Checklist Item 7: Get small tools to make a big difference

In an earlier post, I said that the online customer experience could be taken up a few notches by leveraging available technology. Let’s talk some more about certain innovative tools that can enhance the banking experience.

Financial education plays a key role in upgrading a customer’s profile and imbuing him or her with the confidence to take bigger decisions.  Since it is not possible for banks to conduct classroom sessions for all their customers, they must depend on technology to do the job. Simple personal financial management tools comprising calculators, modellers and simulators can help customers understand the workings of comparable financial products, build portfolios, plan savings and draw up budgets.

Even as customers gain in confidence to act independently, they might seek banks’ guidance to validate decisions. An audio-visual remote advisory service allows them to consult with a bank representative during a transaction initiated through a kiosk, over mobile or online.

Another notable innovation that enhances customer experience is a tool that can capture mountains of customer data, including that of a tacit nature, from every customer contact, retrieve it instantly and also recommend next steps during subsequent interactions. Using this, a bank employee is brought immediately up to speed on customers’ past history. Moreover, the tool ensures that customers enjoy a consistent experience regardless of the bank employee attending to them. 

Really tech does it all…practically…and every passing day has more to offer.

Also read:
Checklist Item 1: Let customer interest drive innovation
Checklist Item 2: Focus innovatively on each customer
Checklist Item 3: Hold on to your customers!
Checklist Item 4: Get KYC started with segmentation.
Checklist Item 5:Innovate on distribution for extended reach
Checklist Item 6: Add up Innovation and Online Banking