DECEMBER 2018CIOAPPLICATIONSEUROPE.COM8IN MYOPINIONver the years banking products have become more and more commoditised. The number of players in the market has also increased. There are two levers that a bank can use to differentiate their proposition to grow market share and profitability. The first lever is Relationship which can be strengthened by building trust. The other one is Service which relates directly to customer experience.It is no coincidence that there is a renewed strategic focus by CEO's on Net Promoter Scores (NPS) as a key business performance metric. NPS measures customer experience and it is widely reported that it can credibly predict business growth.Below are some examples of customer experience trends:1. Omnichannel Customer ServiceIn the past, service hours were restricted to the period from nine to five, with support simply not available outside these `working hours'.Customers have now been enabled with a tool set to operate 24x7 with convenient multi-product, multi-language support that is available over the phone, via--a website, on a mobile app or in a branch.While it will be important for banks to continue to invest in more functionality across digital channels, what is becoming more important is providing an omnichannel service experience. This means banks must provide the customer with consistent, integrated and seamless experience across all customer touch points.2. RPA, AI, Machine Learning, Blockchain, and Chatbots will GrowBanks have progressively adopted robotic process automation (RPA), artificial intelligence (AI), block chain and machine learning, which will continue to revolutionise customer service experience. Chatbots will provide intelligent and personalised conversational experiences, while instantly solving the customer's query 24x7. Blockchain's ability to improve efficiency, accuracy, security, transparency, and execution speed will see this technology get more acceptances.To date, banks have primarily used RPA to focus on operational processes, however RPA has real front-office potential as well. By automating functions in contact service centres, banks can reduce errors of manual data entry, reduce rework, decrease complaints, improve efficiency, and hence allow for greater focus on listening to the customer and providing more effective solutions.VENKATESH SUBBARAMAN, REGIONAL COO, ANZOLATEST TRENDS SHAPING CUSTOMER EXPERIENCE IN BANKINGVenkatesh Subbaraman
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