How can banks know what customers really want? Many banks plan to further invest in digital in 2015. It makes sense – digital is immediate, it’s always on, it’s a cost saver – and it pleases customers. The key is to give customers what they need, not only what they say they need. Behavioral economics research allows us to do this and to differentiate between declared and revealed preferences – what customers say they want, vs. what they really want – to engage with customers in a meaningful manner.
Post Tagged with: "channels"
With all the buzz around mobile banking and its rapidly expanding array of services for bank customers, it’s easy to forget the elephant in the room: the aging core systems that lie at the heart of most banks’ operations and power basic transactions. At some banks, core software can beRead More
Integrated, multi-channel retail banking is a reality – presenting increasing operational risk…and endless revenue opportunity for those retail financial institutions that are “ready”.
Key recommendations included:
* Adopt real-time transaction monitoring
* Monitor every transaction coming to and from your core banking system
* Use transaction-based monitoring and analytics to track the performance of external and internal service providers
“The ability to combine and analyse granular details on consumer transactions and ATM device statistics means we have maximum control over all the various services and payment options being provided through our ATM network and other banking channels. We can react in seconds – not hours – to what our end customers are experiencing.” – Jamal Abboud, Group CIO of National Bank of Abu Dhabi (NBAD)
There’s a long held premise that branches are great channels for advice, that this is the one differentiation that bank branches provide that the Internets could never compete with.