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Transforming banking: The digital way

Transforming banking: The digital way

Banks and financial services firms today are compelled to go digital. While restraint by some is understandable, the change is both necessary and worthwhile

It has been a little over a year since digital transformation topped agendas in the financial sector, around the globe. Banks and traditional financial services companies have often been slow to adapt to the digital revolution, but Deloitte has pointed out in a report that digital transformation can provide a significant advantage. Financial services companies refrain from adoption because new technologies add complexity and challenges to their core services; however, they can innovate to capitalise on the latest advancements and deliver new forms of value to their customers. Most importantly, digital transformation is not just advantageous for banks but also necessary. With the rise of the digital economy, digitally native consumers expect digital banking, for which digital transformation has become a strategic imperative.

The need behind the transformation

The operational efficiency of an organisation is directly related to its technological maturity. Efficiency is the hallmark of digitally mature organisations, and it lets them maintain low overheads. On the other hand, organisations that continue to use legacy systems tend to be underperformers. The reason is clear – and here’s the proof: A Boston Consulting Group (BCG) survey suggested that digital initiatives can help financial institutions cut costs by as much as 80% with proper execution.

These digital initiatives lead to benefits such as convenience and ease of use for consumers, who have no interest in back-end performance improvements (which drive technology adoption in many organisations). According to a survey by American Bankers Association, mobile payments, online budgeting, video approvals, etc. are features for which customers would switch banks. Some of the advantages of digitisation can allay safety concerns too, such as contactless payments and e-services.

Understanding the deterrents

Transformation of any kind comes with challenges – more so when it pertains to digital, as it threatens the way of working of so many people. In addition to these regular ones, financial institutions must find a way to overhaul their complex business models and legacy systems. The entrenched way of working in a financial institution also makes it difficult to understand the potential of digital transformation.

While innovators and early adopters iterate at exponential rates, leading to products and services that are disruptive, not all people in the financial sector operate at the leading edge of innovation – they are more concerned about the rules and regulations and adhere to them, for good reasons. The safety created by this environment makes it difficult to fully grasp the significance of new technology trends, and institutions must find a way to disrupt while staying grounded.

Custom(er)ising the banking journey

Consumers demand an easy, seamless, and fully customised experience. For them, both grocery shopping and banking are transactions – if they can take care of the former from an app, they expect the latter to provide similar convenience. Four out of five financial institutions agree to this trend, according to BCG, and yet 43% of them haven’t developed a digital strategy.

The solution to this starts with data. Banks accumulate details and information about their customers on a huge scale, which can be utilised to create bespoke user journeys that are intuitive and simple. Data analytics can provide extremely valuable insights to help banks understand and serve consumers better in a non-invasive but a pre-emptive and personalised way.

Embracing open banking

The financial landscape has changed drastically over the last decade: banks are not just competing with banks but also with finance-related apps that make basic banking processes look rigid. Opening up an avenue where information is shared securely through APIs with third parties, after getting the consent of consumers, can pave the way ahead. The data can be used by various mobile and app services to help consumers find the easiest way of accomplishing their goals, thereby simplifying their banking experience.

Succeeding at trial-by-transformation

Despite the challenges ahead, leaders in the financial sector have an incredible opportunity to redefine the customer experience. The effects of digital transformation through experience engineering can permeate all levels of a consumer’s life, considering how banking is the backbone of almost all economic activities. Banks that are most digitally enabled can set new standards at an accelerated pace for the industry while making life easier for both their employees and customers.

Originally published on Dataquest India

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Customer Experience in Banking – The Five Success Steps

Customer Experience in Banking – The Five Success Steps

The period of transformation is upon us. No matter the industry, organizations are shifting their goalposts in order to meet their customers where they are. Newer innovations, disruptive business models and changing customer needs necessitate organizations to have a well-defined customer experience strategy and transformation roadmap. Such a roadmap not only avoids the risk of investing in the wrong technology, but also saves organizations from designing the wrong experiences.

“Customer experience is the new brand” is a famous quote. This is a reality in the current digital banking revolution and is the single largest priority for banks. The significance and criticality of customer experience transformation is more or less the number one priority in every industry sector. In Banking specially, customer perception plays a phenomenal role in customer acquisition and retention. This is where customer experience transformation adds a substantial value.

Banking on the change

The Banking industry, specifically the part that caters to retail customers, has been on the cusp of digital transformation for a few years now. Improved and reliable internet access has been a game changer – allowing banks to cater to the needs of their digital banking consumers without being physically present. These small conveniences led to bigger ones – now, a prospective customer can open an account and operate it without having to step inside a physical branch for years. Yet, a research by the Digital Banking Report shows that majority of financial institutions that do not have a formal customer experience plan in place.

But customers aren’t expecting less even if they see their bankers less and less. The survey mentioned above reveals that 84% of banking clients want to be treated as an individual person and not an account number. The standards for good experiences are higher too, with 67% of respondents agreeing. A takeaway for banks would be that only 49% are happy with their interaction experiences with their financial institutions – just a little over half the banking population feels there is room for improvement.

What banks need to know about changing customer expectation?

76% of consumers expect companies to understand their needs and expectations. Get an insider from our infography.

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The Five Success Steps of Customer Experience Transformation

Almost all leading banking and financial institutions across the world offer some form of digital banking solution. Investing in technology that allows for the digital transformation of customer experience with smart solutions and insights, however, can take them a notch above the rest. Here are five steps that can ensure more intuitive Banking services experience to customers:

  • Utilizing unified data for 360o visibility

    Unified data is the key to delivering relevant personalised experiences, who are looking for connected experiences across all interactions with businesses. By breaking customer information out of the silo, banking businesses can understand the bigger picture better and uncover more points of contact which might not have been apparent in the beginning.

  • Shifting to customer-centric offers

    Financial products, with their ‘one size fits all’ strategy, can alienate prospective customers with their rigid structures. Financial institutions now have the data and means to make sense of it via predictive analytics and artificial intelligence. By using various transactional, interaction-based, and other relevant data, services and products can be customized and shared with the consumers, along with personalised promotional offers.

  • Going beyond constraints

    Life doesn’t stop, and there is no reason for financial institutions to either. With advancements in data analysis resulting in more and more pointed insights, banks can scale their deliveries accordingly. Also, they can make the right offer to the right customer at the right time, through advancements in customer experience technology.

  • Offering multi-channel service

    From mobile banking to digital lending, flexibility is what drives the customer service in today’s financial space. Having a frictionless experience is important, and integrating continuity through multiple channels can help banking financial institutions simplify the lives of their consumers.

  • Building digital banking ecosystem

    With disruptive CX technology, it is possible to use open APIs to build a digital banking ecosystem of products and services to meet the customer needs. Allowing customers to track spends and analyse their budget, for example, can be a useful tool – and partnering with a digital specialist who can engineer this experience can add a significant business value.

The need for change

A radical change in customer experience can vary in regard to the time and resources required, when it comes to banking. A handful of elements and success steps are necessary for such customer experience transformation to deliver impactful results – A consistent focus on value, keeping the customer’s need at the center, and an ability to scale programs goes a long way. By listening to their consumers, Banks can enable relevant change agents that lead to tangible and intangible benefits like overtaking competitors, improved and efficient service, and enhanced working models.

Takeaways

Reshaping customer experience can happen in a multitude of ways, but the financial institution attempting it must take key steps before attempting the same. This can be achieved by partnering with new digital platforms, which allows customers to have a sleek, mobile experience that has now become the norm. Such solutions from digital partners with proven track records, are designed with customer adoption as their first and foremost consideration, along with customer satisfaction and enhancing retention.

Banking financial institutions need to become truly customer-centric in order to attract new and retain existing customers. Changing customer expectations are already creating opportunities for upstarts in the fintech sector, but even the established institutions can take advantage of the digital technologies available for customer experience transformation. By tweaking the already-reliable foundation, Banks can accelerate to the next, while delivering superior and innovative experiences to customers.

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4 Ways to Achieve Superior Customer Experience Using Siebel CRM

4 Ways to Achieve Superior Customer Experience Using Siebel CRM

The secret of success for any business is “Happy Customer”. And if you know how to succeed in enhancing the customer journey, then the sky is your limit. Gone those days when consumers use to take the back seat and business growth was the only goal to chase. Today, the most crucial aspects of any business are enhancing and smoothening the customer journey and make sure that not a single touchpoint is missed.

So, to build a strong customer loyalty process every customer touchpoint is addressed whether they are looking for a new service or financial product, scheduling a loan appointment, or checking statements, etc.  But at the same time, make sure to enhance operational efficiency, productivity, and control costs.

Digital Transformation Taking the Front Seat

Today the financial business is witnessing huge challenges. Customer expectations are increasing by leaps and bounds. They are looking for a provider that gives them something extra in terms of some financial advice, better interest rates, etc.

With the unprecedented access to information and growth in technology, customers have innumerable options to choose from and it is paramount that organizations enhance their CRM systems to engage with customers more often, make their interactions personalized, and make every experience delightful to enhance customer experience, build loyalty and improve customer retention.

Banks and financial organizations have realized the fact that to be ahead of their competitors and to provide a seamless experience to their target market, they have to revolve their business function around it.

Customer Relationship Management (CRM) solution is no longer optional. It needs of an hour. A rightly implemented CRM can help financial institutions and banks in acquiring new customers, close the deal, and provide excellent customer service. As CRM holds the core customer data, these data are utilized for better handling of problems, providing info on the best product and service, communicate with customers at right time, and to extend customer service across multiple channels.
Multiple Chanel

Source: Deloitte

The above infographic clearly shows that disruptive forces are taking center-stage in customer service strategy. As per a study conducted by Deloitte “Organizations must begin pro-actively reaching out to customers with information, advice and where appropriate, forewarnings. Acting as a partner to your customer and advising them how to make the most out of your services and reduce costs for themselves are high-value services that will single out your organization from the pack”

New Capabilities for Customer Services – Siebel CRM

Till now, we have understood that why CRM is no longer an optional choice for banks, but the question arises on how they can achieve maximum top-and bottom-line growth?
CRM Banking
Here are some of those benefits and how you can become the bank that customers love with the right banking CRM solution.

  • It can help you in establishing a need-based, customer-centric business model
    We all agree that it costs twice as much to acquire a new customer as to keep an existing one. Especially the in case of banks were losing one customer or acquiring a new one can be a huge financial burden. But with the help of a robust CRM system, banks can segregate customers based on their account information, demographic, engagement history, the types of services they use, etc.And based on this information campaigns can be built with tailored-made offerings. Competition for customers is high, so relevant offerings and cross-sell opportunities are crucial for keeping existing customers engaged.Oracle’s Siebel Open UI is a power-packed next generation UI framework, built with modern web standards (HTML, CSS & JavaScript) to simplify the overall user experience. With Siebel Open UI, you can easily digitize your traditional UI to a much more intuitive user interface.
  • It can help in delivering digital-first engagements
    The right CRM solution can help financial institutions and banks in delivering a digital-first banking experience to their millennium customers. We all know today customers are looking for services that can be easily accessible at their fingertips. And dealing with these types of customers you need to empower your sales and field agent with apt and real-time access to customer’s information, history, reports,and more, over your smartphones, tablets, and any other devices.Siebel CRM mobile solution offers pre-built mobile applications such as sales mobile and service mobile, which can be configured and integrated with the Siebel CRM applications. That means, your customer-facing team is fully accessed with customers’ information anywhere anytime.
  • It can increase banker productivity
    What’s the first thing comes to your mind when we talk about the banking process? It simple “Paperwork and Repetitive task”. Numerous processes that need manual handling and involve lots of paperwork. These outdated banking process systems make bankers less productive due to the procedure’s vulnerability to errors.But these concerns are no more cause of concerns for bankers. With the help of Robotic process automation (RPA) banks are now automating their business processes, thus reduces manual mundane tasks. Moreover, banks can complete their back-end tasks more accurately and efficiently without completely overhauling existing operating systems.
  • It can help in personalizing customer relationships at scale
    Digitalization has elevated customer loyalty and incentive programs to a new height. It requires you to build trust without any human interaction, which means customers want a flawless experience with the services they are using. So, how to recognize your loyal customers without spending thousands of dollars on ads, setting up expensive retargeting on custom development?

With Siebel loyalty management, you can personalize the way you want to interact and engage with your valuable customers. Furthermore, you can acquire and leverage rich customer insights and embedded best practices to deliver innovative and differentiated programs that drive behavior and build value, offer great customer experiences across channels, and adapt quickly and cost-effectively to improve competitive advantage.

Conclusion

Though you can reap endless benefits with CRM implementation and can build a robust customer relationship strategy especially in the banking domain which is now a customer-driven world. Experts believe that banks that understand and serve customized offerings are more likely to succeed, while those who still believe in traditional ways will lose market share and fade away.

As it is rightly said that “It is never too late to adopt innovations and new ways of working”.  And it is important to keep in mind that we need to fundamentally change how we operate and deliver value to your customers. This can only be possible if a strong infrastructure foundation and well chose team collaborate.

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Mobile First approach powered by Siebel CRM to Enhance User Experience

Mobile First approach powered by Siebel CRM to Enhance User Experience

Do you know the first thing that your consumer expects from your business? Is it empathy? Is it the understanding from the people assisting them? Or is it a flawless customer experience? The answer to it can vary from business to business but if we look at it from a banking customer perspective then the consumer is looking for everything at their fingertips. They want it instantly.

These growing expectations have given birth to a mobile-first digital transformation strategy. It helps the business in providing the services that consumers are looking for. And if you still taking the old route for fluffing customer expectations then be ready to lose consumers to your competition.

Therefore, it becomes essential for one to embrace these upcoming technologies to enhance employee’s productivity, and at the same time gives your customer an overwhelming and satisfying experience.

Mobile-First Approach: What Does It Mean?

The secret of success is to do the common thing uncommonly well. And if you know how to do it then the sky is your limit.

“The trend towards the transition of digital banking services to mobile applications has become so obvious that it is no longer necessary to provide extensive statistics to justify it. According to a number of EU banks, at the end of 2019, the ratio of customers using a mobile application ranged from 58% to 72%, and during Q1 2020, that figure had increased and reached 82%.”

Even some unprecedented changes caused by pandemic has undeniably boosted the growth of mobile digital offerings. It means banks and financial institutions have to come up with new ways and mediums to remain relevant to their employees so that they can continue working from their homes.

However, mobile banking not only simplifies customer banking needs but at the same time it helps bank receives a sharp increase in the number of satisfied and loyal customer and enjoys increased brand loyalty and the opportunities to sell new services.

But what makes mobile CRM a friendly and apt pick for sales and marketing professionals in the banking world? It enables the teams to access and manage information in real-time, wherever they are. Earlier, employees were tied to their desks and were supposed to be available whenever customers need them. Just like customer expectation is changing, banks and financial institution are also responding to them the way they are expecting. Sales team members travel between offices and locations to meet their customers. Research has shown that companies gain an extra 240 hours of work annually from employees using mobile devices for work-related purposes.

This is because mobile smart devices allow users the freedom to work from wherever suits them best.

How to create a Mobile-First strategy? 

Adopting a mobile-first strategy in your organization can be challenging or daunting in many ways, but if implemented correctly then the outcomes are immense. To lay down a strong foundation, banks must first understand their customer journey, identify their usage, check the integrity of the devices their employees use, and lastly make sure customers’ confidential data is protected.

Once these things are addressed, mobile CRM can lead to immense benefits for employees when they’re away from their office enabling them to:

  • Deliver real-time critical information
  • Easy access to a full desktop computing solution from a remote location
  • Close deals more quickly while on the road
  • Help user collaborate with colleagues and customers
  • Integrate PIN and CRM information that they need to work more efficiently
  • Share contact and lead information with other account team members

Staying connected with Siebel CRM mobile

Sales representatives need to perform common and repetitive tasks quickly, such as managing appointments, collaborating with sales team members, and connecting with customer contacts.
With Siebel CRM mobile solution, you can get real-time access to customer’s information, history, reports, and more, over your smartphones, tablets, and any other devices. It offers pre-built mobile applications such as sales mobile and service mobile, which can be configured and integrated with the Siebel CRM applications.

Moreover, it can enable your customer-facing teams to stay connected anywhere anytime. This means with a single click, users can view account team and customer contact information; communicate with them through a call, email, or text message; and get driving directions.

Bottom Line

“Business on the go” is in need of an hour and it will be here to stay irrespective of businesses. That means mobile solutions are and will be an important part of a comprehensive business strategy and if banks and other financial institutions want to add value to their CRM systems then they need to provide a robust solution to their sales representatives that can ease their job by getting relevant information at a glance and quickly complete important activities with fewer clicks.

With proper implementation of Siebel CRM, banks can generate user enthusiasm, resulting in better customer insight to improve customer satisfaction, reduce costs, and lastly increase sales.

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7 Tips for Engineering Superior Customer Onboarding Experiences in 2021

7 Tips for Engineering Superior Customer Onboarding Experiences in 2021

The year 2021 will see the banking industry grapple and evolve with Digital first approach in everything that they do. In this article, we try to summarize various tips that may prove beneficial for any banking organization, across the world to design a seamless and superior customer onboarding experience.

  • End-to-end Experience Engineering

    According to this report, on one hand 53% of the organizations which were polled reported that they offer solutions which are digital start to finish. However, when the customers were polled they reported that a visit to the bank was required to complete the KYC or document verification.

    Client onboarding to account management to offering new services, post andemic it has become imperative for the banks to offer a seamless digital experience. An experience which is crafted based on proven domain expertise.

  • Contextualisation of Experience
    As the world embraces the new normal, it is now critical than ever for the banks to contextulse and personalise the client onboarding experience.

    The conscious contextualisation of the solutions could be based on various factors such as financial health, income segments, geographic location and much more.

    The banks could work with an experienced services provider to conceive and apply digital for banks in the context of customers, their journeys, and the various experience points across these journeys.

  • Being Omnichannel

    Being omnichannel was is now not an enhancement but a requirement, given that the industry is embracing the new normal of living in the digital world. Customer onboarding is no different. Being available across channels such as social media, call, email not only helps improve the customer happiness quotient, but faster response times will also increase the loyalty and stickability of the customers with the bank.

  • Customer Adoption and Simplicity as Design Principles

    Maveric brings in a deep understanding of the banking ecosystem which spans for 20 years. This is the primary reason for our ‘signature’ simplicity which is evidenced in every customer transformation journey that we undertake.

    Our solutions are designed keeping customer adoption as the foremost parameter – higher app adoption translates into satisfied customers and better retention

    A testimony of this principle is a project that Maveric’s Digital Transformation business, achieved the business vision of optimizing operations and reducing the business cost for a leading bank in the UK. Our lean practices supported by Bi-Modal / Two Speed Approach reduced customer efforts in digital application creation by up to 75%.

  • Rapid prototyping for accelerated development of minimum viable product

    To keep pace with disruptive competition and the ever-evolving customer expectations, it is needed to use cutting edge risk & impact frameworks and simulators that allows rapid prototyping for delivering robust minimum viable products. It not only drives superior digital solution design but also increases the efficiencies through accelerated development to deployment frameworks with scalability and availability.

    For instance, Maveric worked with a key banking institution in the Middle East where we re-designed and re-architected the middleware platform and replaced it with containerised microservice solution. This redesigned solution was coupled with an intuitive UI and hence was easy to scale. The solution helped the customer optimize costs by moving into pay per API billing mode and eliminating additional infrastructure overheads.

  • Proactive communication

    Just as being available and responsive on all the possible and relevant channels is critical in a digital onboarding journey, it is also important to establish a communication channel which is proactive and which offers solutions.

    A successful digital transformation hinges on the ability to unlock the enormous business potential of customer experiences for a bank. Players such as Maveric focus on engineering superior customer experiences for banking leaders which proves to be the right step towards successful transformation journey of onboarding a client.

  • Adapting to the regulations

    While the pandemic has stalled many governments all over the world, it has also prompted the regulatory bodies to amend the exisiting regulations and bring in new ones to support the scalability of the digital journey. A dedicated team working on researching, adapting and designing soltuions which coply with the regualtions of the land should be a key part of the onboarding team. For instance, our PSD2 team could help you go live with the a compliant technological framework in just 12 weeks.

    We believe all of these factors when coupled with a passion to design superior experience engineering will enable a happy customer onboarding solution. Our digital transformation experts deliver accelerated experience, powered by solutions and managed services across open banking, digital channels, agile transformation and cloud adoption. Get in touch.

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