Why the “Real” in Real-time is Now More Important in Banking Than Ever!

Today’s consumer is vocal, informed and empowered to be real-time but the same can’t be said of Enterprises. The gloves are off as far as the impact of real and timely communication from Enterprises is concerned – Here’s a viewpoint on certain aspects of why this is so today:

It’s common knowledge now that news breaks on Twitter faster than any traditional news channel and that it all boils down to the fact that Technology has changed consumer behavioral dynamics in 2 crucial ways (among many others but for the sake of simplicity, I am leaving out the leaps in the infrastructure and innovation in Mobile altogether since they are not the focus of this conversation):

It’s all in real-time. Like it, Follow it, Share it, Digg it – do what you must but take that call and take it in one click NOW. Everybody’s facing this heat – an extremely illustrative example is Shahrukh Khan’s interview on Times Of India where when questioned about the box-office results let-down of Ra-One, he very aptly says “I feel conversations are not viable anymore; it’s just communication. And communication boils down to monosyllabic terms. Yes, no, ok, good, like, dislike, bye, 170 (crores). It is no longer ki kaisi lag picture [translation: How was the movie?]… Nobody converses. Reactions are like, wow, thumbs up, smiley”. Cut to scene 2 (J), every Enterprise is feeling this heat, how do I connect with this Twitter savvy audience that can destroy my hard earned reputation (read brand) in 140 characters in seconds. The consumer has never been more powerful, more vocal or more virally enabled!

It’s many-to-many communication. Big Data is real today because of the content churned out and consumed across these channels — never before has the consumer been given the ability to “mediate”. Check out this Ted talk by Clay Shirky to know what I mean . To quote “Media is increasingly less just a source of information and more sites of co-ordination because groups that see or hear or watch something can now gather around and talk as well. And every time a new consumer joins this media landscape; a new producer joins as well. It’s as if, when you bought a book, they threw in a printing press as well!” A single consumer has the power to be heard by a very large audience if she so chooses. ” Social media therefore is more powerful than all forms of media introduced thus far – print, telegraph, telephones, etc.

People are talking in real-time, to each other and so Brands better be on their toes as well to keep up with this new consumer-producer’s pace! What is the response? Simple, technology! If consumer power increases with the ability to be real-time, so should employees/users. Instances of powerful real-time technology especially in Banking are perhaps limited in current usage to select communities like Traders. What about the average Joe at the Branch teller counter? Brands and reputations can just as easily be destroyed due to a simple clerical error or a bad mood even!

So, how are you thinking of bootstrapping your Bank’s real-time ability? What are you doing about it today?

Share your thoughts.

- By  CustomerXPs

CustomerXPs offers real-time, intelligent products that empower banks with instant insights enabling influenced outcomes of deeper customer engagement and fraud-free transactions.

Learn more about CustomerXPs Clari5

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