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  • user 12:18 pm on December 5, 2017 Permalink | Reply
    Tags: 1.6M, , Compromised, Customers, , , ,   

    TIO Networks Data Breach Compromised 1.6M Customers, PayPal Says 

    One of ’s recent acquisitions, payments processor TIO , has suffered a that puts the information of 1.6 million of the processor’s at risk, the company said in a statement on Friday, December 1. PayPal acquired the processor in July of this year. A review of the TIO network “has identified a [&;]
    Bank Innovation

     
  • user 12:18 pm on November 29, 2017 Permalink | Reply
    Tags: , Customers, Kiwibank, , , ,   

    Kiwibank Unveils Realtime P2P Payments for Merchant Customers 

    EXCLUSIVE &; launched a new mobile feature for its business today, joining the list of many other fintechs and that have unveiled similar -focused apps and features. Today, the New Zealand bank unveiled Kiwibank QuickPay. This mobile solution lets its merchant customers receive &;on-the-spot&; &; peer-to-peer payments in . The app, [&;]
    Bank Innovation

     
  • user 12:18 pm on October 29, 2017 Permalink | Reply
    Tags: Complaints, Customers, , , , Locks,   

    HSBC Glitch Locks Out UK Customers, Leads to Twitter Complaints 

    U.K.-based bank experienced a earlier this morning that locked some in the region out of their accounts, with customers then taking to and other social media to complain. Detected early this morning, the glitch left the bank’s customers unable to get into their online or mobile bank accounts, with attempts to [&;]
    Bank Innovation

     
  • user 8:53 pm on September 26, 2017 Permalink | Reply
    Tags: , , Customers, , , , ,   

    What Are Our Customers Doing, London’s Metro Bank Asks Its Data 

    , the first new high street bank in the U.K. in more than 100 years, is making extensive use of Microsoft , along with the Temenos banking platform, to understand its and improve service.
    Financial Technology

     
  • user 10:52 pm on September 3, 2017 Permalink | Reply
    Tags: , , Customers, , , , ,   

    What Are Our Customers Doing, London’s Metro Bank Asks Its Data 

    , the first new high street bank in the U.K. in more than 100 years, is making extensive use of Microsoft , along with the Temenos banking platform, to understand its and improve service.
    Financial Technology

     
  • user 3:35 am on June 27, 2017 Permalink | Reply
    Tags: , , , Customers, , , , , ,   

    This way to predictive mortgages: Three digital tools banks can use in the battle to acquire customers 

    Steve Jobs once said, “Your dream of a happier and better life. Don’t move products. Instead, enrich lives.” Considering the degree to which Apple’s products are ingrained in people’s day-to-day lives, they’ve stuck well to Jobs&; guidance.

    One of the areas of retail banking where it should be easiest to sell dreams, not products, is the mortgage business. People want to buy a house and build a future; they don’t want to buy a mortgage. Long before lifestyle reality shows conditioned us to always be thinking about remodelling, I remember walking the empty rooms of my first home in Scotland dreaming about the home it could become. Unless you’re a commercial developer, a mortgage is just a means to an end, but it’s still one of the most meaningful and intimate transactions that can have with their customers. However, the entanglement of with dreams and aspirations also makes it a very vulnerable product category. Customers’ dreams of a new home now tend to manifest themselves via a footprint that ranges from simple real estate searches, to baby announcements, and relocation research. For lenders with the right analytical , these digital footprints create an ideal opportunity to intersect customers before they ever think about contacting their bank. In the US, the result is that banks are now beginning to fade from the mortgage landscape, with non-banks occupying six out of the top 10 origination spots in 2016, up from just two in 2011¹.

    Read the report

    For banks to remain relevant in the mortgage category, they need to get into the dream-fulfilment business. That means going beyond the traditional bank credit offering to facilitate a compelling end-to-end home-buying journey. The goal must be to meet customers’ digitally groomed expectation that banks know them enough to anticipate their mortgage needs and delight them with relevant, hyper-personalized offers and service. To stay relevant, banks need to get out of their traditional reactive stance and develop a mortgage acquisition strategy.

    Effective predictive mortgage origination draws on core digital tools that enable lenders to connect with borrowers and enhance their experience earlier in their journey to homeownership: programmatic marketing platforms, advanced analytics and artificial intelligence (AI). Together, these capabilities create predictive lenders who can put the customer at the center of their marketing efforts and act on moments of influence throughout the customer journey from dream to move-in date and beyond.

    For example, good predictive lenders build data management platforms that store and cull rich customer attribute data to inform personalized, contextualized and precise offers. By analysing the data at a granular level, lenders learn more about customers’ device-usage patterns, behavioural trends, social media profiles, purchase history and search priorities, allowing them to respond to specific contextual cues instead of simply targeting segments. With AI, predictive lenders can automate personalized marketing to customers at scale, speed processes, limit manual intervention and cut costs. isn’t just about keyword search response where any customer behaviour vaguely related to a new home search results in them being bombarded with generic mortgage offers. That is the digital equivalent of dumb direct mail, and not surprisingly the hit rates are low and getting lower for that type of blunt-instrument marketing. Instead, sophisticated machine learning can glean real insights from patterns in customers’ behaviour and data relationships to refine and predict next-best actions to a level where bank interventions are seen as truly helpful and not annoying. The difference between the best and the rest is becoming dramatic. Those who can identify and interpret the right precursor home-buying signals from their customers have seen click-through rates improve to six times industry benchmarks.

    Smart banks will help customers realize their dreams of a happier and better life in a new home by enriching the mortgage experience with greater predictability. To learn more about how, I invite you to explore our report: The power of prediction in digital mortgages

    ¹Wall Street Journal, November 2, 2016

    The post This way to predictive mortgages: Three digital tools banks can use in the battle to acquire customers appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • user 3:35 am on June 21, 2017 Permalink | Reply
    Tags: , , , Customers, , ,   

    Customers are open to robo-advice—with a few conditions 

    In my first blog of this series on our latest UK banking consumer survey—Beyond Digital—I explained why there’s still plenty of life in the bank branch, since even younger still value human interaction. In this second post, I look at our findings on a much newer and more virtual channel to market: -advice—the new generation of automated financial advice services powered by artificial intelligence (AI).

    across the world are continuing to invest heavily in robo-advisery services, seeing them as a way to deliver personally tailored financial information and guidance at high scale and relatively low marginal cost. The headline findings from our study suggest that this investment is justified, with fully two-thirds of all UK customers and 74 percent of millennials saying they’d be willing to receive entirely computer-generated advice on relatively simple decisions such as which type of bank account to (see Figure 1).

    Figure 1: In the future, how willing would you be to receive the following types of advice and services in a way that was entirely computer-generated?

    Interestingly, an even higher proportion of consumers—74 percent overall, rising to 79 percent of millennials—say they’re willing to receive robo-advice on more complex issues such as what investments they should make. And as Figure 2 shows, when asked why they’d be happy to accept advice from a machine instead of a human, they point mainly to benefits around speed and convenience, cost, and impartiality.

    Figure 2: Why would you be willing to use entirely computer-generated services as opposed to human advisers in the future?

    A deeper analysis reveals further significant insights. For example, while 25 percent of all consumers say robo-advisers’ greater impartiality gives them an advantage over their human counterparts, the proportion believing this rises to almost one-third among OAPs—suggesting older consumers are more sceptical about the objectivity of human advisers. And our findings that only 19 percent of consumers think computers are less likely to make mistakes, and that just 13 percent believe their data would be more secure than with a human, suggest the overwhelming majority have limited trust in robo-advisers’ decision making and security.

    Our study also indicates that there are some areas of financial advice where consumers feel human interactions have yet to be fully translated into the available technologies. As Figure 3 shows, almost two-thirds think it’s important to have human advisers on hand to provide advice on large, long-term products such as mortgages. In contrast, fewer than half feel they need human guidance on using their bank’s online and mobile services.

    Figure 3: How important is it to you that each of the following services is offered in your main bank’s branches in the future?

    And in terms of what they value about speaking to a human representative, consumers rate the ability to ask direct questions and seek personalised advice as the top advantage, followed by being able to get what they need faster, and then humans’ better ability to explain complex issues. Interestingly, having a representative who knows the consumer well ranks very low as a benefit.

    Figure 4: What do you value most in speaking to a human representative of a bank?

    So, what does all this means for banks’ robo-advice strategies and investments? Combine these findings with those I presented in my first blog—including the fact that millennials are the heaviest users of branches, tapering down to OAPs as the lightest—and I believe a clear message emerges: Winning and retaining customers in the future will depend critically on striking the right balance between human-delivered and AI-driven services.

    Put simply, banks need to recognise that for many consumers—including younger ones—the shift towards computer-generated services cannot succeed if it’s at the expense of access to human service at their local bank branch. And automation must be used to not only make banks work smarter, but also to improve and personalise the customer experience.

    It follows that the next challenge for many banks is to reassure customers that they can receive the same level of service from a robo-adviser, and pull together the various threads of information they hold on their customers to create a personalised yet secure service. Consumers’ readiness to accept robo-advice for some financial decisions means that banks developing these services are pushing at an open door. But this doesn’t mean they can afford to shut off their customers’ access to interactions with real humans.

    The post Customers are open to robo-advice—with a few conditions appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • user 3:35 am on June 18, 2017 Permalink | Reply
    Tags: , , , Customers, , ,   

    Customers are open to robo-advice—with a few conditions 

    In my first blog of this series on our latest UK banking consumer survey—Beyond Digital—I explained why there’s still plenty of life in the bank branch, since even younger still value human interaction. In this second post, I look at our findings on a much newer and more virtual channel to market: -advice—the new generation of automated financial advice services powered by artificial intelligence (AI).

    across the world are continuing to invest heavily in robo-advisery services, seeing them as a way to deliver personally tailored financial information and guidance at high scale and relatively low marginal cost. The headline findings from our study suggest that this investment is justified, with fully two-thirds of all UK customers and 74 percent of millennials saying they’d be willing to receive entirely computer-generated advice on relatively simple decisions such as which type of bank account to (see Figure 1).

    Figure 1: In the future, how willing would you be to receive the following types of advice and services in a way that was entirely computer-generated?

    Interestingly, an even higher proportion of consumers—74 percent overall, rising to 79 percent of millennials—say they’re willing to receive robo-advice on more complex issues such as what investments they should make. And as Figure 2 shows, when asked why they’d be happy to accept advice from a machine instead of a human, they point mainly to benefits around speed and convenience, cost, and impartiality.

    Figure 2: Why would you be willing to use entirely computer-generated services as opposed to human advisers in the future?

    A deeper analysis reveals further significant insights. For example, while 25 percent of all consumers say robo-advisers’ greater impartiality gives them an advantage over their human counterparts, the proportion believing this rises to almost one-third among OAPs—suggesting older consumers are more sceptical about the objectivity of human advisers. And our findings that only 19 percent of consumers think computers are less likely to make mistakes, and that just 13 percent believe their data would be more secure than with a human, suggest the overwhelming majority have limited trust in robo-advisers’ decision making and security.

    Our study also indicates that there are some areas of financial advice where consumers feel human interactions have yet to be fully translated into the available technologies. As Figure 3 shows, almost two-thirds think it’s important to have human advisers on hand to provide advice on large, long-term products such as mortgages. In contrast, fewer than half feel they need human guidance on using their bank’s online and mobile services.

    Figure 3: How important is it to you that each of the following services is offered in your main bank’s branches in the future?

    And in terms of what they value about speaking to a human representative, consumers rate the ability to ask direct questions and seek personalised advice as the top advantage, followed by being able to get what they need faster, and then humans’ better ability to explain complex issues. Interestingly, having a representative who knows the consumer well ranks very low as a benefit.

    Figure 4: What do you value most in speaking to a human representative of a bank?

    So, what does all this means for banks’ robo-advice strategies and investments? Combine these findings with those I presented in my first blog—including the fact that millennials are the heaviest users of branches, tapering down to OAPs as the lightest—and I believe a clear message emerges: Winning and retaining customers in the future will depend critically on striking the right balance between human-delivered and AI-driven services.

    Put simply, banks need to recognise that for many consumers—including younger ones—the shift towards computer-generated services cannot succeed if it’s at the expense of access to human service at their local bank branch. And automation must be used to not only make banks work smarter, but also to improve and personalise the customer experience.

    It follows that the next challenge for many banks is to reassure customers that they can receive the same level of service from a robo-adviser, and pull together the various threads of information they hold on their customers to create a personalised yet secure service. Consumers’ readiness to accept robo-advice for some financial decisions means that banks developing these services are pushing at an open door. But this doesn’t mean they can afford to shut off their customers’ access to interactions with real humans.

    In my next blog, I’ll look at the changing role of banks’ contact centres. Watch this space.

    The post Customers are open to robo-advice—with a few conditions appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • user 3:52 pm on June 13, 2017 Permalink | Reply
    Tags: , , Customers, , , , ,   

    What Are Our Customers Doing, London’s Metro Bank Asks Its Data 

    , the first new high street bank in the U.K. in more than 100 years, is making extensive use of Microsoft , along with the Temenos banking platform, to understand its and improve service.
    Financial Technology

     
  • user 12:18 pm on May 30, 2017 Permalink | Reply
    Tags: , , Customers, , , , , , , They’ve,   

    Customers Don’t Trust Robos, Because They’ve Never Heard of Them 

    It&;s hard to keep up with the pace of technological progress in financial institutions these days&; so many simply don&8217;t. Despite all the efforts from major FIs, banking customers globally say they have of technologies like , advisors, and even digital wallets. Blockchain, unsurprisingly, lead the pack, with almost 60% of [&;]
    Bank Innovation

     
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