Banking... TL's Experience

Retail Banking 2010s - Social Media

My time managing banking clients with Unisys left me with keen interest in FI (Financial Institutions). All the trainings on banking processes, late nights monitoring how the our system automates certain processes, how those processes had to be adjusted due to certain rigidity or security requirement. An understanding of how these technology helped alleviate operational pains or more interestingly... helped create an edge for the bank (better, cheaper... or faster) to retain or recruit more customers (and more $$ from each customer).
One area that particularly intrigued me, was the way banks relate to their customers. From bank branch centric operation, to multi-channel banking (branch, ATM, call center, mobile sales, internet). How it had evolved. But now, probably a major leap is required for the bank to catch up!

This is the Google, Facebook, Twitter, iPhone, iPod-touch, iPad, GalaxyTab era.
Multi-channel banking used to be great offering but now just a fact of their existence. Like how ATM has been "relegated" to "just an ATM".
Internet technology is key determinant to that change. And it is changing banking business operation in a big way.
Consumers can now access and manage their fund directly with their personal device (mainly through internet technology).
There are so much less human-interaction we have with our banks now. There is no need to.
With less of such interaction, banks are therefore now left with a big job on their digital channel to impress, retain or even recruit their customers.
It is a difficult job. I may like Coke because of its taste. The ad that I see enhances the feeling I have (reminded of the "I feel good" tune).

There is however a great opportunity for banks now. A platform called social media has emerged and through it, banks can regain that interaction with their customers (and prospects). It is however an open platform and therefore the no institutions have total control over it (unlike internet banking).

So dear Mr Bank, a social media strategy?

Labels: Banks, IT, Social Media

posted by PlaThai @ 11:34 PM