January 2014 Issue

The 'Real-time Data Analytics Newsletter' from CustomerXPs is your monthly insight on how technology is re-shaping the customer experience domain.

This would keep you abreast of all the latest trends in Customer Experience Management space and help you leverage your customer experience efforts to the maximum.

Four Bank Tech Trends For 2014

The past several years have been transformative in the banking world. Technologies that were considered cutting edge not too long ago -- like mobile remote despot capture -- are now commonplace. So how will technology change banking in 2014? Here are some predictions from industry experts:

The Rise of Self-Service Channels

The top trend for banking in 2014 will most certainly be to provide more customer access and functionality for self-serve options. The predominant discussion regarding technology focuses on whether banks can match customers’ want and need for mobile applications that address their changing requirements. This is about creating solutions that they will want as much as it is keeping pace with what the top 25 banks are already offering. Continued reduction in branch transactions just provides further evidence of where customers are heading.

Improving the Customer Experience

During 2014 banks will be focused on improving the overall experience for customers. This will include continued enhancements to online dashboards that place greater control in the hands of customers. Gone are the days of banks determining what and how information is presented to customers at the point of login onto online banking sites. Through the use of customization tools and widgets, customers will determine their experience and have faster and easier access to the information they choose. The banks will also have their own dashboards better informing them of customer needs, profitability, and product usage so they can better serve them. Analytics will also start to play more and more of a role in banking to further improve customer service.

Using Advanced Analytics to Know Your Customer and Drive Business

In order to win and retain customers in 2014, financial marketers will have to acquire additional competencies. For example, data science and predictive analytics can help banks synthesize all of these inputs to better target the right customer with the right offer at the right time. Advanced segmentation strategies that help to identify niches based on consumer behavior can significantly boost marketing effectiveness. Traditionally, segmentation has been used to divide customers into groups based on their demographics, attitudes, or buying behaviors. This helps in trying to target specific groups with the message that will best resonate with them.

Beyond segmentation, there are several other ways that predictive analytics can positively impact marketing success in 2014. These advanced analytics techniques can help boost cross-sell, taking advantage of the data to determine which products to offer to which customers. Analytics can also make upsell campaigns more effective, by looking at the patterns in how relationships evolve over time. Predictive analytics can also be applied to Voice of the Customer program, to identify customer pain points and develop strategies to reduce attrition.

Making the Shift to Identity 2.0

Attacks by professional fraudsters on financial institutions are rapidly growing, and their methods and tools are getting more sophisticated. Losses related to fraudulent activity—like account takeovers and fraudulent credit card transactions—can reach tens and hundreds of millions of dollars. The need for fraud prevention and authentication to help secure customer accounts has intensified, driving organizations worldwide to seek out and invest in technology and services that better detect fraudsters, reduce fraud losses, mitigate risk and improve the customer experience.

As we move into 2014, one of the most important bank tech trends will be the adoption of “Identity 2.0”—augmenting the contact center’s authentication process with predictive analytics across voice biometric, account, call and other metadata. Verifying identity becomes not just a fixed question-and-answer process, but a data science across multiple factors. By analyzing an interaction via a combination of “voiceprint” screening and other predictive factors, financial institutions can stop more attacks and fraudulent transactions, better identify and track known fraudsters, and improve the authentication process for legitimate customers.

Source: Banktech

Customer service: SBI to do national 'reality check'

State Bank of India, the country’s largest lender, is going for a “reality check” under its new chairman. It will rope in advisors to assess the current level of customer satisfaction across channels (600 branches and 300 ATMs), products and processes, using the feedback for finalizing the business strategy for 2014-15. According to its Chairman, customer surveys have hitherto been done for specific segments such as branches and internet banking. Such efforts, though ...

Sri Lanka’s Sampath Bank launches first “Cardless Cash ATM”

Sampath Bank, the pioneer in introducing many an innovation to the Sri Lankan banking sector yesterday launched its latest state-of-the-art banking facility “Cardless cash ATM” for the first time in Sri Lanka.

This new facility will facilitate the customer to withdraw cash from ATMs without using an ATM-debit card. The bank plans to extend this facility to their entire ATM network by January, 2014.

Sampath Bank introduced networked ATMs to Sri Lanka in 1988 for the ...

HSBC bank Oman enhances customer experience through staff training

HDFC Bank Oman S.A.O.G. recently launched a series of innovative training workshops for staff across the Sultanate entitled, 'Creating an Exceptional Customer Experience'. The initiative revolves around two-day workshops run by a Regional Learning Team designed to train employees on how to deliver outstanding customer service in all aspects of HSBC's banking opportunities.

Ali Al Abri, General Manager and Country Head of HR at HSBC Bank Oman said, "Surveys reveal that 80% of ...

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