The Bankwatch

Tracking the consumer evolution of financial services

Benchmark globally, diferentiate locally

Forrester Forum: Cliff Condon did a great piece on the lessons from Europe that US Banks could learn. Increasingly there is a sense, that I would support, that North American Banks are involved in a “me too” environment, and no levering and learning from the online channel. Within that view, there is also an apparent learning to be had from the Canadian Banks. I am less sure about that, but Cliff’s piece on European Banks really set a whole new level to consider. Hence his tagline, “Benchmark globally, differentiate locally”.

Some stats – % of customers using online banking:
Sweden – 62%
Netherlands – 54%
Germany – 39%
UK – 32%

Examples provided:

– RaboBank using retired employees to convert senior customers – In Holland, 38% of seniors bank online. Many Banks would be happy to see that % for all customers.
– Nationwide in the UK taking their customer town halls online using chat, and posting the transcript.
– RaboBank sending daily SMS updates to mortgage applicants during the application process.
– DanskBank provide a quicken-like tool for financial analysis, which contains appointment set up tool to complete sale offline
– ABN Amro include account manager photo, email and phone. Email is secure within online banking – ABN will not send an open email.
– CRM links teller to account manager desktop. Cliff used the example of an annual cheque from his mother, requiring him to go in the branch. As he was leaving the AM approached him by name, based on the notification, and knew that the last time Cliff was in the branch was last year.
– OP Bank in Finland, have integrated the public and online banking sites to support online sales

Some of Cliff’s conclusions:
– Smart text messaging and mobile strategies reduces call centre costs. Mobile transactional online banking is not a big thing, and may be wasted cost
– Support the online/offline experience
– Use social computing techniques to build dialogue from which employees and customers can both benefit

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Written by Colin Henderson

June 26, 2007 at 09:03

Posted in Online Banking

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