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

Transcript

1. ENGAGEMENT BANKING
   Kyle Daigle
   VP, Product Development
   Geezeo
   

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2. Kyle Daigle
   kdaigle@geezeo.com
   Follow me @
   www.twitter.com/kdaigle
   

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3. WHAT WE OFFER
   White Label PFM
   Integrated
   Marketing Platform
   Referral Engine Mobile Platform
   

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4. Engagement Banking is a
   new marketing, sales and
   service model that deploys
   Technology to achieve both
   Member Intimacy and Scale
   

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5. 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
   

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7. 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
   

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8. It’s time to move on from the checkmark
   mentality and onto the best in market.
   

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9. Engagement banking is not selling,
   it’s providing what the member needs
   before they know they need it.
   

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10. USABILITY IS MORE
    IMPORTANT THAN EVER
    • Functionality alone is not enough
    • Ease of use is just as important
    

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13. vs
    

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14. 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
    

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15. 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
    

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16. 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
    

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18. 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
    

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20. Coupon Code: GeezeoPFM
    

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21. Your competitors have changed.
    

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22. STARTUP NEWCOMERS
    ARE SHAKING THINGS UP
    • Bank Simple
    • Square
    • Blippy & Swipely
    

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23. BANK SIMPLE
    

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24. BIG BUSINESS IS TAKING
    NOTICE TOO
    • Paypal (mobile app,
    remote deposit capture)
    • Apple (NFC, “iWallet”)
    

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25. 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
    

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26. Usability & Design
    play a huge role in adoption
    

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27. 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
    

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28. www.geezeo.com
    

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