Community
New account opening and subsequent customer on-boarding process is going through seismic shift due to change in customer's behaviour and rapid technology adoption. Customers are entering into anytime- anywhere service paradigm, where they expect Banks to know about them and provide transparent, real-time interactive services. Banks also need to be very sensitive to the cost of operation and time to market, to stay ahead of the competition. Banks also should be aware of the rapid rise of alternate banking models (P2P lending, Crowd sourcing, eBanking, Digital Wallets like Apple pay, crypto currency models) and enforce continuous innovation culture across Business, Operations and IT to stay in business.
Following are the potential areas of focus, when banks start to embark upon a journey to improve customer on-boarding:-
Digital Maturity stage -1: E2E transaction capability in each channel
key challenges:-
Focus area to improve maturity:-
Market leaders initiatives:-
Digital Maturity stage -2: Consistent Cx across all channels
Focus areas to improve maturity:-
Digital Maturity stage -3: Multi-Channel Cx - ability to complete a transaction using multiple channels
Digital Maturity stage -4: Personalized customer lifecycle management through single customer view, real time decision making and next best action
Digital Maturity stage -5: Personalized brand experience through optimization of channel experience to reflect the brand promise and cultivate influencers
Note: Banks can initiate the initiatives in one go. also the tools recommended are indicative in nature.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Oleksandr Strozhemin Co-founder and CEO at Trinetix
13 August
Elaine Mullan Head of Marketing and Business Development at Corlytics
12 August
Abhinav Paliwal CEO at PayNet Systems- A Neo Banking Software Platform
Donica Venter Marketing coordinator at Traderoot
Welcome to Finextra. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre.
Please read our Privacy Policy.