The Digital Transformation Journey: How Far Along is Your Financial Institution?
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The banking industry is undergoing unprecedented changes due to channel proliferation, increasing customer expectations and an increasingly competitive marketplace. Banks must continue to innovate and gain efficiencies amidst a flood of incoming data – all while keeping down costs. In order to do this, digital transformation needs to be a priority. Watch the on-demand webinar to learn more about how you can achieve digitalization in your financial institution: http://ap.pn/2eUy7Gl
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The Digital Transformation Journey: How Far Along is Your Financial Institution?
- 1. The Digital Transformation Journey: How Far Along is Your Financial Institution? Webinar sponsored by
- 2. Featured Presenters Our knowledgeable speakers today are: Paul Hagen Senior Principal West Monroe Partners Peggy Bresnick Kendler Contributing Editor InformationWeek Michael Heffner Global Capital Markets & Banking Industry Lead Appian
- 3. Banking Industry 2016:Banking Industry 2016: Challenging EnvironmentChallenging Environment • Customer behavior and preferences are changing, expectations continue to grow. • Customers contact banks via proliferating channels • More non-traditional competitors • Expanding use of digital payments • Data is growing exponentially • Regulatory changes • Digital disruption
- 4. Digital Disruption:Digital Disruption: ChallengeChallenge andand OpportunityOpportunity • Can be a blessing or a curse • Ignoring digital transformation is no longer an option • Some banks are well on their way with their digital initiatives – but time is running out for others to catch up. • The dangers of holding off are just too great.
- 5. Digital Transformation CanDigital Transformation Can Help Financial Organizations:Help Financial Organizations: • Boost customer understanding, transform experience • Optimize processes, increase efficiencies • Grow the top line • Make meaningful customer service improvements • Innovate faster • Improve productivity • Respond to and comply with changing regs
- 6. BUSINESS CONSULTANTS DEEP TECHNOLOGISTS The Digital Transformation Journey: How Far Along is Your Financial Institution? Paul Hagen Senior Principal, Customer Experience phagen@westmonroepartners.com
- 7. The best companies are re-inventing how they operate Today’s product-centered organizational design Future customer-centered organizational design 9
- 8. © 2016 West Monroe Partners | Reproduction and distribution without West Monroe Partners prior consent is prohibited. Re-think strategy through a customer lens Impress customers rather than shareholders Reframe strategy Retail store strategy “Best 30 minutes of a child’s day” not growth or expansion A portal not an island Allowed company to reduce product count and retail space Focused on what matters – storytelling, shows and kids having fun Outcomes focus rather than products/features 8
- 9. © 2016 West Monroe Partners | Reproduction and distribution without West Monroe Partners prior consent is prohibited. Re-align operational processes to customer journeys Life events re-shape organizational design Re-orient operations 9
- 10. © 2016 West Monroe Partners | Reproduction and distribution without West Monroe Partners prior consent is prohibited. Engage the extended ecosystem To create breakthrough experiences Engage 3rd parties that are involved in delivering experience Action plans around moments of truth with dealers Drive advocacy and consistency of brand experience Engage the ecosystem 10
- 11. © 2016 West Monroe Partners | Reproduction and distribution without West Monroe Partners prior consent is prohibited. Early stage: Ignite a revolution (Debra Meyerson “Radical change, the quiet way”) Variable-term opportunism Disruptive example setting Strategic alliance building Verbal jujitsu Later stage: Scale the transformation Build capability foundations Seize on disruptive moments (e.g. mergers, leadership change, existential crisis) Change holistically Advice 11
- 13. solving Critical Financial Services Challenges 1. Win Fight For Customer Customer Experience, Omni-Channel, FinTech Integration 2. Ensure Timely Compliance Quick to Adapt, Increased Visibility and Control, Connecting Dots 3. Drive Down Costs; Improve Effectiveness Digitization, Integrate Front-to-Back, Cloud, Mobile Avoid Rip & Replace, Solving Actionable Data Challenge 13
- 14. challenge: disjointed customer journey GRC OPERATIONS SALES AND MARKETING CUSTOMER SERVICE
- 15. solution: streamline the customer journey OPERATIONS SUPPORT SELF-SERVICE ON-BOARDING MEMBERSHIP SERVICES INCENTIVE PROGRAMS NEW PRODUCTS
- 16. financial services lifecycles Customer Lifecycles – experience, integration, and across all channels •Consumer | Commercial | Capital Markets Operating Lifecycles •Lending Lifecycle – loan origination, loan management, loan syndication •Product Launch – concept, launch, post-launch monitoring •Trade Lifecycle Pre-Trade to Post-Trade Lifecycle •Cash Management Lifecycle •FX Lifecycle •Corporate Actions Lifecycle •… Compliance and Control Lifecycles •Stress Testing Lifecycle •Enterprise Risk Management Lifecycle •Audit Lifecycle •Activity Lifecycle (e.g., AML, EDD, KYC, SSAE-16, Re-Paper, Collateral, etc. etc.) + Related Actions • Launch product • Initiate mandate on-boarding • Corporate Action response … and many more 16 Trade Record Cash Record Counterparty Record
- 17. single integrated platform 17 providing digital overlay solution Banking Trust & Advisory Cards / Payments Asset Management Alternatives Market Utilities Consumer, Commercial Wealth Management, Private Banks Proprietary, Affinity, Private Label, POS Institutional, Consumer, Sovereigns Hedge Funds, Private Equity Exchanges, Clearers, Data Providers, Quasi Gov’t., Government
- 19. DECISIONING SERVICE REQUESTS INVESTIGATION COLLABORATIVE STRUCTURED INCIDENT MANAGEMENT all-in-one platform BPM Case Management 19
- 21. easy to… design • Rapidly design your application. • Orchestrate people, process and data. • Improve business/IT collaboration.
- 22. • Instantly execute your designs. • Integrate enterprise data. • Deploy to web and mobile. easy to… execute
- 23. • Follow key business events. • Collaborate and share content. • Dynamically re-route work. easy to… manage
- 24. • Capture detailed performance metrics. • Create rich reporting dashboards. • Optimize business operations. easy to… optimize
- 25. enterprise mobility dynamic case management business process management one platform for digital transformation success on-premise and in the cloud 25 platform as a service
- 27. scalable 27 • Millions of transactions. • Reliable architecture. • Proven scalability. secure • Highest security certifications. • Globally hosted.
- 28. Appian continues to be the leader in the iBPMS Magic Quadrant - “… the leading platform, compressing the observation-to-action-to-outcome cycle, and enabling business transformation leaders, business process directors and solution architects…” = Transformational Speed 28
- 30. 40%+ reduction in service costs 9X acceleration of service processes
- 31. single integrated platform 31 digital overlay solution
- 32. Thank you for attending Paul Hagen Senior Principal West Monroe Partners Peggy Bresnick Kendler Contributing Editor InformationWeek Michael Heffner Global Capital Markets & Banking Industry Lead Appian
Notes de l'éditeur
- Expanding what the ecosystem looks – not just the four walls of your company – including your employees, partners, and customers themselves (Airbnb example).
- Re-frame strategy to impress customers rather than shareholders. Breakthrough experiences must have company strategies framed in terms that matter to customers, not the company. When Disney was re-thinking its retail store strategy, it settled on becoming “the best 30-minutes of a child’s day”, instead of growth or geographic expansion objectives that are typical of many strategies. The company realized the store was a portal to all of Disney’s other properties, not an island unto itself. Delivering on “the best 30-minutes” allowed the company to even reduce product count and retail space to ensure there was room for story telling, shows and other things kids (and therefore parents) care about.
- Re-align operational processes to customer journeys. At some point, companies like USAA have realized they can’t scale effectively when their operations operate counter to customer behavior. The ah ha came when the company mapped the “car buying journey” – the real objective a customer had when looking for insurance, which also included financing. They realized the redundant capabilities, lost opportunities and poor experience to get both. The company set course to begin aligning its business and technology architecture to customer life events, such as buying a car, buying a house, deploying, or coming home versus to a specific product or service, like “buying insurance.”
- Engage the extended ecosystem. Breakthrough experiences require companies to think outside of the walls of their organizations and align the 3rd parties that are regularly part of delivering the experience. Audi engaged nearly 300 dealership executives around research it had done to identify key “moments of truth” for the customer experience The field organization worked with individual dealerships on action plans to improve these moments that drove customer advocacy and consistency of the brand experience. ------------------------------ Other background notes, not part of presentation: Audi Situation: Increased competition in luxury Loyalty: 40%; sales sat: 26th of 31 brands Strategy with connected car, service relationship Actions: Customer research identified ~6 key journeys (moments of truth): 1) Initial Greeting; 2) Test Drive; 3) Pick Up; 4) The Loaner; 5) The Wait; 6) The Transition. Engaged leaders from 264 dealerships in training to identify barriers, “craft every moment” and develop “situational awareness” Used VoC as part of dealer KPIs; tied to incentive structure https://www.forrester.com/Case+Study+Emirates+Uses+Customer+Journey+Maps+To+Keep+The+Brand+On+Course/fulltext/-/E-RES80642
- Emerging Macro trends are: Taking a problem and creating a simple and elegant solution…focusing on the customer and creating something that works effortlessly is the trick and the challenge Thinking about digitization as the ability to connect across silos…not just eliminate paper…but create business models that connect Compliance challenge is not going away…its continuing to eat up major chunks of budget…yet also represents an opportunity in how we think about process and data…in support of our business strategies including improved customer experiences Appian’s Financial Services customers are gaining VALUE across 3 important domains: Customer Compliance Cost
- And although we can see our management of people, processes and data an internal issue.. These issues quickly impact your clients.. creating a disjointed and confusing journey.. This disruption can creates a poor client experience, resulting in lost customers and opportunities to grow your organization.. The Chicago Mercantile Exchange, for example, faced a similar problem. CME Group is the world’s leading and most diverse marketplace for futures and options, addressing risk management needs globally. It owns and operates large derivatives in Chicago and NYC as well as online trading platforms. CME Group trades futures. The only people who can make trades are those who are on the floor, waving their hands, and the people who have direct connection to those on the floor waving their hands. That’s how it used to work, but no longer. Today, the CME Group is in a worldwide competition for traders who may be at a great distance, who don’t have time to be in the pits waving their hands. Instead, they are going to trade by computer, they are going to trade from a distance. They could easily go to somebody else, but CME wants these traders to come to them. There’s a competition for this and a lot of the competition comes down to who can make it easier to be on their platform. Therefore, CME wants to track the customer throughout time and at every point in the customer lifespan, make it as easy as possible to sign up, make trades, get along in this environment and consume new products, because CME creates 400 new products every year that are of interest to these customers.
- Customer Story https://home.appian.com/suite/tempo/records/item/lMBU8YV4nEFVwMuczYOCIudM7FZVJCqOwpafMpphljgXU8UzbqWFAu4c2rrKLrt6Xk1ktwMApp3YSjYOAg0WdU5f4hhqmFN7Yot5O5uml3e-IBuTA/view/summary Theme: The Journey Solutions: Customer Lifecycle Management; Product Lifecycle; Resource Management Appian Advantage: CME chose Appian to build a series of applications which could intersect with the customer journey. Everywhere from on-boarding to problem handling, all the way to introducing new products-- signing up for them, understanding them, changing your account. This is all handled in Appian. A series of applications impacting upon that most precious relationship that stretches through the lifespan of the customer in CME’s context. By unifying this experience, it means that CME doesn’t have to trouble their customers by asking the same questions repeatedly. It means they can offer unique behaviors to their customers according to their needs, recommend certain products, direct someone to the most efficient trades, and the markets or new features that make the most sense for them. This allows CME Group to give the optimal experience to each one of their customers in order to retain the customers they have and draw in new ones, because they have a reputation for simplicity and for being welcoming. CME quickly realized Appian’s value as it expertly supported the organizational agility needed in a high-speed world of global securities trading. As more applications were being built, it became easier and easier to add data and services into their existing Appian infrastructure. Today, 8 different divisions within CME leverage Appian to automate workflows within 23 different applications, including CCO (BLM/Research), Clearing, Global Operations, Human Resources, International Market Development, Info Tech, Legal & Market Regulation, and Strategy & Execution. Result Metrics: · 80% time to market reduction with the Product Launch Application · Appian-powered CME co-location business generates $50M/year in revenue Quote/Anecdote: “Appian supports the agility we need to move quickly and make smart decisions in the high-speed world of global securities trading,” Carl Stumpf, Managing Director, Technology Controller and Head of Purchasing at CME Group
- Mike’s Note I want to create one visually appealing slide that focuses on extent of lifecycle, record, action breath in Appian. I’m intentionally going broad..but then also including Payments related stuff (since it is Sibos). Our Customers Want to Manage Across business and technology silos Provide complete solutions across consumer, commercial and capital markets segments Financial services lifecycle categories: Customer Operating … including cash, fx, corporate actions, etc. Compliance & Control
- Appian is the only product to incorporate all the functionality needed to support an entire enterprise into a single integrated platform. Each component is designed to seamlessly operate with the other.. Unlike other vendors where disjointed product offerings must be integrated at the customer’s expense.. Appian easily combines core capabilities, accelerating time to solution and reducing total cost of ownership.. Proud to add value to all Financial Services segments across Banking and Cap Markets Banking Advisory Cards Asset Management Alternatives and Market Utilities What we call Digital Overlay Avoiding Rip & Replace….to focus more on enabling existing investments to do more to solve customer, compliance, and cost challenges
- Managing any organization is complex…. This requires the careful coordination of People, Processes, and Data. People To achieve organizational objectives, relationships between people must be managed effectively.. Communications must be timely and direct.. business partners must be engaged and informed.. and employees should represent the collective culture of your organization. Process But all of these people must operate within the agreed upon rules, processes and procedures of the organization. These processes exist not only to ensure the organization is meeting its regulatory responsibilities, but also to create a consistent and reliable customer experience,. Data Data is the lifeblood that feeds the knowledge for people and the intelligence to create smart process actions. And like people, data is also prone to becoming silo-ed, leading to uninformed decisions and fractured processes. Mastering the interaction of People, Process, and Data is the foundation of any well managed enterprise. The tools an enterprise chooses must provide the tools necessary to help enterprises harness and unite people plus process plus data.
- Appian provides a complete and all-in-one platform that combines leading BPM and Case Management capabilities into a single product offering. Available in both the cloud or on-premise, our customers use Appian to quickly build end-end solutions to manage every aspect of their organization.. Covering all components of BPM Design Execute Manage Optimize Case Management Decisioning Service Requests Incident Management Investigation
- Unification of People, Process and Data is directly supported in Appian Records. Appian Records allows designers to quickly discover, define and view your enterprise data. Appian’s out of the box integration adapters to databases, services and leading software products such as SAP, Salesforce, MS Dynamics and Oracle Siebel enable creation of rich dashboards the unite data across your enterprise. Once defined, the data is immediately available for social collaboration or processes. The single record view is immediately enhanced by tagging to ad-hoc collaborations as well as tasks and actions. This allows users to not only see the data, but also take action and collaborate upon the data. Your data suddenly becomes alive. No longer being a static view from a database -- Records gives the complete view, allowing you to track data through the complete journey with your organization.
- Appian’s focus on easy starts with the Design time experience. This is where our customers start.. An integrated design environment allows you to rapidly build your application.. A complete set of tools enables the orchestration of people, processes and data.. And finally, visual design makes it easy for non-technical business users to understand the design of an application and collaborate with IT on a joint solution.
- All of your applications in Appian may be instantly executed. Appian’s unique runtime architecture interprets your visual designs and requires no code compilation.. simply hit run… or change rules, process and interfaces on the fly to see them immediately take effect.. again with no code recompilation. With a robust set of integration adapters, Appian connects to your data sources and brings it to life in rich interfaces and process orchestrations. And finally, all of your Appian applications are immediately available as a native iPhone, iPad or Android application, with no loss of functionality between the full desktop experience and your mobile experience.
- As your applications run, Appian’s Tempo social activity stream allows users to track and respond to key business events. System alerts, hazards and ad-hoc collaborations are all exposed in an intuitive, no-training user experience that can be personalized for each user. At anytime, users can upload and share content as a collaboration, or via a process action to associate to a record. This makes Appian ideal for both highly structured as well as loosely coupled work requirements.. supporting the full spectrum of case management work styles. Finally.. if you identify an exception.. an issue.. managers can take action to re-assign work.. reach out to ask questions and collaborate.. or even re-design in-flight processes.. Appian’s flexibility at the run-time means any exception can still be handled.
- Appian also makes it easy to analyze and optimize your operations.. With a market leading Business Activity Monitoring analytics engine, every process interaction is recorded and available for detailed analysis. Aggregate work durations on activities… user or group performance.. or overall process and task performance can be queried in real-time and displayed on rich dashboards. Appian reports though can also query all your enterprise data sources.. to create views that combine process performance data with enterprise data to discover unique insights into your solutions.. As bottlenecks and inefficiencies are discovered, designers can quickly adjust processes and rules to continuously optimize client journey’s with your organization.
- Put knowledge worker on the left Task worker in the center Make Sites screen more intuitive – “Service Request” content should be understood; not “Request #fljksdf736lksjdf” Make it look user friendly On Embedded – make circle appear where Appian instance exists
- Appian’s overall solution is one of the most reliable and trusted platforms to support mission critical applications of the most demanding clients.. We have achieved scalability at clients supporting millions of transactions and large users bases, both for our on-premise and cloud customers.. Furthermore, Appian has the highest level of security certifications than any other vendor in our category. This includes PCI DSS for secure payment processing, US HIPAA for handling patient healthcare information, and FedRamp, the highest level certification for running US government operations in the cloud.
- With all these capabilities.. Appian still stands for simplicity. Recent analyst quote - Organizations are evolving their digital strategies toward solutions that advance agile business transformation. This Gartner report evaluates 15 vendors in the rapidly evolving iBPMS space that Gartner defines as “platforms which compress the observation-to-action-to-outcome cycle, and help business transformation leaders, business process directors and solution architects establish a fluid capability to handle big change.” Your business.. your solutions.. your organization.. is complex enough.. Our customers do not need to add a complex solution to solve their already complex problems.. Appian want to make it simple for our clients to quickly build solutions that meet their unique needs… This is why Appian stands for simplicity.. And we are proud that leading analysts like Gartner have acknowledge this.. identifying that Appian customers are able to achieve truly agile delivery of solutions and require the fewest resources to deploy than any other vendor..
- Before Appian The Australian banking system has a “Big 4.” Bendigo and Adelaide Bank is #5. It’s big - $66 billion in assets, 1.6 million customers – but it’s #5. A few years ago, the bank re-organized everything to become obsessed with the customer experience. It did away with the organizational separations across its divisions for Retail Banking, Credit Cards, Lending, Institutional Banking, etc. The bank instead aligned to the core entities or roles of the organization – servicing the customer, working with partners and looking at innovation. To go “all-in” on customer obsession, the bank’s CIO, Andrew Watt, became the bank’s Executive for Customer Service Improvement (CSI), with the entire program reporting directly to CFO Richard Fennell. The CSI division’s charter includes acting as custodian of the bank’s technology strategy. Mr. Watt and his team knew they needed a new way to enact Bendigo’s customer obsession through software. They put Appian at the center of their strategy. Appian Advantage Between Dec 2014 and Feb 2016 (15 months), the bank rolled out 23 customer-focused enterprise applications on Appian. Another dozen are expected by May of this year. Nearly every one of these applications is considered by the bank to be a Tier 1, critical customer-impacting process. Appian is running ATM Management, Credit Card Management, Fraud Management, Disputes, Loans, Mortgages, Merchant Services, and more. Everything in the customer relationship starts with an out-bound call center Welcome Call (orchestrated and informed by Appian) to every new customer. Information is collected once in Appian, and then is available to every subsequent application and user. The customer never has to repeat themselves. Whatever activity the customer undertakes with the bank from that time forward, Appian preserves and presents the full customer context across all business lines. In addition, Bendigo has taken business empowerment to an even higher level with Appian through what the bank calls its ‘In Business Program.’ In this program, a business area can submit a mini- business case to have a project approved. The business unit must also ‘own’ the development by providing resources to do the build. These resources are mentored/supported by the enterprise BPM team. There are currently more than a dozen In Business Program initiatives under way, and the backlog for the program has grown to hundreds of potential Appian solutions. The bank’s vision is that by mid-2017, every employee at Bendigo and Adelaide Bank will be an Appian user. This is an organization that has truly adopted Appian as their enterprise BPM/Apps platform. And it’s all in direct service of the customer. They use a Powerpoint slide internally to educate the organization about why they have invested in Appian this way. The slide talks about “capturing and moving information,” “controlling the flow of that information,” “automating” and “providing visibility to customers, staff and management.” But the title of the slide is tells the whole story: it is called “Getting Stuff Done for the Customer.” Value Delivered Result Metrics: - 23 customer-focused enterprise applications deployed in 15 months
- Customer Story: https://home.appian.com/suite/tempo/records/item/lMBU8YV4nEFVwMuczYOCIudM7FZVJCqOwpafMpphljgXU8UzbqWFAu4c2rrKLrt6Xk1ktwMApp3YSjYOA8wWdWP6Hrit2p0_lK0T1uSHV_UDfESKQ/view/summary Before Appian Aviva, the UK's largest insurance company, had a customer visibility problem. Customer data and processes were siloed, walled off between departments, and the customer experience suffered. In Aviva's Pensions line of business, for example, service reps in the contact center used different systems than those used by the operations teams. In addition to different views of the customer, one customer request (referred to as “demands”) could require the operations team to access up to 17 different systems to satisfy the demand (for example, a bond settlement). Prior to Appian, Aviva measured performance of the contact center on the speed with which a call was executed – rather than measuring the case as a whole. They found that customers would call in on the same demand an average of three times. Despite these three calls, the information ultimately provided was still wrong 28% of the time. In addition to margin pressure, Aviva had market pressure. Pension schemes around the world are subject to reform as social benefit projects shrink. Employees are paying more attention than ever to their own retirement plans. Customer involvement with their plans meant a growing volume of work for Aviva, as the company had no self-service capabilities to offer their 75K commercial customers. Aviva has a Pension Administration Process that makes sense of pension statements returned to sender via mail due to an invalid customer address. Aviva seeks to locate these customers, labeled “goneaways”, at their new location. They were using 9 different systems and an excess of manual work to locate each “goneaway.” At the same time, the Pensions group wanted to improve its process for Customer Demands – covering a variety of customer requests such as “Transfer a fund”; “Change my address”; “Sell my funds,” etc. Aviva identified 33 Demand types, each of which was handled separately and inefficiently on paper. No visibility. Too much human effort. Recognizing the significance of this problem, Aviva turned to Appian for a holistic view of their customers’ lifecycles. Appian Advantage Aviva utilized Appian Cloud as its platform to provide a single unified place for the call center and operations teams to see a complete customer picture and perform the required customer service work. They started with operational response to Customer Demands. Appian currently handles 18 demand types. In some instances Appian takes care of the integrations and fetching the data from back-end systems directly. In other cases Appian integrates with other systems that fetch the data. With Appian, Aviva reduced its customer service operational expense by more than 40 percent within 6 months. Over time, Aviva came to realize that Appian is more than a BPM system for back office operation. With so many back-end systems, Aviva struggled to get the desired composite view of their customer. Appian Records provides this capability. Once Aviva understood the power of Records, they decided to promote Appian for use in the contact center – eliminating the need to maintain separate systems across call center and operations. Leveraging records in this way provided another expense savings opportunity. More recently, the operations team decided that they would expose the Appian platform via Aviva's customer portal to enable self-service. They currently have 3,000 customers leveraging Appian. As a result, Aviva's net promoter score reflecting customer satisfaction has increased. Value Delivered 40%+ decrease in operational service costs 22 systems consolidated to 4 synergistic Appian applications 9X acceleration in customer service response times (“Switch my funds” has gone from 45 minutes to 5 minutes (“Transfer out” has gone from 9 days to 1 day) Customer Quotes "We are enabling our front-line people to really serve our customers. This is fundamentally changing the way I run my operation. I am so passionate about this." - Paula Whitwell, Director of Operations, Aviva
- Appian is the only product to incorporate all the functionality needed to support an entire enterprise into a single integrated platform. Each component is designed to seamlessly operate with the other.. Unlike other vendors where disjointed product offerings must be integrated at the customer’s expense.. Appian easily combines core capabilities, accelerating time to solution and reducing total cost of ownership..