Page 52 - Banking Finance AUGUST 2015

ARTICLE

The bank must engage effectively The 'customer dialogue engine' uses It is time for banks to rethink how they
with the customer ensuing him or her context, relevance and data to cre- attract and retain customers. Creating
that their needs are being looked af- ate a conversation between custom- relationships with digital customers is
ter and their opinions matter. This ers and banks. By monitoring cus- critical if banks want to differentiate
kind of communication flow creates a tomer transactions and behavior, the their brands and boost loyalty.
strong sense of independence and au- dialogue engine can suggest tools for
thority in mind of the customer who financial planning and budgeting, act By harnessing the power of digital
feels he or she is dictating the rules as a virtual advisor, offer peer com- channels, banks can move away from
and the bank is only responding to parison on selected products or ser- reactive, transaction-based customer
their needs. vices, and much more. In effect, the relationships, towards a more person-
customer dialogue engine gives banks alized and proactive experience.
7. Post Login Experience valuable insights about a customer's
financial life to enrich the experience. Customers today want more control
Experience has shown that over 90 over their finances. Banks should fo-
percent of customers use their bank Conclusion cus on providing sophisticated Per-
website to check their account bal- sonal Financial Management (PFM)
ance or carry out specific transac- Innovation in digital banking should tools since this is important to young
tions, and then they log off. The aver- aim at attracting, engaging and ex- customers choosing a new bank.
age online banking interaction is at tending Customer Relationships.
best functional and transactional. But Innovation today means redefining
there is a great opportunity to trans- Financial institutions need to estab- traditional banking with products and
form the post-login experience into a lish a digital ecosystem around con- services that improve the customer
dialogue. sumers' data that will benefit the experience, whether it's a mobile app
that enables customers to better
consumer's wallet in a comprehend and manage their bills; a
positive way, not only hands-free payment system utilizing
changing advertising, Bluetooth; a personal finance man-
data analytics and e- ager that automatically tracks all
commerce, but also transactions, spending and cash flow
allowing for a better across customer accounts; or a voice
understanding biometrics system that enables faster
people's intimate re- and more secure access to a bank's
lationship with their contact center.
money and improving
it.

Review of IARI News, January - March 2015

IARI News letter is published by Indian Agricultural Research Institute (IARI) New Delhi, regularly containing the
latest Research Programmes and successful implementation by Indian farmers for quality and quantity production of
food-items, Floriculture, Horticulture and all sorts of Agri-products. This News letter also contains analysis of Risk
Management in Agriculture in respect of Indian farming region wise as well. This institute holds regular programmes
of training for Improved Production Technology. Foreign visitors also visit the Institute and study the different
programmes. This Institute also deals with the filing of patents in their different research works. Incentives to
farmers are given at times to improve their quality and production of different Agri-products including Horticultural
Crops and floriculture.

52 | 2015 | AUGUST | BANKING FINANCE