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Customers rule in bank of the future

Bruce Dahlgren,SVP, Enterprise Services and Managing Director, HP APJ; and Daniel Biondi, HP Fellow & Chief Technologist, Financial Services, Enterprise Services, HP South Pacific | April 29, 2015
Financial institutions that fail to make customer experience a strategic goal and a reality will leach business to institutions that are more effective in their customer engagements.

At the core of this strategy is customer engagement.Any solution must start by discovering what customers really want and involving them in the design. By removing the guesswork the way is opened to provide a more valuable and personal connection to every single customer -- "customer segment of one".

The availability of new technologies, such as big data analytics and cloud, makes this much simpler and is pivotal in optimizing customer experience. Financial institutions should be focusing on:

  • Harnessing insights from the big data they collect and using customer intelligence to cross-sell and up-sell.
  • Using analytics to measure the customer experience to evaluate and plan new initiatives.
  • Leveraging the power of the cloud to create an agile response and cost-effective links with customers.
  • Engaging and educating customers so that they care more about the 'what's' and the 'how's' of their banking experience and to give them more control.
  • Discovering what the engagement feels like from the customers' perspective to ensure they are satisfied.

Keeping up with the connected customer: the 10 golden rules
According to Daniel Biondi, HP Fellow & Chief Technologist, Financial Services, Enterprise Services South Pacific there are 10 critical areas that financial service providers must address to meet the demands of these new connected customers:

1. Immediacy - now or not at all: The Internet has quickly become the first-choice sales channel for new-age customers who expect near-instant delivery -- and that includes immediate analysis and decisions from their financial service providers.

2. Mobility - no gaps allowed: Digital life flows seamlessly into real life for mobile, digital-age customers who are continuously connected. Financial institutions should be exploring next generation applications to further improve this capability. 

3. Multi-channel - anywhere, anytime, any device: A consistent engagement approach must be the backbone of customer interactions - and access must be available at all times across any channel.

4. Simplicity - vital for acceptance: Simplicity and convenience are essential elements for young customers who have high expectations for context-aware, intuitive Internet interaction. Sites must meet their need for clean, unambiguous interfaces.

5. Quality - failure not tolerated: Universal connectivity makes it more critical than ever for financial institutions to focus on a quality product and service. Those failing to deliver can expect instant exposure on blogs, tweets and video-sharing websites.

6. Personalization - understanding the individual: Companies that treat customers as individuals - not as unidentifiable parts of a mass market - have a major advantage. This is the next key differentiator -personalized electronic commerce.

7. Security - creating consumer confidence: Security of personal and financial information is a fundamental requirement to create customer confidence. In an age of data sharing, institutions must overcome the technical challenges of meeting this personalized privacy.

 

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