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Customer centric banking – Navigating the future in Asia

Johnny Lu, Managing Director (Asia Pacific), GMC Software Technology | Oct. 21, 2014
Banks that invest time and resource into good customer communications management will get to know their customers well, which is key to gaining the customer loyalty.

Banks invest millions of dollars on managing information that customers receive, whether in the form of printed statements or online documents. Before information is presented to the customer, banks must deal with the costs of document output, security for sensitive documents and the time consuming process of collaborating across various lines of business to generate simple statements.

After all the effort spent to share this information, do we find value in the statements we receive? With smartphones and tablets making access to personal information easier than ever before, banks need to be sure that they are not just sharing the information customers need. Instead, they need to give customers the information they want,when they want it, and through their preferred channels.

Trends in the Asia Pacific banking industry are shifting towards this end, as IT spending focused on customer centricity, and omni-channel strategies increases. The question is: how can the rise of mobile devices help banks enhance customer experience? The answer is simple: reducing customer effort and increasing customer interaction.

Reducing Customer Effort
Let's say that you've been a loyal customer of a bank for a decade and you need to check on a particular transaction in your statement this month. You call the bank and are faced with automated menus and assurances that your call is important while on hold. Many of us would be frustrated at the wait, let alone the account authentication process once we do get someone on the phone. The process is a long and taxing one for those that want to make a simple check or query on their statement.

Reducing customer effort means shortening and facilitating the process of getting information, while maintaining security and reliability. Banks need to recognise the importance of mobile devices in our lives and use it to deliver dynamic and interactive statements. These statements let us drill down to the information and level of detail that we want, without having to jump through hoops to get it. In addition, by putting in place a bill management system that easily produces integrated bills for multiple cards belonging to the same customer, banks can consolidate all the information with support for multichannel output.

Using the right bill systems can help banks better support their customers. The right system will compile client summary reports and statistics to give banks easy access to all the information they need. Ping An Bank, for example, recently implemented an integrated billing system that enabled them to do all of this, as well as reduce operating costs and improve the quality of their billing process overall.

Increasing Customer Interaction
Many banks still struggle to make communications meaningful to us. Going paperless and allowing customers to choose which channels of communication work best for them is a great start. The next step is using data to give customers personalized offers and communications.

 

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