Transcription:
Ed Gross (00:10):
Thanks for coming. We're going to be talking about Nimbus, SMB, small to medium sized business today, part of our launch solutions. So as you all know, you don't need to be educated. About 60% of private sector jobs today come from small businesses. They're really the backbone of our community and often their needs are not served by legacy banking and credit union solutions and processes. As mentioned, my name's Ed Gross. I head a Product Design for Nimbus. This is Drew Deza Head of Strategic Services. We're going to be talking about Nimbus SMB, which is a lightweight cost-effective toolkit to really get to market quickly and not only meet parody with your competition, but really exceed it through a number of really compelling solutions. Nimbus SMB is built on the award-winning Nimbus core and digital applications. This enables you to get to market quickly as you don't have to worry about things like a core conversion.
(01:10):
Integrating with a third party core, it enables you to stand up in parallel to your existing infrastructure. Today we'll be talking about a number of out of the box solutions with business banking. We'll be focusing on digital banking and then circling back at the end talking about some of the differentiators with core. The process or the user journey with business banking really starts with our onboarding process, which supports both retail and business customers through automated K-Y-C-K-Y-B as well as consent and disclosure, automated dissent and disclosure management through the solution. Once the user completes the onboarding solution, which by the way on the retail side supports also debit card funding and ACH funding, although we're focused primarily on SMB, then they are automatically logged into either online banking or in this case the digital solution, the mobile solution.
Drew Deza (02:08):
Thanks, Ed. So as a user, I think what I like most is that the security, the convenience, and really the speed. So as Ed mentioned, once that new account is approved and created, I can fund that account and I get instant access to digital banking. So I can log in right away and the first thing that I see when I log into the application is my dashboard. Now, a couple of things that you'll notice here as we're taking a look at the screen here, the dashboard can actually support an unlimited number of profiles. So from a consumer or a retail perspective, I can establish multiple profiles for other individuals and grant those individuals specific account access or permissions. And I also have the ability to view any business accounts that I'm tied to as well. So one single login to access all of my retail consumer accounts as well as my business accounts On the dashboard.
(03:01):
I can also drill down into my account details and I can manage specific activities within those particular accounts, and we will touch on those here in just a second. One of the other key highlights that you'll notice throughout the application are the cleanse transactions. So you'll notice here within the application the transaction logos, or I'm sorry, the merchant logos as well as all of the cleanse transaction data and descriptions, just making it very simple and very easy for the end user and the business owner to be able to establish where their money is going on a monthly basis. A couple of other items that I want to point out real quick on the dashboard before we drill in are the card management capabilities fully integrated into both the retail and the business applications, which allow me to really control both on the business side cards for all of my employees as well as on the retail side, manage that card activity as well.
(03:55):
So things like turning the card on or off, things like turning foreign transactions on or off, just as some examples. And then finally on the dashboard I can also see that transaction detail. Now, as a business owner, one of the most important and really most valuable parts of the application is the transaction folders. Transaction folders can be created based on the specific jobs that I'm working on or the specific customers that I may be working with. This allows me to take any transaction within the application and assign those and tag those to specific folders so I can see income and expenses on each of the projects that I'm working on and really get an accurate account of what the cash flow is within each of those particular customers and each of those particular projects. I also have the ability to split transactions between multiple transaction folders and allocate or assign percentages as well just to make it really efficient for me as the business owner.
(04:52):
All of this transaction detail can also be exported out into other third party accounting packages as well. Now, a couple of things. As a small business owner, one of the big challenges I have on a regular basis is just accounting for and tracking my cash flow, understanding where all of my money and my cash is going on a regular basis. So integrated into the experience here, you'll see a number of different insights. The first one here being categorization. So all transactions are automatically categorized within the application. I can easily navigate and view that information right here in the mobile application. You can drill down, as you can see here, these are also tied to all of the budgets, which we'll touch on here in just a second. But budgets can be automatically created based on the transactions of the data that's coming through here as well.
(05:42):
Again, one other item here is the cashflow. So on a monthly basis, periodically based on whatever criteria or period that I select, I can view the incoming and the outgoing transactions and I can see my money in my money out on a regular basis. In addition to that, there's also the budgeting. And here you can see a number of examples of some budgets. So again, if I'm entertaining customers or clients, if I want to track inventory expenses, et cetera, all of that is all automated within the application. Now, in addition to that, there are a number of different money movements out of the box with the application. On the retail consumer side, I can pay a friend. If I choose to leveraging person to person payments, I can pay bills. But really on the business side, I have a number of capabilities, a CH bulk, a CH templates for things like payroll and establishing payroll wires for both domestic and international wires, all included with a robust fraud management platform integrated into the solution.
(06:48):
So this allows me to create and initiate a number of different types of payments and also supports full user entitlement capability so I can establish and define what users are able to perform specific transactions, what the thresholds are for those particular transactions, and it's fully defined by me as the business owner. Additionally, I also have positive pay that's included out of the box. So this allows me as the business owner to review incoming payments, both check and ACH, and determine whether or not I want to make payments on those applications or allow those here right through the online application. It is important to note that all of the functionality that you're seeing on the business side from entitlements to wires to ACH to payments, it's all omnichannel. So whether I'm logging in from the mobile application as Ed's showing you here, or the digital banking application as well through the online web, it's full future parody there between the applications.
(07:48):
One of the other areas here that I did want to touch on outside of the payment capabilities is that we also support full invoicing capabilities as well. So as a business owner, I can also create invoices and I can send those invoices out to my customer. Those customers will receive a pay now option where they can make immediate payments on those particular invoices, leveraging a card, leveraging ACH, but it just allows me as the business owner to be able to quickly and efficiently send out invoices when I complete a job and collect payment on those invoices as well. And all of these capabilities here are included like set out of the box with the SMB option. There are a number of other capabilities as well, but I'll turn it over to Ed to kind of wrap that up.
Ed Gross (08:34):
Yeah, thanks Drew. That was pretty comprehensive. So that was all digital. As we mentioned earlier, our capabilities also extend to core, which supports things like zero balance accounts sweeps, as well as an entirely independent loan origination system as well that supports both retail accounts, retail lending, as well as business lending. Again, this really scratches the surface. We talked about the technology, but part of what we do when we launch new digital banks, whether on the retail or the business side, is we provide a full set of managed services. This is everything from operations to a call center. So if your end customer needs to talk to someone on our end, if they have questions about business banking or retail banking, we're available for them 24 7.
(09:22):
So hopefully this gives you just an inkling of an idea of how quickly you can get to market. Again, we are untethered from your existing infrastructure, which means we have our own core cloud-based core, we have our own cloud-based digital solutions, so we can stand that up in a matter of months, essentially taking years or decades away from a traditional core conversion that you would do today to launch a new digital bank. So thank you very much. That concludes our presentation. If you'd like to learn more, stop by your booth over here. We'd love to chat. Thank you.
Presenter (09:57):
Thank you. So thank you to Ed and Drew for taking the time to talk about Nimbus launch SMB. Next up you're going to be hearing from Celonis. Nice, thank you.
David Nam (10:23):
Awesome. Hello, my name is David Nam. I'm a Lead Value Engineer at Celonis. To give a little bit of background about what Celonis is, it's a business process intelligence platform based on process mining. We were the first company founded in 2011 to bring process mining from academia to the market, and we were also considered the process mining leader in the marketplace. We've been able to realize over $5 billion of value for all of our customers in the past 13 years that we've been in business. And so I want to dig in deeper into the demo and show you what that process intelligence platform looks like when it's founded on process mining. So as you can see here on this screen, this is the credit lifecycle metrics that are relevant for the executives. Let's take a role playing scenario where we're looking at a loan operations executive. And so in one custom view you'll be able to see all the metrics that are pertinent to the loan operations from the credit application all the way to collections and recovery. For the instance of this demo, let's look at the conversion rate, which is 51% so far, much below our target of 75% and it is trending downwards in the wrong direction.
(11:45):
What's really important about Celonis and the business intelligence platform is that we're really focused on realizing value for our customers. And in one view, like I said, you could see all the metrics for the entire credit lifecycle, but the first value proposition of Celonis is that you can see how the process is performing to give you a reason why those KPIs are trending in the wrong direction. So if you know a little bit about process mining, what it's really doing is extracting a digital log from your systems and creating a replica so that you can visualize it and see where the execution gaps are. What's unique about Celonis is the fact that we implement object centric process binding. We are tracking multiple objects so that it looks like a subway map instead of tracking a single transaction like a credit application. So as you can see in the demo, we're able to see what the front office does, tracking all of it in near real time, and then also what the application does and then what the underwriter or the processor is doing in the lending operations, all the way to performing the actual credit review and verifying the contract, the signature for a contract, and then executing the first round of payments.
(13:05):
And so what this enables is for the business user and the executives to see the end-to-end credit lifecycle and then be able to figure out where the inefficiencies lie, understanding how the upstream activities actually affect downstream systems. Not only that, our platform actually allows us to integrate into any type of system. So we're able to extract the digital log, stitch it together for any amount of it landscape that you currently have. So here let's look into a single object like the credit application and increase the amount of variance or activities that we're looking at. And immediately you can see the process explorer getting much more complicated. So as the application goes through, there are times when we need further information to conduct a credit check and or adjust the credit score. And here you can see the difference immediately when it goes straight from perform internal credit check all the way to requesting a credit score from the credit bureau.
(14:11):
It's only 11 days, but if there are any process variations or deviations that happens, it adds in around 10 days of cycle time. Not only that, you'll be able to quantify which kind of applications are going through these process deviations and then be able to quickly identify where the execution gaps are lying. And so now that we're able to link the KPIs to how the process is performing in the process explorer, let's dig further into why that might be happening. So this is Celonis second value proposition. We were able to link how the process is performing to the KPIs, but we can dig deeper into some of the root cause analysis. And here since we are able to link to different multiple systems and stitch those processes together. So for example, the front office uses Salesforce and then the credit origination takes place in a custom LOS, we're able to stitch together those things and visualize it and conduct root cause analysis.
(15:10):
And here again, Celonis has really founded it on realizing value. And so we were able to quantify the execution gaps here to say we've lost 3.3 applications in the funnel and that costed the organization $19 million in conversion. And as we focus on this key metric of 51% and try to get it up to that 75% target rate, we want to look at what are the root causes that might be happening. We all know anecdotally that when a application sits long time in the pipeline, there is less chance for it to convert and generate revenue for the organization. So what we want to do is target those applications that aren't performing in that pipeline and adjust them relatively quickly. And here we're able to bucket those root causes in categories automatically as we're gathering data in near real time. And here we can actually go further deeper into a secondary root cause analysis where we can see exactly what activity has happened in that application and how long it's been sitting in that pipeline.
(16:15):
And then also which users have a lot of the applications that are sitting in the pipeline. And if you can think about the many uses of this conditions stipulations, drive parked applications to be sitting in the pipeline, you can see where you can do duplicate checking for those applications and then see how you can clear those conditions and stipulations as quickly as possible to get it through the funnel. And finally, Celonis third value prop is our automation functionality. This is a low code automation environment where called action flows and really it acts as a listening device detecting for all different types of data scenarios. Once that is hit, it'll trigger an action automatically and remediate for you to capture value in terms of parked applications. For example, if it's sitting in a specific user's queue for a long time, it can automatically reroute to a freed up user.
(17:11):
Also, it can detect for compliance issues. If a certain threshold didn't meet for that income statement and it was passed automatically into a auto approval, it can automatically detect that and then escalate it for value realization and policy compliance and regulatory risk reduction. So from that entire demo, we've gone from as an executive looking at the performance of the process in terms of KPIs, we're able to dig deeper into the process and how it's performing in the process explorer to a root cause analysis, and then actually getting to resolve the issue through our automation platform. And if you'd like to learn more about all of our use cases and the Celonis platform in general, please stop by at our booth. We are sitting right there on the left hand side and thank you.
Presenter (18:12):
Thank you David for taking a few minutes to talk about Celonis. Now coming up to the stage we have DocuSign.
(18:22):
Good luck. Thank you.
Tim (18:32):
Good Morning everyone. So again, we're from DocuSign. My name is Tim, this is my colleague Brendan, and we're excited to talk about our new capabilities we have in the market. Many of you know DocuSign as e-signature essentially synonymous with e-signature for 20 plus years. However, we've introduced new exciting capabilities, the intelligent agreement management capabilities that allow customers now to manage the document flow from end to end as well as allow you to extract and analyze data that are part of those documents specific to workflow. A lot of our retail banks have been asking how do we digitalize some of these forms that we already have approved for e-signature? Unfortunately, there's still a lot of ink and paper out there today, so we can't just move away from that, but we want to give a better digital experience to those customers. At the same time, how do we ensure we limit risk as well as any type of fraud prevention?
(19:33):
And the tough part is we have to bridge the gap between those still doing ink and paper versus digital to ensure we have a seamless downstream process. That's where maestro workflow capabilities come in, which are part of the IAM solution. So now you can build customized configurable, very user-friendly workflows to walk a client or customer through. And based on their input, you could decide dynamically what they should do or what they should see, even the underlying documents or forms. Not only that, we can also pre-populate those documents with data coming from core systems as well as data captured throughout the process. And then we can overlay identity verification to ensure they are who they are, who they say they are, and also data verification where we can ensure critical data points, social security number, bank account, address our correct to avoid any downstream processing errors.
(20:30):
And lastly, all this is point and click codeless. So we can enable business administrators to do this on their own because these processes are ever evolving so we can update change them as the processes need to be changed. So let's jump into the example. We're going to use a fictitious institution called Nittany Bank as our example. And this one we're going to do some, our client grass just got married and she wants to make some changes to her account. She's not even sure what changes she wants to make. So she logs into our portal, she sees all our accounts as usual, and then down here we have a little popular feature. It's saying, Hey, have you had any recent life changes? Let us walk you through the process to decide potentially what forms or what actions you need to take. So she clicks on the learn more and she jumps over to this flow that's powered by DocuSign.
(21:20):
Now we could decide what life event I want to go down. If we select, say, estate planning and hit next, we get actions associated with that life event. For example, creating a power of attorney for this scenario, she was recently married. We're going to select that one. We're going to move forward. And now here are some options based on her specific situation, she did legally change her name, so she wants to update our accounts with her new legal name as part of the process. They did buy a new home together and they're moving, so she wants to change her primary address. And lastly, she's also going to add her spouse to her credit card account. They want to have a joint account they can use together. And for now they're going to skip over updating the POD or beneficiaries. She'll hit next. And now we're going to walk you through the flow.
(22:03):
You'll see where at 22% of what needs to take place, we see data that's been pre-populated from our core system. So we know her current name is Grass deo. We're going to say my new married name is Grass Mundo. We'll also give a little guidance on what's going to happen. So she's going to need to present an ID in her new name, which we can verify on the fly as part of the flow. And then she's also going to need to attach a proof of that marriage such as a marriage certificate. So that looks good, she'll move forward. We also, since we know she has a check account, a checking account, we're going to let her know that those checks will be invalid once she changes her name. So does she want to order new checks? And what should be the starting check number? Moving over to change of address, we can present the current address we have on her account in read only fashion. Does this need to be updated? She'll say yes. And our new address will be 5 5 5 Maple F.
(23:05):
So we have that information. And lastly, who's going to be that co-signer or authorized signer? We want to add to our account, we're going to select John Mundo. We're drop in his email address, so now we can incorporate him into the flow as well. And then which accounts do we want to apply or allow him to access? As we click on these, we can show the actual account numbers, but for this we're just going to go with the credit card because that was our primary focus. We also have logic. If they are an existing Nittany bank customer, we could pull an account number, something else to identify them, we're going to say no. So then John will need to go through the full application process. We'll hit next and then we get a summary of all that information that I've entered so far. I can use the pencils to make changes, otherwise I'm going to hit next and we're going to be dropped into the next step of the flow because we selected a new name, we're going to use this opportunity to check and validate that new name from an identification standpoint. So this is using our ID verification framework. We're going to use a driver's license for this example. There's a few different ways I can do this. Usually customers think phone is a little bit easier, so I can text myself or use a QR code for the sake of time, I'm just going to upload pictures of our sample id. We'll select upload.
(24:22):
We're going to select our mock, the front of our mock id. Again, this is a demo id, so this wouldn't pass our typical ID process. We're going to do the back as well. We're going to upload this and now we're going to validate that as a legitimate ID based on its characteristics, ensure it's not expired, ensure the name matches. So it takes a couple seconds. We're going to verify that ID is in the new name, Grasp Mundo as she provided the name is going to match. And then we're going to move on to the next step within the flow.
(24:57):
Based on my selection through that wizard, it's now going to present me with an envelope with all the necessary documents I need to complete. The nice thing is because we collected all that information through the process as well as we have access to the data within our core banking systems, we can pre-populate all that data so we could see, she doesn't have to fill out anything. We do require her to attach her marriage certificate. So she'll go get that marriage certificate real quickly and that becomes part of the document. We see our changes around the check writing. It all looks good. We're going to sign this. We see the address change form. It reflects our new address that we entered. She's going to sign this. And lastly, this is the ad authorized user. It's fairly empty because John is going to fill out most of this as he is potentially responsible for that credit as well. So from Grass' perspective, she'll just sign it. And then last but not least, we have that marriage certificate that we just uploaded as part of the envelope. We'll hit finish here and that's the end of grasses and we'll jump over to John, her husband as the next step in the process.
Brendan (26:06):
Thanks Tim. So once Grass finishes signing the envelope, we'll see that John will receive this email in his inbox, inviting him into DocuSign to sign the envelope. And if you've used DocuSign before, this email probably looks pretty familiar, but what we'll see is that we can customize the email with your own logo color scheme, any kind of customized messaging that you'd like to include on the envelope as well. John will click on the link to sign into the document. And this is where we could also incorporate another ID verification step, maybe the driver's license like we just went through our knowledge based authentication solution or potentially an SMS authentication for the sake of the demo, we'll bypass that for today. But one thing we'll notice on this screen is that John is only exposed to the ad authorized user form. We're not going to show him the change of address or the checking account form because he doesn't need to take any action on those forms and they don't really pertain to him.
(27:01):
So we can show or hide the forms that are being signed based on document visibility with DocuSign. Now the little flag in the top left will hold John's hand as he steps through the document, but we'll also notice we'll help him fill out these fields as well as he's going through the documents. So Tim talked about this a little bit earlier, but using our data verification framework, we're able to verify that the input that he's inputting into these fields is actually accurate and matches what we have in our own systems. We work with a few partners to manage this data verification, but you also can use homegrown tools or your own core system to verify this data as well. Once John's filled out all of those fields appropriately, all he has to do is drop his signature on the document. And we're done.
Tim (27:48):
John finishes the envelope and our process for this simple maintenance scenario is complete, but hopefully that shows the power of the new IAM capabilities as part of DocuSign. Our booth is in the back corner on the left, so please come and visit us if you're interested in seeing more. Thank you so much.
Presenter (28:11):
Thank you to Tim and Brendan for taking you some time to talk about DocuSign. Now up we have FIS Global.
Hashim Toussaint (28:19):
Alright,
(28:23):
Good Morning everyone. Hope you're all doing well. My name is Hashim Toussaint. I am the General Manager for Digital Solutions at FIS. Here to show you a very, very quick demo of one of our newest solutions. It is tied to our one to many solution, which we call Flex. This is a product that many of our banks take out of the box to deliver digital capabilities for their customers. So there's both an online version and a mobile version. What we're going to demo here again very quickly is the new mobile version of the solution. And once we get this all plugged up, we'll jump right to it. So if there are three things I would like for you to take away from this presentation, they will be one. Simplicity builds trust, right? So the simpler your experience can be really helps reinforce that it's a place and a solution that customers can go to quickly navigate to what they need and feel like it sort of meets their needs in a way that's intuitive and user-friendly.
(29:29):
So that over time really does build a much deeper trust with your customers. Number two, digital really is an ecosystem. The way we envision what we think about digital really is a combination of user experiences which are simple and user-friendly, the APIs that connect those experiences to a broader system as well as the data that powers those experiences. So really it's the combination of those three components working in harmony. So when we think about ecosystem, all the solutions we're building at FIS are really thinking about the broader ecosystem of products and capabilities, really working with many of you in the room to help move the industry forward and unlock digital technology for our clients. FIS, we have a very large breadth of capabilities and products from core banking to wealth, retirement cards and money movement. Bringing those solutions together much more deeply really is a key focus for us.
(30:30):
So what I'm going to demonstrate here is again, the next phase of our digital solutions. What's really exciting is not just a user experience portion of the solution that we've redone, it's really what powers the solution. And what it is is really two main things. A brand new design system that allows us to unify our experiences across our various solutions, but also allows our developers to move much faster as we deliver new capabilities. And then third, it allows partners in our ecosystem to integrate into our solutions and ensure that the experience feels really intuitive and user-friendly. And then, sorry, the last thing I was going to say around key messages is really FIS is in the digital game. We are here to be one of the leading providers for digital solutions and again, to partner with all of you as we move the industry forward. So what I have here is our new Flex mobile solution.
(31:28):
This is the first phase of a journey for us and we started with login, we started with the main home screen as well as the main profile components. So over time, over the next few months, we're going to be rolling out different components of this solution to our customers. We're taking a very iterative approach to this versus a Big Bang deployment. So again, this is just to unveil the first phase of this new framework to help again move our solutions forward. So let me start with just logging in here. So again, we started with login. As we looked at customer research and feedback, one of the major pain points that our customers had was around authentication and login. So we started there again focused on how do we gain research and gain insights to then develop a really intuitive solution. So what I'm going to walk you through is the redesign login experience.
(32:25):
This would be the longest a customer ever takes to get into our app. Again, you'll see we have leveraged a number of what's I would call table stakes experiences for logging into a solution. So we look beyond banking and looked at some of the best experiences to ensure that we can build something intuitive. Alright, so put in my user ID password. So again, using native functionality to quickly get a MFA code to the user, the user can pre-fill the code once it's received and log into the app. I have also checked the box to enable biometrics and so that will again, as a user comes back into the solution and subsequent visits, it becomes really easy and intuitive here. So again, we really worked with a number of our clients to deliver the first phase of the solution and want to make sure that we continue to iterate on those solutions as we go forward with clients at the center of what we do.
(33:24):
Alright, so here, I'll wait for this to keep spinning here. It looks like the Wi-Fi is taking a little bit long. The other thing I would call out here as well too is that as you look at customers in the industry, about 63% of customers want to use their mobile device for almost everything they do on there in terms of financial services. Again started with mobile to ensure that we can build out a solution further. Okay, I'm currently in the app. What we did is we surfaced a number of the most used capabilities on the main home screen. Customers really want to again, see their balances, they want to understand their most recent transactions and they also want to see where they are in terms of their financial journey. So credit insights being surfaced very quickly. We also built a rolled up view of all their accounts.
(34:16):
You can quickly click on the tile, it expands to expose all of the accounts that a customer has and then they can easily slide down the screen there to consolidate back up the views as well. We've also brought again recent transactions to the forefront, which makes it again really easy. And at the customer's fingertip we've also integrated initially a personal finance management capability, which allows the customer to see exactly insights from other accounts that they have in other providers. We focused on really building out a easy access to the main actions that a customer has in their profile. Again, this is the very first phase of this sort of framework and again, the goal here is as we work with partners like yourself, we're going to be adding a lot more capabilities in the future as well. So again, we are rebuilding our solutions. I would say the three main components, as I mentioned, brand new design system that we are underpinning a solution with and then a new layer we're calling banking platform services, which is a set of APIs that essentially integrate to all of the major core systems within FIS but is also being built in a way that allows us to integrate to non FIS core systems as well and non FIS partners as well.
(35:36):
So the vision here is that we bring all of the assets to bear across financial services, again in partnership with you as well to deliver new value to our customers. Just wanted to walk through and show the first phase of that. Please visit our boots, our teams can walk you through where we're heading in the future and again, this is the first of a journey for us and looking to partner with you all as we go forward. So with that, that's all I have. Thank you.
Presenter (36:10):
So thank you Hashim for talking a little bit about FIS digital one. Next up we have Wish.
Alex McCannick (36:17):
Thanks so much. Appreciate it.
(36:18):
Alright, You guys hear me? Okay, awesome. Hey everyone, my name's Alex McCannick and I am the founder and CEO of Wish and Wish is actually a life insurance company. So why is a life insurance company at a banking event? Because we have a purpose of creating an experience that allows you to fulfill the financial wellness story that you're telling by bringing financial protection to that story. And the product I'm going to show you today is called Life Benefit. And what life benefit is is micro life insurance that sits within a deposit account. So as you grow your deposits, you're growing a no fee free life insurance policy with it worth up to 10% of your deposits. And what's exciting about this product is that when you're going through your normal onboarding experience, you're asking yourself and you're promoting higher interest rate, you're talking about your no fees and you're already talking about protection the form of FDIC insurance.
(37:23):
But by embedding life benefit, you now can show them that their money is working harder for them by earning 10% of that boost. And when you go through the onboarding experience, you'll notice that there is no opt-in, there is no underwriting. We do not need to send them to somewhere else. If you the institution are comfortable with them opening the account by them going through your KYC, they automatically get life benefit along with it. All we need is to give you a disclosure that you amend to your existing contracts and as they e-sign it, they get it. We do this today in the financial space. It's very similar and popular within the credit card space. When you open a credit card that comes with protection, you're not going out of their places to get it, it's just coming part of that benefit. So in that instance here I would e-sign and now I am in my account and you'll notice that there's two numbers there.
(38:13):
There's my account balance and there is the life benefit tied to it. And as I grow my deposits, I'm seeing two numbers grow along with it, creating a sticky impact to that consumer. And we're noticing today with our customers that when it comes time to take money out, they're choosing to take that money from other institutions because they don't want to see those two numbers fall. They're not thinking about future interest rate that they're giving up. That experience here allows us to not only create a sticky experience but also shows them that they might have a financial gap. And if you didn't know over a hundred million Americans today are underinsured or uninsured and these individuals are not only minorities but also Henry's and these people who can put $15,000 into an account in the first seven days of opening it, but they're thinking about their children, they're thinking about school, they're thinking about mortgage protection is important to them, they just haven't gone into there to do.
(39:08):
So creating that connection with them leaves a love mark that ultimately will build a deeper connection with your consumers. And when you do that, you start to show them a path to fuller protection and you can either do this by connecting to your existing insurance partnership or you can leverage us and by driving those individuals to fill that gap, we will pay you for those leads and ultimately give you new commission structure along with it. What brings life benefit full circle is the fact that consumers today are willing to give up to 30 basis points to add protection to their story. And what I can tell you, it costs significantly less than that to offer life benefit. So as you're thinking about your deposit strategy and you're thinking about ways that you could differentiate in the market and attract new customers, consider life benefit and protection to be part of that story, our booth over here come by and say hello. My name again is Alex and we are wish. Thank you.
Presenter (40:11):
So thank you Alex for telling us a little bit about wish. Next up we have Dynamic Yield by MasterCard.
Jessica (40:26):
Awesome. Hi everybody. It's so great to see you all today. We're going to give you an example of how you personalize your interaction for each customer based off of their behaviors and data that you have on them for increased acquisition engagement and loyalty to create these relevant experiences across all those different digital channels you're users are hitting. So we'll start with the desktop for an anonymous user who you're hoping to acquire to the bank, I will be a student looking to get my first credit card for incidentals. As I come to the site, it's really not geared towards my interests. I'm scrolling through, I'm seeing things about personal loans. It's hard to find credit cards in the navigation. I'm seeing cards and accounts here, which is somewhat relevant, but below the fold as humans we have the attention span of a goldfish roughly eight seconds.
(41:15):
So we want to get the right content in front of the right users at the right time. Before I bounce and go to a competing institution. I see a JD Power award, this is great. I have no idea what this is, I'll have to tell my mom later, but it stands out well for the bank insurance. Knock on wood, my parents still pay that, so no need to look into applying for that now and all the way at the bottom of the page, which took me about a minute to scroll through. We'll see credit card in seconds relevant, but this bank isn't giving me the security that I want from my financial institution. So what we'll do is I'll go ahead back to my Google search type in student card and I see Best College Student Card. This is really hitting all the nails on the head, so I'm going to go ahead and click into that and as I do, I come to a credit card page, it's putting one the student card at the forefront for me.
(42:09):
The credit cards has moved up in the navigation. So as I continue to explore the bank, it's easy to navigate back and go ahead and apply. I'm still going to do a little bit more research, so I come to the homepage and everything is geared towards my interest. So I have a homepage banner that has imagery related to me as well as text which we can fully optimize. I see that credit card in seconds has moved all the way above to the top of the fold and as I scroll through, a lot has gotten eliminated to be what we want to see, not items that won't relate to my needs. And here I see the top College credit card, so I'm going to go in and check that out. We can put almost an in-house type of ad there to remind me this is the card I was looking at and to get me back into that acquisition funnel.
(42:54):
So I start to apply, I feel good, they seem to know me now I come to the application page. I notice kind of that FOMO effect that social media creates that 25 other students in the last day have ordered this card. So I go ahead and I go to apply. As I start to fill out my information, I get distracted with exams coming up. I go to leave and I'm hit with a popup That is prompting me to either give a call, chat with us, email us, you could even send a text message. Dynamic Yield can help you send that message. We call it a triggered message to the digital device of their choosing to get them back into that application funnel and convert. We'll go ahead now and say I did convert and I'm going to go ahead and log into my banking account.
(43:42):
I'll see here there's a few different banners that are relative to what I might want to do in my future, like saving money. I'll keep that in the back of my head that the bank has that available. We'll go ahead and log in. I can see my balance here. I get a full snapshot of my dashboard on my transactions and as I scroll down, I'm here looking for my next card. I recently graduated the student card might not be fitting all my needs now, so I go to unlock more cards. I see the student unlimited, maybe this is for new graduates. I look at the details here. It seems to still not be fitting my needs. So I'm going to go back and you'll notice that cards has come up in the dashboard here to be at the forefront. So taking an affinity for what I'm browsing in real time on the app.
(44:29):
However, I now want to travel, so I'm going to go ahead and check out what there is to offer for travel, like travel insurance as a benefit from the bank. This sounds great. I'll keep that in mind. Travel has now moved to the forefront. What I'm also getting targeted with here is a card that is for travel rewards. This is seemingly hitting the nail on the head for what I'm likely to do next in my life. I also can see some offers and recommendations for travelers. So travel money, global transfers that are other items my bank offers for travelers like myself. I'm going to go ahead and apply now
(45:06):
What do you know? I'll get approved, which is great news. When I come back to the homepage, I'll get some push notifications alerting me to activate my card to add my card to my digital wallet. So it's top of mind and used for every purchase when I'm doing my online shopping. When I go back to the homepage, I can also see all the transactions that I've had, how I'm using my card to date. And I'll notice there's exclusive offers that await me here. I'm very curious as to what these are. So I'm going to go ahead and click in and I can see all the offers that I have. If I click in, I can get more details. You can show offers there that are similar to get that user to engage with the bank as well. And as you go back you'll see those are now pinned to the forefront based off of what is most likely to interest me and engage me further to keep me coming back and interacting with the bank. We love to talk to you more about Dynamic Yield. We're right behind me in this CX booth right here, so you can come and chat with us. Thank you so much.
Presenter (46:20):
Thank you Jessica for talking a little bit about Dynamic Yield by MasterCard closing us out today. We have EY.
Ed Sander (46:31):
Thank you. Okay, ready?
(46:40):
Hi everyone. It's always great to be the anchor position in any kind of demo lineup. My name is Ed Sander and I am EYs Global Financial Services Nexus leader.
Abby Jr (46:48):
And my name is Abby Jr. And I am the Product Manager for EY Nexus.
Ed Sander (46:53):
Today, Abby and I are really thrilled to share with you a demo of our latest product offering that we're actually releasing here today to market. It's the EY Nexus digital marketplaces solution and we're releasing it in partnership with Moneyline, a leading provider of digital marketplaces out in the marketplace today. Now it used to be that banks had a very similar formula for growth. If you added new products, tried to launch some new digital campaigns, customers would simply onboard and accept the products and growth would follow. But it's very different environment today. As you saw from all the demos today, a I has proliferated everything. We have much more access to information, the ability to make choice in digital channels. Customers are expecting more from their banking relationships and there's no loyalty anymore. Customers have the ability to choose a variety of banking products and from research that EY conducted, we see that we found in the market this year that typically they have four to five individual financial services, institution relationships as they manage their portfolio.
(47:52):
So in today's demo we're going to show you a couple of things. The EY digital marketplace is a white label infrastructure technology solution. It allows any bank to step into a digital marketplace and create their own digital marketplace. It's a fast and easy on-ramp to position a bank's individual first party products that they offer into a variety of digital marketplaces. You can select the channels that you want just like you select your own programming for the shows that you'd like to see. In addition to that, because of EYs breadth and experience helping financial institutions of all size modernize their core legacy banking systems, we've provided an easy access on-ramp to actually integrate brand new accounts from a digital marketplace into the core banking system For banks that wants a little bit of help with their KYC processes, we have a simple utility to help with that as well. So let's go ahead and get into the demo.
Jessica (48:47):
Thanks Ed. So we're going to start by telling a little bit of a story. We're going to begin with Jessica Johnson who's interested in starting to have a family. She's a little bit worried though that she doesn't have enough money saved, so she starts to do some research on her own.
(49:04):
Jessica knows that she needs to have a high yield savings account to put her money in, but she's not exactly sure every detail that needs to be part of it. So she does some research. She pulls up this article and sees that there's a lot of great information about this type of account. Something that I want to call out specifically though is right here in this business inside our article. This is an actual live website with a live marketplace that's already in existence and this is just one of thousands of different partners that are part of our offering that we have today. So back to Jessica, she's searching for the specific product, she's learning more information about it and she's actually even able to put in the specific information so that it's going to be a relevant offer for her. So for Jessica, she's able to understand and learn more about this product that she's interested in, tailor it to her needs based on location. And for our financial institution partners, they're able to now have a high quality lead and understand who high intent users are.
Ed Sander (50:02):
And with our partnership with Moneyline, we've created a very robust digital marketplace ecosystem. There are over 25 million customer inquiries per quarter actively using the digital marketplace landscape that are administered in this platform, and it offers over 500 different product providers with distinct products so that individuals can make choices based on the life event that they're shopping for.
Jessica (50:25):
So if we go back to Jessica from that experience, when she selects to open an account, she'll now get brought to this page. This page is the first of our white label onboarding experience. With this onboarding experience, we are providing a simple, safe, transparent onboarding experience for Jessica to be able to very easily open her new account. What we are doing here is we are trying to provide for our financial institution partners a very customized, easy to tailor way by using their brand image, colors, fonts, but then we host the onboarding solution so they can really focus on their core banking. As we know, onboarding is one of the most friction filled parts of the financial relationship and also the first that most people have with a financial institution. So we need to make sure it's impactful. I'm going to click through this quickly. We can go through it in more detail over at the booth if you'd like to join us.
Ed Sander (51:27):
One point that you're going to see that distinguishes this solution offering in the market. EY advises financial institutions all the time on a variety of KYC compliance and risk issues. We advise small banks, regional banks, community banks on how to augment their privacy policy so that they're always in line and in check with the latest regulations and requirements. All of that know-how and knowledge is infused into this offering that we're launching to market today.
Jessica (51:53):
Exactly right. So that previous step that we just went through is actually performing KYC and AML checks behind the scenes. Our solution ingest our financial institutions KYC policies and applies that to the accounts being opened
(52:08):
On this page here. Jessica's able to round out opening her account. We're going to skip a funds transfer for now, but we are partnered with for the KYC piece and for the funds transfer piece. Lots of top vendors in the market for this at this point. Jessica's account is created and it's not just created on a surface level, but we actually have the capabilities to do this on the financial institution's core banking systems. This is really helpful because it ensures that we don't just identify users to engage with, but actually then create them on the backend core systems and connect the various surround systems. We are not a core banking provider, but more an integration layer with capability adapters that sit above it.
(52:50):
Great. So now Jessica, now that she's an existing user, she's set up her account with Nathan Savings account is able to access and engage with her account. This is incredibly important for us because we're not just focused on identifying new users, bringing in more deposits, but we actually want to help our financial institution partners be able to build and nurture and expand these relationships that they have, increasing stickiness, but also being able to support different customers on their different lifelong journeys. You can see the account that Jessica just created, but moreover, you can also see these different modules that we've created that support goals-based savings or investments. You can see what it looks like to have an embedded marketplace where we're able to offer tailored information and education about different financial products, but moreover also offer third party offers for the specific user as well as tools and calculators.
Ed Sander (53:43):
And this last part is really important. We've been out in this market for the past three to four months, speaking with community banks and small regional banks about what really drives their business. And by far and away in every single one of those client discussions, it's relationships. It's the personal know-how that they have for the customers that there's serving. It's the thing that's top of mind when they acquire a brand new branch or they're actually trying to train customer relationship management teams together on how the bank interacts with their customers. We're taking that know-how and infusing it into this offering so that same spirit of financial wellness becomes an embedded part of the marketplace experience.
Jessica (54:20):
Great. We're going to now shift gears and actually think now more about Samantha who's a different persona that we're providing for in our offering. Samantha is a bank marketing manager and she's in charge with increasing engagement specifically across digital channels. So for Samantha, as part of this offering, we also want to now share with this type of user different insights and how their offers are performing and so they can have a better understanding of who they should be engaging with, what types of offers seem to be resonating well in the market and help drive more of the strategy surrounding who they're able to interact with. In addition, they can start to understand more about who their customers are and eventually they're going to be able to see different insights as well based on this information to understand again who they should be banking with. From this page, our bank agents are able to create and launch new offers to different digital channels as well as being able to export different audience lists for them to then bring to their marketing teams to reach out to
Ed Sander (55:25):
Think about what you've just seen, an easy experience for any financial institution to begin to remarket its product offerings into a variety of digital marketplaces that are out in the market today, and a very intuitive dashboard so that any individual relationship manager or product manager inside a community bank can expand their scope and access across a variety of channels, a variety of marketplaces, and see how their campaigns are performing. So we're really happy to have had the opportunity to share with you. Hopefully it was inviting and exciting experiences. The last demo for today, and we invite you to step back to our booth, which is right around that corner, and we'd love to talk to you about this offering a little bit more. Thanks so much for your time.
Jessica (56:06):
Thank you.
Nymbus | Celonis | Docusign | FIS Global | Wysh | Dynamic Yield | EY
July 17, 2024 3:50 PM
56:18