Tagged: Customer experience

Big Data in Banking 0

Increasing Importance of Big Data in Banking

Increasing Importance of Big Data in Banking: The phrase big data has become a buzz word. Everyone talks about it or has information in bits and pieces, but only few companies know how to utilize the same. Big data is characterized by the tremendous volumes, varieties and velocities of data, that are generated by a wide array of sources, customers, partners and regulators (IBM) Banking is among...


Five ways Banks can ensure annus horribilis for Customer Experience in 2014!

1. Offer to downgrade:  Banks can bombard the best customers with offers to downgrade their status. For example, they can get the relationship manager to call the platinum card holder and offer her to issue a silver credit card. 2. Cross sell irrelevant products: Its relatively easy doing this.  Run the algorithm on a customer relationship and identify the least fit product. The teller can than try to cross...

Social Media: Two Sides of a Coin

Social Media: Two Sides of a Coin

Social Media has penetrated every sector and banking is no exception. Banks are smartly utilizing social media tools to enhance brand value, drive revenues, develop customer relationship, and enhance customer experience, giving personal touch to the services offered, and promoting their offerings or products. To be successful in any business, it is important to know where your customers are, what their likes, dislikes and needs are. The...