{"id":11532,"date":"2013-11-06T20:28:26","date_gmt":"2013-11-07T01:28:26","guid":{"rendered":"http:\/\/www.charanis.com\/blog\/?p=11532"},"modified":"2014-04-03T20:45:18","modified_gmt":"2014-04-04T01:45:18","slug":"retail-online-banking-innovation-or-evolution","status":"publish","type":"post","link":"https:\/\/www.charanis.com\/blog\/2013\/11\/06\/retail-online-banking-innovation-or-evolution\/","title":{"rendered":"Retail Online Banking &#8211; Innovation or Evolution?"},"content":{"rendered":"<p>I spent the day visiting with bankers, executives and vendor salespeople at <a href=\"http:\/\/www.bai.org\/retaildelivery\" target=\"_blank\">BAI Retail Delivery 2013 &#8211; Denver, CO November 5-7<\/a>. My take away? We are all continuing the transition from static web based information delivery to dynamic mobile content. But not just yet as legacy systems, back office real-time integration and artificial roadblocks by entrenched vendors remain in the way.<\/p>\n<p>Reinforced by the messages delivered Wednesday morning by Keynote Speakers Malcolm Gladwell and Lee Scott: <em>Innovation is typically delivered over a longer period of time than we imagine<\/em> \u2013 and in the retail industry<em>\u00a0the reason to do something has to come from the outside in<\/em>.\u00a0 You cannot expect customers to come along unless it truly benefits them; in Fintech it has to benefit both the FI\u2019s and the end users.<\/p>\n<p>As a technology professional I\u2019ve been as guilty of this as anyone \u2013 we develop what we think is amazing stuff based on observation, technology influence, what we call market research or just plain personal assumptions.\u00a0 Then guys like me get bankers and information technology consumers excited about the latest bell or whistle.\u00a0 The reality is \u2013 most of the time we are off by at least a little \u2013 sometimes a lot.<\/p>\n<p>So the incremental end user experience improvements have been great, but not like we see in other industries where there are less conservative and regulated constraints at play. Not just digital banking but in areas like call <em>center support and executive analytics dashboards<\/em>. There simply haven\u2019t been many examples of breaking traditional processes and operating mechanisms.\u00a0But there have been these changes <em>outside of the financial services industry<\/em>. So parallel examples that influence and scary terms like disintermediation from vendors solving problems outside of the traditional payment or banking workflow are starting to change things for us.<\/p>\n<p>At this show I saw influence in three main areas: <strong>responsive design, data driven multi-channel solutions and back office, big-data analytics<\/strong>.\u00a0 I\u2019ll talk about how I believe my friends at banks and credit unions need to applying this technology later in this article: <strong>Responsive\/Adaptive Websites, Dynamic Content, Data Driven-Multi-channel Relationship Management, Making Big-Data Available to FI Users.<\/strong><\/p>\n<p>For the most part I saw vendors doing what we expect, incremental improvements to traditional online banking.\u00a0 Focused on things like:<\/p>\n<ul>\n<li>Back Office Interfaces to Core Providers<\/li>\n<li>Multi-channel User Experience with Mobile, Web, Alerts\/SMS, etc<\/li>\n<li>Mulit-layered security \u2013 EMFA<\/li>\n<li>Analytics and Security<\/li>\n<li>Integration with \u2018Big Data\u2019 \u2013 whatever that means to you<\/li>\n<li>Some sort of widget approach \u2013 creating modularization of the user interface<\/li>\n<li>Third Party Interfaces via SSO \u2013 or in some cases integrated via advanced technology like SAML\/XML<\/li>\n<li>Flexible branding \u2013 all be it static and limited to templates\/parameters<\/li>\n<li>The endless pursuit of PFM \u2013 will it ever really be what customers want?<\/li>\n<li>A focus on payments \u2013 whether its bill pay centric improvements or integrated third party payments\/funds transfer\/P2P<\/li>\n<\/ul>\n<p>And of course \u2013 the few remaining \u2018single platform\u2019 vendors focusing on small business and commercial banking \u2013 not relevant here at BAI Retail Delivery but germane to the decision process when you do make a decision to change how you engage with customers. \u00a0The vendors I\u2019m talking about are:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.firstdata.com\/en_us\/products\/financial-institutions\/online-banking.html\" target=\"_blank\">FirstData<\/a><\/li>\n<li><a href=\"http:\/\/www.digitalinsight.com\" target=\"_blank\">Digital Insight<\/a><\/li>\n<li><a href=\"http:\/\/www.harlandfinancialsolutions.com\/solutions\/self-service\/cavion\/cavion-internet-banking\" target=\"_blank\">Harland Financial Solutions<\/a><\/li>\n<li><a href=\"http:\/\/www.aciworldwide.com\/what-we-do\/retail-payments\/online-mobile-branch-banking\/consumer-online-banking.aspx\" target=\"_blank\">ACI\u00a0<\/a><\/li>\n<li><a href=\"https:\/\/q2ebanking.com\" target=\"_blank\">Q2eBanking<\/a><\/li>\n<li><a href=\"http:\/\/www.fiserv.com\/channel-management1.htm\" target=\"_blank\">Fiserv<\/a><\/li>\n<li><a href=\"http:\/\/www.jackhenrybanking.com\/online-and-mobile\/Pages\/netteller-online-banking.aspx\" target=\"_blank\">Jack Henry<\/a><\/li>\n<li><a href=\"http:\/\/www.fisglobal.com\/products-ebanking\" target=\"_blank\">FIS\u00a0<\/a><\/li>\n<li><a href=\"http:\/\/www.sap.com\/pc\/tech\/mobile\/software\/commerce-solutions\/online-banking\/index.html\" target=\"_blank\">SAP\u00a0<\/a><\/li>\n<\/ul>\n<p>What I saw that impressed me however were the vendors from overseas, from outside our traditional industry and startups that were taking a different approach. Data Analytics was huge \u2013 rows and rows of vendors that were promising to give you a 360 View of your customer. To interpret data that is already there and build dashboards for your executives to make better decisions.\u00a0 To drive marketing and one-to-one contact with your customers.\u00a0 But here is the challenge \u2013 so many assume integration is easy, that end users want to have product offers, to know what they are thinking, to anticipate their next product need. The problem \u2013 I didn\u2019t see a lot of integration between these vendors and the digital banking vendors. The online banking solutions that were interesting, however, mostly came from vendors that didn\u2019t have the \u2018burden\u2019 of a legacy customer base \u2013 or entrenched platform. There were a few exceptions but not many, here are a few interesting companies:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.alkamitech.com\" target=\"_blank\">Alkami<\/a><\/li>\n<li><a href=\"http:\/\/www.moneydesktop.com\" target=\"_blank\">MoneyDesktop<\/a><\/li>\n<li><a href=\"http:\/\/www.d3banking.com\" target=\"_blank\">D3 Banking<\/a><\/li>\n<li><a href=\"http:\/\/www.monitise.com\/americas\/?geo=true\" target=\"_blank\">Monitise<\/a><\/li>\n<li><a href=\"http:\/\/www.backbase.com\/home\" target=\"_blank\">Backbase<\/a><\/li>\n<li><a href=\"http:\/\/banno.com\" target=\"_blank\">Banno\u00a0<\/a><\/li>\n<li><a href=\"http:\/\/www.cafex.com\/products\/thrupoint-fusion.html\" target=\"_blank\">CafeX Communications\u00a0<\/a><\/li>\n<\/ul>\n<p>And a host of vendors providing analytics, security, etc but I\u2019ll save that for later\u2026<\/p>\n<p>Here are the things that excited me and how I wish we would see integrated, customer focused solutions:<\/p>\n<ul>\n<li>Responsive\/Adaptive Websites and Integrated Mobile Apps<\/li>\n<li>Dynamic content that integrates the general website with secure, personal financial content.<\/li>\n<li>Multi-channel relationship management focused customer journeys<\/li>\n<li>Applied big-data that drives content but also delivers useful administrative user experience<\/li>\n<\/ul>\n<p><strong>Responsive\/Adaptive:<\/strong> The best websites today are the ones you all get your news from, buy products from, count on to deliver an easy to read, use and enjoy. Take a look at <a href=\"http:\/\/www.engadget.com\" target=\"_blank\">Engadget<\/a>\u00a0and open it in a full computer web browser. Now resize it to be a narrow column on your desktop. Then open it up on your tablet and on your smart phone.\u00a0 Its not a different system, it&#8217;s the same content but optimized for the device you go to.\u00a0 And yes \u2013 if you are on an iPhone, for example, it even suggests you download their mobile App \u2013 but you don\u2019t have to, it works. If you login to this site, my site <a href=\"http:\/\/www.allazo.com\" target=\"_blank\">Allazo.com<\/a> or even my personal website <a href=\"http:\/\/jim.charanis.com\" target=\"_blank\">Charanis.com<\/a> \u2013 it is responsive, with a different menu and user experience optimized for your platform. \u00a0I use WordPress a blogging platform that is so powerful yet incredibly simple: <strong>Online banking has to do this.<\/strong><\/p>\n<p><strong>Dynamic:<\/strong> The user experience also has to be all-inclusive.\u00a0 There is nothing more frustrating to an end user than looking at a bank website to learn about rates, products, bank contacts, information then having it all disappear when they login to online banking. And even worse to not have any of that information available to you on an iPhone because the vendor takes over the experience to drive a bare bones WAP like experience. We did this at Intuit \u2013 it was easer to implement and manage but its not optimal and needs to change. Sure \u2013 you could pick \u201cgo to full site\u201d but then you typically got a shrunken web page not responsive at all \u2013 and why does the customer need to do that; its not a fun end user experience. There have been discussions of bringing all together but few have gone down that path, other than these new vendors breaking new ground. A true multi-level user access experience has to be implemented. Integrating balances into the general website once a user logs in with basic authentication, then allowing for transactions after further multi-factor authentication.<\/p>\n<p>Then going the extra mile \u2013 with <strong>a different experience based on where the user came from, what products they have, who they are<\/strong>; <strong><em>both public and behind the login<\/em><\/strong>. The content needs to be delivered across all channels \u2013 with actionable alerts that link to the website or mobile apps.\u00a0 Big data today is all FI focused \u2013 creating advertisements, offers and canned messages. What needs to happen is a shift to the customer\u2019s view \u2013 think about more than just the online channel \u2013 but how we can recreate the feeling a customer has when they talk to a competent banker.<\/p>\n<p><strong>Map to the Customer Journey:<\/strong> We need to deliver more than co-browse or online chat. We need back office and call center integrated video and online chat, customized email and social media integration that delivers the kind of warmth and competence today\u2019s customers expect from the digital channels. \u00a0Big data and social media integration is only as good as the way it delivers on the promise of better relationship management.<\/p>\n<p>If you want to talk more about this please <a href=\"http:\/\/allazo.com\/?page_id=2\">give me a cal<\/a>l \u2013 I look forward to learning from you and having a spirited conversation about your interpretation of the opportunities that lie ahead!<\/p>\n<p>Jim Charanis<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I spent the day visiting with bankers, executives and vendor salespeople at BAI Retail Delivery 2013 &#8211; Denver, CO November 5-7. My take away? We are all continuing the transition from static web based information delivery to dynamic mobile content.&hellip; <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[14,13,4],"tags":[],"class_list":["post-11532","post","type-post","status-publish","format-standard","hentry","category-banking-tech","category-mobile-tech","category-technology"],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p3mX8K-300","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":588,"url":"https:\/\/www.charanis.com\/blog\/2013\/11\/13\/tag-fintech-symposium-vs-bai-retail-delivery\/","url_meta":{"origin":11532,"position":0},"title":"TAG FinTech Symposium vs BAI Retail Delivery","author":"Jimmyc","date":"November 13, 2013","format":false,"excerpt":"Spent some time over the past two weeks at the BAI Retail Delivery conference in Denver and the TAG FintTech conference here in Atlanta. \u00a0Recycling my brain, looking for new opportunities, building the network. \u00a0BAI was the same as it ever was - the focus was heavily on security, analytics,\u2026","rel":"","context":"In &quot;Banking Tech&quot;","block_context":{"text":"Banking Tech","link":"https:\/\/www.charanis.com\/blog\/category\/banking-tech\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":26869,"url":"https:\/\/www.charanis.com\/blog\/2015\/12\/26\/trends-and-the-shift-in-retail-banking-sales-and-investments\/","url_meta":{"origin":11532,"position":1},"title":"Trends and the Shift in retail banking: Sales and Investments","author":"Jimmyc","date":"December 26, 2015","format":false,"excerpt":"The retail banking market has come out of the financial crisis with a new outlook on how to engage new customers and how to retain and cross sell others. \u00a0The shift to omni-channel, multi-channel whatever is something that has been happening for a while now but its largely focused on\u2026","rel":"","context":"In &quot;Banking Tech&quot;","block_context":{"text":"Banking Tech","link":"https:\/\/www.charanis.com\/blog\/category\/banking-tech\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":28328,"url":"https:\/\/www.charanis.com\/blog\/2016\/02\/22\/from-b2b-to-p2p-faster-payments-2\/","url_meta":{"origin":11532,"position":2},"title":"From B2B To P2P, Faster Payments","author":"Jimmyc","date":"February 22, 2016","format":false,"excerpt":"\u00a0\u00a0 I've watched the business-to-business , person-to-person, and account-to-account payments industry from an insider's perspective over the last 20 years. Moving through time from commercial online banking, to retail online banking, to mobile banking, to digital banking - payments is always at the heart of the end-user experience. Sure, we\u2026","rel":"","context":"In &quot;Banking Tech&quot;","block_context":{"text":"Banking Tech","link":"https:\/\/www.charanis.com\/blog\/category\/banking-tech\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.charanis.com\/blog\/wp-content\/uploads\/2016\/03\/img_7439.jpg?fit=1200%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.charanis.com\/blog\/wp-content\/uploads\/2016\/03\/img_7439.jpg?fit=1200%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.charanis.com\/blog\/wp-content\/uploads\/2016\/03\/img_7439.jpg?fit=1200%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.charanis.com\/blog\/wp-content\/uploads\/2016\/03\/img_7439.jpg?fit=1200%2C1200&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.charanis.com\/blog\/wp-content\/uploads\/2016\/03\/img_7439.jpg?fit=1200%2C1200&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":22179,"url":"https:\/\/www.charanis.com\/blog\/2014\/10\/10\/my-finovate-presentation\/","url_meta":{"origin":11532,"position":3},"title":"My Finovate Presentation (Video)","author":"Jimmyc","date":"October 10, 2014","format":"video","excerpt":"Stood up there in front of 1,500 people - it was fun and though I wish I had remembered all my lines, it was worth it. I'm demonstrating for TIS an integrated part of multi-channel approach to capturing the necessary information in the enrollment and account opening process. The video\u2026","rel":"","context":"In &quot;Banking Tech&quot;","block_context":{"text":"Banking Tech","link":"https:\/\/www.charanis.com\/blog\/category\/banking-tech\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.charanis.com\/blog\/wp-content\/uploads\/2014\/10\/IMG_4050-0.jpg?fit=713%2C476&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.charanis.com\/blog\/wp-content\/uploads\/2014\/10\/IMG_4050-0.jpg?fit=713%2C476&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.charanis.com\/blog\/wp-content\/uploads\/2014\/10\/IMG_4050-0.jpg?fit=713%2C476&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.charanis.com\/blog\/wp-content\/uploads\/2014\/10\/IMG_4050-0.jpg?fit=713%2C476&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":31021,"url":"https:\/\/www.charanis.com\/blog\/2022\/11\/09\/data-exchange-to-shared-sessions-where-treasury-management-and-digital-banking-wants-to-be-now\/","url_meta":{"origin":11532,"position":4},"title":"Data Exchange to Shared Sessions &#8211; Where Treasury Management (and Digital Banking) Wants to Be Now","author":"Jimmyc","date":"November 9, 2022","format":false,"excerpt":"Problem\/Solution Bank's exchanging data with their commercial customers to manage their finances and execute payment transactions: Realtime connections between the companies and their financial institutions so that the information exchange is realtime, integrated, robust and efficient. And dare I say, it just happens: embedded banking. I have the benefit of\u2026","rel":"","context":"In &quot;Banking Tech&quot;","block_context":{"text":"Banking Tech","link":"https:\/\/www.charanis.com\/blog\/category\/banking-tech\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.charanis.com\/blog\/wp-content\/uploads\/2022\/11\/data-exchange.jpg?fit=1200%2C434&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.charanis.com\/blog\/wp-content\/uploads\/2022\/11\/data-exchange.jpg?fit=1200%2C434&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.charanis.com\/blog\/wp-content\/uploads\/2022\/11\/data-exchange.jpg?fit=1200%2C434&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.charanis.com\/blog\/wp-content\/uploads\/2022\/11\/data-exchange.jpg?fit=1200%2C434&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.charanis.com\/blog\/wp-content\/uploads\/2022\/11\/data-exchange.jpg?fit=1200%2C434&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":30989,"url":"https:\/\/www.charanis.com\/blog\/2022\/11\/06\/a-year-with-microservices-and-omnichannel-banking\/","url_meta":{"origin":11532,"position":5},"title":"A year with Microservices and Omnichannel Banking","author":"Jimmyc","date":"November 6, 2022","format":false,"excerpt":"Omnichannel - that won\u2019t get a lot of hits on my blog. But Microservices will. The reality is Omnichannel is overused but it is important. And microservices have enabled it. Last year I shifted from enterprise solutions to our digital first solutions - selling the combined solutions between our Channel\u2026","rel":"","context":"In &quot;Banking Tech&quot;","block_context":{"text":"Banking Tech","link":"https:\/\/www.charanis.com\/blog\/category\/banking-tech\/"},"img":{"alt_text":"Jim at NCR","src":"https:\/\/i0.wp.com\/www.charanis.com\/blog\/wp-content\/uploads\/2022\/11\/charanis-NCR-1-scaled.jpeg?fit=900%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.charanis.com\/blog\/wp-content\/uploads\/2022\/11\/charanis-NCR-1-scaled.jpeg?fit=900%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.charanis.com\/blog\/wp-content\/uploads\/2022\/11\/charanis-NCR-1-scaled.jpeg?fit=900%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.charanis.com\/blog\/wp-content\/uploads\/2022\/11\/charanis-NCR-1-scaled.jpeg?fit=900%2C1200&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.charanis.com\/blog\/wp-json\/wp\/v2\/posts\/11532","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.charanis.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.charanis.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.charanis.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.charanis.com\/blog\/wp-json\/wp\/v2\/comments?post=11532"}],"version-history":[{"count":1,"href":"https:\/\/www.charanis.com\/blog\/wp-json\/wp\/v2\/posts\/11532\/revisions"}],"predecessor-version":[{"id":11533,"href":"https:\/\/www.charanis.com\/blog\/wp-json\/wp\/v2\/posts\/11532\/revisions\/11533"}],"wp:attachment":[{"href":"https:\/\/www.charanis.com\/blog\/wp-json\/wp\/v2\/media?parent=11532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.charanis.com\/blog\/wp-json\/wp\/v2\/categories?post=11532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.charanis.com\/blog\/wp-json\/wp\/v2\/tags?post=11532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}