When was the last time that we had to go to a bank to complete a transaction as it was impossible to do the same over the net? Well..for most of us online banking is a boon that saves us a lot of time which we can then dedicate to our professional or personal lives.
Customer across the globe utilize mobile and internet banking to get in touch with their bank and complete as many transactions as the bank would allow them to.
Now the hard truth.....not only are most bank sites limited in terms of granting customer privileges to complete their transactions but the ones that do so.. lead the customers down an often confusing and frustrating path of figuring out how it all works. Add to that the fact that the presence of banks on the mobile networks is very limited and is in it's early days.
Contrast the above with the large number of millenials being always online and demanding the ability to transact and interact with the bank through all the channels at their disposal....and what you have is a very dangerous scenario of banks losing out on their existing customers and inability to acquire new ones.
The need of the hour is for the banks to be able to not only to interact with their customers but also to be able to engage with them through the digital channels available now.
In effect the complexity of managing customer perception (or Customer Experience management) thus increasing their trust and affection (which leads to increased loyalty) has increased manifold. At the same time with the increased frequency with which customers interact with banks has made it absolutely necessary for banks to be able to manage all the points of interactions and engage their customers but also be able to live up to their expectations from the bank.
Needless to say that Customer Experience Management now needs to be the topmost priority at a bank for them to be able to retain their customer as well as increase the net value of customer portfolio with them. banks need to be able to provide their customers with the ability to start any and all transactions over mobile and web as well as be able to continue the transaction over another channel. At the heart of this multichannel transactional capability lies the bank's ability to identify the customer over the given channels.This in turn would provide bank with the ability to understand the customer's behavioral patterns better so as to be able to present him with a personalized product portfolio with a much higher probability of acceptance as against a generic "shot in the dark" approach at marketing to their consumers and prospects.
At the same time, SRM (Social Relationship Marketing) needs to be leveraged by banks to be able to listen to their customer's voice and respond to their needs in real-time. Banks would do well in the current scenario to be able to understand their perception over the web by monitoring micro-blogging sites as well as Facebook and other channels. This would then provide greater insights into their marketing planning to be able to plan the message and channels for the various geographies to be targeted to achieve maximum returns from the campaign.
Banks not only need to listen to their customers positive responses over the web (and reward them for the positive influence on their followers/friends) but also need to be able to resolve their problems not only over the social media but also through the web and telephonic channels. Customers should be able to contact their customer support representative in case they are unable to resolve their issues using self-service options available. The support representatives on their part should have a complete view of the customer's value and be able to pre-empt their needs when contacted.
In the current "Age of the Customer" (as Forrestor calls it), banks need not only be able to manage their customer's experiences over the multitude of moments of truth that a customer journeys through, but need to be able to unify the response and message delivered across each of the touch-points.
The bottom line is that Banks not only need to figure out their value differentiation strategies and execute them across different customer touch-points but also need to be able to leverage greater insights about customer behavior over them to generate operational efficiency and improve business performance.
Customer across the globe utilize mobile and internet banking to get in touch with their bank and complete as many transactions as the bank would allow them to.
Now the hard truth.....not only are most bank sites limited in terms of granting customer privileges to complete their transactions but the ones that do so.. lead the customers down an often confusing and frustrating path of figuring out how it all works. Add to that the fact that the presence of banks on the mobile networks is very limited and is in it's early days.
Contrast the above with the large number of millenials being always online and demanding the ability to transact and interact with the bank through all the channels at their disposal....and what you have is a very dangerous scenario of banks losing out on their existing customers and inability to acquire new ones.
The need of the hour is for the banks to be able to not only to interact with their customers but also to be able to engage with them through the digital channels available now.
In effect the complexity of managing customer perception (or Customer Experience management) thus increasing their trust and affection (which leads to increased loyalty) has increased manifold. At the same time with the increased frequency with which customers interact with banks has made it absolutely necessary for banks to be able to manage all the points of interactions and engage their customers but also be able to live up to their expectations from the bank.
Needless to say that Customer Experience Management now needs to be the topmost priority at a bank for them to be able to retain their customer as well as increase the net value of customer portfolio with them. banks need to be able to provide their customers with the ability to start any and all transactions over mobile and web as well as be able to continue the transaction over another channel. At the heart of this multichannel transactional capability lies the bank's ability to identify the customer over the given channels.This in turn would provide bank with the ability to understand the customer's behavioral patterns better so as to be able to present him with a personalized product portfolio with a much higher probability of acceptance as against a generic "shot in the dark" approach at marketing to their consumers and prospects.
At the same time, SRM (Social Relationship Marketing) needs to be leveraged by banks to be able to listen to their customer's voice and respond to their needs in real-time. Banks would do well in the current scenario to be able to understand their perception over the web by monitoring micro-blogging sites as well as Facebook and other channels. This would then provide greater insights into their marketing planning to be able to plan the message and channels for the various geographies to be targeted to achieve maximum returns from the campaign.
Banks not only need to listen to their customers positive responses over the web (and reward them for the positive influence on their followers/friends) but also need to be able to resolve their problems not only over the social media but also through the web and telephonic channels. Customers should be able to contact their customer support representative in case they are unable to resolve their issues using self-service options available. The support representatives on their part should have a complete view of the customer's value and be able to pre-empt their needs when contacted.
In the current "Age of the Customer" (as Forrestor calls it), banks need not only be able to manage their customer's experiences over the multitude of moments of truth that a customer journeys through, but need to be able to unify the response and message delivered across each of the touch-points.
The bottom line is that Banks not only need to figure out their value differentiation strategies and execute them across different customer touch-points but also need to be able to leverage greater insights about customer behavior over them to generate operational efficiency and improve business performance.