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Banks are well-positioned for customer remediation – they just may not know it

Global businesses across all industries face tremendous challenges around how to capture market share, retain existing customers and attract new prospects.

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Banking on Personalization

From Netflix’s viewing recommendations to Amazon’s suggested shopping lists, modern customers expect brands to deliver a seamless contextual experience or personalization, in a timely and regular manner.

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How to enhance trust and fairness in banking through digital transformation and personalized engagement

The stakes around trust are higher than ever as customers demand personalized financial services, fairer prices, and greater visibility into fee structures. Banks that respond quickly to meet these needs will be the ones to watch.

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What should the bank of today do to build the customer experience of tomorrow? Part-3

In this part, we will discuss the importance of creating a holistic plan for improving customer experience and how technology will act as the lynchpin for delivering great customer experience. To create the bank of tomorrow which delivers a great customer experience, banks cannot do it alone, they need to build the right ecosystem.

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What should the bank of today do to build the customer experience of tomorrow? Part-2

In this part, we will discuss the importance of creating a holistic plan for improving customer experience and how technology will act as the lynchpin for delivering great customer experience.Customer journey maps tell the banks how the customers interact with the bank.

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What should the bank of today do to build the customer experience of tomorrow? Part-1

Let us draw out a strategy that the banks of today can use to build this customer experience of tomorrow. We have put this strategy in a series of steps so that it is easier for the banks and focus on understanding each customer at a much deeper level in line with an overall customer experience of the organization

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What will be the customer experience for the bank of tomorrow ? Part – 3

Today, the banks are focused on providing products and services its customers ask for. The customer experience of today is all about ‘real time’ and being ‘proactive’. The banks of tomorrow will have to focus on providing products and services that customers ‘are more likely to ask for’.

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What will be the customer experience for the bank of tomorrow ? Part – 2

Today, the unique selling proposition of any bank is the wide variety of products and services. It is as if variety is the key! Products are at the center of any bank’s business. To sell these wide varieties of products, banks highlight the benefits they offer.

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What will be the customer experience for the bank of tomorrow ? Part – 1

For decades, companies have been paying lip service to the idea of delighting customers while simultaneously disappointing them. That approach won’t cut it anymore. Recent market shifts have brought us into a new era – the age of the customer.

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Banking Trends for 2020

2019, in retrospective, was a game-changing year for the world of banking.
The prize for the most revolutionary changes will certainly go to those banks which took a leap of faith and partnered with fintechs and the bigtechs.

Digital Core Segment of One

The digital transformation of businesses has radically changed the way customers approach services. Customers are now used to personalized real-time experiences in many industries and have developed very high expectations:

Next-generation Product Management in an Ecosystem Age

The world of open banking has arrived, and it is transforming the fundamentals of financial services. Innovative financial technology startups (FinTechs) have entered the arena, with targeted propositions that…

Banks are the masters of their fates, but must choose a path

It has been seven short months since the Second Payment Services Directive (PSD2), the so-called Open Banking, came into force in the EU and the revolutionary changes promised ahead of this regulation remained precisely that: promises. Has Open Banking been blown out of proportion?

Demystifying Platformication

Customers have never been more fickle and less brand loyal than today. A single bad experience is enough to instantly lose a customer with social media enabling further damages to the company. More than ever in the digital age, brands need to deliver a fulfilling…

Advisory Fees and Billing – Addressing key issues identified by the SEC

The recent past has seen large asset management houses in the United States paying penalties running into millions of US dollars for a variety of billing and compliance errors. Earlier this year, on April 12, 2018, the Office of Compliance Inspections and Examinations (OCIE)…

GDPR and PSD2 – is it a contradiction in terms?

2018 is a year on unprecedented regulatory change for global banking. The introduction of PSD2 in January was closely followed by the EU General Data Protection Regulation (GDPR) on the 25th May. EU GDPR brings tremendous consequences on…

Three Principles U.S. Banks Must Adopt to Avoid Getting Left Behind

Once upon a time, that scenario seemed preposterous but not anymore. Disruptors are moving in and dinosaur banks may get left behind unless they move faster to adopt open banking standards, particularly in the U.S.

A Tale of Two Banks in the Open Banking world

Compliance to new regulations like PSD2, is not the only issue facing banks in early 2018. Every Financial Organisation is now sprinting to be compliant on the day of the deadline, however they should look further ahead and…

Platformication-the latest disruption in the food industry!!

Dec 2017 – One is every nine people in the world go hungry each day which come out to about 795 million people. On the other hand, 1.3 billion tons of food is wasted every year. Just a quarter of this 1.3 billion is enough to feed..

Open Banking- Paving way for API-based partner ecosystems to create value beyond traditional customer offerings

Oct 2017 – The first version of the European Union’s PSD payments regulation hit the globalbanking sector back in 2007. Its successor PSD2, comes into force on 13th January 2018. The intervening 11 years have seen more innovation in banking than…

Becoming a DSP: a unique path to digital transformation

June 2017 – The Internet era has had a significant impact on the telecoms industry, with increasing competition, declining revenue from traditional services, changing customer preferences and new business models. Customer expectations too have evolved significantly in this period, driven by the rise of the…

Reductive Fintech-Bank stories help no-one

June 2017 – ‘Fintech Start-Ups Put Banks Under Pressure’ – FT. ‘Fintech vs. Banks – Closing the Gap’ – IDC. ‘Fintech Vs Banks: The Battle Heats Up’ – Europe Business Review. Given these and many other headlines, there’s a clear perception out there that the relationship between the fast-emerging world of financial…

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Can you become a “young” bank

June 2017 – The traditional banking institutions have been established for centuries. There is now a new breed of ‘young’ companies which are trying to get involved by supplying a customer focused mentality, moving away from the product focused mentality of their predecessors. Perhaps “young” isn’t the right word.

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The Fourth Industrial Revolution Will be Personal – part 2

June 2017 – This is the second article in our series on the Fourth Industrial Revolution. In this article we will be focusing on how Machine Learning will change businesses, increasing efficiency and the speed at which customers expect to receive services via a business digital platforms….

Banking on the API economy

June 2017 – Banks have to try harder. To be fair, they didn’t have to before 2008. Then came the Global Financial Crisis, causing the break-up of the Big Banks, and followed swiftly by the rise of agile Challenger Banks feasting on the consumer distrust. Banks realised they have to move fast to catch up to match customer experiences…

4.0 Industry Revolution

The Fourth Industrial Revolution Will be Personal

May 2017 – This is the first article in a three part series discussing the Fourth Industrial Revolution, how Machine Learning and humans can create a way to navigate through this revolution and what it means for banks. The first article will focus on how the Fourth Industrial Revolution is going to impact…

Delivering extreme customer experience in the Fake Data era

May 2017 – Customers demand better. Not a day goes by without a news headline which suggests consumers are getting a very bad deal from service providers. Poor servicing is compounded by the growth of false data appearing online, some human generated…

Client Interview: Maritime Bank, Vietnam

May 2017 – Maritime Joint Stock Commercial Bank (MSB) is recognized as one of Vietnam’s most innovative banks with a daring business strategy. Founded in 1991, the company has experienced major growth and development, particularly following its merger in 2015…