Al Ko
User growth in Mobile is exploding… this will be a key new
medium for you to acquire and retain high value users
Banking customers have started to
rapidly adopt mobile banking…
Digital Insight clients live on
mobile banking as of October
2007 grew their active mobile
user base by 245% through
October 2008
Bank of America Corp.
reported 1.3 million mobile
users as of September 2008
and is adding 100K+ users
per month
50
45
50
48
54
52
% of 80 largest banks offering mobile
banking and SMS alerts1
100
5 year
CAGR%
Growth forecasts for online and
mobile banking by analysts (M users)
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…so financial institutions are investing
in the solutions
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42
77
68
5%
107%
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40
20
20
10
1
0
2007
11
6
6
3
2008
2009
OLB from
OLB report
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23
30
30
16
20
82%
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2010
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2007
2011
MB from
Tower
2012
MB from
OLB Report
2008e
Mobile banking
Check balances
Acct transfers
Pay bills
Alerts
2009e
SMS alerts
Alerts from OLB
Often part of MB
1)
Aite Group 2008 – Usage trends in Online and Mobile Banking: Upping the Ante. Based on survey of 23 of the 80 largest FIs by # of checking accounts
Source: TowerGroup May 2008 – Mobile Financial Services: When technology and
customer needs meet; OnlineBanking Report Feb 2007 Mobile Banking and Payments; Aite
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Group 2008 – Usage trends in online and mobile banking: Upping the Ante
Confidential
Intuit Confidential
and Proprietary
Mobile Banking end users are among a financial institution’s most
active, most important customers
Mobile Banking Users
Internet Banking (IB) Users
CU #1 Bank #2 CU #3
CU #1
Bank #2
CU #3
Step in process
100%
100%
100%
Completes IB
registration & logs in
100%
100%
100%
79%
76%
76%
Remain Active in IB
(logged in last 90 days)
99%
98%
99%
15%
11%
15%
32%
23%
32%
7%
5%
4%
15%
11%
10%
5%
4%
3%
10%
8%
10%
Registered for Bill Pay
Paid a bill in July 2008
Paid 3+ bills in July
2008
Mobile banking users are your best customers! They are the most active users, they use multiple
financial products, and the more you get them to use mobile, the more loyal they will be to your FI
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End user Vision for Mobile Banking:
Anywhere access to accounts and time-sensitive transactions
Latest balance is
never more than a
few seconds away,
wherever you are
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Any basic info or
banking transaction is
easily usable from my
mobile device, wherever
and whenever I need it
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I am notified of timesensitive transactions
& events, and can
handle them anywhere
without a computer
2009 Roadmap: Deliver the most critical functionality for your
highest value consumer and business users
SMS Solutions
2-way Text
Banking
Bill Pay Text
Alerts Pilot
Consumer Text
Alerts
Mobile
Browser
2009
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Business Mobile
Corporate Mobile
Mobile
Corporate
Consumer
Consumer Mobile
Mobile
Browser
Browser v1
v1
Consumer Mobile
Consumer Mobile
Browser v2
Browser v2
(UI Redesign)
Today
March
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Summer/Fall
To enable you to truly differentiate play offense, we’re
investing heavily in new offerings
New User Interface (UI)
Single Admin Platform
Security:
Multi-Factor Authentication
(MFA)
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Modern User Interface (UI) enables you to efficiently
introduce and integrate new solutions to acquire and retain
customers
1
1
2
Account
Summary
2
Bill Pay
3
3
FinanceWorks*
4
4
Cross-sell &
marketing
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Planning for a beta with selected FIs by end of Q2 2009…
limited and general rollout
to follow at end of 2009
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and Proprietary
*contingent of purchase of FinanceWorks
Single admin platform to improve efficiency and
effectiveness for your back office
One common admin
Scope of Phase 1
• Dashboard for most
common tasks
• Top use cases from IB
Management Console
• Web Center Admin
Console
• Holding company support
• MFA 2.0 security controls
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Phase 1 of Common Admin Platform by Q4 2009… Phase 2 will include
additional admin consoles in IB, BB
& CB and greater reporting capability
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and Proprietary
Significant security enhancements to efficiently roll out
new solutions to protect your customers
2
Challenge
Questions
Security controls
Encrypted
cookies
Hard
Token
Scope of Phase 1
OTP Voice
/ SMS
1•
Authentication service…
– Deliver basic
authentication service
framework
2•
Security controls…
– Add OTP SMS & voice
3 Apps/Platforms
Mobile
user
Business
Employee
1
Authentication Service
Home
user
Internet Banking
3
•
Common Admin Platform
Administrator
Applications/Platforms…
– Integrate to Internet
Banking by Q3 2009
– Integrate to new common
admin platform by Q2
2009
Phase 1 of MFA 2.0 will be generally available by Q4 2009… Phase 2 will include
connecting the authentication1/28/2009
service to the commercial platforms
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Confidential
Intuit Confidential
and Proprietary
Three Takeaways…
Mobile banking will be a game changer… much like ATMs,
Interactive Voice Response (IVR) and even Online Banking…
we are investing to make you a leader in this new medium
We are building a single platform that enables you to tailor your
services to different segments of users
This will be a multi-year effort, but one which delivers tangible
benefits at every step of the journey
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Greater Adoption and Active Use of Online Channel
Katherine Jansen
Product ownership increases as online consumers
utilize more services
Compared with
online bankers, avid
eBill users index
35% higher on the
number of products
owned
*Product Ownership Index: overall study population (online and offline combined) = 100
Casual eBill users = less than 3 eBills per month
Avid eBill users = 3+ eBills per month
Source: SunTrust Banks – March 2008
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Growth & Retention = Active Use
•
Our mission: Help you drive
active use of Internet Banking
& Online Bill Pay
•
-
Campaigns and sweepstakes
to encourage your customers
& members to sign up and
use your products.
-
Onboarding program to get
new users active.
-
Best practices, training and
reporting to help you succeed.
Sample Onboarding Message
Free!
-
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Like having extra dollars and
resources in your marketing
budget.
*DI profitability study 2007
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Sign Up for the Next Campaign & for Onboarding
s
in uth
o
j
s – y 29
e
k
a
pst anuar
e
e
sw t on J
”
d
l
Go ebcas
f
o
t
w
“Po ickoff
k
for
Help your customers & members get control of their bills and help yourself
become their primary financial institution.
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Three Takeaways…
Active Use of Internet Banking & Online Bill Payment is
even more important during this economic crisis.
We’ve got free programs to help you drive Active Use
and understand how you are doing.
Now is the time to act!
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Great total experience for you and your customers and
members
Pilot Programs
Lou Anne Moody
Helping you retain and acquire customers through new
pilot programs
Observe
Understand
Pick a Focus
Prototype
Repeat
•
Design 4 Delight Workshops for clients
– “I feel like you are helping me run my business”
– Atlanta workshop scheduled 1/29
•
Institute for the Future
– Non Profit research organization
– Small Business insights sponsored by Intuit
•
Social Network for DI Clients
– Introduce beta at National Client Conference March 29
•
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Net Promoter
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Test
Net Promoter: The Ultimate Question
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Example: Customer Mix for Two Airlines
Percent customers
100%
80
60
Promoter
Promoter
Extremely
likely to
recommend
Passive
40
20
0
46
Passive
Detractor
Southwest
Detractor
TWA
Not at all
likely to
recommend
Example: Customer Mix for Two Airlines
Percent customers
100%
80
60
40
20
0
51%
Promoter
Detractor
47
(-2%)
Detractor
-20
-40
Promoter
Southwest
TWA
Net Promoter: Acquiring and retaining new customers
•
A 12-point advantage in Net
Promoter score over a
competitor can double a
company’s growth rate
how?
•
•
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59%
26
39
45%
55%
Usage and demographic
questions
Detailed customer/member
comments
Benchmarking information
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67%
Promoter (9 - 10)
Neutral (7 - 8)
Detractor (0 - 6)
36%
30%
27%
48
14%
19%
Digital Insight
B of A
15%
23%
10%
Digital Insight Digital Insight
Bank Users Credit Union
Users
Digital Insight
Net Promoter Results
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Three Takeaways…
Experience: D4D Workshops
Insight: Institute of the Future, Net Promoter
Community: Social Networking
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Great total experience for you and your customers and
members
2009 National Client Conference
DI National Client Conference 2009
Creating Competitive Edge.
•
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Go On Offense… Insights, Ideas and
Innovation:
– Increasing Your Relevance
– Grow Deposits in New Ways
– Grow Wallet Share thru New Service Creation
– Convert Your Competitions Best Customers
– Improve Efficiency to Invest in Growth
•
Intuit Innovation Techniques
•
End User Labs- first hand exposure
•
Intuit Services… only in your hands
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Steve Forbes,
Keynote Speaker
Questions?
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