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Banking on Digital

Building trust and innovation in Financial Services.

Overview

The digital era could not have come at a better time for the banking industry. With bank customer loyalty and trust at a low point, following the recent financial fallout and the economic downturn, banks are in need of a fresh start.

Rising to the challenge of reconnecting with customers, rebuilding trust and renewing the banking experience, banks are starting to explore digital technologies and solutions.

But is that enough?

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CUSTOMER INTIMACY

5 GOLDEN RULES

Be Attentive

Anticipate customer needs and guide them to the relevant product or offers quickly. The design of this experience should be able to sense the mood of customers (learn, evaluate, action) and serve appropriate content. For example, the landing page should be able to recognize if a particular user is a new visitor or returning customer before serving content.

Be Insightful

Leverage analytics, data mining and other technologies to understand customer preferences as well as needs, guiding them and maximizing the value of each customer interaction.

Be Connected

Provide a seamless experience (one interaction leading to another without interruption) across channels and devices so customers will feel positive about their digital experience with their respective banks. For instance, if a customer submits a mortgage application to his bank, all his subsequent interactions with the bank—contact with the call centre, a visit to the bank’s website or an SMS on his phone informing him about the approval of his mortgage application—should be in sync with each other.

Be Relevant

Deliver a superior service to customers by developing digital applications that recognize contextual signals and engage customers within that context. For instance, if a customer goes abroad, the bank’s locator application on his mobile device can recognize that fact and provide contextually relevant information such as the nearest ATM machines in the vicinity.

Be Available

Deepen the relationship with customers by giving them access to virtual relationship managers and other digital tools and services all day, every day, across all channels and devices.

Enablers

SERVING DIGITAL CUSTOMERS

A ‘Digital First’ mindset is fundamental for financial services providers focused on significantly enhancing customer satisfaction, building customer loyalty and deepening share of wallet.

A crucial step in this direction is to create, or refresh, ‘customer experience maps.’ These maps assist in identifying customer needs in a multichannel context—the foundation for identifying in which digital capabilities banks need to invest to engage and strengthen relationships with customers at various stages of their journey.

At a time when tech-savvy customers are increasingly demanding about how, where and when they want services from their banks, becoming a truly integrated digital business is essential for growth. Only by adopting a ‘Digital First’ mindset can banks hope to deliver reliable, relevant and innovative financial services which build a strong and loyal customer base.

Connections