Communication to customer across channels should be consistent. For example, imagine the irony when a customer has a service issue, is agitated and has lodged a complaint, he receives a call from the Inside Sales team regarding a banking product sale. Hence, it is important to avoid disconnected and impersonal marketing campaigns to avoid customer churn which has become a major problem in banks today. Curing churn is possible with the help of right technology, active involvement of all the stakeholders across functions in fighting against the identified churn root causes, and an organizational level strategy to prioritizing excellent customer experience above anything else.
Tagged: banking Technology
Fear of fraud is seen as a challenge by banks in introducing innovative services and products.There is a great need for including fraud control imperatives in the banking service innovation journey. This blog analyzes the case of innovative Get Cash service at UK’s NatWest bank and how the fraud could have been avoided with intelligent fraud control systems in place.
Migration from traditional ‘one size fits all’ 2-factor authentication methods to a dynamic risk based approach, which uses all available customer, account, payment and device data to manage fraud and risk across the enterprise can be an intelligent move to make as banks would want to monitor transactions and prevent fraud and at the same time do not want to affect the banking experience of its customers. In order to enhance the customer experience banks might need intelligence about account/customer behavior patterns and assess the risk associated with a transaction and advise the right action (challenge/decline/allow) at the right time. Read on…