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In a digital world with utmost emphasis on customer experience, banks today need to take a 360-degree or a holistic view when it comes to enhancing customer experience. It would simply be bad business sense if banks today don’t focus on adopting a customer centric business model that optimally utilizes digital technology leading to increased efficiency and productivity.
Although over the past few years, the banking industry has made significant efforts to shift to digital channels, yet such efforts can simply be summarized as inconsistent at best — a business unit here, an upstart department there. But given the industry’s financial pressures and global economic uncertainties (which are ever present now, owing to trade wars, anti-globalization sentiments in many major markets etc.), no doubt there’s an increased urgency — and opportunity — to adopt a holistic approach to going digital and integrating that strategy across the banking ecosystem.
During the pre-financial crisis of 2008-2009 era, the banking industry created shareholder value majorly through financial leveraging. After the financial crisis, customer trust vanished from the banking system. Deeply hurt by large banks, customers turned to smaller banks and credit unions to manage their personal finances. Use of non-bank lenders, payment processors and financial information sources (both personal and general) increased as never before.
Moreover, owing to increased highlight on business practices of banks and enhanced regulatory oversight has led to increased regulations and competitive challenges for banks today. All of this has left banks with no option but to deleverage and identify alternative sources of value. To sum it up, it won’t be an exaggeration to state that even though it’s been more than a decade since the last financial crisis, banks still don’t have that level of customer trust which they used to have before the financial crisis. Enhancing customer experience is one of the primary ways through which banks can gain the trust of customers again.
Banks often have problems in enhancing customer experience. That is primarily because the banking system has an inherent difficulty in adopting innovation owing to regulatory and compliance issues. Digital modernization gives traditional banks an opportunity to gain market share and appeal to more prospective customers, more so technology obsessed millennials who are and will be one of the largest customer segments in the coming years. A smart enterprise-wide approach positions these traditional banks to deepen customer satisfaction and loyalty, driving long-term relationships and profitability.
Let’s have a look at some specific points about how digital modernization can help traditional banks.
Developed by SimpleCRM, Customer-360 degree is a module that is suitable for streamlining banking operations. It’s simply a one stop solution that will take care of every aspect of digital banking, thus ensuring seamless transition for banks towards the digital age. Customer 360 degree is perfectly suited for every bank, irrespective of the bank’s size, target market, business model etc.
Customer 360 degree automatically pops up when a customer calls and even before a support team member picks up the call. This intuitive interface displays entire customer details including personal information, product holdings, interaction through all channels, complaints and many more types of information that would be beneficial to a customer and also to the support personnel. Customer 360 degree thus ensures multiple advantages for banks, such as saving a lot of time and manhours as compared to what is normally spent in switching from one window to another pulling out the individual reports, thus increasing overall efficiency and reducing downtimes.
As mentioned in the previous paragraph, the feature rich customer 360 provides banks with benefits that are simply unmatchable, making customer 360 one of the best digital solutions available today. Let’s look at some features in detail.
The Bank uses SimpleCRM’s customer support automation solution along with Customer360 & Branch360 modules for providing consistently highly quality support services to its 10 million+ customers. The bank uses Customer 360-degree module for:
