By Brett King
The monetary problem is simply starting for retail associations. 90 to ninety-five in keeping with cent of financial institution transactions are accomplished electronically this present day. the net, ATMs, name centres and smartphones became mainstream for purchasers. yet banks nonetheless classify those as replacement channels and retain an organization constitution the place department dominates pondering. persisted expertise techniques, internet 2.0, social networking, app telephones and mobility also are stretching conventional banking types to the restrict. financial institution 2.0 unearths why shopper behaviour is so swiftly altering, how branches will evolve, why cheques are disappearing, and why your cellular phone will change your pockets all in the subsequent 10 years.
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Extra resources for Bank 2.0: How Customer Behavior and Technology Will Change the Future of Financial Services
The same thing happens frequently with customer channels. Although mostly those teams do not actively set out to isolate customers, they end up ignoring the rest of channel activity as irrelevant to their part of the world. Call centre teams don’t talk to Internet teams, branch teams don’t talk to call centre teams. IT, PR and marketing teams frequently battle it out for Measuring the Customer Experience control of the Web channel. Email marketing and push-mobile services are handled on an ad hoc basis resulting in no one taking control of messages that ultimately reach the customer.
We’re not talking about customer contact management here; we’re talking about how customers use the channels day to day. It would make sense that certain customers at certain times of the day like to utilise a particular channel. It would also not be unusual to find statistically that certain types of products are better suited towards a specific channel because of either their complexity, the level of involvement required by the customer and/or an advisor or specialist, and other factors. So how well do institutions know all this?
Recently I was involved in a multichannel strategy assignment for a Middle-Eastern bank. As part of the assignment, we conducted a formal audit of all of the customer touchpoints, including the call centre and Web. During our audit of the call centre, we found an unusual anomaly whereby not an insignificant number of customers were ringing the bank because they were having trouble transferring their money to overseas accounts. The calls would go something like this: CSR: Welcome to [the] bank. How can I help you today?
Bank 2.0: How Customer Behavior and Technology Will Change the Future of Financial Services by Brett King