As head of online and mobile banking at #BBVA #Compass, Alex Carriles is always thinking of ways to increase #customer interaction via digital channels by catering to an existing customer need, instead of creating a new one. This is what led to the addition of its latest mobile banking feature, a financial tool that lets […]
Bank Innovation
#Customer #experience is the #focus for two #fintech accelerators, one run by #Commerzbank, the other by FIS. FIS Global, a financial services software provider that works with 20,000 #banks and corporate treasury clients, is looking at improving the customer experience by offering natural language processing (NLP) solutions, meaning customers can be understood speaking in a natural way. “Whether […]
Bank Innovation
#Facebook has entered discussions with major U.S. #banks in an attempt to gain access to #customer #data, the Wall Street Journal reports. The exact timing of the request is not clear, but talks are reported to be currently ongoing. At a time when Facebook’s data management is under intense scrutiny, this news is unlikely to be greeted […]
Bank Innovation
#Banks have pushed customers to online and #digital channels and now realize it takes some special skills to build relationships with them. Junk mail just isn’t enough.
Financial Technology
Customers expect clear communications, good web sites and mobile functionality from their financial firms. They want respect and help with their financial lives, and most U.S. #banks don’t rank high in those areas.
Financial Technology
The mobile phone is becoming the preferred method of banking for many customers. #Bank of America just crossed the 25 million mark of mobile users, Chase has 30.1 million mobile users, and Wells Fargo has 21.2 million users. So, it’s safe to say that mobile banking is crucial to a bank’s business as well. Features […]
Bank Innovation
When it comes to #customer satisfaction, smaller #banks do it better, according to an FIS survey released today. More than nine in 10 U.S. customers are very satisfied or extremely satisfied with their credit unions, compared with about two-thirds of consumers who use top 50 global banks. Fees incurred at larger banks may be a […]
Bank Innovation
As competition to #banks increases, #customer #acquisition is becoming increasingly important. By offering various types of rewards and point programs, banks are competing against each other as well as fintechs, not just to get new customers but also to keep existing ones. Making it easier for people to open new accounts could make a big […]
Bank Innovation
RBS #uses data #analytics to develop a Net Promoter Systems — shades of Vernon Hill of Commerce Bank and Metro Bank fame! They seem to have messaging right since customers are accepting their messages on mobiles.
Financial Technology
74% of survey respondents say improving #customer experience is currently their top strategic priority
In Pixar’s Finding Dory, Dory’s father comforts her when she cannot get a seashell out of the sand. He advises that “when something is too hard…there is always #another way.”
#Banks seem to have a similar philosophy these days in turning to digital technologies as a way to work around limitations of their legacy systems and empower their operations to elevate customer experience. Based on our recent survey of 80 #bank operations leaders in North America, three-quarters (74 percent) said that improving the customer experience is currently their top strategic priority, and up to 40 percent of bank spending on digital transformation will be in operations by 2020.
Faced with a complex legacy IT environment (cited by 38 percent of bankers as the largest barrier to their digital transformation) banks can now combine key technologies available today to upgrade their operations without a major IT overhaul. Leading banks are embracing micro-services, robotic process automation, artificial intelligence and other digital technologies to plug-and-play new customer-facing apps and processes within or around their existing legacy systems. Nearly half (48 percent) of survey respondents said they already use cloud-based applications, with another 27 percent planning to do so in the next year; 22 percent said they are using artificial intelligence, with another one-third (33 percent) planning to do so in the next year; and 16 percent said they use robotic process automation, with another one-third (33 percent) planning to so in the next year.
As banks tap into such technologies to open their business models, make their processes and data more transparent, and integrate with broader ecosystems, the role of banks’ operations organizations is shifting. They are becoming more intelligent, enabling leaner operations and quicker, insight-led decision making. Almost half (45 percent) of respondents said they foresee banking operations’ primary role in three years as achieving straight-through processing through digital technologies and fully harnessing the potential of customer and transaction data residing in operational systems. Doing so will enable banks to extract value trapped inside operations, such as customer data that could be used for innovative new products, services and processes—in essence, bringing the #back #office to the #front #line. It’s another way that banks can do a hard thing: Constantly, consistently improving customer experience and customer journeys.
See what else surveyed bank operations leaders had to say in our full report, “2018 North America Banking Operations Survey: Back office, it’s time to meet the customers,” and discover other ways to deliver a superior bank experience.
The post Another way to the bank customer? Bring the back office to the front line appeared first on Accenture Banking Blog.
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