Personalisation & Customer Value in the Open Banking Era

8:30am - 12:30pm
The Clubhouse, Holborn Circus, 20 St Andrew Street, London
JUN

12

Simon-Kucher & Partners, in partnership with SunTec Financial Services, invites you to join the Personalisation & Customer Value in the Open Banking Era Conference, in London.

Engage with industry experts in a discussion around how banks can rethink their strategies to enhance and monetise customer value in light of the current regulatory environment and the onset of Open Banking.

A complimentary breakfast and light refreshments will be served. Sign up at the link above!

This event is aimed at Heads of Digital, Pricing, Strategy, Marketing, APIs, Innovation, Product and Transformation departments within the Banking industry.

Agenda

8:30 - 8:55
Registration, Breakfast and Networking
8:55 - 9:00
Introduction
9:00 - 9:20
How can banks stay relevant in a rapidly evolving Open Banking Era ?

The year 2018 has been a pivotal year for UK banking in accelerating transformation into being more strategically focussed, technologically modern and agile –so that banks remain relevant in the rapidly evolving landscape.

There have been many external factors also at play, with the introduction of Open Banking, MIFID 2 , IFRS 9, and GDPR, all of which are proving to be incredibly complex and expensive for the industry to deliver on time. In this constantly evolving competitive and complex landscape, how are banks faring in achieving their goals around robust performance and meeting market expectations?

In addition to catering to a digital consumer, banks are realising that they need to be hyper-agile in focusing on customer delight strategies and implementation without straining the legacy back-end systems, that are not trained to do the heavy lifting. How is it critical for the banks to have a product innovation layer in the middle that can help them to create human-centred, need-based products to focus on driving customer value across the entire ecosystem?

9:20 - 9:40
It is now or never -Customers are looking for experiences! Welcome to the age of Segment-of-One!

Customers have never been more fickle and less loyal as today. They are not hesitant to switch to another service provider that provides them the best experience at any given point in time. The future of banking is being shaped by the new-age customer who no longer view their experiences in silos, but compare it with other experiences across industries.

Gone are the days when banks could create standard, cookie cutter products & offers and expect customers to be satisfied with it. Today’s digital savvy customer expects their bank to go above and beyond what they actually do –just banking. They want frictionless products that are uniquely tailored for them.

It has become critical that the banks now have the ability to create a new product innovation layer, centralise products/services information, and pricing details across LoBsand couple with underlying analytical capabilities, to dynamically segment every customer in real-time and create personalised products, from standard base products at the core, thereby catering to the exact requirements and unique value of every customer.

Welcome to the age of Segment-of-One -Stay relevant with dynamically personalised experiences that cater to the entire value chain of the customer in real-time.

9:40 - 10:00
Finding the optimum balance between perceived customer value and pricing

Customer expectations moving towards more personalised experiences, and platform businesses thriving on two-sided income possibilities though B2C and B2B. Banks can learn from the (digital) champions how to facilitate innovative pricing models and enhance customer the value-to-customer. Participants will have a threefold benefit from the presentation:

1. Learn effective pricing strategies from the digital champions

  • How Tinder and Spotify attract new customers and still earn fees with them
  • How Uber and The Economist innovate in the pricing space to grow profitability and more

2. Reflect on the possibilities of Open Banking for the bank’s business model

  • Viable options for shaping a bank’s platform business
  • Possibilities arising from API pricing

3. How to design modern project architectures

  • Structure of a project containing high complexity for more progress pace
  • Design of MVPs to frontload customer feedback into product development
10:00 - 10:20
Networking & Break
10:20 - 11:00
Panel Discussion - Engagement in today's economy; Customer owner Vs. Service provider

To truly take advantage of the opportunities the new age banking era has to offer, financial services organisations need to become curators, managers and true owners of customer experiences. Banks, being at the focal point of financial transactions, have an added advantage over other organisations (across any other industry) to truly own the customer value chain. Though strategies might differ and some banks might choose to deliver experiences by being a service provider rather than a customer owner. How does value-based engagement differ for a customer owner vs service provider organisation?

11:00 - 11:20
Real world Challenges and risks of adopting Open Banking

With Open Banking now being the reality, banks are gearing up to embrace it. However, there are multiple practical challenges and risks which organisations across are facing while implementing it. It has been one of the main reasons for many of the banks to defer adoption. What we see today is more about complying to the regulations rather than building on the fact that Open Banking was created to foster innovation, transparency and create competitive markets in UK financial services. We will discuss these challenges and risks in detail in this session and the ways to overcome them for a seamless implementation.

11:20 - 11:40
Defining a Way Forward: Chalking out a blue print to drive Personalization & Customer Value in today’s platform driven ecosystem

In this Open Banking era, with a plethora of stakeholders involved, it has become difficult to achieve a solution that enables you to cater to end-to-end management, personalisation, monitoring & monetisation capabilities across the value chain. We increasingly realise in 2019, that the landscape has become so complex that sometimes we are overwhelmed with an ambitious vision but a poorly drawn out technology road-map or a governance and tracking mechanism. Without a middle layer that can truly map the core back office systems, the customer touch points and the external partner ecosystem of your bank, it will be increasingly difficult to move from being product driven to being customer driven.

In this session, we discuss the blueprint for banks to move from being product driven to customer driven. We discuss how banks can expand their product & service offerings, to deliver true customer value through collaborative partner ecosystems. We will get into details on how banks can embrace this Open Banking economy and transform from being a mere utility provider to a true value aggregator.

11:40 - 11:45
Closing Comments
11:45 - 12:00
Networking