Banks to adopt Digital Route for Digital Transformation
Taking the digital route to help customers navigate complex financial decisions, with the rapid innovation in the finance industry has led to new competition. Whether it is the payments sector or the retail banking, technology and changing customer needs are revolutionalizing banking in a way like never before. So, the question for a bank is how do to differentiate in such a crowded space? In the days of yore, competitive advantage was sought by dominating in one or two of three competencies: product leadership, cost leadership and customer intimacy.
Customer experience is the new competitive battlefield for differentiation - in many cases, replacing the product-based advantages that many marketers have traditionally built their careers around, by creating an unique banking experience for every account holders.
First Fully digitized bank in India
As per the survey conducted by Accenture ~13,000 consumers in 33 different countries and found that 66% i.e 2 out of every 3 consumers switched providers due to poor customer experience. Banks like their other industry counterparts, realize this and plan to compete primarily on the basis of the customer experience in the coming years.
* Using Technology expensively for customer transactions
* A range of communications channels and customer touchpoints to enable self-service interactions
* Proactive engagement with customers enables to get a really good sense of customer sentiment
* Be the first public sector bank to improve customer experience and grow in the fastest growing segment of the population.
*Omni-channel Digital banking Delivered
* Finance best practices that are making the biggest impact on leading organizations
To succeed in the Digital age,CFOs and the organizations they lead must recognize the value of a holistic approach to digital transformation that can drive both operational savings and the flexibility needed to change business models or shift in and out of markets quickly.
Customers mostly look for:
• Simple, reliable and quick service experience
• Easy access to a full suite of financial products across all channels
• Personalized recommendations (trading options) that fit their specific risk profile and financial situation
Banks can deliver all this by building three capabilities
• Creating an intelligent multichannel bank where customers can transact across branch, mobile, web and kiosks
• Enhance the service experience by transforming the bank into one that provides non-financial service in addition to a cohesive financial portfolio to increase retention
• Predict customer’s needs such as a need to rebalance portfolio in response to life events by becoming a socially engaging bank The end result:delightful experiences and effortless transactions which is key to capturing customers unwavering loyalty.
Statistics indicate that that 44% of consumers chose a bank based on recommendations from family and friends. An estimated 66% of all service requests are likely to be conducted online by 2020, still 70% customers still prefer to open their account in their bank branch. This means inside the bank, customers must be engaged in a way that they accelerate the decision to invest in the bank’s preferred vehicles.
DIGITAL BRANCH
To empower banks to accelerate their digital transformation and upgrade their outdated portals and banking apps into modern, digital experiences that are easy to use and result in more sales conversions and more satisfied customers. The newer digital banking platform puts you in control of your digital strategy, allowing you to create, manage and optimize the end-to-end customer experience, putting you ahead of your competition.
Delight your customers
Today’s customers expect seamless customer journeys – any time, any place – that are easy to use and perfectly match the traditional face-to-face relationships they have with their adviser, without any friction and the real challenge is to provide you the agility to create tailor-made experiences and take the lead in the digital banking revolution.
Mobile SDK
Create hybrid or fully native mobile apps for Android and iOS.
Mix and match HTML and native UI elements in high-performance runtime.
Easy integration with any third party mobile SDKs.
Bank-grade security and high-performance runtime.
Clearly defined extension points with clean APIs.
Customer experience services
Robust enterprise security and application integration platform.
Modern micro-services-based customer experience orchestration architecture.
Integrated content management and personalization/targeting services.
Communication through simple, universally accessible APIs.
Classic deployment (servlet container) and native cloud deployment.
Go Digital Initiatives:
The leaders in digital banking are more client –centric, tech-savvy, and inclusive-and are fundamentally changing to deliver the best results.
· Finance best practices that are making the biggest impact on leading organizations
Most banks began their digital journey years ago and have clear digital strategies,yet even thoise are facing major changes,. In particular, as more customers use their mobile phones and tablets to do their banking,and omni-channel takes hold in financial services,the mobile experience is becoming a crucial aspect of digital strategy that banks must address.
Secondly,to keep up in this fast-changing market,traditional banks will have to adopt their operating models.In particular,changes in IT new products and services development,and changing expections for time-to-market will be key factors going forward.
Perhaps the most important step, however,is that banking in the digital age requires a drastic,profound reset of how banking staff reacts to customer needs. This means thinking customer first,rather than by channel: as one panellist puts it,” Banks think in vhannels,but customers don’t. “ It means being conscious that small digital players can gain market share faster and in a manner that is more disruptive to traditional banks/models. It means understanding that organizational silos pose significant obstacles to creating new solutions for customers.Most importantly,it means looking inward,changing organizational beliefs and habits to facilitate clients and drive digital innovation.
A new spirit of banking, will lead the way of addressing market challenges with more agile and improving in day-to-day business.
The game is about the race to build an audience
Multi-factor authentication (MFA) is a solution that banks and insurers could consider – it captures and uses contextual data around each login to determine whether the user should be granted access, such as a user’s connection, their geographic location, a valid point of entry and time of day. If there is nothing suspicious, a one time passcode is generated in real time and sent to the employee’s mobile, allowing them to log in securely.
The cyber security threat facing banks is increasingly exponentially. And IT professionals on the front line owe it to the bank and its customers to have every solution at their fingertips to try and circumvent attacks. MFA is only part of the solution, but in terms of locking down security around authentication, they need to do the best they can.
See What’s Next in Tech With the Fast Forward Newsletter
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.