Retail Banking 2010s - iPhone, iPod Touch, iPad
If there is the one thing that separates iPhone (and iPod Touch, iPad) from the rest, it is this - they are really, truly, actually EASY to use.
NOW there is a friendly tool that we can use share information or proposals to and with our clients. AND the clients can review those information or proposals with his/her spouse.
This is also a great tool where all information can potentially be aggregated for better understanding of customer's financial position.
Just imagine this (CSR = he, Client = she):
1) CSR greeted the client with a iPad (camera facing client, atm/creditcard/thumbprint recognition device)
2) Asking client what can he help.... then ask client to verify his/her name - pre-fetching through camera.... or more conventional card swipe... in anyway, personal data is then fetched to apps on iPad... ready for sales opportunity.
3) When opportunity arises, CSR asked client to take a look at the new app on iPad, on their financial position.... or on how a product fit into their spending pattern etc etc.
4) When this leads to the sales pitch proper, additional data can be entered. Modelling and comparison with other products on intranet/internet can be used to convince customer. Print outs can be done to impress (and implore). If closure can't be done, send the link to client's phone/email.
5) When client gets home/office, she click on the link and install the apps (from itune). Then log-in to see the personalized proposal. She can also opt to include more data from within or outside of the bank... and have a view more accurately depicting her situation.
6) Call/Contact button there can push all these new info back to the bank (or CSR)....
That's just one of the many possibilities.
Labels: Banks, iPhone, IT
Retail Banking 2010s - Branch Banking
Branch banking used to be the only way.
With technology, we have telephone banking, call center, ATM, mobile phone banking, internet banking etc.
These channels are all different and can be used to fulfill transaction, product inquiry, financial planning or as a tool for banks to market themselves.
Branch banking has the ability to add an extra notch, premium service.
It is no fun to be called a Super VIP customer when no one is around acknowledge that. It is no fun to be called a Beauty when there is no one around to admire you.
Therefore at a branch, the bank has the opportunity to add that touch that may prove to be key in retaining the customers.... and grow their wallet share.
In early to mid 2000s, banks re-modeled branches to be more sales-centric. Pushing traditional tellering operations to ATMs.
Banks have also started to invest in technology to understand their customers better. Multi-channel integration project was also started as IT felt the strain to manage communications across different channels.
From a customer's perspective, it was good to have a variety of channels now. It was very good to have the option to avoid visiting the branch.
When we do visit bank branch, besides noticing the newly renovated premise, was there any other major difference? My answer is - no, not really. If yours is the same, banks then really have to figure out why and improve on that.
If you've answered no. The answer is probably that... the banking staff still behave as though they do not know me (or very little). I don't get the greeting that great hotel gives me "Hello Mr. Adeio, should we check you in to the room facing south again like last time?".... a while later "and Sir, warm water is waiting for you in the room".
Customer Experience is key. Bank can score high through their Branch banking offerings.
Labels: Banks, IT
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
