Page 51 - Banking Finance AUGUST 2015
P. 51
ARTICLE
accordingly. They de- comment and search produces a
veloped a decision unique virtual identity - something
making engine that called as Code Halo.
accurately deter-
mines the overall va- Code Halos refer to the digital data
lidity of a check. surrounding people, organizations,
processes and devices such as buying
ATMs are being up- behaviors, social media interactions,
song preferences, searches, even cus-
graded to behave tomer geographic location. This
coded information is being used by
more like mobile de- today's leading businesses to derive
meaning to develop an intimate
vices that support a knowledge of anyone they work with,
whether customers, employees or
range of self service partners.
ers' smartphones when they are in tasks. From remembering customer 5. Social Media
the vicinity. Banks' staff can be
alerted when a valuable customer vis- preferences such as language to al- While banks have been present on so-
its the branch, with information cial media for some time, most have
about what kind of products interests lowing customers to view their ac- not gone beyond marketing and re-
them. Requests for feedback can be sponding to customer issues. A major-
sent on customers' mobile phones as count status and offering customized ity of customers find their banks' so-
they leave a branch. This reduces cus- cial media usage annoying, boring or
tomer waiting time and provides a products and services, ATMs can play unhelpful, but one-third of customers
personalized digital experience within would use social media to complain.
the branch. a vital role in creating a more person- Only few customers use social media
to interact with their banks, prefer-
Tellers and other customer-facing alized experience for customers. ring traditional channels such as
employees at banks and call-center ATMs, branches and other channels.
employees should have realtime ac- Banks are dabbling with ATMs that
cess to the same customer data such 6. Personal Touch
as the customer's interactions with allow cardless transactions, pre-
various channels, latest customer ac- No matter how digitized a bank may
tivity, etc. so that they can more ef- staged withdrawals using become, customers are always look-
fectively serve customers. By under- ing for a personal touch in the ser-
standing customers' channel prefer- smartphones and live video chat with vices so they are confident that they
ences and usage, banks can provide are dealing with real people and not
tailored services via those channels. a teller even after working hours and just computers.
3. ATM other features for the convenience of Old methods of interaction like fre-
quently asked questions (FAQ) be re-
Deposit taking ATMs are nothing par- customers. placed with live chats that let the cus-
ticularly new. Many banks offer the tomer communicate with the bank
convenience of dropping off checks 4. Leverage Customer Data and feel empowered to make deci-
and cash to your account after hours sions and have a bond with the orga-
through these handy machines. Banks are sitting on enormous nization.
amounts of customer data - ranging
Now Genmega has developed ma- from demographics to their current
chines that are capable of verifying financial requirements, their clicks,
your check and dispensing the cash searches, swipes, comments on social
media, etc. that can be mined to gain
valuable business insights. However,
most banks still operate in product si-
los with legacy systems. As a result,
customer data resides on disparate
systems that do not talk to each
other. This gives rise to data inconsis-
tencies and prevents banks from gain-
ing a unified view of customers, re-
sulting in poor customer manage-
ment.
Every digital click, swipe, "like", buy,
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