Digital Banking in Asia

        One of the key things we recognized immediately was that digital design delivers convenience and experience to the customer, but it needs to go beyond that experience and delight customers. So once customers get their approval, we call them within two hours and talk them through the home-buying process. We’ve just started measuring the satisfaction scores, and what we’re seeing is that the approach is making a big difference, including switching these new-to-bank customers in before the home loan is drawn down.

        McKinsey: How do you think about your unified customer experience?

        Simon Pomeroy: It’s all about putting customers at the center of the strategy, reducing friction, and creating a more seamless experience across all channels, both human and digital. We were trying to build a more personalized, deeper, proactive contact with customers, and we previously relied on doing all that through our frontline channels. But it’s physically impossible when one frontline agent is trying to deal with 500 or 600 customers at a time.

        We realized that you couldn’t necessarily do it all through human channels. We also recognized that our data didn’t enable us to build those customer relationships. Why? Traditionally, we looked at everything through the eyes of the product, but we wanted to look at it through the eyes of the customer. The answer for us was to create a single customer view. We also needed to automate our processes around data and build a decision-making and communication-deployment capability. This was really important because it allowed us to understand customer behavior and respond in near real time.

        For example, when a customer does something in either a behavioral or transactional sense, we can see it in the data, and the decision engine can respond in near real time with relevant communication. We’ve enabled ourselves to have what we call “next-best conversations” with customersacross all channels. These are both program- and customer-behavior-led, which means that we can have cycles of conversation. We are using this to cross-sell, manage pipelines, and onboard customers. Think about it like having a message stack that’s tailored to every single customer and that can be communicated across all channels, human and digital.

        This isn’t just about when someone wants to buy a product; it’s actually everyday communication we’re having with customers. It’s automated and it’s triggered, and when a customer responds to it, we can either fulfill it or we can triage it through to another channel. This is driving a significant amount of activity. Last year, on average, we spoke to customers about 3.5 times; this year, we spoke to more customers on average nearly 11 times. A great example of this is in our home-loan pipeline, where we can now communicate frequently with customers as they go through the home-buying process. Leading this through digital channels—e-mail, online banking, and SMS—we can centrally deploy thousands of personalized one-to-one communications, and when the customer responds, these are immediately triaged to their relationship manager’s mobile phone and inbox to follow up.

        We’ve even integrated our ATM network into the approach so that we can personalize the experience and have next-best conversations via the 50 million interactions we have through this network every year. Customers will even be able to fulfill services through the ATM.

        Additionally, we’ve integrated our voice-of-customer strategy. After interacting with us across any channel, customers are surveyed in near real time. We’ve taken this one stage further to make it easy for customers to give us feedback through all digital channels. All responses are triaged back to the appropriate relationship manager in near real time. We are seeing significant shifts in the net promoter score and really lifting our approach to customer recovery as a result.

        McKinsey: Did you have to rebuild the central data system to carry out this effort?

        Simon Pomeroy: We had nothing really a year ago, and our CEO was keen to see what we could do without tackling core systems. We just started to think about how to get data out of the warehouse, make it actionable, and then use it to drive a smart and ongoing communication strategy across both human and digital channels. The investment in this piece of the project is about NZ $4 million (US $3.4 million), so it’s not a significant amount of money.

        McKinsey: How are you thinking about a unified user experience?

        Simon Pomeroy: The number-one channel in reach and frequency is online. One of the key things we realized was that customers are now using different devices throughout the day to do everyday tasks, including banking. The idea that full online banking would only be available on a PC felt like an outdated concept. We wanted our customers to have the best digital and mobile experience in New Zealand, so we created a central online platform that offers full banking functionality, not just through PCs but through phones and tablets as well—that’s the game changer. We built our system in a mobile-first environment to make sure that whatever we developed works for the smaller screen, and you just expand it to get it to the bigger screen; it’s fully responsive. We are one of only a handful of banks to have achieved this globally.

        We have also introduced a groundbreaking feature called Timeline. This offers customers an aggregated, searchable view of all transactions across all accounts, allowing them to see past and future payments. This offers a great platform to deliver financial and cash-flow management to customers.

        McKinsey: What’s the impact of these changes on physical branches?

        Simon Pomeroy: The new platform allows us to build services significantly cheaper and quicker, and we are looking to replicate 90 percent of all the products and servicing you can do at a branch today through this platform over the next nine months. This fulfills the customer demand for more self-service, 24/7 and from any device anywhere in the world. This will ultimately remove the need for frontline staff to predominantly fulfill transactional activity and enable our staff to focus on providing more advisory services to customers.

        That said, we are making sure that everything we lead digitally is human-backed. Because I’ll tell you what—banking is still a people business. It’s still about relationships. And I personally believe that when I need my bank most, I want to be able to go seamlessly from a digital channel to a human being. The one thing that’s really impressive about what we’re doing is that everything we do that’s digitally led gives the customer the ability to get a human being to contact them straight away if they’ve got an issue.

        The whole point of the new Internet-banking platform is that we can bring in things like chat and the ability to FaceTime your banker, to have secure messages, and to have a dialogue straight away, in real time. But it also allows us to drive the next-best-conversation strategy through online banking, which customers can see through any device every day. It could be about what’scoming out of your account; it could be the bank has a new credit-card offer for you; it could be that the bank can see that you’ve got a payment going out in a couple of days and you haven’t got enough money in your account to pay for it. All of these things our frontline teams can then engage with the customer on through digital channels.

        The next-best-conversation strategy also extends existing inbound conversations through the branches and our contact centers. We have enabled a single customer view for our frontline teams that prompts next-best conversations around customer need. This ensures the focus from frontline teams is on marketing, pricing, and loyalty activity that is relevant to each customer. We are already seeing high conversions from these conversations, which further demonstrate the return on investment of the strategy. McKinsey: What about the impact of digital banking on a channel like call centers?

        Simon Pomeroy: About 18 months ago, we recognized that about a million calls a year to the call center were people just asking for the balance of their account. We wanted to try and use our call center to be more advisory, and our call-center staff wanted to be more advisory. So we built this app called Cash Tank. This allows customers to get their account balance without having to log in. Cash Tank now gets three million hits a month, and it’s reduced the amount of balance calls coming through the call center, which has meant we’ve started using call-center staff for other things, so they can be more proactive in outbound calling, for example. The great thing about innovations like Cash Tank is that we can continually enhance them in response to customer needs. Cash Tank now sits as a widget on Android devices, and we’re about to launch a version for smart watches. This will be one of the first integrated banking apps to be developed for a watch globally.

        We have also just turned on proactive chat with customers on our public Web site. We have targeted this at personal and home lending; within the first 30 minutes of it going live, we had converted a new loan. We aim to roll this out across more products in the coming months and will fully incorporate it into our central online banking platform in 2014.

        McKinsey: How do you measure impact?

        Simon Pomeroy: We’re already seeing significant uplift in revenue from the next-best-conversation strategy. We’ve seen an increase of about 28 percentin products sold through campaign activity compared with the corresponding period last year.

        It used to take four weeks to get communications to customers, because we were handraulic in how we managed data. We can now get that in 24 hours. It used to take a week and a half to get leads to our front line. We can now send those leads in real time and get hold of customers on the first time to contact for leads that go to the front line in 72 hours, as opposed to two to three weeks. It’s making a big difference in how we contact customers.

        We are now speaking to more customers, more frequently, through new channels. When you think about e-mail and SMS, in our personal lives, you don’t necessarily look at those things as new channels, but for the bank, they’re new channels. We weren’t communicating through them 12 months ago; now we’re driving a lot of communication through these channels. And it’s communication that’s quickly responded to by customers. Also, the integrated voice-of-customer program—our ability to listen and act on customer feedback—is driving our net-promoter-score metric in the right direction. McKinsey: What challenges has the bank had to overcome to deliver its digital strategy?

        Simon Pomeroy: The biggest challenge is in the way the bank has traditionally developed technology solutions and the complexity that has built up as a result. The CEO was again instrumental in driving a change of approach to planning our IT development, which required us to make courageous decisions and “future proof” our systems. This was embraced by the CIO, who has delivered a “digital first” reusable service-oriented architecture across the bank.

        At the same time, we have delivered a new service layer that allows solutions to be developed and deployed without wholesale change to core systems. Our approach to delivery has also become incremental, which enables faster delivery and a test-and-learn approach. This again has been embraced really positively by our technology team.

        McKinsey: How would you sum up Westpac’s approach to digital banking?

        Simon Pomeroy: We believe the customers are the drivers; technology is just the enabler. We still believe that banking is about relationships and about people, and it’s really important that everything we do is deeply personalized, deeply relevant, deeply targeted, and always human-backed.

        The CEO’s aspiration is to be the best digital bank in New Zealand in 2014 and to shoot to be the best in the world in 2015. He has been clear about letting nothing stand in the way of doing so. We think this is achievable, and the proof points we have delivered are encouraging the whole team to believe we can do it and be proud of what we are doing for our customers, because that’s what it’s really all about: our customers.

（本文原载于《麦肯锡季刊》中文版china.mckinseyquarterly.com。版权所有麦肯锡公司1992-2014。本文经麦肯锡公司授权转载。任何第三方未经麦肯锡公司直接接授权不得以任何形式擅自转载或摘编。）

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