November - 2016 - issue > CXO Insights
Customers are More than Just Transactions!
Ritesh Varma, General Manager, Newgen Software
Banking has undergone a huge transition. Today more and more banks are adopting new age banking technologies to appeal to their 'Millennial' customers. Banks today are offering mobile wallets, mobile banking and making the entire experience of banking more amenable and accessible, keeping in mind the expectations of their young customers. In fact young or old, technology trends have completely changed service expectations of customers.
Banks need to talk to their customers in context. Gone are the days when you sent across uniform mass mailers. Understanding customer demography, behavior and preference is all business and more than just a fad! The better you know your customer, the better contextual services you can provide with cross-selling and upselling opportunities, with a high possibility of satisfied and loyal customers. The challenge for banks is to be customer-centric as well as adhere to compliance and regulatory requirements. This requires technological transformations that can make banks adept at handling both the aspects.
Following are some of the ways banks can become more innovative with their services:
Go where Your Customers are-Social Media!
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