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#TCF2016 #TCF2016 The four marketing P’s - product, place, promotion and price – take on a new relevance in the banking digital landscape Adrian Hadley, Retail Product Director Wednesday 18 th May

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Page 1: The four marketing P’s - product, place, promotion and ... · #TCF2016#TCF2016 The four marketing P’s - product, place, promotion and price – take on a new relevance in the

#TCF2016#TCF2016

The four marketing P’s - product, place, promotion and price – take on a new relevance in the banking digital landscapeAdrian Hadley, Retail Product DirectorWednesday 18th May

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#TCF2016

1. The traditional 4P’s of marketing

2. Are the 4P’s still relevant, and if so how ?

3. What does this mean for banks?

4. Technology challenges?

5. Temenos – overcoming the challenges

6. Conclusions

Agenda

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#TCF2016

Traditional marketing

Place

PricePromotion

Product

Traditional4P’s

3

An item or service that satisfies what a consumer demands

providing the product at a place which is convenient for consumers to access

Methods used to provide information to different parties about the product

The amount a customer pays for the product

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Place

PricePromotion

Product

Bank focused, transaction driven

Place

PricePromotion

Product

Customer centric, experience driven

A digital transformational journey 4

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#TCF2016#TCF2016

Are the 4Ps still relevant, if so, how?

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Proximity

Presence

Mobility

Relevance in a connected world

Place

Price

Product

Segment of One

6

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Tailored

RelevantRight Offer, Right Time,

Right Channel

Value Proposition

Marketing in a connected world 7

Product

Place

Promotion

Segment of One

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#TCF2016

Segmented pricing

Not all people are the same

Rewards/Loyalty

Relevance in a connected world

Price

Promotion

Place

Segment of One

8

Package based pricing

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Personalised

Advocacy

Timely, real timeRight Place with the Right Message at the Right Time

Relevance in a connected world 9

Promotion

Product

Price

Segment of One

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Value Proposition and customer experience

Relevant

Tailored

Mobility

Presence

Mobility

Personalised

Timely

Advocacy

Segmentation

Packaged based

Rewards/Loyalty

Marketing in a connected world

Place

PricePromotion

Product

Traditional4P’s

10

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#TCF2016#TCF2016

What does this mean for banks?

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#TCF2016#TCF2016

Technology challenges

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Customer journeys have become more complex 14

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Complex technical architecture challenge 15

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#TCF2016#TCF2016

Temenos –overcoming the challenges

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#TCF2016

RISK & COMPLIANCE

REPORTING & ANALYTICS

Branch Agent Call Centre Mobile ATM Internet Open API

Direct debits

Mortgages

CDsLimits / Collateral

Reconciliation & Matching

Mutual Funds

Auto Finance

Clearing

Bundling

Business Intelligence

Customer Intelligence

FinancialIntelligence

OperationalIntelligence

Predictiveanalytics

CRM Customer Output

Order Mgt.Contact Centre

Origination / onboarding

Social Media

Credit scoring

Basle II/III

IFRS

Market Risk and ALM

AML KYC

Suspicious Behavior

Product Catalog

Checking / overdrafts

Savings

GL & Accounting

SCV / 360o

Teller

Party relationship

Regulatory Reporting

Data

Alerts

Campaigns

Time deposits

Consumer finance

Prospect Management

Bill payments

Card Mgt. PFM

Posting Restrictions

Standing Orders

FRONT OFFICE

CORE BANKING

&PAYMENTS

CHANNELS

RM

Temenos RetailSuite 17

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Temenos – banking solutions for the connected world 18

Omni-Channel User Experience

Innovative Product and

Pricing Engine

Intelligent Data Analytics

ExperienceDriven

Banking

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SingleBrain approach 19

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Sophisticated data and analytical framework 20

determining customer needs

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Customer analytical data 21

Right Offer, Right Time,

Right Channel

Provide customer insight into profitability, behaviour and buying trends

Develop customer centric products and services

Optimise the customer experience

Real time data can drive contextual offers

Enable customer segmentation

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Fully integrated product catalogue 22

Graphical product builder

Single, centralized product catalogue - key foundation

Reduces complexity of managing multiple product catalogues

Increases speed to market

Agility to quickly respond to market opportunities

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Flexible pricing strategies - relationship pricing 23

All Customers areNOT the same

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Segments and demographics 24

Net Worth

Behaviour& Buying Trends

Lifestyle

Loyalty

Segmentof One

Improved customer retention through

targeted pricing and individual pricing

arrangements

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Comprehensive rewards package 25

Set up and operate rewards schemes for different segments of customers, using

data analytics

Reward points earned though any banking event or client interaction

Clients can be empowered to choose their reward scheme i.e. Avios Airmiles,

cashback etc

Increased loyalty and wallet share

Greater client engagement and retention –incentives to attract new clients and

businesses

Positive brand associations as customers feel valued

Solution Benefits

Reward points earned though any banking event or client interaction

Appeal to younger generations and drive customer switching

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Marketing Campaign ROI 26

Ability to extend a relevant planned offer during a spontaneous customer interaction has response rates 15 times higher than non-targeted campaigns

X 15 # of banks using needs based analytics to improve the quality of leads and boost sales – big opportunity for competitor differentiation

31% Reduced attrition and 20% increased customer advocacy through proactive actions based on predictive models

25% increase in products per customer through better targeting and superior customer satisfaction30%

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Temenos – banking solutions for the connected world 27

Consistent superior user experience across all channels

Relationship based pricing based on

customer segmentation

Fast time to innovate / market

Multiple pricing strategies enabling

flexibility

Predictive modelling driving cross selling, loyalty and profitability

Real –time data drivingcontextual offers and services

Any time, any where, any device banking

Right offer, at the right time, via the right channel

Customer Insight driving customer centric products and services

Analytics driving pro-active customer engagement and

added value

Omni-Channel User Experience

Innovative Product and

Pricing Engine

Intelligent Data Analytics

ExperienceDriven

Banking

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Omni-channel, omni-presence

Intelligent analytics/geo-location

Any time, any where, any device banking

Marketing in a connected world 28

Right offer, at the right time, via the right channel

Loyalty Progam

Relationship based pricing

Segmentation – flexible pricing models

Rewards scheme

More than banking

Customer Insight and analysis driving customer centric products and services

Real –time data driving contextual offers and moment marketing

Innovative and customisable product engine enabling tailored products Place

PricePromotion

Product

A new relevance to the 4P’s

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Don’t forget! 29

Join the conversation – Tweet or Facebook post the #tcf2016

Download this presentation now – you can download this presentation and other TCF materials from the TCF2016 app

Have your say – take part in the 9th annual TCF survey, also available on the TCF2016 app

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Thank you


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