How Corporate Banks can create a better customer experience in the Digitized World
Posted on Thursday, November 19th, 2015 | By Mr. Suhail Chander
Around the world, successful companies are building more intimate customer bonds by creating and consistently delivering a branded customer experience. Today clients expect their corporate banker to have real-time information at their fingertips. Clients want more than just information. They want better experiences. These experiences not only fulfill the stated needs of their customers but also predict their unstated requirements. They are able to do this by successfully predicting their customers behavior. From Starbucks – a new entrant in India challenging the home-grown market leaders, to Southwest Airlines- a successful outlier in the loss-making airlines business, these brands have leveraged technology and understood customer behavior to remain ahead of the pack.
In the world of corporate banking, the rules of customer engagement are constantly changing. The conventional face-to-face banking channel is being replaced by 24X7 mobile/online/social channels. Yet, at the same time, customers want a personal touch, a customer-delight moment that makes the whole experience remarkable and makes them want to come back.
There are 3 critical success factors that organizations such as corporate banks need to get right when it comes to creating better remarkable customer experiences in the digital world-
1) Seamless integration between the online and offline worlds – banks are faced with the twin challenges of continuously engaging their front-end clients and customers as well as optimizing their back-end complex operations and legacy software systems between the online and offline channels can make a big difference. While the online channel can engage the front-end clients, it needs to be backed up by an efficient offline team to ensure better customer retention, better utilization of marketing spends and faster turnaround times. A number of banks have automated many commonly used processes in a manner that saves costs while improving customer experiences. For example, new and innovative corporate purchasing and payment programs such as integrated expense management, automated VAT reclaim capabilities and smart wallets are being integrated in corporate loyalty and discount programs. This is made possible only when the online and offline worlds work in tandem to create a more customer-centric process.
2) Consistency matters most organizations have the ability to deliver a stellar customer experience. The tougher part is in delivering that same level of customer delight consistently – day after day, across different markets and different levels of scaling up the business. That is what differentiates the best companies from the rest. In the world of corporate banking, we need to create rules that empower customers and then ensure that everyone in the organization follows those rules. A paradigm shift in the organizational culture must accompany the transformation to new age banking.
3) More Mobile, More Social, More Analytical – the world’s most loved organizations are embracing the new realities of customer behavior. They understand that customers’ loyalty is achieved only when customer intimacy is gotten. For banking, the shift from a traditional transaction-driven business to a more intimate relationship-based experience must necessitate that banks are more mobile (always present with the customer), more social (make it easier to transact) and more analytical (predict the customers” requirements). For example, corporate clients expect their corporate bankers to have all their latest information available with a swipe on their tablets which provides a real-time snapshot of the clients” cash flows and finances. Leveraging mobile platforms, big data and cloud computing to provide up to the minute real-time information ensures that clients make most informed decisions at that point. This has already become the norm at some major banks and others are expected to follow suit.
In a digital world, organizations that are not able to seamlessly integrate their online/offline channels, cannot deliver a consistent level of customer delight or ignore their customers” new realities, will find that they have become irrelevant or replaceable. In a world of “Innovate-or-Die”, this is the only reality that matters.