交互式数字银行功能雷达.pdf

1Digital Banking FeaturesRADAR Q3 20222Introduction23INTRODUCTIONForewordInspiration for banking featuresCustomer expectations for digital banking services continue to grow at an exponential rate,due to technological advancements and consumers increased experience using big tech in their daily lives.As banks work on improving their cost-income ratios and with growing economic uncertainty,there is increased pressure on IT budgets.As a result,banks must carefully consider how to spend their digital transformation budgets in the most effective way and place their focus on implementing features that can both improve the consumer banking experience,and ensure they remain competitive in a crowded marketplace.From our analyses we identified that almost 80%of the daily banking functionalities retail banks provide to customers are similar.Leaving just 20%functionality where banks can really differentiate and get innovative.When considering where and how the budget should be spent,its critical to first ensure that the foundational 80%of banking functionality is created in the most efficient way possible.Once this solid foundation is in place,the majority of the digital transformation budget can be spent on the differentiating 20%functionality.How can banks maximise return on investment?The first step is to define the must-have functionalities and start by creating a minimum viable product(MVP),using the out-of-the box functionalities from your digital banking vendors as much as possible.This approach allows banks to run the initial release with a limited budget and will also de-risk implementation.As the foundation is being built,in parallel a differentiating features roadmap can be put in place ready to be implemented immediately after the initial MVP launch in innovation releases.Not sure where to begin?This second iteration of our Digital Banking Features Radar is the perfect tool for gaining an overview of the various banking features and functionalities currently offered worldwide.You dont have to be at the forefront of innovative features to make an impact.Neither do you need to implement advanced innovative features.Why not start by assessing your competition and seeing what works for them?From there you can start to develop your own must-have functionalities roadmap,along with defining what differentiating features can work well for your customers.However,its important that you first have a clear understanding of your target group,stakeholders and brand promise,to make sure the features selected will resonate with your customers.Using our interactive radar,you can gain a better insight into what features banks commonly use and are considered a hygiene factor for your MVP,what features are used to delight clients,and what features truly set banks apart from the competition.Interested to learn more?Just reach out and connect,our consultants and creatives would be happy to guide you in this process.PETER-JAN VAN DE VENN,VP Global Digital Banking,Mobiquity4INTRODUCTIONWhat is happening with banks and their brands Digital is destroying Bank BrandsFINANCIAL PRODUCTS ARE MOVING FROM PLACE TO SPACEBanking products must be able to live in digital ecosystems.Either by adding a digital interface or creating fully integrated digital products and services.A competitive,multilayered environment demands new ways of marketing to constantly maximise the engagement they have with the captive audience of customers using their products.BANKS ARE FACED WITH AN EXPLOSION OF DIGITAL TOUCH POINTSHundreds of interactions make up the customers experience and real perception of a banks brand,instead of whats promised in marketing campaigns.Touch points are not all taking place in a linear journey,turning every single interaction into a make-or-break moment.With some of them even disintermediated from the direct control of a bank,making a neutral rating the highest attainable.DIGITAL IS DRIVING BANKING EXPERIENCE RELATIVITY AT AN ENORMOUS RATEBorders between brands and brand categories are evaporating.Customers easily switch from streaming content to ordering food,changing their utility provider to buying new products.The same happens with banks,creating an open and level playing field where a brand might have the upper hand one moment,but in the next sees their experience being surpassed by competition they didnt even consider before,like weve been seeing recently with Fintechs,Insurtechs,DeFi,etc.5INTRODUCTIONReport lenses1.FEATURESHere we are discussing features:functionality provided to customers.They are a crucial part of customer experience.To fully understand competitive position,analysis of the full product and branding is required.This report offers an overview of the global financial services application market.To keep the report focused,weve used the five lenses below.2.RETAIL BANKINGThe report focuses on retail banking servicing private individuals.Features targeting business customers only,are not included in the report.3.MOBILE APPLICATIONSFeatures represented here come from mobile applications.Therefore,our assessment of the feature frequency covers only its availability through mobile.4.GLOBAL VIEWWeve included features from all over the world to provide a holistic overview and showcase items that are not widespread.The frequency assessment in the report is also done from a global point of view,so availability of a feature on a specific geographical market may differ.5.CUSTOMER ANGLEWe chose to stay in the customers shoes and focus on functionality visible to them.Some of the features may require complex algorithms and solutions run in the background,still for the customer it is available with a tap on a button.6Full Radar67FULL RADARRadar dimensionsRINGS:FREQUENCYThe rings represent how frequent the functionality is on the global market.The closer the ring is to the center-the more frequent the features are on the market.SECTORS:AREA OF CUSTOMER EXPERIENCEAreas of customer experience,covering the typical needs of banking users.In features that have more than one use,we tend to opt for the most relevant experience area.For a better understanding of these features,we categorised them in three different types based on how frequent they are.The“MUSTS”are the most observed on the market and the“DIFFERENTIATORS”are the least common.MUSTSThe MUSTS features are easily observed in the majority of banks,and often work as enablers for DELIGHTERS and DIFFERENTIATORS.This is what a customer expects to see while installing a retail banking app.They are readily available on the market.Not having these features in an app may lead to losing clients to competition,unless the app is highly specialised.DELIGHTERSDELIGHTERS are features that are not resoundingly common on the market.They are not necessarily a must have and if a customer wants to have this feature,they still have a good choice between several providers.These features are also seen as cool ideas that help customers to improve their banking use beyond basics.DIFFERENTIATORSDIFFERENTIATORS are the least common on the market and are often exclusive to particular financial service providers.If a customer wants to have this feature,they cant just go to competition.All features collected for this report are distributed by dimensions:8FULL RADARRadar sectors:areas of customer experienceOPEN ACCOUNTFeatures related to becoming the companys customer and opening an account.MANAGE ACCOUNTFeatures related to managing and updating the account.MANAGE FINANCESCapabilities helping customers to understand and manage their finances better,preventing unnecessary losses.SAVE MONEYFunctionality helping people to save money and manage their savings.INVEST MONEYFeatures enabling users to invest their money or analyse their investments.CONNECT AND IMPACTFunctionality allowing customers to find help,connect or engage in charitable activities.LOAN MONEYFunctionality supporting credit products and credit processes.GET PAIDFunctionality covering receiving money and retrieving cash.PAY OTHER PEOPLEFeatures covering money transfers to other private individuals.BUY THINGS AND PAY BILLSEnablers for purchasing products and services from different vendors.Radar sectors indicate what areas of customer experience the features address.9Current accountsOPEN ACCOUNTIn-app onboardingShared/joint accountsJunior accountsChat accountMANAGE ACCOUNTMANAGE FINANCESSAVE MONEYINVEST MONEYFreezing and blockingManage notificationsChange contact dataApp/card look personalisationChange PINLogin with bank dataView card in ARFunction selectionData walletAdd-onsBasic reportingActivity alertsView all your accountsInsuranceSpend analysisBudgetingTravel modeDual PINTrack earned wagesSaving account in appTransfer between own accountsSaving goalsShared savingsAutomated transfersRoundingConditional rules/If This Then That(IFTT)Gamified savingsSocial mechanismsPortfolio view and managementCryptocurrencyAuto-pilot for investmentsPortfolio rebalancingInvestment performance analysisInvest your changeFULL RADAROverviewCONNECT&IMPACTChatbotVirtual assistantDonationsChat with friendsGiftsSustainability insightsHealth managementLOAN MONEYPre-approved creditDigital mortgage or remortgageJeonse loansPeer-to-peer lendingCredit boostsTip your bankerOverdraftCredit score analysisCredit building servicesGET PAIDCheck depositEarly salaryCashbackFind ATM/branchATM in an AppGenerate a PINSide hustlePAY OTHER PEOPLECross-bank transfersPay by a keyIBAN checkerPay with a link/request paymentIn-chat paymentsPay kids for choresNear meBUY THINGS&PAY BILLSThird-party paymentBill scanningBets and lotteriesDirect debitAnti-embarrassmentGo back in timeBill paymentPayment cardsSplit billsDealsPay by QRBuy with QRHow to use:click on one of the dots to view the information directly.MUSTSDELIGHTERSDIFFERENTIATORSIn-app searchSecurity meterManage availability abroadLong-term planningPeople like youFinancial health scoreMaybuyCredit back in timeCancel payment orderPayment type selectionAuto acceptAccommodation bookingUpdated in this editionNew in this edition10OPEN ACCOUNT MANAGE ACCOUNT MANAGE FINANCES SAVE MONEY INVEST MONEY PAY OTHER PEOPLE GET PAID LOAN MONEY CONNECT&IMPACT BUY THINGS&PAY BILLSDIFFERENTIATORSDELIGHTERSMUSTSFEATURESFull RadarMUSTSDELIGHTERSDIFFERENTIATORSClick on one of the dots in the radar to view directly.11BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESOpen an accountCurrent accountsAbility to see and manage current accounts is perceived as the core functionality of retail banking apps.Depending on the market,users might also expect foreign currency accounts functionalities and respective features allowing currency exchange.While in many cases accounts get numbers or generic names,some banks,like BPI or ANZ,allow customers to rename/nickname accounts.MUSTSBank of America12BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTIn-app onboardingWhile some banks still require people to go to a branch to become a customer,digital onboarding becomes more and more widespread.An onboarding process typically involves filling in personal and contact information,submitting an ID document and taking a selfie for a liveness check.The process from clicking the register button to being actually able to use the account can take from under 10 minutes to several days.The number of clicks required to complete the registration varies as well.Shared/joint accountsIn addition to a personal account,viewed and managed by a single person,users can also get a current account shared with other people.Organisations like 86400,ING and Virgin Money allow customers to have a joint account and issue an additional card.Users can use it for day-to-day expenses,savings or to manage money for specific events-just as a usual account.Junior accountsThis is a specific case of a shared account,suitable for use by children.Often remaining a part of a parents package,these accounts and cards provide core banking functionality-payments&savings-to teenagers and kids.In most cases the parent still retains control over the account,set spending limits and can freeze and unfreeze cards.Sometimes,as in case of Revolut,the account and card cannot be used to pay certain merchants,eg.gambling companies.Tinkoff Junior allows kids to request money from parents,adding explanation of how this money is going to be used.FEATURESOpen an accountDELIGHTERSN2686 400Revolut13BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTChat accountKakaoBank takes joint accounts a step further.A customer can create an account out of KakaoTalk chat room and share it with up to 100 friends.All participants can see balances and payments from the account or transfer money there,while the account owner retains control over the account.FEATURESOpen an accountDIFFERENTIATORSKakaoBank14BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESManage accountFreezing and blockingBeing able to freeze or block a card or account is viewed as a major security feature by customers.Applications allow this functionality on the go,whenever users feel their assets are compromised.Typically banks offer functionality to block the card,followed by a card re-issue if the customer wants to continue using the account.Other banks allow the customer to temporarily freeze the account and unfreeze it later.A small number of banks allow customers to lock access to on-line banking.MUSTSManage notificationsIn times when customers feel overwhelmed by the amount of push notifications they are receiving,having an opportunity to decide in what cases your financial service provider can contact you is crucial.Therefore,this functionality is deemed essential.Sometimes it is represented by a single button turning off all possible notifications,in other cases the user is presented with a wider option selection.Some banks even allow customers to manage all their touchpoints with the organisation in the app,selecting what letters,e-mails,SMS etc.They wish to receive.Royal Bank of ScotlandBarclays15BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESManage accountChange contact dataThe process of changing an address or phone number as well as other personal data can also be transferred to the mobile app.This is not a universally digital offering,as many banks are asking their customers to contact them by phone,not relying only on the app.DELIGHTERSApp/card look personalisationSome banks allow customers to adjust their apps look or order customised cards,ranging from just changing a color to creating unique images.Bunq even allows customers to pick a preferred name to be shown on the card,while ZA bank allows customers to choose a card number.It is also not uncommon to offer two themes-dark and light,allowing customers to choose whichever one is most convenient to them.Change PINChanging PIN code on a credit card no longer implies going to a branch or finding an ATM.Some apps allow users to change their PIN co