Enhancing eBusiness
in the
High Net Worth Client
Agenda
Objectives
Components of a Successful User Experience
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Design & Brand
Information Architecture
Features & Functionality
A Source of Competitive Advantage
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Personalization
Channel Access
Data Access
Self Education and Service
Collaboration Tools
Analytic Tools
Successful Execution for the User Experience
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Successful Features and Functionality
Site Development
Driving Traffic and Adoption
Illustrations in Differentiation
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Scenario #1: Competitive Advantage through Personalization
Scenario #2: Competitive Advantage through Collaboration
1
Objectives
Present perspectives around online best practices on the Web, in Financial Services,
and with HNW clients
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User Experience
Look/Feel
Navigation
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Global
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Workflow
How do we change it?
Moving from Product to Product
Sub-site to sub-site
Accessing research and (personal) information seamlessly and holistically
Collaboration
Client to Financial Advisor
Financial Advisor to Financial Advisor
“Client to Client” (explore)
Drive traffic and adoption
2
Agenda
Objectives
Components of a Successful User Experience
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Design & Brand
Information Architecture
Features & Functionality
A Source of Competitive Advantage
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Personalization
Channel Access
Data Access
Self Education and Service
Collaboration Tools
Analytic Tools
Successful Execution for the User Experience
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Successful Features and Functionality
Site Development
Driving Traffic and Adoption
Illustrations in Differentiation
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Scenario #1: Competitive Advantage through Personalization
Scenario #2: Competitive Advantage through Collaboration
3
Components of a successful User Experience
Failure to find the right focus among the three pillars can result in “award winning” Websites that fail to deliver for the user
Superior HNW Experience
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Design &
Brand
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Look & Feel
Color
Tone
Palette
Brand values
…
Investment Strategy
Banking & Lending
Concentrated Stock Management
Tax Management
Estate Planning/Trust
Philanthropy
Family Office
Information
Architecture
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Global navigation
Workflow
Site Map
Wire-frames
…
Cost of doing business - obtaining Web-based sustainable
competitive advantage from these pillars is difficult
Features &
Functionality
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Personalization
Channel Access
Data Access
Self Education and Service
Collaboration Tools
Analytic Tools
Leading companies repeatedly deliver
and drive adoption & loyalty across
tools to heighten the user experience
4
Design/Brand and Information Architecture
From our experience, companies address issues associated with design and IA but rarely do these lead to competitive
advantage. However failure in this arena can reduce competitiveness – in some cases severely.
Issues & Symptoms
• Disjointed look & feel across BU Web presences
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Brand confusion for the customer
Difficulty cross-selling between product-silos (e.g.,
brokerage and banking)
• Different site architectures and multiple navigation
schemes resulting in workflow confusion and
frustration
– Higher call center usage
– Drop-off/abandonment
• Inefficient Web development (design, IA,
technology) due to repeated reinvention of site
standards and lack of leverage (reuse) across the
system.
Solutions & Best Practices
• Emphasis on ease of use
• Centralized (as shared services) Web development
– Efficient resource allocation
– Standardized training
– Hiring & career management
– Facilitated standards supervision
• Use a Web content management tool to manage
content and workflow similarly across all sites
• Publication of a robust Style Manual that includes
defined standards around:
– Design (e.g., palette, font, imagery)
– Content (e.g., tone, nomenclature)
– Information Architecture (e.g., Global Navigation,
workflow)
• Utilize Web tracking tools to monitor dropoff/abandonment and high usage pages
• Conduct user testing periodically with live site and
always with new modules/functionality
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Agenda
Objectives
Components of a Successful User Experience
•
•
•
Design & Brand
Information Architecture
Features & Functionality
A Source of Competitive Advantage
•
•
•
•
•
•
Personalization
Channel Access
Data Access
Self Education and Service
Collaboration Tools
Analytic Tools
Successful Execution for the User Experience
•
•
•
Successful Features and Functionality
Site Development
Driving Traffic and Adoption
Illustrations in Differentiation
•
•
Scenario #1: Competitive Advantage through Personalization
Scenario #2: Competitive Advantage through Collaboration
6
Competitive advantage
Features &
Functionality
• Customer focused value added features and functionality that are easy to use and (typically) tied to personal
and third party content
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Heighten relationships – for the high-touch, highly personalized relationships of HNW, these value added features can be
even more important
Leverage functionality – modules that exist in other areas of the bank (e.g. corporate banking)
Introduce new concepts – demonstrate new opportunities not in the common vernacular yet
Innovate continuously – features and functionality continually change so competitive advantage can be short-lived
without an innovation mindset
• Six main areas to investigate
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Personalization
Channel Access
Data Access
Self Education and Service
Collaboration Tools
Analytic Tools
• Web 2.0 related capabilities have become a source of innovative offerings
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Web 2.0 technologies move data and computing power off desktop PCs and onto the Internet, thus making it easier to
collaborate and share information, either among close-knit teams or vast populations.
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Information aggregation: digg, del.icio.us, Wikipedia
Information management: salesforce.com's customer relationship management tools
Connectivity: CarbonNYC (exclusivity), LinkedIn and MySpace (networking), GuideStar.org (philanthropy)
New Media: YouTube, Second Life’s (virtual world)
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Personalization
HNW Lens
 Investment Strategy
 Banking & Lending
 Concentrated Stock Mgmt
 Tax Management
 Estate Planning/Trust
 Philanthropy
 Family Office
Cross Industry Leading Practices
• Customizable view of information based on user preferences and/or authorizations
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Password protected areas to enable qualified investors to access and download paperwork, prospectuses, and
memoranda on a variety of investment vehicles
Dashboards – timely, personal investment data and statistics at the user’s convenience and available at different levels
of authorization based on customizable business rules
Customized alerts: alerts to an Financial Advisor and the HNW client for tax, stock, etc.
• Personalized problem resolution rather than “canned” answers
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Customized reports on trust, custody and investment management accounts
Scenario planning tools to monitor market conditions based on personal assets, plans, and tax efficiency
Financial planning tools
• Intimate user experience through consistency in multi-channel interactions (live agent, online, etc.)
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Private placement life insurance
Donor advised fund and foundation counseling
Personal trust services
Lifestyle services
• Targeted opportunities/advice/marketing driven off of user id/password and/or tracking tools (e.g., cookies)
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Tied to customer level knowledge such as products owned, previous inquiries or issues, needs & attitudes, behavior
analysis, etc.
Provide alerts to the Financial Advisor as to what the client has been viewing on the site so the Financial Advisor can
use that to engage them in discussions and potentially meet there needs
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Channel access
HNW Lens
 Investment Strategy
• Banking & Lending
• Concentrated Stock Mgmt
• Tax Management
• Estate Planning/Trust
• Philanthropy
 Family Office
Cross Industry Leading Practices
• Cell/PDA push and pull – high-tech for convenience not the gee-whiz factor
- Data access on demand
- One-set of data supported by multiple presentation layers
• Multi-channel consistency
- Data/reporting
- KYC – AUM versus credit requests (e.g. high value purchases on a credit card)
• Messaging versus Browsing
- Private email
- SMS/MMS alerts and messaging
- Single view across multiple channels
- Web, CSR, Financial Advisor similarity and have access to historical interaction data
- Customizable security as requested
- Code word protected CSR; key fob code entry
- Information security and privacy
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Data access
Cross Industry Leading Practices
HNW Lens
 Investment Strategy
 Banking & Lending
 Concentrated Stock Mgmt
 Tax Management
 Estate Planning/Trust
 Philanthropy
 Family Office
• Information Aggregation
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The more complex the portfolio, the HNW customer expects a Private Bank to at least provide financial reports on all
of their assets, if not manage them all
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Information aggregation technologies like Yodlee (used by Smith Barney) and other more complex tools provide the
ability to create this compiled view for personal and family office situations
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Single view of customer – HNW customers tend to be less satisfied with their banks than the total population so need
to identify and “aggregate” all deposit, credit and other accounts held by these high-net-worth individuals (both
personal accounts as well as business related accounts)
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Implications may include SSO (like) functionality, document management, content management, etc.
• Other Investment Pursuits
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Research – Some banks are realizing that they no longer can provide all the specialized services themselves so work
with other financial advisors which means a need for access to their research
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Endowment management and consulting – views into compliance, governance, charitable grant making solutions,
planned giving guidance and management
• Automated Feeds (e.g., RSS, Atom)
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Protocols that makes it easy for computer users to receive content from their favorite providers whenever the content
is updated
• Downloads
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Data needs to be accessible for other platforms (e.g. Excel, Quicken, etc.)
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Self education and service
HNW Lens
 Investment Strategy
 Banking & Lending
 Concentrated Stock Mgmt
 Tax Management
 Estate Planning/Trust
 Philanthropy
 Family Office
Cross Industry Leading Practices
• Online/on-demand seminars
- Canned or live discussions with celebrity financial personalities (Buffet, Trump, etc)
- Life stage lessons around wealth management
• Marriage, children, selling a business, retiring, gifting, estate planning, etc
• “Pursuits of passion”
- Podcasts – access to and dissemination of innovative ideas from business world to travel to lifestyle
- Developed/mature countries – global research, trends and international affairs
- BRIC and other emerging markets driving wealth creation
- Airplanes
- Luxury collectibles, wine, art, jewelry, coins, sports investments marketplaces
• Ubiquitous Asset Management
- Capability to move funds across all bank accounts
- Eventually link bank assets to third party accounts
• HNW “vault”
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Collaboration tools
HNW Lens
 Investment Strategy
• Banking & Lending
• Concentrated Stock Mgmt
• Tax Management
• Estate Planning/Trust
 Philanthropy
 Family Office
Cross Industry Leading Practices
• Collaboration tools should be considered across traditional as well as non-traditional relationships
- Financial Advisor to Client
- Financial Advisor to Financial Advisor
- Client to Client
• Traditional capabilities include instant message, chat rooms, live chat customer service
• Blogs – A blog is a simple content Website created with inexpensive self-publishing tools. Blogs allow for
HNW communication within a “family” as well as between HNW relationships.
• Social Networking/Peer-to-Peer Networking/Social Media - Web-based tools that harness the power of
collaboration and group interaction. This can take many forms, from the personal Web pages of MySpace to
the virtual worlds of Second Life to the professional networking popular on LinkedIn
• Collective Intelligence (e.g., wikis) - A dynamic Web document that allows users to add, change, or edit the
content displayed on the page. The user-created Wikipedia online encyclopedia is the most famous
example
• Implications for Web services – emerging technology based on XBRL
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HNW Lens
 Investment Strategy
• Banking & Lending
 Concentrated Stock Mgmt
• Tax Management
• Estate Planning/Trust
 Philanthropy
 Family Office
Analytic tools
Cross Industry Leading Practices
• Planning tools
- Tax strategies
- Tax advantaged credit/lending
- Hedging strategies
- Philanthropic strategies
- Generation planning
• Simulation tools
- Monte Carlo analysis
- What-if analysis and tax planning
- Trust and estate planning
• Mash-ups
- Websites or applications that combine content from one or more sources.
- e.g., Cellreception.com combines Google Maps with a database of 124,000 cell phone tower locations
to help users determine where mobile coverage is strong — and where it isn't.
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Agenda
Objectives
Components of a Successful User Experience
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•
•
Design & Brand
Information Architecture
Features & Functionality
A Source of Competitive Advantage
•
•
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•
•
Personalization
Channel Access
Data Access
Self Education and Service
Collaboration Tools
Analytic Tools
Successful Execution for the User Experience
•
•
•
Successful Features and Functionality
Site Development
Driving Traffic and Adoption
Illustrations in Differentiation
•
•
Scenario #1: Competitive Advantage through Personalization
Scenario #2: Competitive Advantage through Collaboration
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Successful features & functionality
• Consider the ramifications on the Financial Advisor/HNW relationship with any piece planned functionality
• Tie the tool into an application your customers already use and love
- This approach lets the bank place the application into its customer’s hands while providing a familiar
interface.
• e.g., Zoho CRM is a widget that plugs into Microsoft Outlook, synchronizing contacts and
customer-specific emails between Outlook and Zoho's Web-based customer-relations
management tool.
• Pre-configure the tool with basic templates or structures to guide new users
- Applications that start out as a blank canvas can confuse customers instead of inspiring them. To
encourage customers to sample the tools, look to pre-configure applications to be easily customized as
users gain experience and familiarity.
• e.g., Enterprise-grade wiki tools from BrainKeeper offer a variety of standard templates as well as
the ability to make custom ones.
• Provide a human being who can help with tech support
- There's nothing worse for the user experience of a HNW customer or Financial Advisor than being in
the middle of an important task and being told to search through pages of forum questions to find
solutions to a technical problem.
• e.g., At Inkling, the maker of prediction-market tools, the staff personally answers all emails. The
company also maintains a private wiki for clients and publishes its phone number so anyone can
call to ask a question
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Site development
Approach
• Design en masse but develop the site in efficient increments
- Piggy back development on the back of standard maintenance
• Group development across like modules
- Avoid incremental changes across the breadth of the site (unless using a CMS)
- Roll out new development/redesigns in a modular fashion
Governance
• Drive toward a shared services-like development model for leveragable and non-core competency tasks
- Develop a responsibilities matrix
• Business requirements are owned by the business
• Implementation is owned by the eBusiness group (e.g., shared services)
• Validation (testing) is owned by both
• Define an authoritative Style Manual and mechanism for enforcement
• Pilot (live test) concepts/offerings/design changes at the Financial Advisor level first before rolling out to
clients
• Leverage a common Web platform between Financial Advisor’s and clients
- Basically the same site
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Driving traffic and adoption
The breadth of traffic and adoption strategies will likely differ dramatically across emerging HNW, HNW, and UHNW
segments
• Segment within the client population
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Emerging HNW vs HNW/UHNW
New to the bank vs Existing to the bank
Financial Advisor vs Client
• Drive messaging developed from a tactical understanding of the client where possible
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Leverage user-id/password and/or cookie technology to understand needs/attitudinal based segments
• Driving Traffic
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Search engine marketing
Search engine optimization
Online affiliate/partnerships
Cross-sell within current product relationships (e.g., in the “account center”)
• Driving Awareness
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Focus on brand development for segments less likely to be transaction oriented
• Driving Adoption – approach as a standard marketing campaign
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Define a compelling concept
Communicate frequently and effectively
Fulfill on the promise
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Agenda
Objectives
Components of a Successful User Experience
•
•
•
Design & Brand
Information Architecture
Features & Functionality
A Source of Competitive Advantage
•
•
•
•
•
•
Personalization
Channel Access
Data Access
Self Education and Service
Collaboration Tools
Analytic Tools
Successful Execution for the User Experience
•
•
•
Successful Features and Functionality
Site Development
Driving Traffic and Adoption
Illustrations in Differentiation
•
•
Scenario #1: Competitive Advantage through Personalization
Scenario #2: Competitive Advantage through Collaboration
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Excelsior Card: Overview
The Excelsior Card is a web driven finance transaction tool (not just a credit card) that exceeds the market parity
attempted by cards like the Citi Chairman AMEX Card and includes the ultimate in personalization and unique
service features meant to compete with and excel over the AMEX Centurion Card
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Target Segment(s):
- Emerging HNW
- Newly HNW
Competitive Advantage
- Personalization to drive loyalty
- Deepened relationship: Ability for the bank to understand what members are searching upon for investment
ideas to help guide future discussions/ideas
Needs Addressed
- HNW Client
• Public demonstration of uniqueness and success
• Ultimate personalization of primary purchase instrument
- Bank
• Share of Wallet through hyper loyalty obtained through personalization and esprit d'corps
• ‘Buzz’ around first to market personalization instrument – perfect match of product to customer need
• Increased client information and client understanding
• Once established the platform can extend to mass card marketing to drive bank card
competitiveness in the broader consumer business.
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Excelsior Card: Strategic Story
Strategic Story
If…
Tomorrow’s HNW Bank
will compete through
market leading
personalization
…and…
Dan Reiro is a recently
minted multi-millionaire with
$7 million in assets and some
personal need for
recognition
1.
Based on patterns in his account and buying behaviors Dan Reiro is
notified through a targeted marketing email to link to his account center for
an exclusive “invitation only” offer:
The Excelsior Card ”Like no other”
2.
On entering the his account center the other targeted messages Dan
normally receives are masked by a flash pop-up informing him of his
eligibility for a highly exclusive, invitation only card offer. The pop-up
directs Dan to the Excelsior Card micro-site.
3.
The micro-site provides further information on the Excelsior Card and its
truly one of a kind attributes. On Dan’s request it initiates the uniquely
personalized product design process.
4.
Dan views an application pre-populated with his account information. The
design process begins by asking Dan to choose the four most important
features of a card according to his personal set of needs criteria.
5.
The four core features (representing key needs) drives a web based
conjoint analysis which helps Dan prioritize over 30 card design features
through dynamically generated trade-off questions. The questions are
rapidly presented and binary in nature and thus can be completed in less
than 5 minutes.
6.
Once completed, the Web based application presents Dan a draft
Excelsior Card through a menu of prioritized features driven by his
personal value criteria.
7.
Dan can refine his Excelsior Card’s features to include those features
having dependencies (e.g., high rewards may mean higher fees). Web
application logic will adjust other card features as appropriate based on
Dan’s needs analysis (from the conjoint exercise) and bank business
requirements (economics, risk, etc).
…how…
Can the credit card, as the most frequently
used financial product in a highly mature
market, break from its traditional models to
new means of competitive
differentiation through personalization?
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Excelsior Card: Strategic Story
Where most HNW cards fall under a “one size fits all model” that, the Excelsior Card will be one of a kind and first of its kind.
Additional Commentary
1.
2.
3.
4.
5.
6.
7.
Once designed the one-of-a-kind card is printed on a gold embossed
white titanium card.
If features and functionality of the card are found to be deficient or
circumstances change the Web application can be used to modify the
Excelsior Card’s features at any time over any Web terminal.
The Excelsior Card offers One Card functionality in that it can be
used as both a personal card as well as business card (thus not
forcing the member to choose). Each month the member (or their
family office) receives an email that links them to a site allowing quick
categorization of transactions.
The Excelsior Card can be accepted across two networks (it carries
two magnetic stripes) of the Client’s choice so that it almost never
encounters a merchant out of network (e.g., Visa and AMEX)
Accompanying the Excelsior Card will be a key fob that provides the
ultimate in security to online HNW client information. For those with
stricter security needs, the Excelsior Card may be swiped through the
fob to obtain randomly generated access codes for full access to the
site.
For the active lifestyle, a chip in the Excelsior Card can carry
important personal information such as medical records and
emergency contact information.
The Excelsior Card is actually a test bed using a relatively defined,
small segment to test and perfect the “card configurator” concept.
Once done the capability can be rolled out to the mass bank
consumer base as a step change differentiator in the card space.
Illustrative Feature Choices
Basic
Complex
• Card Network
• 24/7 Concierge
• Security/Protection
• Rewards program type
• Payment Terms
• Payment Timing
• Annual Fee
• Rate
• Form (phone, key
card, etc)
• Visual (graphics,
color)
(air, hotel, cash, etc)
• Elite status across hotels
and airlines
• Themes (travel,
entertainment, etc)
• Key fob
• Multiple Networks
• Stored information
• One Card functionality
• EBPP
• Affiliate donation program
(e.g., Green Card)
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ExcluNet: Overview
An invitation only online network from the HNW bank where criteria for membership include achievement in life, a
demonstrated passion for your pursuits, and a desire to influence the business world. As a member of the bank’s
exclusive online network, high net worth individuals are provided a safe, secure and reliable means to research and
interact with others. As an exclusive club, privacy is the utmost and as such the bank is vouching for the reliability of the
networking between individuals.
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Sample Segment: Advised Determiner – Informed investor with ideas, but values advisory input and informed
feedback. Works with their advisor, however, makes all final decisions.
Competitive Advantage
- Enhanced collaboration for information and decision making
- Esprit d'corps through belonging to a truly exclusive and empowering community
Needs Addressed
- HNW Client
• Trusted advisor: First “source” turned to when investigating potential ideas/business investments
- The Bank
• Deepened relationship: Ability for the bank to understand what members are searching upon for
investment ideas to help guide future discussions/ideas
• Lead generation: The bank as the network enabler provides referral opportunities to other HNW
customers currently not supported by the bank
• Improved servicing: Begins the process of improving competitive positioning on important servicing
areas such as research information and delivery as well as communication and collaboration
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ExcluNet: Strategic Story
Strategic Story
If…
The bank needs to
compete through
market leading service
…and…
Mr. Longmuir is the patriarch of a $50
million family with $40mm in personal
assets and two children each with $5mm
searching for local opportunities to
invest in a high growth market
…how…
can the bank HNW team utilize its trusted
advisor status to introduce individuals in a
private, discreet manner and provide
differentiation through service and
networking?
1.
Mr. Longmuir is looking to invest in a high-growth industry and has
asked his daughter to do some research.
2.
Sara Longmuir has lunch with her father and he asks her to come back
with ideas around investments in a high-growth industry.
3.
To quickly get connected to the appropriate sub-segment in the highgrowth industry locally, she turns to ExcluNet to provide guidance.
4.
On entering the online network from her bank HNW account, she
notices something different than the other online networks she’s seen.
5.
ExcluNet isn’t about jumping between people in other community
based networks. Instead ExcluNet deals with the privacy of its
members by utilizing the financial advisor/private banker as a proxy for
the HNW clients represented by the bank.
6.
The bank’s private bankers and financial advisors have filled out
attributes/interest areas for each of their opted in clients.
7.
By searching the attributes, Sara quickly realizes that there are at least
10 bank touchpoints for information that may be of interest.
8.
Through a discreet contact feature, Sara and her Private Banker can
reach out to other Financial Advisors/Private Bankers to uncover
research/ideas that might be of interest.
9.
If things work out during the research, the bank’s Private Bankers may
coordinate a discussion where the bank serves as the network
connector and enabler.
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ExcluNet: Strategic Story
Beyond FA facilitated collaboration the bank’s HNW community can be brought together in three other ways.
Additional Functionality
Additional collaboration functionality can be added over time:
1.
2.
ExcluConnect – A secure business oriented social
networking site used for professional networking. The main
purpose of the site is to allow registered users to maintain a
list of contact details of people they know and trust in
business. The people in the list are called Exclusive
Connections. Users can invite anyone in the bank’s HNW
community to become an ExcluNet Connection. A contact
network is built up consisting of their direct connections,
each of their connections' connections (called 2nd degree
connections) and so on. This can be used, for example, to
gain an introduction to someone you wish to know through a
mutual, trusted contact.
ExcluFolio – A secure social networking website offering an
interactive, user-submitted network of acquaintances,
personal profiles, blogs, groups, and interests (hobbies,
passions, etc). Profiles contain two standard components
"About Me" and “With Whom I’d Like to Network“ which
appear in a sanitized fashion (anonymous facts) to clients
until they are invited by the poster. Profiles also contain an
“Interests" section and a "Details" section. Similar offerings
exist in aSmallWorld.net and DiamondLounge.com.
3.
FindFriends – Each HNW member will have access to an
‘on call’ networking system. Should an individual be found
with time on their hands (e.g., at the Red Carpet Club at LGA
for a few hours) they can text the bank’s HNW FindFriends
system to identify similarly disposed members. A list of
available members and associated interest briefs is
presented (pulled from ExcluFolio) and a request for contact
can be sent. Members can gauge communication to their
respective comfort level with options ranging from SMS, to
anonymous cell connection, to personal contact at their
discretion.
FindMe - Cell based location services can be used to notify
members that they are in the vicinity of other members
(within 3-5 miles). Additionally, the Excelsior Card key fob
will be enabled with “always on” blue tooth functionality tied
to the Client’s cell. Once in the vicinity of another ExcluNet
member (50-100 meters) the fob notifies the Client. A
masked collaboration request can be sent to the other
ExcluNet member and an anonymous dialogue can begin by
SMS, sanitized email or phone call.
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