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Online personal finance management IND UK

Online personal finance management  IND UK

Online personal finance management | IND UK

you my name is Thomas Brown I worked for a company called ind group within the banking IT software business and in actually precisely it’s the front of his technologies we provide for banks what I’m going to speak about today is customer experience usability in the online or digital channels I think it’s fairly a cliche question in a conference like this what do your customers think about your services I could pretty much resonate what Mark said about his hotel experience in London but I wouldn’t be so kind to actually say another hotel experience to you I’d like to say an experience in payments in banking so excuse me for that I traveled to the Middle East quite a lot I happen to be in Dubai a few weeks ago and the day went through pity normally I used my debit card to pay for a lunch I took out some cash to pay for my taxi that they went by I went to bed and I woke up quite early in the morning to catch my flight back to London what happened is that my card was blocked by my very kind bank without giving me a call without sending me a text they thought that the card being used in Dubai is a security risk because i have not in advanced informed them that I’m going on a business trip this has happened before I know what happened so I immediately gave them a call at four o’clock in the morning in front of the receptionist to get the card unblocked as you can imagine I was faced with the challenge to go through the ivr that took me a couple of minutes to speak to an operator at four o’clock in the morning she immediately understand the situation she asked me orders security questions which is quite normal at this stage obviously at four o’clock in the morning in a hotel in Dubai trying to pay my bill in front of the receptionist I was not really in a position to get my security code which is not your online banking code it’s not European number it’s a third one it’s you know sir the one which is the phone banking security code I had no idea what that was so what that means is that we need to go through another additional five security questions such as what was your last spending on the card what is your home address and so on and so on and so on fine this took about 10 minutes now and finally I was informed that my card can be unblocked it can take up to four hours great I ended up using another car obviously and just about made the flight just the birth ketchup so that experience you know made me first when it happened sort of disappointed with the bank and then I started to be angry and eventually I decided to close the counter move to another one and I start to say that the other High Street bank in the UK does things differently in this respect it’s pretty much the same that’s a standard there’s a customer I hate these things I hate the tokens which I have to use to log into my online banking services I have two three accounts in the UK I don’t want to carry two three tokens why would I carry that on a business trip they look like calculators right it’s maybe a necessity i understand just as the hangers in the hotel what Margaret Mark showed you there is probably a very good business case behind it why that is required probably security person as a customer I don’t want to understand that and I hate those things so I’m sure very there are sure many many other ways to measure customer satisfaction and first direct seems to be on top of that and I became first direct as a cost I became a customer first today but in one simple way you’re either happy with the service you get or either unhappy just as this kid when he got the little dog instead of the pony right that that is ultimately what customer experience means to me I might a happy or not happy now we can talk about what that customer experiences and how that is actually evolving in customers certainly there is something called customer expectations that is we believe is a direct link between customer experience and customer expectations if I had this bad experience with a bank and I move on to another bank which is seems to be on the top then my expectations are fairly high because I no what they actually offer and I would expect that from all the other banks as well if I actually open another kung fu another Bank now there is one slide I think issue with customer expectations when we look at for example the bank banking industry that customer expectations do change just as it changed in other industries look at electronics or televisions this was not so many years ago when you your television look like this and the family was the most happiest that they actually managed to buy a black-and-white television this is what it looks like now okay you cannot simply remain on the same level providing services to your customers or products or technology and be happy forever so customers expectations do change and you need that need to take that into account into your services going into the future this is one of my friends couple four year old kid touching the television because he is clearly at four years old an iPad user his expectation will be maybe in a couple of years to have a touchscreen so when he is passing by the television he can change the channel that’s what he is doing at the age of four the other important aspect I believe with online services in the financial technology that these services are being compared to some of the big names we heard before already amazon is pretty much number one in online services when you go into the office you immediately open facebook most probably at least some of you to check on your friends paypal youtube ebay these are all names with excellent online services this is why the number one and most of your customers use these services and they compare financial services as well to these ones they use every day this is specially through to the Y generation they live they completely wired into these services this is their life literally every hour and financial services when they use self services online digital channels they expect the same level they expect the same thing so what do customers want then after all this Henry Ford famously said that if he asked his customers what they want they would have said I want to faster horse right now we pretend to have in the financial industry the habit of being conservative customers don’t clearly go to your branch and say I want mobile banking otherwise i leave my bank or i want much better online services they don’t communicate this very clearly because i believe it’s the responsibility of the bank to provide the best and the latest in technology such as easygoing functionality I know again it sounds a cliche but what we mean by that is that 5-10 years ago the boring again sorry mark black and white but sort of a sort of black and white color scheme of online banking services is what it used to be 5-10 years ago it is what we’re trying to say that this is not good anymore in in online services in the digital digital channels you’ve got to have a clear visualization of finances which are easy to understand even to the young generation usability is very very qui one of the most frequently or most frequently experienced or the most frequent complaints we heard in online services is that the transfer itself is so complicated that some people hate doing that if you go onto Amazon checking out a product which you put in your put in your basket is fairly easy so why can’t you not apply the same sort of formal process into an account transfer online because that’s what your customers expect that’s what they do like in facebook in apple and in amazon so we believe that you know rearranging the process using accordion-style forms make a big big difference in terms of usability and easygoing functionality I think the other one is innovative tools such as personal finance management as a customer do I really want to know my balance my do I really want to get and click on balance inquiry as an option in internet banking not really what I like to know is how much money I’ve got two left to spend actually do I have enough money to go and buy a gift for my wife that is what really concerns me because maybe my available balance is not really what I can spend because then my mortgage payment comes next week and then all my utility bills and my bc bill at the end of the month and that’s not really how much I can spend so yes balance inquiry is a back-end function which you guys put on to the front of face to your customers but that’s not really the useful information to me because immediately when i see a balance the next action i’m going to do in my head is take into account my outgoing payments till the end of the month so why don’t you do that online and make it easier for customers to understand how much money they have got to spend or do I really care about transaction history not really it’s a table with amounts values and descriptions of transactions it is designed for machines to process it’s not designed for humans to go through a transaction history or founded transactions what I’d like to know is how much money I spend on how so utility bill is amongst that is a useful information for me because maybe next month I’d like to cut that down or how much money I spend paying tabs or petty cash in a bar or in restaurants that is useful information for me but not individually as transactions we also believe that you know nowadays crisis everyone is trying to cut back budgeting is one of the innovative technology or innovative feature which most people actually do if you go on to an iPad or iPhone or app store or even Android store and you look at the most downloaded financial applications they are all budgeting tracking financial analysis applications and the reason for that is because customers clearly have this need in the UK some banks do that Lloyd’s with money manager Barclays with the barclaycard and clearly there is there is a requirement or there is an interest from customers to use these services also a complete net worth for customers for example it is some sometimes very difficult to you know look at how much money you actually got with all your accounts and investments and everything else fake facebook transfer generation y yes maybe it is it is sort of an interest or requirement from some of the Generation Y customers clearly we believe this would be again something which is very useful in the financial industry if you think of Barclays and Bing it which they just launched maybe a months ago a few weeks ago the numbers were impressive how many downloads they got and it is nothing yes just simple account transfer from one phone to another using a mobile number similarly to Facebook just transferring it using a Facebook account Brad King is a gentleman who is pioneering the sort of the simple Bank idea and what he is saying is that by 2015 you pretty much your online self-service transactions will be through mobile this is following the trend that mobile devices and mobile transactions and mobile data in general is growing year by year and we will see a saturation point around 2015 when this will exceed traffic from traditional pcs or laptops so clearly the financial industry you have to follow that mobile services will have to be a fairly significant if not the most significant channels in a few years time tablets are also included this is increasingly popular and I’m not saying that this may be your most important IT project for this year or next year but this is clearly a trend which is not going to just pass by and die down very easy the other topic which I’d like to leave you with is gamification in the financial services this is basically an idea which has been taken on by many other industries such as the airline industry for example where you collect miles you collect points which you can then redeem an exchange into other services we believe that there is a business case to apply the same thing to banking and especially to online services you can you can encourage your customers to financially behave in a responsible way to try saving to open a nicer and then you can reward them with social points with savings points and weed with other points as well and then they can redeem these points to actual tangible benefits like a high-rise rate okay so that is we believe working in other industries very very well and this has the existence and the and a business case in financial industry as well so again just the final thought we firmly believe that that this online services and self-service digital channels is going to be or is already the most important channel for many of the banks we truly believe that the kind of services which are in place for ninety percent of the majority of the banks are outdated and there needs to be a change which should happen sooner or later as a company we this is what we do we try to differentiate ourselves with usability customer experience and design so if you have further questions we have a booth just out there in the hole so we’re very happy to take your questions or any interest thank you very much you

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