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- The Banking & the Financial services industry is the widely and wildly conquered sector where digitization and automation has been enabled to the max by IT.
- But in recent times, with the advancement of technology and innovations, it is important for the Banking industry to explore, pace up, transform, innovate, re-think and live in the present.
- The technology adoption and re-incarnation of business strategy/priorities to serve the customers will definitely play a crucial role in the Bank’s journey in making it stand tall and strong in the crowd (as a differentiator).
Keep Reading, Keep Researching & Keep Blogging!!
Happy Learning!! 🙂
The Banking & the Financial services industry is the widely and wildly conquered sector where digitization and automation has been enabled to the max by IT. But in recent times, with the advancement of technology and innovations, it is important for the Banking industry to explore, pace up, transform, innovate, re-think and live in the present. The technology adoption and re-incarnation of business strategy/priorities to serve the customers will definitely play a crucial role in the Bank’s journey in making it stand tall n strong in the crowd (as a differentiator).
A nice read article on “Top Retail Banking Trends & Predictions“.
Key Highlights :
- The ‘Platformification’ of Banking
- Removing Friction from the Customer Journey
- Making Big Data Actionable
- Introduction of ‘Optichannel’ Delivery
- Expansion of Digital Payments
- Executing on Innovation
- Exploring Advanced Technologies
- Emergence of a New Breeds of Banks
- Mining New Talent
- Responding to Regulatory and Rate Changes
few additions …
- Next-Gen Customer Experience by including
- wearable device adoption
- analysis driven Next Best Actions
- ..and many more
- Developing Customer Centric Applications (primarily self service enabled)
- Welcome & Leverage Open Source Stacks (OSS)
- Crowd-Sourcing Initiatives (loan, mortgage, risk management etc)
- Blockchain technology making the financial system more decentralized
- Emergence of Banking Market Apps
- Robot Advisers that stop you from making unsound financial choices, in real time – Customer Assist
- Establishment of Banking Innovation Labs
- Beacon Technology Adoption
- Heat-Map Technology – Identifying right customer for the right product at the right time
- Automated Appointment/Scheduling/Token Management – helps avoiding unexpected crowd and long queues
- Battling with mushrooming Mobile Wallets
- DevOps driven CI/CD in IT – for streamlining Release Management
- Streamlining Operations in IT with Robotic Automation / Machine Learning techniques
Interesting Read Articles:
- 10 Branch Banking Innovation Strategies for 2016
- The Uberization of Banking
- What Makes a Great Mobile Banking App
- Digital Disruption Forces Financial Institutions to Rethink Priorities
- Selfies Transforming Mobile Banking
- With Digital Banking, Consumers Must Come First
- Internet of Things: Opportunity for Financial Services?
- Banks Need to Make Mobile Apps An Experience, Not An Add-On
- Article : The derivative effect: How financial services can make IoT technology pay off (link : pdf)
- 7 Habits Of A Highly Successful Digital Bank
- Differentiation in Banking Requires Better Data Insights
- New Customer Onboarding Goes Beyond Slick Marketing (link: pdf)
- Mobile Banking Satisfaction Drops As Digital Expectations Rise
- Banks Expand Innovation Investments to Battle Fintech
- How Banking Can Survive Digital Disruption
- Three Barriers to Banking Innovation
- Digital Thinking for Bank 1.0
- Becoming a Smarter Bank
What are your top trends & predictions in the retail banking space?
Happy Learning!! 🙂
In one of my earlier blogs ‘ just touch based on the concepts of the Case Management from a theoretical and generic standpoint. https://thebpmfreak.wordpress.com/2011/11/29/case-management/
Here ‘ will be extrapolating on those line from a scenario based enterprise implementation and the benefits that can be reaped out of it
From a Banking and Financial services perspective, the major role is played by the “services” and it occupies the bigger pie in the entire chart close to 40 %. The remaining 60% is divided across multiple heads.
By “services” here, we refer to the request handling, and the assistance provided to the customers be it for a Issue of a new credit card, address change or the loss of a debit card.
Each of these transactions between the “bank” and the end user or the “customer” can be considered as a service.
At a high level it looks quite simple and exciting but the challenges include the following :
- when & how to send a request
- expectation of the customer (which is not uniform so that it can be generalized)
- Raising a New Request, following up , tracking and updating the response
- sent a wrong form what to do now..
- ..and many more
The worst part is, these transactions take place in huge volumes and the only expectation is to deliver the result or make the end user happy in a fraction of time.
Some of the scaryyyy things could be :
- damaging customer satisfaction
- increases the operational load, risk and cost
- threatening revenue generation
With the increase in the volume of transaction and an ocean of information the following items needs to be taken care of :
- Poor Visibility
- Service Inefficiency
- Case Management
1) Poor Visibility :
In most cases, the customers contact the bank or customer care via different input channels.
Lets say Ms Nancy, called the customer care last week for the Issue of a new Credit Card and the Service Executive was Joe. But today when she contacts the Customer care via some other media, they start collecting the same info again. This actually results in testing the patience and increasing the frustration of the user.
Which might actually result in the loss of a User
Solution : As a resolution step, care should be taken for the consistancy of the data and differentiated services via multi channel synchronization
2) Service In efficiency :
As 40% of the transactions involves the Services, it actually becomes difficult on the part of the bank or the customer executive to cross-sell , up-sell or encourage the user to purchase new products offered by the bank.
Solution : To patch-up with this issue, a guided process and automation of the process is a mandate. And this will also give a boost to the faster responses, customer retention and successful outcomes.
3) Case Management & Skill based Routing :
Apart from the volume of transactions, the customer executive is flooded with numerous, complex, redundant and irrelevant forms. This actually results in the loss of the productivity and finally ends up dis-satisfying the end user
Solution : To overcome this issue, the manual effort in segregating things(similar cases) and assigning the right person with the right task, Case Management and the skill based routing becomes very essential, as it saves a lot of time and gives a rise to the revenue numbers + customer satisfaction.
The benefits that can be drawn are :
- multi channel processing
- transparency and insight
- consistency and accuacy
- integrating seamlessly with other systems
- timelines and productivity
- flexibility and agility
- smart routing
- case management
- 360 degree view of the customer (with all info at one place in the portal along with the historical transactions)
- interaction with the customers via SMS, mail or Report sharing with automated responses – self service
- reducing operation risk
- gain client satisfaction and loyality.
Incorporating all the above features Pegasystems provides a Framework called “Service Case Manager – SCM” to facilitate all the best practices and help the end user to work seamlessly and more efficiently!!
“The Service Case Manager SCM is basically an offering for the Financial Services Domain by Pegasystems.”
Happy Learning!! 🙂