Process reengineering and related enterprise-wide business transformation are ever-green initiatives that aim to improve or change existing processes due to market conditions. Few years ago, automation was the key as we saw an influx of workflow related projects driven by digital imaging solutions. Now we are witnessing a focus around customer centricity. Being efficient is no longer enough especially in the process of account origination / opening where customers want to be valued and not feel as if they are in a manufacturing supply chain. While some banks have streamlined their processes to have speedier transactions, a few notable banks (such as OCBC) took a step further by re-evaluating the end to end process from a customer's view point hence improving the overall customer experience factor.
2) There seemed to more projects dealing with customers than backend and process reengineering-related initiatives. Why is that so?
Such process re- engineering projects are usually enterprise-wide to make a meaningful impact, hence such initiatives usually requires more resources and take a longer time to complete. For example, the enterprise overhaul project undertook by RCBC (this year's winner) took five years, covering various key departments of the bank.
Hence from the number of submission, there might be more customer-facing projects (mobile banking, CRM solution, payments, products) compared to an enterprise level transformational projects.
3) Can you elaborate on the entries from the Singapore banks DBS and OCBC? What are their strong points that make them the winners of their category?
DBS REMIX is delivering a unique banking concept to the younger, more tech-savvy generation through the extensive use of technology for user participation. The branch introduces revolutionary touchscreen interfaces and augmented realities to allow for a more refreshing banking experience, which is both customisable and hassle-free.
REMIX is marketed as a "bank by day and financial playground by night" as it doubles up as a physical meeting place for user communities in the evening.
Strengths identified in this submission:
1. Customer loyalty - As Remix is targeted at the young adults segment, DBS aims to engage them early so that by progressing with them, the bank will be their bank of choice when they eventually accumulate the spending power.
2. Branch innovation - The technology deployed within the branch is modular in nature so it can be easily replicated across the bank's network if required.
3. Huge potential customer acquisition - Leveraging on social media marketing and located in the prime location for young adults, there is a huge potential of customer acquisition.
FRANK by OCBC is a holistic programme that offers a simple, stylish and meaningful banking experience for students and young working adults. The programme was developed over two years of research and is based fundamentally on customer insights.
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