Page 38 - BANKING FINANCE APRIL 2017

ARTICLE

Current Paradigms Emerging Paradigms mobile, digital, and social media as a
way of life, interaction expectations are
"Brick and Mortar" presence is core "Click and Mortar" presence . Positive
changing.
to building trust and confidence customer experience and excellent
service quality builds trust and
To monetize their growing digital chan-
confidence
nels, financial service industry will fo-
Multi-channel delivery-interfacing - Omni-channel -integration -consistent
cus on how to use the immense
inconsistent service experience service experience
amount of structured data they have
Financial services is a serious business Financial services are a virtual about the consumer. With the large
and needs direct contact and product and can be offered remotely amount of computing resources avail-
documentation able in the form of Cloud, Mobile De-
E-Banking ( Electronic banking ) M-Banking ( Mobile banking) vices, Internet of Things (IoTs) and va-
"Mass" Banking "Class" Banking riety of the data in terms of interac-
tions on social media channels, trans-
Meeting customer requirements Assessing and meeting the customer
actions, Big Data has opportunities for
needs through data analytics on real
cross selling and understanding cus-
time basis
tomer needs better.
Get the customer to come to the Be available wherever the customer
bank (defined channels) for what is
The focus moves towards heightened
they need use of richer analytic driven customer
Focus on the "stock" of deposit Focus on the "flow" of transactions insight for the delivery of services and
and loan balances and payments an enhanced customer experience.
All products - savings, credit, Each provider may choose to Banks have to effectively use analytics
investments, payment services, effectively focus on certain products to enhance customer value and maxi-
should be offered by a single provider and services only mize wallet share. Trend will emerge
to use of predictive data to drive de-
Bank Participants Bank and Non Bank Participants
mand and understand the marketplace
Anytime/Anywhere banking Everywhere banking
in a more timely manner . By using
real-time analytics and current cus-
It is a challenge for the financial service industry to accelerate their share in
tomer information, banks will offer
Retail banking by adopting customer focused strategies. As predicted by experts new products and services to their cus-
,two of the most omnipresent trends in Retail banking will be 1) the height-
tomers.
ened use of customer insight for the delivery of services and an enhanced cus-
tomer experience, and 2) the continued development of digital channels and 2) Digital channels and associ-
associated digital services
ated digital services
1) Heightened use of Customer insight The retail banking future business will
In the present competitive banking world particularly in retail banking business , be driven by digital delivery chan-
enhanced customer experience is more important to retain and increase the share nels and associated digital services. It
of retail banking business. To offer this , deep customer insight is required and there- is believed that more customers of
fore , banks will use various following tools/techniques to assess the same. traditional banks will move to new and
completely digital players if they do not
Customer Analytics(Big data Analytics),Customer Insight and Cus- react . The battle for the digital cus-
tomer experiences tomer will only increase in intensity. The
According to Capgemini's 2014 World Retail Banking Report (WRBR), less than increasing pace of digital adoption will
40% of customers globally reported positive customer experiences with their fi- see more innovation from banks in
nancial institution. With upcoming generations of consumers fully embedded in their digital strategy .

38 | 2017 | APRIL | BANKING FINANCE

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