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The Personalization of Digital Money Management

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View these slides to see:
- The importance of making digital money management the focus of a digital banking strategy
- How digital money management solutions help customers better understand their financial situation
- How to use context to help customers make better financial decisions through personalized advice
- How MX helps users save and be paired with better financial products through its FinSmart program

Publicado en: Economía y finanzas
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The Personalization of Digital Money Management

  1. 1. The Personalization Of Digital Money Management Peter Wannemacher, Sr. Analyst Forrester Research with MX Technologies June 23, 2016
  2. 2. © 2016 Forrester Research, Inc. Reproduction Prohibited 3 Agenda › The landscape today › The power of personalization › The challenges companies face
  3. 3. A set of integrated online and mobile tools for money management, typically including but not limited to account aggregation, automatic transaction categorization, goal setting, and forecasting.
  4. 4. © 2016 Forrester Research, Inc. Reproduction Prohibited 5 Forrester’s four components of DMM Source: Forrester Research
  5. 5. © 2016 Forrester Research, Inc. Reproduction Prohibited 6 Many customers are open to digital advice Base: 4,527 US online adults Source: Forrester’s North American Consumer Technographics Financial Services Survey, 2015 “How strongly do you agree or disagree with the statement ‘I trust digital finance advice’?” Agree 22% Middle 35% Disagree 43%
  6. 6. © 2016 Forrester Research, Inc. Reproduction Prohibited 7 Most active DMM users are 25 to 45 Base: US online adults who use at least one digital money management tool (via a financial provider or a third-party app/site Source: Forrester’s North American Financial Services Online Benchmark Recontact Survey, 2015
  7. 7. © 2016 Forrester Research, Inc. Reproduction Prohibited 8 Higher-income folks over-index on DMM Base: US online adults who use at least one digital money management tool (via a financial provider or a third-party app/site Source: Forrester’s North American Financial Services Online Benchmark Recontact Survey, 2015
  8. 8. © 2016 Forrester Research, Inc. Reproduction Prohibited 9 There are many money management tools Sources: CIBC and USAA secure websites
  9. 9. © 2016 Forrester Research, Inc. Reproduction Prohibited 10 There are many money management tools Sources: Koho, Meniga, and Albert smartphone apps and mobile sites
  10. 10. © 2016 Forrester Research, Inc. Reproduction Prohibited 11 There are many money management tools Sources: PNC Virtual Wallet and MX Technologies
  11. 11. © 2016 Forrester Research, Inc. Reproduction Prohibited 12 Personalized banking has been lacking Source: Capital One iPhone app
  12. 12. © 2016 Forrester Research, Inc. Reproduction Prohibited 13 Personalized banking has been lacking Source: Forrester Research
  13. 13. © 2016 Forrester Research, Inc. Reproduction Prohibited 14 USAA offers personalized mobile apps Source: USAA Savings Coach smartphone app
  14. 14. © 2016 Forrester Research, Inc. Reproduction Prohibited 15 The future of digital banking is context Source: Forrester Research
  15. 15. © 2016 Forrester Research, Inc. Reproduction Prohibited 16 Firms face many substantial barriers Source: Forrester Research. “The State Of Digital Money Management, 2015” report.
  16. 16. © 2016 Forrester Research, Inc. Reproduction Prohibited 17 Firms face many substantial barriers Source: Forrester Research. “The State Of Digital Money Management, 2015” report.
  17. 17. © 2016 Forrester Research, Inc. Reproduction Prohibited 18 Firms face many substantial barriers Source: Forrester Research. “The State Of Digital Money Management, 2015” report.
  18. 18. © 2016 Forrester Research, Inc. Reproduction Prohibited 19 Firms face many substantial barriers Source: Forrester Research. “The State Of Digital Money Management, 2015” report.
  19. 19. © 2016 Forrester Research, Inc. Reproduction Prohibited 20 Firms face many substantial barriers Source: Forrester Research. “The State Of Digital Money Management, 2015” report.
  20. 20. © 2016 Forrester Research, Inc. Reproduction Prohibited 21 Firms face many substantial barriers Source: Forrester Research. “The State Of Digital Money Management, 2015” report.
  21. 21. © 2016 Forrester Research, Inc. Reproduction Prohibited 22 Firms will need to focus on foundational digital initiatives… Source: Forrester Research
  22. 22. © 2016 Forrester Research, Inc. Reproduction Prohibited 23 …this will involve re-engineering Source: Forrester Research
  23. 23. © 2016 Forrester Research, Inc. Reproduction Prohibited 24 Digital money management capabilities › Real-Time Data › Data Visualizations › Natural Language Processing › Recommendation Engine(s) › External Account Aggregation › Predictive Analytics › Game Mechanics › Categorization Engine(s) › APIs › Machine Learning › Alerts/Messaging Capabilities
  24. 24. © 2016 Forrester Research, Inc. Reproduction Prohibited 25 Predictive analytics enable personalization
  25. 25. © 2016 Forrester Research, Inc. Reproduction Prohibited 26 Predictive analytics enable personalization Source: Forrester Research, “Mobile Is The New Face Of Engagement” report.
  26. 26. © 2016 Forrester Research, Inc. Reproduction Prohibited 27 Predictive analytics enable personalization Source: Forrester Research, “Mobile Is The New Face Of Engagement” report.
  27. 27. © 2016 Forrester Research, Inc. Reproduction Prohibited 28 Predictive analytics enable personalization Source: Forrester Research, “Mobile Is The New Face Of Engagement” report.
  28. 28. © 2016 Forrester Research, Inc. Reproduction Prohibited 29 Predictive analytics enable personalization Source: Forrester Research, “Mobile Is The New Face Of Engagement” report.
  29. 29. “Our first implementation of PFM was working on a batch process. We were uploading data at night. If you want to provide effective and accurate hints to customers, you need real-time data. You must be providing feedback in real time.” -Head of eBusiness at a US bank
  30. 30. forrester.com Thank you Peter Wannemacher pwannemacher@forrester.com @p_wannemacher
  31. 31. © 2016 Forrester Research, Inc. Reproduction Prohibited 32 Up Next: Brennan from MX…
  32. 32. Presented by Brennan Knotts Product Lead at MX Personalization of Digital Money Management
  33. 33. © 2016 Forrester Research, Inc. Reproduction Prohibited 34 MX Technologies © 2016 Award winning UI/UX Open Platform Industry Best Categorization
  34. 34. © 2016 Forrester Research, Inc. Reproduction Prohibited 35 MX Technologies © 2016 So What?Enter text here MX FinSmart Personalization
  35. 35. © 2016 Forrester Research, Inc. Reproduction Prohibited 36 MX Technologies © 2016 So What?Enter text here MX FinSmart Personalization
  36. 36. © 2016 Forrester Research, Inc. Reproduction Prohibited 37 MX Technologies © 2016 So What?Enter text here MX FinSmart Personalization
  37. 37. © 2016 Forrester Research, Inc. Reproduction Prohibited 38 MX Technologies © 2016 So What?Enter text here specific to the user MX FinSmart Personalization
  38. 38. © 2016 Forrester Research, Inc. Reproduction Prohibited 39 MX Technologies © 2016 So What?Enter text here so what? MX FinSmart Personalization
  39. 39. © 2016 Forrester Research, Inc. Reproduction Prohibited 40 MX Technologies © 2016 So What?Enter text here MX FinSmart Personalization
  40. 40. © 2016 Forrester Research, Inc. Reproduction Prohibited 41 MX Technologies © 2016 So What?Enter text here MX FinSmart Personalization
  41. 41. © 2016 Forrester Research, Inc. Reproduction Prohibited 42 MX Technologies © 2016 So What?Enter text here MX FinSmart Personalization
  42. 42. © 2016 Forrester Research, Inc. Reproduction Prohibited 43 MX Technologies © 2016 So What?Enter text here MX FinSmart Personalization
  43. 43. © 2016 Forrester Research, Inc. Reproduction Prohibited 44 MX Technologies © 2016 So What?Enter text here MX FinSmart Personalization
  44. 44. © 2016 Forrester Research, Inc. Reproduction Prohibited 45 MX Technologies © 2016 So What?Enter text here MX FinSmart Personalization
  45. 45. © 2016 Forrester Research, Inc. Reproduction Prohibited 46 MX Technologies © 2016 So What?Enter text here What makes this possible? Aggregatio nAllows you to understand the users complete financial picture.
  46. 46. © 2016 Forrester Research, Inc. Reproduction Prohibited 47 MX Technologies © 2016 So What?Enter text here What makes this possible? Aggregatio nAllows you to understand the users complete financial picture. Data 3C’s Transaction cleansing, categorization, classification.
  47. 47. © 2016 Forrester Research, Inc. Reproduction Prohibited 48 MX Technologies © 2016 So What?Enter text here What makes this possible? Aggregatio nAllows you to understand the users complete financial picture. Data 3C’s Transaction cleansing, categorization, classification. Dynamic Targeting The segment of users who see this message is always changing and updated in real-time with new data.
  48. 48. © 2016 Forrester Research, Inc. Reproduction Prohibited 49 MX Technologies © 2016 So What?Enter text here What makes this possible? Aggregatio nAllows you to understand the users complete financial picture. Data 3C’s Transaction cleansing, categorization, classification. Dynamic Targeting The segment of users who see this message is always changing and updated in real-time with new data. Dynamic Messaging To get the full value out of personalization, the message itself needs to be personalized for each user.
  49. 49. © 2016 Forrester Research, Inc. Reproduction Prohibited 50 MX Technologies © 2016 So What?Enter text here What makes this possible? Aggregatio nAllows you to understand the users complete financial picture. Data 3C’s Transaction cleansing, categorization, classification. Dynamic Targeting The segment of users who see this message is always changing and updated in real-time with new data. Dynamic Messaging To get the full value out of personalization, the message itself needs to be personalized for each user. Easy-to-Use Tools If your digital and/or marketing teams are going to use personalization, it needs to be easy to setup and track.
  50. 50. © 2016 Forrester Research, Inc. Reproduction Prohibited 51 MX Technologies © 2016 So What?Enter text here What makes this possible? Aggregatio nAllows you to understand the users complete financial picture. Data 3C’s Transaction cleansing, categorization, classification. Dynamic Targeting The segment of users who see this message is always changing and updated in real-time with new data. Dynamic Messaging To get the full value out of personalization, the message itself needs to be personalized for each user. Easy-to-Use Tools If your digital and/or marketing teams are going to use personalization, it needs to be easy to setup and track. “Big Data” Marketing Platform Including a data repository, hardware for storage, governance capabilities, data prep, etc.
  51. 51. © 2016 Forrester Research, Inc. Reproduction Prohibited 52 MX Technologies © 2016 So What?Enter text here
  52. 52. © 2016 Forrester Research, Inc. Reproduction Prohibited 53 MX Technologies © 2016 So What?Enter text here
  53. 53. © 2016 Forrester Research, Inc. Reproduction Prohibited 54 MX Technologies © 2016 So What?Enter text here
  54. 54. © 2016 Forrester Research, Inc. Reproduction Prohibited 55 MX Technologies © 2016 So What?Enter text here
  55. 55. © 2016 Forrester Research, Inc. Reproduction Prohibited 56 MX Technologies © 2016 So What?Enter text here
  56. 56. © 2016 Forrester Research, Inc. Reproduction Prohibited 57 MX Technologies © 2016 So What?Enter text here
  57. 57. © 2016 Forrester Research, Inc. Reproduction Prohibited 58 MX Technologies © 2016 So What?Enter text here
  58. 58. © 2016 Forrester Research, Inc. Reproduction Prohibited 59 MX Technologies © 2016 So What?Enter text here
  59. 59. © 2016 Forrester Research, Inc. Reproduction Prohibited 60 MX Technologies © 2016 So What?Enter text here
  60. 60. © 2016 Forrester Research, Inc. Reproduction Prohibited 61 MX Technologies © 2016 So What?Enter text here Future FinSmart Personalized Recommendations
  61. 61. © 2016 Forrester Research, Inc. Reproduction Prohibited 62 MX Technologies © 2016 So What?Enter text here Moving Towards the Analytics Approach Mergers & Acquisitions Traditional Marketing Retention, Utilization & Held-away
  62. 62. © 2016 Forrester Research, Inc. Reproduction Prohibited 63 MX Technologies © 2016
  63. 63. Mass Personalization Mass personalization tied to permission-based money movement is going to change this industry so dramatically that we will not recognize it within the next decade. – Bradley Leimer, Head of Innovation, Santander MX Technologies © 2016
  64. 64. © 2016 Forrester Research, Inc. Reproduction Prohibited 65 Questions?

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