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Innovation Ahead of the Curve. Arkadi Kuhlmann. What if the Idea Had a Name?. ING DIRECT was born in an age of broken promises. If we were going to earn people’s trust, we had to do it by turning our backs on what marketing had become. What if We Started Over?.

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slide3

What if the Idea Had a Name?

ING DIRECT was born in an age of broken promises. If we were going to earn people’s trust, we had to do it by turning our backs on what marketing had become.

slide4

What if We Started Over?

When you’re trying to re-invent something, nothing can be sacred.

slide5

Banking or Retailing?

“Do not go where the path may lead; go instead where there is no path and leave a trail”- Ralph Waldo Emerson

how do we innovate

What are we doing?

Leading Americans Back to Saving

How we do it?

We Simplify Financial Products

Our Brand Promise

Save Your Money TM

How Do We Innovate?
value based differentiation
Value Based Differentiation

CustomerAdvocacy

BrandExperience

CompetitiveAdvantage

EmployeeEngagement

Cost EfficientOperational Excellence

slide8

Short Term Focus

  • Rules Driven
  • Supply Focused
  • Follow Best Practice Industry Models
  • “Hire for Skill”
  • Hide Behind Bundled Offers
  • Make Money
  • Multiple Products
  • Out-source Work
  • Back-end Focused
  • Serve Everyone
  • Rigid & HierarchicalOrganization Structure
  • M&A Focused
  • Driven by Financial Targets
  • Innovate Once
  • Maintain Status Quo
  • Opportunistic Growth inDisjointed Areas
  • React to Technological Changes

Traditional

Sustained Innovation

Stimulus

Execution

  • Strong Organic Growth
  • Stable Profits
  • Constant Innovation
  • No Entitlement Culture
  • Strategic Growth inNew & Selected Areas
  • Exploit TechnologicalOpportunities
  • United by a Cause
  • Build a Franchise
  • Few High Value Products for Select Customers
  • In-house Work
  • Front-end Focused
  • Marketing & ITDrive Company
  • Nimble & AdaptiveOrganization Structure
  • Long Term Focus
  • Behavior Driven
  • Leapfrog Standards
  • Demand Focused
  • Retail Model
  • “Hire for Attitude”
  • TransparentStandalone Value

Disruptors

slide9

What if Everyone Could Win?

That was the impossible question that gave birth to this idea called ING DIRECT.

slide10

Building a Track Record – Consumers Love a Winner

  • # 1 Direct Bank
  • # 1 Savings Bank
  • # 9 Bank(residential mortgages)
  • #15 Bank (domestic deposits)
  • #19 Bank (assets)
  • 7.6M Customers
  • 8 Cafes

President Obama Inauguration Event, Delaware Office

Minnesota Café

New York Café

Seattle

St. Cloud

Source: FDIC Q3’09

innovate products
Innovate Products

Savings

Interest Checking

Investment

Mortgages

innovate every moment of truth
Innovate Every Moment of Truth
  • 3,989EO ATM transactions
  • 36,474Purchases using EO
  • 9,179Billpay transactions
  • 11,912ShareBuilder trades
  • 104,279Web transactions
  • 60,000ACH pushes
  • 149,000ACH pulls
  • 690Emails received from customers
  • 2,405Sharebuilder Mobile Views
  • 10,134Customer calls
  • 6,500Customer calls answered in 20 seconds
  • 16,363Clicks on our web banners
  • 304,228Customer web logins
  • $4,523,193Interest paid
  • $43,000,000 Gross mortgages funded
  • $47,253,000Net deposits inflow
  • 955New Sharebuilder Accounts
  • 7,120Web Impressions on WeTheSavers.com
  • 2,933Cups of coffee served
  • 4,443Café customers
  • 3,181New OSA accounts
  • 1,256New customers
  • 93,000Sharebuilder log ins
  • 3,000,000People watching our TV ads
  • 360,791Cross-Sell Emails
  • 454,548Acquisition Emails
  • 1,716Website Password Recovery
continuous innovation rewarded
Continuous Innovation Rewarded

Once Golden Boys

Soul Searchers

Disruptors

Palm

Southwest

Apple

Source: Yahoo Finance

  • Palm
  • Kodak
  • Xerox
  • Yahoo
  • AOL
  • Chrysler
  • Ford
  • Southwest
  • Microsoft
  • Starbucks
  • Borders
  • Apple
  • 3M
  • Google
marketing
Marketing

TM

Experience marketing in Manhattan with live promoters

Savings promotion on Black Friday

Marketing campaign on Hulu.com

Orange Brand Driver campaign

keep your customers connected
Keep Your Customers Connected

Websites our Customers Visit

FaceBook

You Tube

Hulu

Twitter

customers vote of confidence

180%

160%

140%

120%

100%

80%

Year 1

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

Year 8

Length of Customer Relationship

Customers’ Vote of Confidence

Delivering on Brand Promise

Wins Returning Business

7.6% Average Balance CAGR

91%

Planning to increase balancewith ING DIRECT

Satisfaction with ING DIRECT

9 out of 10

Deposit Balance Growth (% of Year 1 Opening Balance)

Thinks ING DIRECT is overall better than others

82%

Ease of becoming customer of ING DIRECT

9 out of 10

Thinks ING DIRECT website better than others

75%

slide19

What if We Gave Something Back?

This has never been just a business. It’s a cause.

slide22

New Normal

  • Price conscious consumers
  • Growing federal deficit & public debt
  • Higher natural unemployment
  • Threats of inflation/ stagflation

So who will win ?

slide24

Re-engineer

Supply-driven Innovation

Financial services’ need for profit

Demand-driven Innovation

Consumers’ need for value

Innovate

The Customer

The Process

The Product

slide25

What if We Aren’t Finished?

There is always going to be a better way to do this.

slide27

Road to HappinessLessons from Innovation

  • Build Innovation-centered Culture:Hire for Attitude and Reward Failure
  • Create Cycles of Creative Destruction:You will Never be Finished!
  • An Inventor’s Kryptonite: Financial Planning and Marginal Optimization
  • Be Demand-side Driven: Avoid Supply-driven Thinking
  • Facing the Brutal Truth:An Organization’s Capabilities Define its Deficiencies
  • Markets that Don’t Exist Cannot be Analyzed
  • Outside Forces Control Allocation of Your Internal Resources:Align Them!