Measuring for Success: Redirect Your KPI s
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1 Measuring for Success: Redirect Your KPI s CUNA Technology Council David Potterton, Research Director September, 2014
2 Changing Banking Models Hitting the Mainstream My own mother even pays bills on her mobile phone and never goes to those expensive mausoleums you see all over town that traditional banks have. Stock Analyst Supporting a BUY rating for Everbank on CNBC SquakBox July 31, 2014
3 Branch Transactions Median Median Median Retail Products per Household Tipping Point: Teller Transactions and Cross-Sell Ratio Down Median Source: The Cornerstone Report: Benchmarks & Best Practices for CUs
4 There is an increasing willingness to do business with nonbank providers Source: Accenture
5 Business Model Under Attack Gather Deposits Deposits fund loans Lending Leverage deposit accounts for cross selling opportunities to generate fee income. Noninterest Income Earn spread between loans and deposits Use noninterest income to offset overhead costs. Expensive Branch Network and Overhead (NIE) Returns for Shareholders/ Members Funds to Reinvest in the Business
6 Customer Experience Disrupters Online Banks All In One App Ally and USAA have redesigned the customer experience to make banking online or from a mobile device extremely simple and convenient for their customers. Source: Trulia.com
7 Lending Disrupters Mortgage Lending When people change the way they shop for homes, it is likely to impact the way they shop for mortgages as well. One Click Source: Trulia.com Impact: Interest Income, Origination Fees, Loan Growth, Cross-Selling Opportunities.
8 User Value Channel Migration is Accelerating Median 75 th Percentile Active Internet Banking Users as a % of Checking Accounts 70% 80% % of Active Mobile Users as a % of Checking Accounts 7% 19% % of Direct Consumer Loan Apps Taken Through the Call Center 23% 34% % of Direct Consumer Loan Apps Taken Through the Internet 16% 29% % of Mortgage Applications Taken Through the Internet 23% 66% Source: The Cornerstone Report: Benchmarks and Best Practices for CUs
9 Delivery Redirect is about facing up to the tough choices concerning resources, the sales force, and new organizational capabilities that financial institutions must address in order to be viable in 2020 and beyond
10 Delivery Redirect is not about just migrating transactions but REVENUE PRODUCTION the optimal mix of channels and resources to successfully influence the buying behavior of current and future consumers and businesses to drive new and cross sell/upsell revenue
11 As Delivery Redirect efforts begin, keep the following Brutal Truths in mind Channel Of Choice Is Impractical Delivery Redirect Is Strategic It costs too much money to offer all functionality through all channels Rather, institutions need to think about the right channel for their members It s not about transactions, but buying interactions and balancing member/customer experience, cost, and security
12 Stop Trying To Please All Your Customers/Members Not everyone customers will like their financial institutions Delivery Redirect efforts Perhaps it just wasn t a good fit from the beginning or these customers are stuck in a banking model which is not in the best interest of the institution s customer base as a whole Those banks who know their target segments well will win
13 It s Revolution Not Evolution Executives will need to make some very strategic and tough choices in order for their institution to be one of the winners in 2020 The need for speed is paramount as newer and more nimble competitors continue to challenge the status quo Technology companies are reaching over into financial services so banks and credit unions need to think more like technology startups
14 Members Buy The Channel Experience Not Products Members are focused on channels as this is the way they interact with their financial institution In this channel centric (and increasingly mobile) relationship, it s time to re-think organizational alignment and focus on capabilities per channel rather than products
15 Divest to Invest Delivery Redirect means casting off those channels which no longer make economic sense This is not a pure cost play however Money saved from Delivery Redirect should be utilized to improve delivery capabilities which promise higher returns in the future
16 The Branch Will No Longer Be The Primary Channel For Customer Acquisition There will continue to be physical channel niche players but the number of branches and physical locations will continue to shrink (and in some cases disappear) This traditional method of branding, customer awareness, and acquisition needs a new strategy Successful financial institutions will help customers and prospects discover their great services and how easy it is to do business with their firms
17 Delivery Channel Spectrum
18 Measurability Setting Performance Metrics Key Issues Is there an clear, objective definition of the metric? Can the metric be measured and reported in a timely fashion, e.g. it is actionable? Peer comparisons Do we need to compare ourselves to a peer group to analyze performance? If yes, is there a common definition peers use and objective third party data available? If no, what is our internal base against which we will measure performance or progress? Reporting Levels Is this a corporate-level metric or do we need to shoe it at a more detailed level (e.g. by branch, by employee)?
19 Sales and Growth Cost and Efficiency Risk Objectives Customer Acquisition, Loyalty and Retention Tools Experience and Process Mapping Service Level Standards Customer Satisfaction Surveys
20 Sales/Growth Metrics New relationships by channel Account applications by channel Deposits Loans (consumer, mortgage) Cross-sell by channel Cost and Efficiency Metrics New accounts closed per employee Deposits Loans Blended cost per new account acquisition Self-service transactions as a % of total transactions Accounts serviced per branch/call center employee Blended cost per servicing transaction Risk Metrics Losses by channel Delinquencies by channel Number of Risk FTE s per asset size Dollar amount of risk spending by asset size Sales and Growth Cost and Efficiency Risk
21 First Step First understand your organizations business strategy; long-term vision, business model, brand, objectives and priorities, in order to realize the impact to your channels especially across Channel Performance and Potential
22 Branch Full Service Sales Branch Tech Branch Loan Production Office Identify the impact of various factors related to rationalizing the branch network Strategic Objectives Market Demographics Branch Performance Metrics Determine the best-fit, future state strategy for each branch location Traditional Branch Social/Service Branch No Branch/Closure Kiosk Branch
23 ATM/ Self Service On Premise/Off Premise Kiosk/Remote Teller Identify the ATM locations that are delivery positive Net Income Maximize capital investment decisions: infrastructure, lease, outsourcing, and surcharge-free strategies Identify functionality required that best meets the FI s channel strategy goals per location Image & Video/Audio Maximize ATM marketing benefits Onscreen and physical
24 Contact Contact Center Automated Voice Response Video banking Assess transactions and productivity and sales performance Assess technology, routing and tools/reporting Assess staffing/skills model Evaluate emerging tech capabilities (chat, text, video)
25 Online Mobile Social Electronic Assess current remote offerings versus local, regional and national competitors Assess internal ownership structure of the remote channels Recommend changes to offerings and/or organization to fill functional gaps and align with strategy
26 In developing your action plans for each channel, keep the following in mind: Channel Performance User Value How much do customers value the channel? Your transaction data, channel usage metrics, and available survey metrics should help you answer this question Efficiency Value How cost effective is the channel? Compare your direct cost (staff, facility, other unallocated) to your deposits as well as your direct cost to non-interest income plus funding credit Sales Value How is the channel contributing to production? Understand your open/close ratios, number of new accounts overall and by type (e.g. checking), value of direct consumer/small business loan production as well as investment and mortgage referrals
27 The Delivery Channel Scorecard User Value Branch ATM/ Self Service Call Center Web Mobile # of service transactions 275, ,000 43, ,000 34,567 % of transactions 27% 34% 4% 27% 3% # of deposits 81,000 14, ,823 Sales Value # of new deposit accounts # of consumer loan applications # of mortgage applications # of investment referrals Efficiency Value Total Monthly Direct Cost $2.6 million $695,000 $221,000 $127,000 $51,000 Direct Cost Per Transaction $9.45 $2.01 $5.13 $0.45 $0.78
28 Sample Application Assessment, Process Assessment, and Competitive Analysis
29 Go Forth Survey the organization regarding current channel volume/usage/ capabilities Utilize external research and internal user data to assess the market potential of all delivery channels Interview executive and delivery channel managers to understand the organization s strategy and current channel priorities Complete a thorough benchmarking and assessment of delivery channel capabilities versus both peers and best practice leaders Facilitate a Channel Planning session with key stakeholders Develop a formal Delivery Channel Road Map Develop specific Action Plans around each component of the Delivery Channel Road Map Determine financial impact and develop a Delivery Channel Scorecard with performance goals and KPI s to accompany the Delivery Channel Plan
30
31 A collection of observations, ruminations, predictions and random thoughts on financial services from the team at Cornerstone Advisors American Banker calls GonzoBanker a hip and flip newsletter. Don t miss out sign up for your FREE subscription today at GonzoBanker is a publication of Cornerstone Advisors, a Scottsdale, Arizona-based consulting firm specializing in best practices strategy, technology and process improvement for banks and credit unions. Visit our Web site at
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