Customers are More than Just Transactions!

Date:   Monday , October 31, 2016

Headquartered in the U.S., Newgen Software proffers large, mission-critical deployments at the world’s leading banks, insurance firms, BPOs, healthcare organizations, government agencies, telecom companies, and shared service centers.

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!

Banks are slowly catching up to ‘crowd-sourcing’ via social media. Using social channels to source ideas and comments on banking services, banks can get closer to their customers. This can give a general feeler of customer satisfaction and expectations which banks can utilize to their advantage. What\'s important here is to ensure that instead of attempting to control bank\'s image on the social media, it is essential to build relationships and initiate dialogs which can be a vital contributor to developing its strategy.

New Age Branches

Bank branches typically catered to depositing and withdrawing of cash. A recent trend observed in banking was reorganizing branches into a network of advisory-focused, cashless banking shops that serve as a physical extension of the Web. Branches are store like outlets with open spaces, tablets that customers can use, and extended opening hours. Complementing this with a ‘consultant-style’ banking where mobile sales force specialized in selling complex products from both the bank itself and other providers.

Targeted Approach

Branches as bank branded retail stores! The concept behind modeling bank branches as retail stores is to create an environment of a shopping experience that these Gen-Y customers are familiar and comfortable with. To enhance the experience, create branded debit and credit cards with individual designs that young customers can use to express their personality and even fashion sense. A tailored savings concept allowing customers to name their savings goals, with a visual record of how close they are to each goal are some of the innovative ideas that are being incorporated by new age banks.

Simple, customized banking experience is what customers are looking for. Banks that makes the transition towards customer centricity sooner will have an upper hand in this fiercely competitive market.