Digital Intelligence

Financial institutions are exploring ways to gain actionable insight from customer interactions across online, mobile and social channels to deliver a compelling experience that is contextual as well as relevant. Leading organizations are already integrating their digital analytics data with existing traditional data sets from existing CRM systems to create a completely new layer of intelligence to deliver even more personalized experiences to customers.

U.K. customers with an American Express (AmEx) card can now sync their card account with their Foursquare account and take advantage of personalized offers, based on location and their spend patterns.

Download Digital Intelligence Practical Guide

Integrated experience design

Customers today are accessing content across multiple devices and from multiple destinations. To enhance consistency when engaging with customers and reduce overhead in creating and publishing content across channels, financial institutions need an integrated multichannel approach based on a ‘Digital First’ mindset. This approach helps marketers focus on the relevant media and customer experience to improve engagement.

Realizing the significance of an integrated approach in delivering a seamless multichannel customer experience, Citi invested in developing an in-depth understanding of the digital design principles and the role each device and channel plays in providing customers with a compelling experience.

Digital operating model

Developing a culture of innovation and building relevant digital capabilities are critical to realizing the benefits of enabling technologies. Digital provides a truly transformational way to engage with customers and needs to be embraced throughout the organization. This is the path some leading financial institutions are taking with a strong focus on customer intimacy.

As part of its ‘Digital First’ journey, Citi has overhauled its digital and customer experience capabilities. Using an agile development environment, the bank changed the way it measures and thinks about data, and how it listens and responds to customer needs in real time.

Socially engaging banking

Customers are increasingly using social to share, connect and learn more about brands and their offerings. Leading banks are already using this channel for gathering insights, demonstrating transparency, engaging customers and for new product development.

New York City-based Movenbank is launching next generation banking services with social at its core. Combining traditional credit data with behavioral data and social influence, the bank has created a customer credibility (CRED) score to provide feedback to customers on their financial performance and options they can consider. Although still in pilot phase, Movenbank has created a buzz in the world of mobile finance.

Download Socially Engaging Banking Practical Guide

Digital relationship management

By fusing human contact, digital services and tools seamlessly into a single coherent interaction, banks can create a new type of conversation with customers. Through context-based offerings, banks can extend the traditional relationship management/teller model to provide superior digital services— the key to driving deeper customer intimacy and differentiation.

Banco Bilbao Vizcaya Argentaria (BBVA)—one of Spain's largest banks—is breaking new ground with LOLA—a virtual assistant application that guides BBVA's internet banking customers through pages where the structure and displayed information is tailored to suit their specific needs.

Download Digital Relationship Management Practical Guide

Everywhere banking

Mobile is one of the fastest growing channels among banks as it enables customers to have instant control of their finances, from transferring money, to taking advantage of geolocation-driven offers and mobile wallet services. Increasingly, banks are integrating mobile banking services with other channel offerings to provide a multichannel customer experience.

Barclays has launched an innovative mobile payment service—Pingit—for customers on the go who can use their mobile phone to send or receive money. Other niche players are using mobile as a service channel to initiate financial offers, especially for certain products such as loans.

Amazon-like post-login experience

There is a great opportunity to transform the post-login experience into a dialog engine. By monitoring customer transactions and behavior, the dialog engine can suggest tools for financial planning and budgeting, act as a virtual advisor, and much more. The experience becomes immensely powerful when banks can integrate customer experiences and journeys across both public- and secure-banking websites in a seamless manner.

Using transaction history and partner ecosystem, Bank of America has developed BankAmeriDeals—a value added service application that allows online customers to select a series of cash back deals at shops and restaurants in a secure environment.