The recent economic downturn has created some formidable challenges for the retail banking industry. Fraud and identify theft are on the rise, costing banks big money and raising customer concerns about security.
The response to possible bank card fraud is one of the most important factors affecting the relationship that customers have with their bank. For customer-centric financial institutions who issue millions of bank cards, any instance of possible fraud is both a business risk to be managed and an opportunity to strengthen customer relationships.
Register today to view to the webcast Proactive Notifications for Financial Services: Using Automated Customer Communications to Manage Risk and Retain Customers.
Adobe article that condenses/highlights key findings from the Econsultancy Digital Marketing in the Financial Services and Insurance
Sector 2017 Study, an in-depth, 5000+ word report covering FSI executives’ opinions on:
– General trends in retail banking, investment banking, and insurance
– Internal structures their companies are using to execute digital transformation
– The biggest threats/disruptions in the industry
– The biggest priorities in 2017 (leaders are focusing on both customer retention and customer acquisition, mainstream is focusing just
on customer retention)
– Main sources of sales and leads (digital + mobile are steadily increasing sources)
– Digital marketing budgets & investment areas (leaders are investing more in digital marketing automation and analytics)
– Use of the cloud and AI to automate analysis and marketing
– The importance of multichannel personalization
– Innovation in the types/formats of products/services provided (leaders are focusing on i
In the midst of an overwhelming amount of disruption taking place in the retail banking industry, a clear path to success has emerged. Banks that want to continue to gain and retain loyal customers must make it easier to bank with them.
According to a survey that included 760 different banks and credit unions, the most important priority for 2017 and beyond is the removal of friction from the customer journey.1
To clarify, today’s customer journey includes both the customer experience at local branch locations as well as their experience while interacting with websites, mobile apps, smart watches, and anything else that is connected to the Internet.
The battleground for customers has shifted to the digital world, and retail banks must adapt quickly as crafty Fintech startups and tech giants like Amazon, Apple, and Google continue to push the limits of what is possible with technology.
If digital channels aren’t approached correctly, they can add complexity to the customer experience in
See how some retail banks have redirected their focus to a more customer -centric approach. This whitepaper includes success stories from Banco Inversis and GMAC Commercial Mortgage Corporation (now Ally Financial) which highlight how Kofax has helped them maintain and even increase their competitive edge.
Published By: Datastax
Published Date: Mar 06, 2018
Ever since the invention of the abacus, the banking
industry has been on the leading edge of technological
innovation. Today more than ever, the industry relies on
game-changing software to provide high-performing
business-critical operations, analysis, and insights for
retail banking, loans, credit cards, and more.
Published By: Datastax
Published Date: Dec 27, 2018
This paper examines the challenges banks face when creating a 360-degree view of every customer interaction, what database requirements the lines of business (LOBs) should look into, and use cases where retail banking LOBs can benefit from leveraging DataStax Enterprise, the data management platform purpose-built to power cloud applications.
Published By: SundaySky
Published Date: Mar 06, 2018
Card members at this consumer retail bank, enjoy a large variety of products and services. The bank offers standard banking transactions, credit cards, insurance, and investment products. After the 2008 financial crisis, the bank experienced a sharp decline in overall customer satisfaction, and also learned that its customers were more empowered than before.
In order to adapt, the bank adopted a customer-centric approach by introducting:
• A new customer motto: “Know me, value me, make it easy for me, and protect me”
• A new core initiative is to always teach digital first
• An understanding that customers are serviced on the digital channels they prefer to use
SundaySky SmartVideo enables the bank to take a strategic approach to enhancing the customer engagement process with personalized video experiences that welcome new card members and assist them in fully understanding how to get the most out of their new product.
The banking industry has been talking about improving the customer experience with customer-centric banking for a long time.
From a recent study of French retail banks, neobanks and online banks are winning the customer experience battle. To retain customers, traditional banks will need to improve their overall customer experience, a key priority as reported in DBR Research’s Digital Banking Report 2018. All three of the top trends for 2018 are related to improving the overall customer experience. Failing to address these key trends will hurt laggards.
Just because you have a digital presence doesn't mean your work is done, it just means that you need to continue to innovate to attract and retain your customer base. But what makes for a successful banking customer journey?
Read this solution brief to learn the five pillars of success for the banking customer journey.
Adobe article that condenses/highlights key findings from the Econsultancy Digital Marketing in the Financial Services and Insurance
Sector 2017 Study, an in-depth, 5000+ word report covering FSI executives’ opinions on:
– General trends in retail banking, investment banking, and insurance
– Internal structures their companies are using to execute digital transformation
– The biggest threats/disruptions in the industry
– The biggest priorities in 2017 (leaders are focusing on both customer retention and customer acquisition, mainstream is focusing just on customer retention)
– Main sources of sales and leads (digital + mobile are steadily increasing sources)
– Digital marketing budgets & investment areas (leaders are investing more in digital marketing automation and analytics)
– Use of the cloud and AI to automate analysis and marketing
– The importance of multichannel personalization
– Innovation in the types/formats of products/services provided (leaders are focusing on imp
Published By: Polycom
Published Date: Mar 13, 2015
United Bank for Africa (UBA) Group is one of Africa’s leading financial institutions offering banking services to more than seven million customers via 750 branches in 18 African countries. With further offices in New York, London and Paris, UBA is connecting people and businesses across the world through retail and corporate banking, innovative cross-border payments, trade finance and investment banking.
Over the past three years, UBA had undergone a period of rapid expansion that had seen affiliate banks in 16 African countries come on board. This expansion has naturally put the group’s communication infrastructure under pressure.
It takes more agile, end-to-end digitized processes based on a single source of information, from planning and execution to prediction and analysis, all in real-time, to provide a superior customer experience. Learn more about how digital transformation is impacting retail banking. Download a complimentary copy of the How Banks can Survive Digital Disruption white paper.
Published By: Infosys
Published Date: May 21, 2018
The world of retail banking has changed enormously in the last decade. Our client, one of the largest banks in the world, with over 50 million customers, has been at the heart of this movement.
In the early days, we helped them to be one of the first banks to offer internet banking servers. Now, as digital natives enter the banking stream and demand seamless banking experiences, we are helping our client to rethink customer experiences at the convergence of physical and digital realms.
The message is simple: Trust has been lost and the digital world is here. Successful relationships with customers in the digital world are high-trust relationships. It is time for bankers to rebuild trust at the same time as developing all the communications and analytical advantages of digital technology. There is no other way. The highly digitalised, non-bank competitors are already taking the best parts of banking. Time is short. Is Apple about to join the fray? Is Amazon? Is Facebook?
Published By: IBM ILOG.
Published Date: Jul 14, 2009
Much of the value of BRMS is achieved when it is combined with a larger SOA strategy and BPM. This video demonstrates clear requirements for reuse using the multichannel use case for retail banking.
Published By: Bazaarvoice
Published Date: Nov 05, 2014
In this new whitepaper, we’ll show you how banks that embrace this social opportunity are deepening relationships with customers and driving business. We’ll share tips and success stories of retail banks.
The age of the customer. Possibly no term better illustrates the current era of business. Customers expect their experience to be flawless at every touchpoint, and with competitors only a click (or tap) away, company leaders have a strong incentive to deliver. Online retailers have set a high standard in the way that they engage customers on an ongoing basis—not just during the commercial transaction, but before, during and after each interaction with the customer. Can service providers in industries such as banking, insurance, healthcare and government meet the challenge?
The age of the customer. Possibly no term better illustrates the current era of business. Customers expect their experience to be flawless at every touchpoint, and with competitors only a click (or tap) away, company leaders have a strong incentive to deliver. Online retailers have set a high standard in the way that they engage customers on an ongoing basis—not just during the commercial transaction, but before, during and after each interaction with the customer. Can service providers in industries such as banking, insurance, healthcare and government meet the challenge?
With the threat of identity theft and other types of fraud rampant on the internet, many consumers are reluctant to release their details, even if that means abandoning a sale.
Retail banks are in a state of transformation all over the world. They must integrate new remote payment systems, digitize process integration and update credit management. Watch this webcast to see how IBM WebSphere Portal is helping these companies deliver targeted information to support decision-making, and to aid in their transformation.
