The Battle for the American Consumer
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1 The Battle for the American Consumer Select Credit Union Council Presented by: Steve Heusuk Sr. Manager, Competitive & Market Intelligence September 26, 2014 CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited CUNA Mutual Group
2 Agenda Who are the players battling to provide financial products and services to American consumers? Why is customer centricity the common battle cry? How can we achieve cooperative member centricity? 2
3 I. The Battleground 3
4 The Battleground Financial Institutions Non-Bank Competitors Retailers Financial Services Card Companies Savings Payments Lending Platform Players Investments Insurance Telecoms New Entrants Alternative Payments Source: CUNA Mutual analysis 4
5 Key Competitors Financial Institutions Non-Bank Competitors Retailers Card Companies Platform Players Telecoms Alternative Payments New Entrants Source: CUNA Mutual analysis 5
6 Case Study: Financial Institutions Banking Get account balances View account history Transfer funds Pay bills Remote deposit Insurance View policy details Review coverages and discounts Get an auto ID card Pay your premium View past statements Investing View real-time stock quotes View market activity Place a trade Advice and planning Articles Videos Source: American Banker and USAA 6
7 Case Study: Retailers Source: 7
8 Case Study: Platform Players Site: 8
9 Case Study: Platform Players Examples of financial services investments: Mobile payments app with 1M users Online P2P lender with >$4B in originations Provides equity-based crowdfunding for private consumer companies Mobile payments solution for both merchants & consumers Online alternative to payday loans Building an open Bitcoin exchange Online provider of loans to small businesses Source: Google Ventures 9
10 Case Study: New Entrants Lending Club facilitated $1.0 billion in new loans in Q M 900M 800M 700M 600M 500M 400M 300M 200M 100M 0 Q Q Q Q Q Q Q Q Q Q Q Q Q Source: Lending Club 10
11 Proliferation of Peer-to-Peer and Online Lenders Source: 11
12 Case Study: Telecoms Marketed as a checking account substitute Issuer is Bancorp Bank Servicer is Blackhawk Network Combines a smartphone app (ios or Android) with a branded prepaid Visa card No maintenance fees, minimum balances or activation fees Also, no fees for: Bill payments Remote check deposits Withdrawals at one of T-Mobile s 42,000 in-network ATMs Reloads at T-Mobile stores (non-t-mobile customers would pay additional fees) Funds transfers to other T-Mobile Mobile Money users Source T-Mobile 12
13 One View of the Future of Retail Financial Services We are moving away from a banking relationship defined by the goal of being a customer's primary financial institution to one where we focus on becoming their primary financial application. - Brad Leimer, Head of Digital Banking, Mechanics Bank 13
14 Case Study: Financial Institutions Crédit Agricole s New App Store 14
15 II. Customer Centricity 15
16 Customer Centricity Bandwagon 16
17 Customer Centricity Defined A way of banking based on trust and fairness that uses knowledge of customers to meet their needs and achieve sustainable, valuable, long-term relationships. - Boston Consulting Group 17
18 Why The Need For Customer Centricity? Increased competitive pressure Shifting product needs & channel preferences Need for financial advice, tools and guidance Declining loyalty / wallet share challenges Source: CUNA Mutual analysis 18
19 Consumers Want Financial Advice, Tools and Guidance Per Accenture s 2014 Digital Banking Survey of North American Consumers: 71% do not think their relationship with their bank is advice or relationship driven, rather it is focused on simple transactions 51% want their bank to proactively recommend products / services which they may find useful, taking into consideration the accounts they already have 48% are interested in real-time, forwardlooking analysis of their spending 19
20 Declining Loyalty For Banks 60% 50% 40% 30% 20% 10% Have you ever changed your main banking provider? 60% 50% 40% 30% 20% 10% How many banks do you bank with? 0% Yes No, but I am planning to change No 0% One Two Three Four or More Source: The Customer Takes Control - Global Consumer Banking Survey 2012, Ernst & Young, akes_control/$file/global_consumer_banking_survey_2012.pdf 20
21 For CUs, Loyalty Does Not Translate Into Wallet Share $15,000 CU Members Average $ in Outstanding Loans With CUs vs. Banks $12,000 $9,000 $6,000 $3,000 $- Highly Loyal Members Less Loyal Members Loans Outstanding with Credit Unions Loans Outstanding with Banks Source: Loyalty Drives Profitability, Credit Union Magazine, Aug
22 Total Loans Outstanding / Member by Asset Band Source: NCUA 5300 Call Report data and CUNA Mutual analysis 22
23 Banks Responding With Customer Centric Positioning Customer-centric, not product-centric We start with what the customer needs not with what we want to sell them. We also want to offer our products to customers in ways that are most convenient to them. Bank like you live We ve never thought of ourselves simply as a bank. We re really more like knowledgeable neighbors, the kind you invite over for a cup of coffee, seek advice from and chat with over the fence. And we re here to help you bank like you live. When was the last time your bank made you feel valued? At Webster, we re more than your bank. We re your partner. We work with you to understand your needs, listen to your concerns, and help meet your goals. Source: Company websites 23
24 Peppers & Rogers Journey to Customer Centricity Insight Strategy Business Design Capabilities Development Deployment Product Focus Customer Data Strategy Customer Segmentation Customer Behavior Prediction Customer Lifetime Value Analysis Retention Analysis and Prevention Strategies Campaign Analytics Segment Investment Planning Corporate Strategy and Business Unit Strategy Customer Centricity Roadmap Portfolio Management Strategy Contact Center Strategy Business Planning and Feasibility Studies (Business Case Development) Customer Experience Management Sales / Service Model Channel Management Distribution Network Management Sales Force Management Campaign Management and Marketing Programs Loyalty Programs Organizational Structuring Customer-centric Processes Business Requirements Gathering Performance Management Customer Centricity Metrics Cultural Change Management Business Change Management Program Management Office Deployment Management Organizational Transformation and Alignment Training and Empowerment Customer Focus Source: Retail Banking: A Transformational Model for Growth Using a Customer-Centric Approach, Peppers & Rogers Group
25 III. Seven Steps to Cooperative Member Centricity 25
26 Seven Steps To Cooperative Member Centricity 1. Implement a data strategy 2. Understand members differentiated needs & behaviors 3. Anticipate and meet member needs 4. Adhere to a sustainable financial model 5. Deliver service excellence 6. Enliven member democratic control 7. Don t forget about product & price Source: CUNA Mutual analysis 26
27 Step 1: Implement A Data Strategy 1. What data elements should be collected? 2. How long should it be retained? 3. Where and how should the data be stored? 4. How will the data be analyzed and used? 5. What policies / guidelines are needed to govern data use? Source: CUNA Mutual analysis 27
28 Big Data: Volume, Variety and Velocity Volume: Amount of data growing exponentially Variety: More sources / types of data than ever Velocity: Flow of data continues to accelerate Source: The Digital Universe in 2020: Big Data, Bigger Digital Shadows, and Biggest Growth in the Far East, IDC, 12/
29 Examples Of Applied Data Source: Customer Analytics Is Key To Growth In Banking, Bank Marketing Strategy blog, June 6, 2013; IBM; Celent 29
30 Step 2: Understand Members Differentiated Needs & Behaviors Segmentation is the firm s response to a fundamental market feature heterogeneity. - Jerry (Yoram) Wind, Wharton School of Business Segments can be defined by: Attitudes Behaviors Demographics Segmentation process: 1. Define segments 2. Determine which segments resonate with your value proposition 3. Target those segments 30
31 Example Of Attitudinal Segmentation Average Household Income Segment X Segment Y $105K $101K Age (% 45+ years old) 56% 46% Attitude About Finances I am in control of my finances (% agreeing) Generally, I live from paycheck to paycheck (% agreeing) % Having a Checking Account Through a: 98% 62% 14% 67% Bank 83% 72% Credit Union 27% 33% % Obtaining Their Auto Loan Through a: Bank 19% 26% Credit Union 13% 14% Average Savings / Investable Assets $236K $98K Note: Above results are for illustrative purposes only. Findings are dated (2009). Significant difference are bolded. Source: Ipsos; CUNA Mutual analysis 31
32 Successful Segmentation A successful segmentation should answer these questions: What is our share of wallet across segments today? Which consumer segments are most profitable? How should we prioritize the various growth opportunities within and across segments? What messages, product offerings and service levels will command the attention of our target? Source: Consumer Segmentation, The Boston Consulting Group, 7/22/
33 Step 3: Anticipate And Meet Member Needs Wells Fargo s Cash Flow Monitor Predicts how customers financial situation will look 30 days out Leverages available customer data, e.g., scheduled bill payments and direct deposits Can augment with customer s own data Source: Wells Fargo Beta Tests Cash-Flow Projection Tool for Consumers, American Banker, 2/20/
34 Predictive Modeling: Wells Fargo s Predictive ATMs 500 deployed across the country in February with all 12,000 Wells Fargo ATMs to be converted by the end of May Touchscreen ATMs with 5 customizable buttons based on the customer s ATM usage and preferences Source: Wells Fargo ATMs Can Predict What People Want, thefinancialbrand.com, 2/20/
35 Step 4: Adhere To A Sustainable Financial Model Objective: Ensure your financial model supports sustainable growth for the long term Key: Your cost structure and revenue model must support your value proposition Emphasize lifetime value of the member Treacy & Wiersema: Companies that excel at Customer Intimacy focus on customers that have deep relationship potential 35
36 ROE Represents The Sustainable Growth Rate ROA Leverage ROE Net Income Assets X Assets Capital = Net Income Capital Profit Margin * Asset Turnover ~ Inverse of Net Worth Ratio ROE = Sustainable Growth The fastest a CU can grow assets without affecting its capital ratio. 36
37 Key Theme: Struggle to Achieve Scale 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% <$20M $20M-$100M $100M-$500M $500M-$1B $1B-$5B >$5B Source: NCUA 5300 Call Report Data and CUNA Mutual analysis 37
38 Deep Customer Relationships Deeper, long-lasting customer relationships can mean greater revenue, higher customer lifetime value, lower relative customer acquisition costs through lower churn, and greater share of wallet. - How Customer Intimacy Is Evolving To Collective Intimacy, Thanks To Big Data, Forbes.com, Joe Weinman, 6/4/
39 Step 5: Deliver Service Excellence Baseline: Ensure you have the channels in place your members prefer Objective: Provide consistent, excellent service across all products and channels Measurement: Monitor member satisfaction in a way that is quantifiable and actionable 39
40 Building Sustainable Trust The consistency of the customer experience is key, because consistency enables trust, and trust is a fundamental enabling condition for the development of productive and authentic relationships - Rita Clifton et al., Brands and Branding 40
41 Prioritization Is Key Prof. Frances Frei Importance to the customer High Low Excellence Performance Relative to Competition High Importance to the customer High Low Mediocrity Performance Relative to Competition If you try to be good at everything, you will run out of money long before you will succeed. Not a recipe for success. What have you decided to not be good at? High Source: Credit Union Financial Sustainability: A Colloquium at Harvard University, Filene Research Institute/Prof. Frances Frei,
42 Step 6: Enliven Democratic Member Control Democratic Member Control Co-operatives are democratic organisations controlled by their members, who actively participate in setting their policies and making decisions. In primary co-operatives members have equal voting rights (one member, one vote) and co-operatives at other levels are also organised in a democratic manner. - International Co-operative Alliance 42
43 Cooperative Principles: How Differentiating to Consumers? Cooperative Principles Voluntary and Open Membership Members Economic Participation Autonomy and Independence Education, Training and Information Cooperation among Cooperatives Concern for Community American Express USAA Bank Analogues Discover Card 5% Cashback Bonus Dollar Bank s Rewards Checking Community banks across the U.S., e.g., Bangor Savings Bank Maine s largest independent bank U.S. Bank Financial Genius program Bank of America Financial education website Bank Innovators Council The Clearing House U.S. Bank Foundation B of A s Susan G. Komen Credit Card Democratic Member Control NONE for stock banks Source: CUNA Mutual analysis 43
44 Low Member Participation Has Long Been An Issue Source: The Credit Union Bridge, Jan
45 Key Questions Is democratic member control a true differentiator? If Yes, how can we build upon this competitive advantage? If No, what, if anything, could be done to make it a meaningful differentiator? 45
46 Step 7: Don t Forget About Product & Price Product Innovation Leadership 1) Requires Full Product Set Relevant to Customer Segments Middle ground of mediocrity: Trying to lead on all fronts Customer Centricity Cooperative Member Centricity Operational Efficiency Leadership 2) Requires Competitive Pricing Based on Competitive Cost Structure Source: The Discipline of Market Leaders, Michael Treacy & Fred Wiersma,
47 Customer Intimacy Comes Full Circle Customer intimacy begins with putting the customer at the heart of the organization. Heena Jethwa, Senior Product Marketing Manager, IBM 47
48 Important Disclaimer CUNA Mutual s analysis is based upon certain publicly available information and data, including NCUA 5300 Reports, and is subject to risks, uncertainties and other factors which could cause actual results or performance to differ from the future results or performance expressed or implied in this analysis. We disclaim any representation or warranty, express or implied, as to the accuracy or completeness of our analysis, as well as any obligation to update our analysis. Each recipient should conduct its own independent analysis of relevant information and data, and should base any business decisions upon such independent analysis. 48
The Battle for the American Consumer
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