Temenos Regional Forums. 24 July 2018 Sydney, Australia

Transcription

1 Temenos Regional Forums 24 July 2018 Sydney, Australia

2 A New Era of Advised Banking Jye Tucker, Product Director, Temenos Australia Tuesday, 24 th July 2018

3 Financial Stress 85% feel stressed over money Varo Money 69% are not financial secure Centre for Social Impact

4 Personal finances are consistently rated the number one cause of stress Australian Psychological Society

5 15% seek financial advice Blackrock

6 Watch for big problems. They disguise big opportunities. H. Jackson Brown Jr.

7 Two Categories of Money Fast Money Current checking accounts, overdrafts, credit facilities, cash, mobile payments Short timeframe Little skill/faith needed More intelligible Mostly simple decisions Simplicity Slow Money Savings accounts, pensions, insurances, financial market investments, physical assets Long timeframe Significant skill/faith needed Less intelligible Mostly complex decisions Stability & security

8 90% said their relationship with their 90% bank is defined by simple transactions

9 We saw great diversity in how people think and feel about money. This diversity is fundamentally misaligned with how financial institutions think about their customers money. Cognizant

10 The biggest barrier for financial institutions in building meaningful customer relationships today is establishing how digital can support people s slow-money challenges. Cognizant

11 The Divide Retail Bank Temenos Financial Advice Wealth Management

12 Temenos Financial Advice Powering Advised Banking

13 Your Financial Overview $854 left to spend this month from your monthly spending goal of $2,000 All bills this month are paid Next bill: Origin Energy (14/8) approx $834 Saving for 2019 School Fees Off-track by $266 Take action Home loan repayments on-track 9 years remaining Retirement savings on-track for comfortable retirement of $78k per year

14 Product Features Direct-to-customer financial engagement integrated into their retail banking experience Adviser-led software for omni-channel face-to-face and phone-based engagement Complete end-to-end solution integrated with core banking data, execution platforms and existing back-office systems

15 Building Blocks of Advice Delivery... CUSTOMER INSIGHT ADVICE ENGINE EXECUTION CAPABILITY Know your customer s income & spending habits, key financial milestones assets, liabilities and ongoing progress through real-time core banking integration. Advanced algorithms that handle the calculations and rules to deliver personalised, compliant advice and engagement. Straight-through processing, compliance document generation & reporting

16 Current Functionality Super contribution strategies No.1 Retirement adequacy Investment projections IN DEVELOPMENT (H2 2018) Comprehensive modelling Ongoing progress tracking Web/mobile UI Audit, reporting & security Customer data integration

17 The opportunity and risk Redirection of assets to alternative product manufacturers in line with financial goals No.1 Assets under management Control over customer transactions and fastmoney interactions Transaction & payments Customer Attrition Gravitation towards organisation that meets emotional need

18 Temenos Financial Advice is for 1 Digital customer engagement 2 Building deeper customer relationships and brand loyalty 3 Existing advice capability with direct-to-customer initiatives 4 Protecting against industry disruption 5 Service differentiation

19 To Recap Financial stress is a significant issue for 85% of customers Lack of stability and security due to slow money concerns Financial advice engagement failure Addressing customer financial stress is a risk and opportunity

20 Thank you!