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Contact Information:

     Andrea Loziuk
     416.673.2246 office
     askidc@idccanada.com
     www.idc.ca
     Robert Smythe
     416.673.2203 office
     rsmythe@idccanada.com
     www.idc.ca

PRESS RELEASE

New Report Series from IDC Canada Highlights the Rise of the Digital Persona and a New Era of DX for Banks

- May 11, 2016 -

Toronto ON., - International Data Corporation (IDC) Canada announced today the release of three new IDC Financial Insights report analyzing the rise of new online customer profiles and digital delivery strategies in the financial services industry. The first report, entitled Perspective: Demographic and Technology Personas of Canadian Bank Clients in a Digital World (Doc# CA40484416) explores the rise of the Digital Persona, and how Financial Institutions are developing a "Bring Your Own Persona" (BYOP) model to deliver customized online and mobile digital experiences.

Banking is undergoing a digital transformation from an activity reliant on physical structures, to something that can be done online at a time and place most convenient to the customer. The result is a move from establishing personas that represent large client segments, to a situation where the unique characteristics of individual clients can be represented. This approach has been called "Bring Your Own Persona" (BYOP).

BYOP involves a new form of engagement that uses the capabilities of the internet, mobility, big data and analytics while maintaining the human touch. Financial institutions are experts at dealing with "Know Your Customer" (KYC) regulations, which characterizes clients, but does not provide information on client needs and behaviors. Digital Personas help organizations understand the emotional and behavioral triggers behind individual customers within a market. Used together with KYC, they can act as a powerful complementary set of marketing tools for more in-depth and accurate customer targeting.

To aid financial institutions in starting to formulate BYOP solutions, IDC has created a custom personas model named the Digital Canadian Consumer segmentation. The Digital Canadian Consumer is composed of six segments which reflect a set of digital behaviours and attitudes in the market.

The six Digital Personas explored in this study are:


Financial Institutions need to consider these evolving customer segments when designing their online and mobile digital experiences. Products and services need to be delivered with default options for the technology novice, but also with customization options for clients with expert technology and financial expertise.

Delivering a customized BYOP digital experience for customers provides them with several benefits, including applications and solutions that they can configure; access to all banking information from multiple devices in any location; applications and services that are responsive and anticipate needs; and effective privacy and access controls.

"The financial industry has evolved from one where clients had to adapt to a one-size-fits-all banking interface dictated by the bank, to one where the client is in control; dictating how, when and where they will conduct their banking business. Successful banks will put clients in control of how they do business with their bank. This is a total role reversal".
- Robert Smythe, Financial Insights Research Consultant at IDC Canada.


This report is part of a group of three IDC Financial Insights reports in a series on digital banking in Canada. The other two reports in the series include:

Each of the reports are priced at US$1,500, but IDC Canada is offering a special bundled price of US$3000 for all three reports (please quote promo code: "FI Persona bundle" when speaking to your IDC Canada account representative). For more information, or to arrange a one on one interview with the author, Robert Smythe, please contact Andrea Loziuk at askidc@idccanada.com.

About IDC Financial Insights
IDC Financial Insights assists financial service businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the banking, insurance, and securities and investments industries. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a subsidiary of IDG, the world's leading technology, media, research, and events company. For more information, please visit www.idc-fi.com, email info@idc-fi.com, or call 508-620-5533. Visit the IDC Financial Insights Community at http://idc-insights-community.com/financial.
 
ABOUT IDC
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. IDC helps IT professionals, business executives, and the investment community to make fact-based decisions on technology purchases and business strategy. More than 1,100 IDC analysts provide global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. For more than 50 years, IDC has provided strategic insights to help our clients achieve their key business objectives. IDC is a subsidiary of IDG, the world's leading technology media, research, and events company. You can learn more about IDC by visiting www.idc.com or www.idc.ca .

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