A WHITE PAPER PRODUCED BY FINEXTRA IN ASSOCIATION WITH DIEBOLD NIXDORF NOVEMBER 2018

NOVEMBER 2018

THE CRITICAL CHANGE YOU NEED TO MAKE TO YOUR CUSTOMER ENGAGEMENT STRATEGY

Revitalise Agility — Embrace the Larger Ecosystem 01 Executive summary...... 3

02 Why must accelerate their transformation journey...... 5 03 How banks are building seamless, intuitive journeys that transcend channels...... 10 04 Where banks can make the biggest impact—quickly...... 22 05 Conclusion...... 30 06 About ...... 33 7 What should financial institutions be doing about blockchain right now? 25

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01 EXECUTIVE SUMMARY WHY? WHY? answers from industry them. facing experts challenges strategic the many to banking conferences by bankingtech.com, and provides an unparalleled an unparalleled provides bankingtech.com, and by banking conferences makers from banks across decision and delegates senior opportunity for and obtain insights and connections develop share knowledge, to the world 8th – 10th October and titled ‘Revitalising and October Retail8th – 10th Banking Agility—Embrace worldwide of is 10 ranked in the top IMS event The the Larger Ecosystem’. The paper is supported with insights and information obtained at DN’s DN’s at obtained with information is and supported insights paper The on in Lisbon held 2018), (IMS Seminar 2018 Management International The purpose of this paper, is to identify these key challenges, provide practical provide these identify challenges, key is to purpose this The of paper, out set to and them about are doing banks the what world around of examples retail aspects future-proofthe key strategy a new for banking. of the into an organisation founded on innovation and agility. and innovation on founded anthe organisation bank into up markets; data analytics data markets; their up X-as-a-Service. and But AI; and APIs; Open and in approach a fundamental change on is dependent successful deployment transforming technical), and (structural, all operational at levels environment The tools to enable this transformation are available: new digitisation digitisation new this are available: transformation enable to tools The are that regulatory opening- changes enablement; omnichannel capabilities; key insights from industry experts on how today’s financial from industryinstitutions insights cankey experts today’s how on transform. meaningfully In this report, produced by Finextra in conjunction with Diebold Nixdorf Nixdorf with Finextra by In this Diebold in report, conjunction produced the realities current the banking share of we’ll explore ecosystem—and (DN), the whole end-to-end (E2E) journey of the customer, not just the individual steps, individual the just not customer, of the journey (E2E) whole end-to-end the transactions or touchpoints comprising it. In the past, banks have concentrated on improving individual transactions, but but transactions, individual improving on concentrated have past, the banks In consider when they necessarythe be achieved can only revitalisation of banks At Diebold Nixdorf’s 31st annual International Management Seminar (IMS), Seminar (IMS), Management annualInternational 31st Nixdorf’s Diebold At the explored than financial globe the around 200 more executives from journeys. customer on focusing importance of

BEN HAMMERSLEY, FUTURIST, TECHNOLOGIST, UNITED STATES UNITED HAMMERSLEY, TECHNOLOGIST, BEN STATES FUTURIST, Digital Transformation is hard because companies are specifically built not to built specifically are because companies hard is Transformation Digital transform… Many orgs don’t need to know about the future because they aren’t aren’t because they future to the need know about don’t orgs Many transform… YEAR present… COMPANY?” the WHAT in YOUR working IT IN IS currently X-as-a-service models. risks opportunities and in they the retail face market. a bank’s of the centre at the putting customer journeys, customer around successful to the key provides focus, transformation. and operating advanced and innovation to an agile of approach deployment First, we’ll identify why banks must transform—the key challenges, issues, issues, First, banks challenges, key transform—the we’ll why identify must thinking the latest transformation—how of the goal we’ll out set Second, thetransformation—the manage discusses to the paper how Lastly, “    DON’T LET THAT BE YOU. LET YOU. DON’T BE THAT The modern imperative for banks is to remain relevant to—and engaged in— engaged banks to—and remain for relevant is to imperative modern The If banks lives. this, fail giants do retailers tech large to and customers’ their of providers will as leaving them simple higher-margin business, poach ledgers. account Ultimately, the prize available to a bank is to use regulatory changes such a bank use such regulatory to is to changes the prize available Ultimately, a Connected of the centre at itself position as to Banking Open PSD2 and a variety ecosystem partners. comprising Commerce of Thiswill assure the business and personal their of journeys the key to relevance continued bank’s customers to Connected digital and in both the physical worlds. customers mobile —from the bankingand touchpoints ecosystem through integrated APIs Open innovative and by enabled the branch—and ATM and to IoT and partner customers their software, indispensable the bank the one, becomes take with use everywhere. and them around the world have used these tools and techniques to transform to their techniques and used these tools have the world around retail businesses: • • • This paper is divided into three sections that include examples of how banks how of examples three is divided include sections into that This paper

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50 % 40 % 20 % 50 % 20 % % 24 10 % IMS Conference Closing Voting Closing Conference IMS 10 % % 4 3 % 0 % 40 % 30 % % 20 % 33 % 27 % 23 % 10 IMS ConferenceIMS Opening Voting 12 % 5 % IMS 2018 0 Voting with single selection only % 60 % 40 % % 61 % 57 % % 42 20 % 35 27 % 0 02 WHY BANKS MUST ACCELERATE WHY ACCELERATE MUST BANKS JOURNEY TRANSFORMATION THEIR founded on a robust understanding of the major trends affecting trends itsmarket— the major of understanding a robust on founded competitors their are changing, what customers their the expectations of how and regulation new which to the extent and to are up (both traditional) and new will disruption. technologies cause affecting trends the key of retail perception the attendees’ gauge to In order the beginning at of one IMS 2018, at held were banking, votes two in-conference in the identified was trends polling based on The the end. at one and the event comparative Financial For The Report by Retail Brand. Banking Trends 2018 below: purposes this the results in the table of report are also included To be successful, the strategic change programme of a retail of programme be be successful, bank must change the strategic To 2018 Retail2018 Banking Trends Report Source: 2018 Retail Banking Trends Report, The Financial Brand selection multiple with Voting banking and fintech firms channel deliverychannel Build partnershops between Improve integrated multi- Open APIs Use big data, AI, advanced cognitive and analytics computing Remove friction from the the from friction Remove customer journey 2018 RETAIL2018 BANKING TRENDS REPORT Fig. 1 Unbundling Shifting Cost Basis Rising Competition Consumer EvolutionConsumer client experience reasons) experience reasons) client Improving customer journeys (for both internal cost / efficiency, and external both cost internal / efficiency, (for journeys customer Improving

and maximising the various benefits of big data and Artificial Intelligence (AI) data and big maximising and Artificialof Intelligence the various benefits • • Fig. 2 the four “mega trends” noted in Fig. 2 were identified during the conference asduring conference the identified 2 were in Fig. noted trends” “mega the four affecting challenges retail the key banking. the same conclusions: are the industry that considering the two By trends market current is prioritising. IMS 2018, at studies presentations and other these survey results / poll alongside Both IMS 2018 delegates and the 2018 Retail Banking Trends Report arrived Retail Banking at Trends the 2018 and delegates Both IMS 2018 FORCES IMPACTING THE COMMERCE LANDSCAPE

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We aspire to make the customer journey smarter and more rewarding while while smarter rewarding more and journey customer the to make aspire We reducing cost and increasing satisfaction via self-service.” satisfaction cost via increasing self-service.” and reducing J.A. Fernández Freire, Head of Channel Transformation, BBVA, Spain to be taken by AI.” by AI.” to be taken Futurist, Hammersley, UnitedBen Technologist, States The Sector is perhaps right at the frontline of people’s jobs jobs Services of people’s frontline The at the Financial Sector right perhaps is “ “

The cost of providing services is changing; from branches, people and paper- and services providing cost of people The frombranches, is changing; AI digitisation, self-service. and Several based processes automation, to manifested this trend—when strategic how explored IMS 2018 at presentations the twin initiatives—can digitisation and deliver transformation in branch costs. operational reduced experience user and of improved benefits The competitive threats to the business of traditional retail traditional of threats banks the business to from competitive comes The and Amazon Alibaba and [GAFAA]) Facebook, Google, Apple, digital giants (e.g. retailers). companies, payments banks, fintechs, (digital small challengers

SHIFTING COST BASIS SHIFTING RISING COMPETITIONRISING

MEGA TREND #2 MEGA TREND #1 Click to watch video

We’ve been hearing the same thing over and over again: That physical and human human and That physical again: over and over same the thing hearing been We’ve interaction still matters—and it does—and it makes a huge difference for us.” difference a huge us.” for interaction still it makes matters—and it does—and Pouria Director Tehrani, of Physical Footprint Strategy & Development, Scotiabank, Canada

“ has gone. seamlessly in daily their life. with impact, but so do personal recommendations. personal do so with but impact, are promiscuous with their business; the concept of a single ‘bank life’ a single of for the concept with business; are their promiscuous banks an digital and of expectation the physical that offerings have will merge use social media as never before, so bad news about banks fast and travels about news bad so before, use social as media never  than trust their banks. rather traditional place companies in tech  are more tech-savvy. are more  This point was highlighted in the retail-influenced workshop on customer on customer workshop was in highlighted the retail-influenced This point retail by was led workshop The the conference. before immediately held journeys the human it’s that said who Newstores), of (Publisher Ryan specialist John can and valued be vital feel in make that customers getting customers elements return stores. to and banks’ to branches • • • retail of banks the customers clear that and want become it’s that, Having said that they need whenever expect people by digital are that journeys supported support. There has been quite a fundamental shift has quite the been expectation and of inThere the behaviour customers: retail of banks.customers Today’s • •

CONSUMER EVOLUTIONCONSUMER MEGA TREND #3

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Our innovation ethos, ‘tech and touch’ … is a philosophy of offering a philosophy … is customers touch’ and ethos, ‘tech innovation Our a modern banking experience complemented by a strong element.” human Andre Duarte, Associate Vice President, Self-Service Banking & Branch Transformation, Emirates United NBD, Arab Emirates Customer Science is about the future of customer servicing… to connect customer behavior withbehavior system with data real objective time the in of driving actionable predictive through journey customer’s proactively the into intervening and insights servicing.” Albert Kho, Managing Director, Head of Singapore Consumer Banking Operations and Regional Self-Service Banking, DBS Bank, Singapore “ “

But it’s not just the existence of these mega trends. It’s the unprecedented speed, speed, unprecedented the It’s of trends. these existence mega the not just it’s But should So how world. affecting intensity are and with they depth financial which the next The two explore paper of sections this trends? respond to these disruptive banks in evolving are across from globe the banks how and transformation of bank goal the response to these challenges. must consider the role they want to play in this new API-based world, how to take to how in this world, API-based new play to they want the role consider must it. manage to how and it of advantage New banking regulations such as PSD2 in the EU, Open Banking Open in the UK, in the EU, banking NPP as PSD2 New such regulations in countries Australia in other similar and legislation Platform) Payments (New customer improving in the banking industry, competition increasing are aimed at of This certain opening-up providing experience and and protections. choice new from players partnerships of new of the banks’ will domain the formation to lead banking traditional APIs. Banks Open of based on and outside and both inside

UNBUNDLING MEGA TREND #4

Customers experience companies through E2E experiences, not through the the not through experiences, E2E through companies Customers experience touchpoints. When we design new features we will think from outside in: we will in: from outside features new When we will think we design touchpoints. start to feel. what we customer want the that and it is with journey customer the experience, customer we will there see this supporting what are touchpoints From process. E2E processes entire And the to build whatthen underlying going are integrate with and core the APIs systems the into will hook that then through third-parties.” Allan Severinsen, Vice President, Bankdata, Development Denmark Manager, “ digital channels physical and provide optimised, seamless and friction-free customer journeys across both across optimised, journeys seamless provide friction-free and customer  personalise service agility and innovation enable streamline service 03 In accordance withIn accordance critical banks the most these modern goals, initiative can journeys. customer enabling to approach their take at is to a fresh look undergo individual transactions, improving but on In the past, banks concentrated have the necessary the revitalising they banks consider of when can be achieved only the individual just steps, not thecustomer, of journey (E2E) end-to-end whole As it. the Harvard comprising it, Review Business put touchpoints transactions or the full really that journey counts”. it’s buts matter, “touchpoints the goals of retail bank transformation projects generally fall into four areas: four fall into retail generally of the goals projects bank transformation • • • • in all across be initiated levels must these necessary goals changes The deliver to technological. and the organisation—structural, operational As supported by presentations from banks from across the world at IMS 2018, IMS 2018, at from banks the world from across presentations by As supported HOW BANKS ARE BUILDING ARE BUILDING BANKS HOW SEAMLESS, INTUITIVE JOURNEYS CHANNELS TRANSCEND THAT Click to watch video

10 | THE CRITICAL CHANGE YOU NEED TO MAKE TO YOUR CUSTOMER ENGAGEMENT STRATEGY In Fig. 3 Severinsen illustrates how an approach based on customer journeys permeates the whole Bankdata organisation, driving change in both the operational processes and the technology that supports them:

Fig. 3 Customers experience companies through end-to-end experiences, not touchpoints

Customer activity Customer 11 journey Customer journey |

mapping How the customer THE CRITICAL CHANGE YOU NEED TO MAKE TO YOUR CUSTOMER ENGAGEMENT STRATEGY feels

User experience Touch points

Process mapping Processes

API gateway System Core systems mapping (product) 3rd parties

Customer Account Depot

Hence, banks must transition from a transactional view to a focus on the overall customer journey, a true E2E view: “focus on the journey, and then let the technology enable it”, as Devon Watson, Diebold Nixdorf CMO, explained. This view must include both physical and digital channels and focus on making their interaction as seamless as possible through the overall journey. Further, the approach should also underpin other strategic initiatives such as digitisation and omnichannel.

This customer-journey-based approach to transformation has become increasingly important for banks, and continues to evolve. It is a fundamental enabler, allowing banks to gain insights into additional enfranchisement opportunities available to them through an understanding of their customers’ daily lives—personal, business, etc.

HERE ARE SIX REAL-WORLD EXAMPLES: AREHERE SIX REAL-WORLD

through their daily lives … banks should add value at every step. Whether that’s at every value add lives should banks … Whether step. that’s daily their through to next the them step guide helping whether that’s insight, an consumer giving the tryingor cross or to upsell sell.” Devon Watson, Chief MarketingOfficer, Diebold Nixdorf, United States More than transactions, these are connected journeys, how consumers move move transactions, consumers how these connected than are More journeys, “

The key to unlocking the value inherent in customer journeys is data—the is data—the journeys in customer unlocking inherent to key the value The In the future, banks customer. their the bank already knows about information as in the tech way lives the same customers’ their on use they the data have must giants today. do customer journeys (i.e. journeys involving a physical channel) is critical a channel) to a physical involving journeys (i.e. journeys customer successful banking initiative. transformation Despite the implementation of various digital channels, including online various digital of including channels, the implementation Despite presence— physical their is, bank branches—that apps, banking mobile and journeys. customer of consideration the overall to remains highly relevant in-branch experience of the E2E to making improvement a step-change Hence, MANY BANKS ARE ALREADY EMBARKING OWN ON THEIR VERSIONS UNIQUE OF TRANSFORMATION.

BRANCH TRANSFORMATION EXAMPLE #1 The importance of improving physical channels to keep pace with digital. channels to keep physical The importance of improving

12 | THE CRITICAL CHANGE YOU NEED TO MAKE TO YOUR CUSTOMER ENGAGEMENT STRATEGY Portuguese Bank BPI focuses on three pillars of branch transformation:

• Automation: They aim to automate 100% of their teller transactions • Digitisation: Their goal is to convert 100% of their business processes to digital. • Branch models: They identified four news branch archetypes that would meet the needs of modern customers: Full Service / Flagship, Segmented, Convenience and Cash Points. See Fig. 4 for more detailed explanations of each branch type.

Fig. 4 13 |

BRANCH MODELS THE CRITICAL CHANGE YOU NEED TO MAKE TO YOUR CUSTOMER ENGAGEMENT STRATEGY

Segment or product branches Segment Branches Full Service/FlagshipService/Flagship

- Mainly standard hours and 24/7 self-service - Standard hours and 24/7 self-service - Teller transactions fully automated, or teller open from - All technology 13pm to 15pm - All segment managers - With relationship managers for specific segments or - One teller for specific cash transactions products RELATION CUSTOMER

Cash Points Cash Points Service/convenienceConvenience Branches branches

- 24/7 or extended operation time - Extended operation time - Fully automated - Combine self-service terminals with assisted interface - Self-service teller terminals - Mainly used for convenience and cash transactions - No staff presence (local business and retail) TRANSACTIONS

FULLY AUTOMATED ASSISTED

16 IMS ! LISBON ! OCTOBER 2018

Similarly, Canadian-based Scotiabank is working on a retail banking transformation programme that includes transforming their physical network. Their approach is founded on a ‘One Bank Experience’ (i.e. omnichannel) focused on ease of use and the provision of insightful information through “intuitive touchpoints on customer journeys”.

What we learned is ...if you are going to transform, not transform do existing an going are you What ...if we learned is branch to teller less. This is a big ‘no go’ in terms of the customer experience.” experience.” of terms customer the in go’ ‘no less. to a big teller branch is This Pouria Director Tehrani, of Physical Footprint Strategy& Development, Scotiabank, Canada “ As part of their branch transformation project, BPI, Portugal implemented Portugal implemented BPI, As project, transformation part branch their of an omnichannel includes experience that user an omnichannel personalised the bank send to This feed. enables feed communication the bank knows of what using customers, its to messages marketing services and products suggest them to to habits needs and clients’ its conversion’). (‘service-to-sales of local markets to determine the type of branch (sales / advice / relationship / advice / relationship the type local determine (sales to of markets branch of a series produce to is intended mixed, ATM-based, etc.), management-based, footprint, branch optimising the tellers, of role evolving the benefits: of branches of archetypes, branch the square footage new reducing implementing local the needs of clients. meet to the network optimising and The transformation of Scotia’s physical presence, allowing the requirements presence, physical Scotia’s of transformation The

Click to watch video

OMNICHANNEL COMMUNICATION FEED OMNICHANNEL COMMUNICATION EXAMPLE #2 Gluing together all customer experiences and journeys. all customer experiences Gluing together

14 | THE CRITICAL CHANGE YOU NEED TO MAKE TO YOUR CUSTOMER ENGAGEMENT STRATEGY 15 | THE CRITICAL CHANGE YOU NEED TO MAKE TO YOUR CUSTOMER ENGAGEMENT STRATEGY

We have developed an omnichannel communication feed … which is present is feed in … which communication omnichannel an developed have We all the channels that we have … It’s really important and is the glue for all the the all for important glue the really is and … It’s we have that channels the all channels.” multiple the we want customers in journeys to have and experiences Francisco Barbeira, Manuel Executive Board Member, Portugal Operations, & IT Leading Digital BPI, Transformation, “ messages. It can also provide customer alerts (e.g. advice of overdrawn positions), positions), overdrawn advice of alerts can (e.g. customer also It provide messages. self-service a transactions on schedule basis and varioushandle account-based and looks comms feed the omnichannel meetings with the bank. Importantly, the employee–is irrespective the customer–or the same channel feels which of etc. network, branch ATM, laptop, tablet, mobile, using: as comms feed and a ‘bank perfect app their in the pocket’—a to refers BPI thinking journeys. design of customer based on example BPI makes extensive use of AI technologies to provide thesepersonalised provide to AI use of makes extensive technologies BPI Developing an automated, hassle-free on-boarding solution is another is another solution hassle-free on-boarding an automated, Developing manual previously of banks. many digitisation of The prerogative major to processes can make a significant improvement paper-intensive and journeys. customer

Using digital channels to provide frictionless customer journeys. frictionless Using digital channels to provide

DIGITAL ON-BOARDING DIGITAL EXAMPLE #3: Click to watch video

One of the newest innovations we have brought to the Slovakian market is is market to Slovakian the brought we have of newestOne the innovations using facial recognition to open current accounts drawdown current and to open unsecured recognition facial using withoutloans, necessity the it’s process … the branch to the visit so speedy, is outstanding terms in of customer experience.” Ing. Peter Matúš, Member of the Board, banka, Tatra a.s., Slovak Republic “ can transact with the assistance a video banker. of Emirates NBD faced two strategic challenges—re-imaging their physical their challenges—re-imaging two faced strategic NBD Emirates still servicing who and require in a digital customers presence world, the ‘EasyHub’ develop assistance. to human them Thisphysical led digital customers kiosks where function that concept: as mini-branches, the account opening process. Tatra banka of Slovakia has gone even further even banka with has Slovakia gone of Tatra process. opening the account It app. via mobile available solution, on-boarding fullytheir digital automated process from an opening the account reducing experience by client has improved As as via well the app. a minute about just to in a branch, minutes 35 of average and using the customer gets costs, the approach operating the bank’s decreasing away. straight app mobile Tatra’s of the benefits experiencing Scotiabank auto-enrolls all new customers into their digital their as channels into part allScotiabank of customers auto-enrolls new

Click to watch video Finding the sweet spot for personalisation through a hybrid digital-physical approach. digital-physical a hybrid through personalisation spot for Finding the sweet

DIGITAL KIOSKSDIGITAL AND BRANCHES MINI EXAMPLE #4

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activity was decreasing firmly. At the same time, mobile interactions started interactions mobile same the time, to At activity firmly. was decreasing sales became part digital a remarkable and of total sales.” significantly grow J.A. Fernández Freire, Head of Channel Transformation, BBVA, Spain Back in 2014, we detected some indicators of changes in customer behavior; branch branch behavior; we customer detected in indicators some of changes 2014, in Back “ combines digital convenience with the comfort of human touch.” with comfort the touch.” convenience of human digital combines AndreDuarte, Associate Vice President, Self-Service Banking & Branch Transformation, Emirates United NBD, Arab Emirates Emirates EasyHub stands on our high-tech-with-high-touch philosophy that that philosophy high-tech-with-high-touch EasyHub standsEmirates our on “ A focus on customer journeys is also at the centre of BBVA’s Digital BBVA’s of is also the centre journeys at customer A focus on bank engagement realised The programme: as that mobile Transformation growth digitala new sales were grew, opportunity.

Click to watch video

DIGITAL SALESDIGITAL EXAMPLE #5 Digital customer journeys as a sales enabler. Digital customer journeys

improvement of staff journeys really goes hand-in-hand with improvements staffwithjourneysreally of goesimprovements hand-in-hand improvement serveto a a staffmember making for easier journeys—by it customer to staff-based Such journey. customer’s that the bank also improves customer, sales the bank increasing of by goals the overall also support improvements efficiency. operational increasing and The creation of frictionless journeys for bank frictionless staff of for journeys is creation also part The an important omnichannel and / digitization While automation bank transformation. of without complete is bank not are transformation part the equation, of and transformation processes. and The people in-branch also on focusing implementing a new digital a new smart strategy marketing based on targeted implementing take best to their financial people ‘helping viaadvertising channels: captive their decisions’. strategy turned is they’ve that digitisation their BBVA’s the success of of A mark virtual automated, (an sales enablers into channels app mobile and online ATM, digitally. sales are new achieved their of than 50% more today and sales force) growing) made sales their are now of (and bank 30% that said Tatra Similarly, through than digital rather branches. their channels This led the bank to develop a new approach to digital to and sales, designing approach a new the bank develop This led to

FRICTIONLESS JOURNEYS STAFF EXAMPLE #6 Improved staff journeys can drive enhanced customer experiences. can drive staff journeys Improved

18 | THE CRITICAL CHANGE YOU NEED TO MAKE TO YOUR CUSTOMER ENGAGEMENT STRATEGY 19 | THE CRITICAL CHANGE YOU NEED TO MAKE TO YOUR CUSTOMER ENGAGEMENT STRATEGY

EMBRACING THE LARGER THE EMBRACING

audience of one as a design paradigm for digital experiences. It is far too difficult far too difficult is It experiences. digital for paradigm a design as of one audience So we talk about different not that all another. just we are from one honestly and for designing your customers’ moments.” Julie A. Ask, Vice President, Principal Analyst, Forrester, United States People talk about this idea of getting to an audience of one…. I don’t believe in an an in believe I don’t of one…. of idea getting audience talk to this an People about “

possibility of a new world based on Open APIs. Open based on world a new possibility of their beyond banks move offers to chance the world interconnected This new, connected into and digitisation, and omnichannel based on strategies current with ecosystems working supporting externalcommerce; partners develop to in all than aspects the financial, rather customers their just lives, their and of the bank. by supplied apps mobile based around Whilst of significant value to the banks and their clients, these examples have have banks to examples these the Whilstclients, value significant their and of staff)of only in journeys context (and the customer of the concept addressed the things happen that the bank—i.e. and between the customer the relationship the instigated within have in Section regulators 2, as the bank. noted But on the digitisation of staff processes and operations. They issued tablets running tablets issued They staffprocessesoperations. of the digitisation and on single “a front- them with staff, allempowering to in-branch App’ ‘Cockpit their with dashboard instant and end service a 360-degree view the customer of banking ‘tablet new This is part NBD’s Emirates of salesand functionalities”. managers. relationship and sales executives also that encompasses approach’ For example, part of Emirates NBD’s transformation programme was programme focused transformation part NBD’s Emirates of example, For

Click to watch video THE ULTIMATE GOAL: ULTIMATE THE COMMERCE CONNECTED THROUGH ECOSYSTEM

Omnichannel is very important … but omnichannel in the longer term is a little is term longer the in very is important … but omnichannel Omnichannel bit limited. Because when we talk about omnichannel, we are talking about our talking our we are about when Because we talk omnichannel, about limited. bit of The idea connected own products, own with own our our channels on customer. we partner do How with about: the thinking … that to beyond go is commerce API-driven like these we use do technologies How new ecosystem? outside can providers, (FIs) so you various that a way in toarchitectures plug to enable somebody else’s channels, your about think … let’s E2E own experience user the products, customers.” somebody else’s Devon Watson, Chief MarketingOfficer, Diebold Nixdorf, United States “ ovens they requireovens Providing them with details of companies able to install large to and Providing with the kitchen them able details companies of Pointing them to vacant business premises in their chosen vicinity in chosen their premises business vacant to them Pointing buyingproperty legal Offeringassistance the when  suppliers a list Building of etc). schools, shops, in the area (hotels, buyers Highlighting potential placing itself at the centre of its client’s life, making itself relevant to them at all at them to making life, relevant itself client’s its of the centre at itself placing times. By thinking in terms of the overall journey, a whole series of additional additional series of a whole thinkingBy journey, the overall in terms of with the at the bank, itself partners work to to place up and opportunities opens (and thus business aspiration on-going the fulfilmentof customer’s of the centre a minimal transaction or a single engagement). beyond remain relevant that one and approach between a the 5 illustrates difference traditional Fig. buying a house journeys: through two commerce customer connected embraces the bank approach, commerce a connected Using match. a football attending and journey, E2E all aspects the customer’s an ecosystem of encompassing creates goals, of the whole customer journey. The bank knows that their customer is bank customer their knowsthat The journey. customer the whole of goals, in new them also support could so and connect and a bakery, open to planning ways: • • • • • Perhaps, for example, someone decides they want to open a bakery. Traditionally, Traditionally, a bakery. open to they want decides someone example, for Perhaps, an overdraft the premises, buy to a loan providing by them bank help their might banking manage electronic business and to capital, working for digitised All slick cashtheir using make this and payments. provided of being experience. processes with and customer an omnichannel these in just services, providing the bank is thinking itsHowever, just of pictureof customer’s the larger missing the It’s financialtraditional touchpoints. Click to watch video

20 | THE CRITICAL CHANGE YOU NEED TO MAKE TO YOUR CUSTOMER ENGAGEMENT STRATEGY 21 | THE CRITICAL CHANGE YOU NEED TO MAKE TO YOUR CUSTOMER ENGAGEMENT STRATEGY Full Service/Flagship The bank stays the The bank along with consumer the an by creating journey home-buying entire parties the all ecosystem involved comprising a house. purchasing in partnersThe bank with to football the club create ecosystem an allows tothat them complete the stay along with consumer the buying the football journey—from match to through merchandise, purchasing ticket, win the withcelebrating a cold drink. Traditional / OmnichannelJourney The bank offersThe bank a seamless to journey a loan for via different touchpoints. apply journey via different journey touchpoints. The bank offersThe bank in payment options various offers even or stadium the purchase a ticket they could probably survive bank. their without With a connected-commerce probably they could paradigm that shifts, their the bank integral and to becomes approach, aspects this important are bank other and transformation of How life. everyday are discussed in the next section. implemented comprise a varietycomprise external of third-party / firms, partners—retailers, fintech banks. other firms non-banking even and developers, regulators, daily banks life, a customer’s of the centre at themselves placing by Further, aspects the overall own of to whichever compete to placed ideally become masses ofthe leverage must they Critically, are profitable. ecosystemthey believe to—and remain relevant to vital insights) (containing customers on theydata hold involved in—their lives. that feel to continue may customers approach, a proactive such of In the absence By developing and providing the ecosystems necessary to support complete theecosystems providing necessary and complete support to developing By will enable this journeys, approach connected-commerce-based customer E2E in 2, Section turning identified trends the various market to banks respond to would ecosystems concerned The advantages. competitive new into challenges football match Attending a Attending Buying a house Example Fig. 5

purpose...we’re moving to an agile-based environment in the whole organisation. whole the organisation. in environment agile-based to moving an purpose...we’re First we need to of all What deliverables the are after transformation? huge that amaze our customers. Everyday.” J.A. Fernández Freire, Head of Channel Transformation, BBVA, Spain BBVA became the first agile-based bank in the world. We even changed the BBVA BBVA the changed even world. We the in became bank first the agile-based BBVA “ 04 WHERE BANKS CAN BANKS MAKEWHERE THE BIGGEST IMPACT—QUICKLY The success that BBVA has had with has had driving through an transformation agile success BBVA that The 6. in is illustrated Fig. approach remaining with the tried and tested, risk-adverse business models of the past of models business remaining with the tried risk-adverse tested, and and responsiveness future daunting flexibility, based on many) a (for and to businesses banks from ‘Waterfall’ transition In a word, partnerships. must revitalising retail of banking dynamic This new businesses. approach—a ‘Agile’ detailed trends in the mega to response agility—is future-proof strategic the only Section 2. a fundamental change banks enable agility, must of this level achieve to However, whilst, course, of organisations whole their in culture throughout mind-set and still fulfilling obligations. regulatory their Retail banking is now at a crossroad. Banks face a stark choice between BanksRetail a stark a crossroad. choice face banking at is now Click to watch video

22 | THE CRITICAL CHANGE YOU NEED TO MAKE TO YOUR CUSTOMER ENGAGEMENT STRATEGY Fig. 6 BBVA Agile methodology expansion scope

In the early stages our Digital Currently our Spain’s Single Bank (Spain only) was Digital Agenda (only retail structured in 10 Programs banking), is structured in 106 and 10 scrums, after some (x10) initiatives and 172 teams, months we scaled up to 36 showing the great engagement 23 |

scrums, in BBVA Digital bank with road to Agile THE CRITICAL CHANGE YOU NEED TO MAKE TO YOUR CUSTOMER ENGAGEMENT STRATEGY

The fundamental change of approach from the traditional ‘command and control’ model must begin at the top of the organisation with the full and continuous support of the bank’s Board and Executive Management. With this in place, the use of agile techniques both in IT development (moving away from the previous waterfall methodology) and in process and new product redesign can begin.

In most banks using the agile approach, ‘scrums’ comprising staff from multiple disciplines are used to develop, advance and implement change in accordance with agreed lists of priority areas. Scrums are also being used to deliver the individual elements of strategic, large-scale transformation programmes.

“There are different tools that we use in terms of agility. And we believe that a lot of what brings agility is collaboration within the different groups and understanding what our customers need.” Rachid Molinary, Senior Vice President of Digital Strategy and Innovation Banco Popular de Puerto Rico, Puerto Rico

Click to watch video

THESE EXAMPLES FOUR EXPLORE HOW BANKS CAN A TAKE to create more competition and allow third-party allow and to create competition more actors access to consumer creative and agile more to become much banks European forcing It’s information. platforms own control building of environment.” where their in can they maintain Gerrard Schmid, President Chief and Executive Officer, Diebold Nixdorf, United States PSD2 encourages the industry to think in new ways about how to open up banking banking ways up new to how industry open the about in encourages PSD2 to think

“

DISRUPTOR’ THEMSELVES, RATHER THAN LETTING OTHERS OUTSIDE THEIR BUSINESS ROLE. THAT FULFIL PROACTIVE APPROACH TO DISRUPTION: BANKSTHE CAN ‘BECOMING BUSINESSES BY THEIR IN ALSO DRIVE INNOVATION the obsolete ‘blame culture’ and migrate into businesses that are prepared to are that prepared businesses into culture’ ‘blame migrate and the obsolete programme transformation Speaking withexperiment branch ideas. their new of self-service, othersATM-based, some (i.e. different types branches of whereby putsales-staff in fully more different are focused) more staffedsome tellers, with good So failure for Scotiabank learn “we fail of said to fast”. areas, Tehrani Pouria learn to constantly and improve. the organisation helps as it reasons is acceptable innovation. basedon an approach of This advantage is a key However, innovative organisations need to be brave and prepared to ditch to prepared and be brave to need organisations innovative However, of new entrants. entrants. new of New regulatory changes such PSD2 are opening up banking a variety up to are markets opening PSD2 such regulatory changes New

EMBRACING THE API ECONOMY EXAMPLE #1

24 | THE CRITICAL CHANGE YOU NEED TO MAKE TO YOUR CUSTOMER ENGAGEMENT STRATEGY 25 | THE CRITICAL CHANGE YOU NEED TO MAKE TO YOUR CUSTOMER ENGAGEMENT STRATEGY

much linked to financial services—like and real estate services—like and But insurances companies. to financial linked much what a foreseeable I foresee perspective, in will that see is some time we hopefully servicesnew launched.” being Morten Olsen, Head of Branch Network Development and ATM – Global, Nordea, Denmark Albert Kho, Managing Director, Head of Singapore Consumer Banking Operations and Regional Self-Service Banking, DBS Bank, Singapore time, they don’t need the whole schedule set up.” set whole need the up.” schedule don’t they time, Many of services the Many platform our on now testing been right we have very that are My dream is, one day we treat the CIT like an UBER driver. They only do just-in- do They only driver. UBER an we treat like CIT day the one  My is, dream “ “ Banks are already considering their response to the API-based economy. For For economy. the API-based Banks to response their are alreadyconsidering to fintech they that offer has an Banking-based Open ‘sandbox’ Nordea example, and products new with experiment to partners joint other and in order start-ups products; the new of the centre at platform the bank’s it’s Critically, propositions. services the new get from / via customers so Nordea. with partners, says Severinsen, “and then that will hook into the core systems thewith core will that then into partners, Severinsen, “and hook says withthrough third-parties.” the APIs integrate and Olsen went on to cite two examples of pain-points for consumers: choosing a choosing consumers: for pain-points of two examples cite to on went Olsen his bank, with working subscriptions—which mobile and electricity, of supplier a such whether questioned He take partners,an to away. seek ecosystem of could in part the future”. banking with an open be “a of platform could Nordea solution the start at given Section 3, Bankdata of is as detailedFurther, in the quote services API-based use Banking Open already to create planning to regulations (fintechs, etc.) in order to launch new and disruptive products and propositions propositions products and new disruptive and launch to order in etc.) (fintechs, the necessary providing By the market. APIs Open provide into connectivity, connectivity API-based Indeed, a variety of partners of both inside the key. social and commercial a new of banking see the development may outside and economy. API-based model—the However, there is nothing to prevent traditional banks traditional with working third prevent to parties is nothing there However, Click to watch video

Once the product is ready, the bank concerned has the first option on whether whether on has the bank theoption first concerned is ready, the product Once in fintechs the below, AI, is covered of which Outside not. or itself by it deploy to Your Know / (fingerprint iris facialscanning and recognition), biometrics of fields (KYT) Transaction and digital checks, identity Know (KYC) Your and Customer banks to the time. current at interest are of applications various payment Using the latest and best-in-class technological solutions and software and can solutions technological best-in-class and the latest Using certainly a bank in seamless providing with up provide step a disruptive own their incubators banks this many up set end have experiences. To customer market reach to fintechs start-up of the products enable to accelerators or quickly. readiness more

PUSHING THE BOUNDARIESPUSHING OF SOFTWARE CAPABILITIES EXAMPLE #2 FOR DATA ANALYTICS AI AND DATA FOR HARNESSING NEW USE CASES NEW USE HARNESSING EXAMPLE #3

26 | THE CRITICAL CHANGE YOU NEED TO MAKE TO YOUR CUSTOMER ENGAGEMENT STRATEGY 27 | THE CRITICAL CHANGE YOU NEED TO MAKE TO YOUR CUSTOMER ENGAGEMENT STRATEGY

data can enable it. We are at the beginning of using data to really uncover the customer customer the data uncover to really of using beginning at the are data it. can We enable world.” digital the in journeys Albert Kho, Managing Director, Head of Singapore Consumer Banking Operations and Regional Self-Service Banking, DBS Bank, Singapore to look at the golden path… there could be certain ‘struggles’ with the banking app that that app with banking the could be there path… certainto golden look at the ‘struggles’ only insight, customer deep way to other this no get is we were not aware of—there If you had all the data, what can you do with it? One of the things that we had done is is done we had that data, the what all with of can had do things One you the you If it? “ increasingly become instant. become increasingly banks perform with all payments. their customers; mining data to infer information which can which better be used to information infer mining to data customers; their sales marketing and improve concerns, needs and customers’ their understand in Section 3). covered comms feed omnichannel the BPI activities (e.g. comms feed). the BPI (e.g. apps the time via they requireit mobile costsand efficiency. increasing and a growing cyber as fraud, retail issue reduce and identify to payments Help Help to reduce ‘false positives’ in that the checks ‘false against various positives’ watch-lists reduce to Help Enable banks to make sense of and actively use the masses of data they hold on use the masses they data hold actively of banks and of make sense to Enable at useful banks customers their provide insightful to to and Enable information banks manual intervention digitise processes, to internal many reducing Enable     their mobile banking app at various times / dates, to help them improve the user improve them help to various times at / dates, banking app mobile their with journeys analytics—using data customer of Thisexperience. combination analytics onadvanced digital and examine behind followed path to the context a very powerful journeys—is approach. customer • Albert his that bank Bank, has begun notes Singpore Kho, from DBS using in real ATM time.their network the performance of monitor AI to advanced tools more but, quickly more and fixed be identified to faulty ATMs This has enabled wrong, go to is likely what about be made to has predictions allowed importantly, the game. of ahead the bank get where—allowing and to when also analytics uses advanced DBS using analyse to conduct the tasks customers • • • • As a disruptive factor, AI has a plethora of potential use casespotential in of banking: AI has plethora a As factor, a disruptive By identifying (proactively and through the analysis of huge amounts of data via data of amounts through and the analysis huge identifyingBy of (proactively “struggles” in the digital hasAI) within journey customer DBS banking their app, experience. user their improve to how into insights invaluable gained Click to watch video EXAMPLE #4 SCALING INTERNAL BANDWIDTH THROUGH X-AS-A-SERVICE (XAAS) PARTNERSHIPS

28 |

THE CRITICAL CHANGE YOU NEED TO MAKE TO YOUR CUSTOMER ENGAGEMENT STRATEGY

Outsourcing various aspects of non-core business to specialist external partners is becoming a widely accepted practice. It has various advantages including allowing banks to concentrate on what they are good at (providing sound financial advice and services, etc.) while paying third parties to handle things they’re good at: running technology and data centres, providing testing services, providing property management services, handling various HR-related activities, etc.

This approach can act as a disruptor for the bank by providing them with operational costs savings (allowing the funds to be spent on new products and releasing FTEs to focus on customer engagement, sales and advice, etc.) and also by providing them with Guiding principles are used to ensure a personalized experience a step-change in service quality in the area concerned.

There are various levels of, or approaches to, implementing XaaS models. For example: • We always start with the customer journey (from the outside and in) • We use data alongside content to adapt to the customer situation and needs • ATM-as-a-Service: whereby a bank looks for a partner to manage its ATM fleet • We use context like user settings and user location, customer preferences and previous behavior • ATM Pooling / White-labelling-as-a-Service: in which a consortium manages the ATMs for various banks • We must work data driven and analytically to gain insights • Branch-as-a-Service: whereby a bank pays a third party to provide and manage its • We must work channel-independent physical branches • We will develop open and flexible solutions with APIs for internal and external use • Cash-as-a-Service: Cash cycle management and optimization goes far beyond CIT to • We strive to know and take care of the customers personal financial situation include forecasting, automation, recycling solutions, real-time monitoring and more. • We think rewarding and gamification into our solutions Cloud-based Software-as-a-Service (SaaS) utilities for activities such as AML checks on payments are already well established. Bankomat notes that the banks in Sweden have formed a new company to which they have passed responsibility for running all the country’s ATMs—an ATM Pooling-as-a-Service model. This has delivered significant benefits to the banks and their customers alike. “Banks were faced with a strategic decision: what do we want to do (in terms of an ancient infrastructure and increased cost pressure)? They came up with the idea of ATM pooling. Essentially forming a joint company that took over the ATM business.” Johan Alvinger, Product Director, Bankomat AB, Sweden

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29 |

THE CRITICAL CHANGE YOU NEED TO MAKE TO YOUR CUSTOMER ENGAGEMENT STRATEGY BANKS’ FOCUS MUST ALWAYS RETURN TO CREATING MEANINGFUL CUSTOMER CONNECTIONS

Fig. 7, created by Bankdata’s Severinsen, offers an excellent summary of the actions necessary to providing memorable, personalised service to customers.

Fig. 7 Guiding principles are used to ensure a personalized experience

• We always start with the customer journey (from the outside and in) • We use data alongside content to adapt to the customer situation and needs • We use context like user settings and user location, customer preferences and previous behavior • We must work data driven and analytically to gain insights • We must work channel-independent • We will develop open and flexible solutions with APIs for internal and external use • We strive to know and take care of the customers personal financial situation • We think rewarding and gamification into our solutions strategy Ecosystem X-as-a-Service / microcosm approach DIY approach Customer journey / Consumer / Consumer / transaction focus Action Required Move from a microcosm to an ecosystem (Connected Commerce) ecosystem to an from a microcosm Move (Connected Transition from transactional (or single-function) thinking to seamless journeys thinking single-function) from transactional (or Transition (DIY) to XaaS Shift from Do-It-Yourself connections transactions meaningful into Turn product focus 05 Organisational / CONCLUSION These actions are illustrative of the stages of transformation, moving from transformation, of the stages are of illustrative actions These a of creation advanced—the the most to focused) (internally basic the most ecosystem: Commerce Connected are not going away. Banks must face these challenges head-on—and do it quickly, quickly, it do head-on—and Banks these challenges face must away. going are not bankssteps definitive 8, are there in canFig. noted withand takeAs confidence. challenges. these global combat to The mega-trends and rising bar for customer service customer in highlighted this rising and bar for report mega-trends The LEVEL TRANSFORMATION OF WITHIN A BANK Fig. 9 2. Shifting cost Shifting 2. basis 3. Consumer evolution 4. Unbundling Mega Trend competition Rising 1. Fig. 8

30 | THE CRITICAL CHANGE YOU NEED TO MAKE TO YOUR CUSTOMER ENGAGEMENT STRATEGY 31 | THE CRITICAL CHANGE YOU NEED TO MAKE TO YOUR CUSTOMER ENGAGEMENT STRATEGY % 60 % 50 % 40 % 20 % 50 % 20 % % 24 10 % IMS Conference Closing Voting Closing Conference IMS 10 % % 4 3 % 0 % 40 % 30 % % 20 % 33 % 27 % 23 % 10 IMS ConferenceIMS Opening Voting 12 % 5 % IMS 2018 0 Voting with single selection only % 60 % 40 % % 61 % 57 % % 42 20 % 35 27 % 0 market trend according to the results of the in-conference voting held at the very at held voting the in-conference the results of to according trend market the conference— of was re-run poll then the end The at beginning IMS 2018. of became journeys more ranked the highest and trend customer interestingly, and bank of the number Clearly 59%. to from 27% the vote, share of its than doubled stressed that customer a focus on the importance of IMS 2018 at presentations a real successful to impact! journeys made programmes had bank transformation in becoming interest and banks that illustrates the appetite This sea change have so. do to insights tools and the offered future-proof innovative—when and more As explained in Section 2 , customer journeys were the second most important most the second were journeys As explained in Section customer 2 , 2018 Retail2018 Banking Trends Report Source: 2018 Retail Banking Trends Report, The Financial Brand selection multiple with Voting Build partnershops between banking and fintech firms Improve integrated multi- deliverychannel Open APIs analytics and cognitive cognitive and analytics computing Use big data, AI, advanced Remove friction from the the from friction Remove customer journey 2018 RETAIL2018 BANKING TRENDS REPORT Fig. 10 Personalise services to create more meaningful connections across physical and and across services physical connections Personalise to create meaningful more to identify economy to opportunities new API-based the explore and Embrace approach. Waterfall the from Agile method to the Move and of decisions power data data-driven AI the Harness analytics and to enable digital touchpoints. brand. differentiate your customer engagement. KEY STRATEGIES BANKING: RETAIL FOR MODERN • Focus on E2E customer journeys. journeys. customer E2E on • Focus •  •  •  • Consider how XaaS could support your organisation. •  What does the future hold for your own organisation? How are your unique unique are your How own organisation? your for the future does What hold Nixdorf Diebold direction? strategic your shaping challenges and priorities agile, flexible, fostering partner clients, their strategic to acts as a collaborative comes whatever for evolve you can that help solutioning to approaches scalable begin journeys to stands charting ready customer company next. your The with you. together Bringing together a diverse cross-section of banks cross-section a diverse of various sizes of from countriesBringing together ways provocative and leadership thought IMS fosters all the world, around retail of was the face banking. clear the banking and change It to executives and changes coalesced key around industry the event experts at assembled The the needle. move to how of with strategies examples mitigating tangible future–state of the current–and into window a valuable gleaned provide insights financialthe global industry.

32 | THE CRITICAL CHANGE YOU NEED TO MAKE TO YOUR CUSTOMER ENGAGEMENT STRATEGY 33 | THE CRITICAL CHANGE YOU NEED TO MAKE TO YOUR CUSTOMER ENGAGEMENT STRATEGY

[email protected] , contact , contact @finextra , follow , follow www.finextra.com 06 or call +44 (0)20 3100 3670 3100 call (0)20 or +44 Finextra’s unique global community consists of over 30,000 fintech fintech 30,000 over consists community of global unique Finextra’s banks inside financial and specialist working institutions, professionals and service organisations and consulting providers, application fintech Finextra The mainstream actively community providers. technology of the evolution on comments and in posting opinions their participate to Finextra data surveysand information contribute they addition, In fintech. reports.and moreFor information: Visit This report is published by Finextra by Research.This report is published specialist leading financialtechnology Finextra Research is the world’s fintech 100,000 over source. Finextraoffers news information and (fintech) www.finextra.com. to visitors to items features TV and news, content Finextra in Research all 1999, covers aspects financialtechnology of Founded banks, involving vendor and institutions operation and innovation retail within and cards banking, and organisations the wholesale payments sectors worldwide. Finextra ABOUT for more information. more for www.DieboldNixdorf.com 23,000 employees worldwide. worldwide. employees 23,000 Visit Diebold Nixdorf is a world leader in enabling connected commerce for millions for commerce connected in enabling leader isNixdorf a world Diebold the financial across Its retail day software- each and consumers industries. of of cash consumer and physical digital and worlds bridge the solutions defined efficiently. and securely transactions conveniently, financial 100 top all the world’s nearly of partnerAs for an innovation Nixdorf retailers, Diebold global 25 the top of a majority and institutions in an services unparalleled are that evolve essential to technology delivers and landscape. changing and consumer on’ ‘always than countries in 130 with more has a presence approximately company The Diebold Nixdorf

34 | THE CRITICAL CHANGE YOU NEED TO MAKE TO YOUR CUSTOMER ENGAGEMENT STRATEGY

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