Banks and credit unions are looking for killer strategies today, and nothing is better than empowering account holders. For more on this topic, check out this interview with Bradley Leimer: http://moneysummit.mx.com/the-summit/2015/3/13/bradley-leimer-interview-empowering-lifelong-customer-relationships-in-a-digital-world#sthash.StgWaPOZ.dpbs=

1. Why Financial EmpowermentWhy Financial Empowerment
Is the Killer Strategy FinancialIs the Killer Strategy Financial
Institutions Are Looking ForInstitutions Are Looking For
Banking Has Changed: Are You Empowering
Consumers in the Age of the Customer?

2. Once Technology FavoredOnce Technology Favored
Companies. Now, it EmpowersCompanies. Now, it Empowers
Customers...Customers...
"Customers feel empowered. It’s not just that
they know they’re “always right,” they know they
always have a voice due to all of the social
media options at their disposal, if you forget that
they’re “always right.”
- MICAH SOLOMON, FORBES

3. Consumers Punish OutdatedConsumers Punish Outdated
Strategies...Strategies...

4. But They Reward Good Ones —But They Reward Good Ones —
If You're Netflix ;)If You're Netflix ;)

5. WELCOME TO THE NEWWELCOME TO THE NEW
WORLD WHERE...WORLD WHERE...
"53% of Millennials would rather lose their sense of
smell than their technology."
The average person now has a shorter attention
span than a goldfish. (8 seconds vs. 9 seconds)
-NEWSCRED

6. WHERE YOU CAN NO LONGERWHERE YOU CAN NO LONGER
COMMODITIZE....COMMODITIZE....
"Online and mobile banking will not yield the
best results if they are not combined with
customized services.
Banks need to understand the specific needs
and preferences of their clients, and be
sensitive and open to client concerns. This is
how banks will build an empathic relationship."
-BBVA COMPASS 12/16/14 BANKING REPORT

7. That Means RethinkingThat Means Rethinking
Branches...Branches...
"There's been a 90% decline in branch visits in the past decade
and a half, along with a 50-70% decline in core in-branch
transactional activity."
-FDIC

8. That Means RethinkingThat Means Rethinking
Branches...Branches...
"Sometimes it can appear that banks are working for
their tellers, not the other way around."
-JR PIMENTAL, VP/HR, BRISTOL COUNTY SAVINGS BANK

9. Rethinking How YouRethinking How You
Interact With ConsumersInteract With Consumers
in a Digital World...in a Digital World...
"71% of consumers believe their
relationship with their bank is
only transactional."
-ACCENTURE
"An average company hears from less
than 5% of its unhappy customers."
-RUBY NEWLL-LEGNER

10. Ernst & Young "Global Consumer Banking Survey 2014"
And Rethinking Omnichannel...And Rethinking Omnichannel...

11. THERE ARE MANYTHERE ARE MANY
POSSIBILITIES...POSSIBILITIES...
"Mass personalization tied to permission-based
money movement is going to change this industry
so dramatically that we will not recognize it within
the next decade."
- BRAD LEIMER, HEAD OF INNOVATION, SANTANDER

12. A NEW WORLD WITHA NEW WORLD WITH
MORE TOUCH POINTSMORE TOUCH POINTS
"Consumers now interact with banks 15-20
times per month, up from 3-4 times in the
pre-digital era."
-NETFINANCE

13. So How Do You DisruptSo How Do You Disrupt
The Disruptors?The Disruptors?
"Global investment in
financial technology
ventures tripled from
US$928 million to US$2.97
billion between 2008 and
2013, and is likely to grow
to US$8 billion by 2018."
- ACCENTURE

14. WITH YOURWITH YOUR
BIGGEST ASSET:BIGGEST ASSET:
DATADATA

15. AND ENRICHING CUSTOMERS'
FINANCIAL LIVES, WHEREVER
THEY MAY BE
"86% of consumers make
financial decisions at no
particular time."
- CGI

16. 3 FOCUS AREAS TO3 FOCUS AREAS TO
ENSURE YOU STAY TOPENSURE YOU STAY TOP
OF MINDOF MIND
Financial Empowerment: Empowering members or
customers to lead better financial lives.
Customer Centric: Be customer/member focused and
allow them to interact with you, how they want.
Strategy Shift: Make the necessary technology and
internal structure/mindset shifts to enable this.

17. THE EVIDENCE IS CLEAR
THAT EMPOWERING
ACCOUNT HOLDERS IS
THE ONLY WAY FORWARD

18. Ernst & Young
The #1 engagement driver is to invest in
customer financial well being.
Source - Ernst & Young

19. Here Is What CGI says...
"Consumers already trust banks with their money. The next
step is to become a trusted partner in helping consumers
to manage their spending and wealth creation."
-CGI
Source - CGI

20. CISCOCISCO
Digital Bank
Rich Cross-Channel
Collaboration & Advice
Customer Centricity
Data
Interactive, personalized capabilities
will enable ‘digital bank 4.0’
Source - Cisco

21. Brett King, Founder &
Chairman, Moven and
Author Bank 3.0
"Consumers just want solutions to their day-
to-day financial problems... We surveyed
customers & 95% of them said they couldn't
remember ever receiving any good advice
from a bank in a branch.
Banking has to work when and where they
need it. The best advice and the best service
in financial services happens in real time and
is based on customer behavior, using
principles of Big Data, mobility, and
gamification."
- American Banker Interview

22. Bradley Leimer, Head of Innovation,Bradley Leimer, Head of Innovation,
Santander Bank, N.A.Santander Bank, N.A.
"There’s a big opportunity out there to focus on building
our customers wealth in every segment. Our banking
experience should offer continual feedback, which provides
a life-cycle analysis equivalent to that of an ‘annual check-
up’ with the doctor.
It should enhance systematic savings opportunities by
giving consumers personal feedback into what is
happening and make a deeper connection into their lives."

23. “Loyalty is the currency of the new relationship between the client and FI.
Recommendations for action based on sound factors such as expert
knowledge coupled with predictive context (e.g., history, geography) will
create a new conversation between FIs and their clients.
This type of unique personalized insight will be experienced as coming from
an omnipresent, expert financial ally who is acting in the best interest of the
customer’s financial health.”
- JAVELIN STRATEGY & RESEARCH

24. "Simple" Customer Reviews"Simple" Customer Reviews
"I changed banks because
of the way you can easily
save money and set money
aside for bills or groceries."
Customers don't want to use
third parties to manage
finances, but are forced to
right now!
"Once I started using goals, I
began to actually save money
for the first time in my life."

25. SO REMEMBER...SO REMEMBER...
1. Financial Empowerment: Empowering members or
customers to lead better financial lives.
2. Customer Centric: Be customer/member focused
and allow them to interact with you, how they want.
3. Strategy Shift: Make the necessary technology
and internal structure/mindset shifts to enable this.
3 FOCUS AREAS TO ENSURE YOU
STAY TOP OF MIND

26. BECAUSE WHEN YOU'RE TOP OFBECAUSE WHEN YOU'RE TOP OF
MIND YOU DRIVE ROIMIND YOU DRIVE ROI
“It’s now possible in software for us to offer personalized attention
to hundreds of thousands, even millions of investors
simultaneously...”
ADAM NASH CEO, WEALTHFRONT
“The more data and visibility we have into customers, the more we
can engage them in their financial lives. The more we engage
them, the more it will put us in the driver’s seat and this is well
worth investing in.”
JOHN SCHULTE, CIO, MERCANTILE BANK

27. YOU DRIVE CROSS-SELL...YOU DRIVE CROSS-SELL...
"Primacy drives
share of wallet"
- PWC

28. YOU WIN
PRODUCTS
FROM YOUR
COMPETITORS
BECAUSE THEIR
EXPERIENCES
AREN'T UP
TO SCRATCH...

29. YOU CREATE
ENOUGH
REASON FOR
USERS TO
SWITCH TO
YOUR BANK

30. AND FINALLY YOU WINAND FINALLY YOU WIN
CUSTOMERS FOR LIFE...CUSTOMERS FOR LIFE...
"Customers don’t think in siloes. They are just interacting with their
financial institution. If we can help customers through the progression of
life financially, I think we are going to win big time.
This is not a focus on providing products or services, but the overall
experience. If you can guide me with my finances and particularly
through a major event, you will gain my trust most likely for life."
- TOP 15 BANK EXECUTIVE, NETFINANCE

31. THAT IS WHYTHAT IS WHY
Financial Empowerment Is the
Killer Strategy Financial Institutions
Are Looking For
Banking Has Changed: Are You Empowering
Consumers in the Age of the Customer?

32. MX helps financial institutions empower
their account holders' financial lives.
Learn more at MX.com
More detailed whitepapers on how to achieve this at
media.MX.com

33. IMAGE CREDITIMAGE CREDIT
Fernando Rojas Braga (The Noun Project)
Tonielle Krisanski (The Noun Project)
Rémy Médard (The Noun Project)
P.J. Onori (The Noun Project)