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Pragmatic financial services providers are looking to digital to redefine customer relationships—and it is paying dividends.
The banking industry is only just emerging from the unprecedented impact of the global economic downturn and related financial fallout. Now more than ever, banks must reconnect with customers, rebuild trust and rethink the banking experience.
Experience a ‘Digital First’ Interactive JourneyRising to the challenge, financial institutions are starting to explore digital technologies and solutions, and adopting a ‘Digital First’ mindset, putting digital at the heart of the business.
Digital technologies and solutions provide an excellent opportunity for forward-thinking financial institutions to move past this challenging market environment. The imperative for change is great. If banks do not step up to digital, non-banking organizations will seize the opportunity to own the customer experience layer and provide alternate means of distribution.
It is clear that banks that want to become banks of choice for existing and new customers must put digital at the heart of the business. In fact, recent Accenture research reveals that the three business models of progress banks all leverage digital technologies and solutions. These models include the following:
Intelligent multichannel bank. Builds on enhanced multichannel experiences using strategic analytics solutions to engage customers and meet their financial needs effectively.
Socially engaging bank. Leverages social media interactions to increase customer intimacy.
Financial/non-financial digital ecosystem. Leverages in particular the power of mobile technology to put the bank at the center of an ecosystem selling financial and non-financial services.
By having a truly digital business, financial providers can move away from reactive, transaction-based customer relationships, toward a more intimate, proactive and personalized experience across multiple channels, products and services.
Experience a ‘Digital First’ Interactive Journey
Download Infographic: Banking on Digital
While developing and sustaining a strong digital strategy is not an all-or-nothing proposition for financial institutions, there are a number of fundamentals—or “golden rules”—that are important to building and preserving customer intimacy and guiding any successful digital strategy:
Be attentive. Anticipate customer needs and guide them to the relevant product or offers quickly.
Be insightful. Leverage analytics, data mining and other technologies to understand customer preferences as well as needs, guiding them and increasing the value of each customer interaction.
Be connected. Provide a seamless experience across channels and devices so customers will feel positive about their digital experience with their banks.
Be relevant. Deliver improved customer service by developing digital applications that recognize contextual signals and engage customers within them.
Be available. Deepen customer relationships by giving them access to virtual relationship managers and other digital tools and services all day, every day, across all channels.
There are seven keys enabling technologies that will make the implementation of a ‘Digital First’ strategy meaningful, robust and seamless:
Digital intelligence. Leading organizations integrate digital analytics data with traditional data sets from existing customer relationship management systems to create a new layer of digital intelligence and deliver even more personalized experiences to customers. Read more about Digital Intelligence Enabler.
Integrated experience design. Since customers are accessing content across multiple devices and from multiple destinations, an integrated approach is imperative. This enhances consistency when engaging with customers and reduces overhead in content creation. Read more about Integrated Experience Design Enabler.
Post-login Customer Experience. By monitoring customer transactions and behavior, banks can suggest tools for financial planning and budgeting, act as virtual advisors, and offer peer comparison on products or services. Read more about Post-login Customer Experience Enabler.
Everywhere banking. Mobile cannot be ignored. Leading banks must integrate mobile banking services with other channel offerings to provide a multichannel experience and gain a competitive edge. Read more about the Everywhere Banking Enabler.
Digital relationship management. Using digital, banks can extend the traditional relationship model to provide superior service—key to deeper customer intimacy and to interactive customer experiences. Read more about Digital Relationship Management Enabler.
Socially engaging banks. Social media is a way of life for many customers. As such, banks must meet customers where they are and use social media to gather insights, demonstrate transparency and engage customers. Read more about Social Engaging Enabler.
Digital operating model. Developing a culture of innovation and experimentation, as well as relevant digital capabilities, is critical to realizing the full benefits of enabling technologies. Read more about Digital Operating Model.
Digital Operating Model
Digital Relationship Management
Integrated Experience Design
Post-Login Customer Experience
Socially Engaging Banking
January 9, 2013
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