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Engagement Banking

Kyle Daigle
September 26, 2011

Engagement Banking

Originally presented at Symitar South Central User Group, my presentation covers why credit unions especially should look to usability to create a modern, personal, engaging banking experience. @Geezeo

Kyle Daigle

September 26, 2011


  1. Engagement Banking is a new marketing, sales and service model

    that deploys Technology to achieve both Member Intimacy and Scale
  2. THE VISION 1. Your ability to collect member data, turn

    that data into insight and effectively disseminate that insight 2. The appropriate channels that align with a member's convenient behavioral patterns 3. A strong user experience
  3. WHY CARE ABOUT ENGAGEMENT BANKING? • Highly engaged members are:

    • 5 times more likely to open a new account in the next 2 years • 2 times more likely to refer a friend or family member Source: Aite Group/Plenitudes February 2009 Consumer Trust Survey
  4. USABILITY IS MORE IMPORTANT THAN EVER • Functionality alone is

    not enough • Ease of use is just as important
  5. vs

  6. Data Source: http://www.usefulusability.com/ ADVERTISING VS USABILITY Leads 2000 Ad Cost

    $0 Cost per Lead $0 Conversion 10% Sales 200 Typical Month Leads 6000 Ad Cost $10000 Cost per Lead $2.50 Conversion 10% Sales 600 Advertising Month Leads 2000 Usability Cost $10000 Cost per Lead $0 Conversion 15% Sales 300 Usability Month One-time cost One-time benefit After one month, results return to Typical One-time cost Continuing benefit After one month, conversions stay improved
  7. Data Source: http://www.usefulusability.com/ Sales 0 875 1,750 2,625 3,500 Online

    Ad Usability 3500 2800 Cost $0 $1 $2 $3 $4 Online Ad Usability 2.86 3.57 AFTER ONE YEAR
  8. HOW TO ACHIEVE BETTER USABILITY • Create a member advocate

    within your team • Use simple and inexpensive user testing tools • Adopt some agile methodologies within your teams
  9. MAKE LOTS OF LITTLE CHANGES • Continuous improvement is an

    important way to keep your members engaged • Make small changes to your website or marketing and measure their success • Don’t be afraid to fail quickly
  10. BIG BUSINESS IS TAKING NOTICE TOO • Paypal (mobile app,

    remote deposit capture) • Apple (NFC, “iWallet”)
  11. A few observations: • The average social network user is

    37 years old. • LinkedIn, with its business focus, has a predictably high average user age; 44. • The average Twitter user is 39 years old. • The average Facebook user is 38 years old. Technology is not about AGE 0-17 18-24 25-34 35-44 45-54 55-64 65+ 3% 10% 19% 25% 18% 9% 15% Data Source: Google Ad Planner (US demographic data) Average age distribution across social network sites
  12. TOOLS FOR ENGAGEMENT SUCCESS • Extremely targeted marketing across all

    channels based on expressed and inferred interest • Partner to provide best in class PFM, mobile, and Bill Pay tools that are integrated with each other • Help members refer friends and family using online & analog means