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    Small Business Mobile Banking Solutions: Monetizing Digital Products

    Thursday, March 8, 2018 - 11:00 AM - 12:30 PM ET
    $249.00
    *
    Despite vast commitments towards digital technologies, most company’s digitalization efforts fall short of achieving topline growth. According to a recent Simon-Kucher & Partners study, 77% of companies that undertook a digitalization initiative to realize topline growth have failed to do so.

    They [Small Businesses]  want the ability to pay their vendors and suppliers via bill pay, ACH, wire, or mobile wallet, and receive payments from customers the same way. Both types of payments would add to the convenience of cash management and monitoring for small businesses. They [Community Banks and Credit Unions] need to do a better job onboarding small businesses onto their mobile services, whether it be through better value communication or enhanced training. They need to understand customer needs, design and package products targeted at those needs, price them fairly based on willingness to pay, and communicate value effectively through sales and engagement channels.” - David Chung, a director at Simon-Kucher & Partners

    Overview

    Most community banks' and credit unions' digitalization efforts fall short of achieving topline growth. Mobile banking for small business customers is a huge hidden revenue opportunity for community Financial Institutions. By leveraging digital technologies to offer more personalization, your Institution can reach new customer segments, and take advantage of advanced pricing practices to maximize profits.  

    In this session, we will redefine the small business banking customer journey to deliver more engaging digital experiences and robust revenue growth. We discuss a framework to help banks assess, develop and launch digital innovations that small business customers are willing to pay for and support profitable growth. 

    Covered Topics

    • Learn how to implement a systematic and structured approach to designing, pricing and selling mobile banking solutions
    • Review Results of Recent Simon-Kucher & Partners study on Small Business Perception of Digital Banking
      • Six distinct clusters of small business customers identified, including: Not Tech-Savvy, Consumer Type, Relationship-Driven, Unmet Needs-Willing to Pay, High Perceived Value-Willing to Pay and No Potential.
    • Discover How to Unlock Value and Apply Digital to reach more consumers and open new markets.
      • For example, instead of static websites and mobile apps that exhaustively list products and services, your FI can use interactivity and advanced digital choice architecture to make the buying process more engaging.
    • Implement smarter pricing practices and refrain from engaging in price wars, which have a detrimental effect on margins.
      • Use data to determine the optimal price to charge for digital innovations 
    • Be Customer-Centric. Remember that personal interaction will always remain an important component of the overall sales strategy.
    • Discuss Examples of Innovative Digital Products, Such as:
      • Happy Miles, a product that uses GPS technology to develop a pay-as-you-drive loan feature (a borrower’s monthly auto-loan payments vary depending on distance traveled; the more they drive, the more they pay).
      • Leveris, a lending platform provider, that allows a bank to offer borrowers the ability to restructure loans on the fly (Borrowers adjust the length of a loan’s term or monthly payment amounts using a mobile app).

    Who Should Attend?

    This engaging session is designed for:

    • Business Development Officers
    • IT Officers
    • Retail Operations
    • Strategic Development Officers
    • CFOs, CEOs, CTOs, and Other C-Level Executives
    • Compliance Officers
    • Electronic Banking Personnel 
    • Risk Management Staff
    • Data Security Officers
    • And Others Responsible for Digital Development Policy and Products

     

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    They [Small Businesses]  want the ability to pay their vendors and suppliers via bill pay, ACH, wire, or mobile wallet, and receive payments from customers the same way. Both types of payments would add to the convenience of cash management and monitoring for small businesses. They [Community Banks and Credit Unions] need to do a better job onboarding small businesses onto their mobile services, whether it be through better value communication or enhanced training. They need to understand customer needs, design and package products targeted at those needs, price them fairly based on willingness to pay, and communicate value effectively through sales and engagement channels.” - David Chung, a director at Simon-Kucher & Partners

    Overview

    Most community banks' and credit unions' digitalization efforts fall short of achieving topline growth. Mobile banking for small business customers is a huge hidden revenue opportunity for community Financial Institutions. By leveraging digital technologies to offer more personalization, your Institution can reach new customer segments, and take advantage of advanced pricing practices to maximize profits.  

    In this session, we will redefine the small business banking customer journey to deliver more engaging digital experiences and robust revenue growth. We discuss a framework to help banks assess, develop and launch digital innovations that small business customers are willing to pay for and support profitable growth. 

    Covered Topics

    • Learn how to implement a systematic and structured approach to designing, pricing and selling mobile banking solutions
    • Review Results of Recent Simon-Kucher & Partners study on Small Business Perception of Digital Banking
      • Six distinct clusters of small business customers identified, including: Not Tech-Savvy, Consumer Type, Relationship-Driven, Unmet Needs-Willing to Pay, High Perceived Value-Willing to Pay and No Potential.
    • Discover How to Unlock Value and Apply Digital to reach more consumers and open new markets.
      • For example, instead of static websites and mobile apps that exhaustively list products and services, your FI can use interactivity and advanced digital choice architecture to make the buying process more engaging.
    • Implement smarter pricing practices and refrain from engaging in price wars, which have a detrimental effect on margins.
      • Use data to determine the optimal price to charge for digital innovations 
    • Be Customer-Centric. Remember that personal interaction will always remain an important component of the overall sales strategy.
    • Discuss Examples of Innovative Digital Products, Such as:
      • Happy Miles, a product that uses GPS technology to develop a pay-as-you-drive loan feature (a borrower’s monthly auto-loan payments vary depending on distance traveled; the more they drive, the more they pay).
      • Leveris, a lending platform provider, that allows a bank to offer borrowers the ability to restructure loans on the fly (Borrowers adjust the length of a loan’s term or monthly payment amounts using a mobile app).

    Who Should Attend?

    This engaging session is designed for:

    • Business Development Officers
    • IT Officers
    • Retail Operations
    • Strategic Development Officers
    • CFOs, CEOs, CTOs, and Other C-Level Executives
    • Compliance Officers
    • Electronic Banking Personnel 
    • Risk Management Staff
    • Data Security Officers
    • And Others Responsible for Digital Development Policy and Products

     

    Presenter:

    David Chung

    David Chung  is a partner at consultancy Simon-Kucher & Partners. He is an expert in developing B2B product and pricing strategies for big banks. David received an MBA from Duke University Fuqua School in Business specializing in Marketing Strategy and Finance, and a BS in Chemical Engineering & Economics from Columbia University in the City of New York.