Continued Commitment to Fight Banking Fraud
Gartner recently published a report on Banking Vertical specific software. According to the report, the banking and securities vertical specific software market grew by 5.9%,
Gartner recently published a report on Banking Vertical specific software. According to the report, the banking and securities vertical specific software market grew by 5.9%, riding on replacement of legacy applications in mature markets and new technology investments i emerging markets.
CustomerXPs features in the report as a notable vendor providing banking software. With our Clari5 suite of products, we continue to focus on Enterprise Fraud Management and Customer Experience Management for Banks. Inclusion in the report is confirmation of our focus and belief.
Around same time, Gartner published Market Guide for Online Fraud Detection. This guide provides recommendations to fraud managers for their strategic planning in using technology to combat Online Fraud. In this report too, CustomerXPs is mentioned as a Representative vendor. This inclusion is also a testament to credibility of CustomerXPs as a provider of software to fight banking fraud.
As I have written in an earlier post, there is a sense of satisfaction in receiving the positive feedback from the industry analysts and customers alike, a motivation to continue on the journey we have embarked and to keep committed to our goal of helping customers bank in a fraud free environment.
Customer Experience – The new bedrock for consumer banking
The new bedrock for consumer banking: Customer experience is not a fad but has the potential to make or break a bank’s revenue. A recent
Customer experience is not a fad but has the potential to make or break a bank’s revenue. A recent research report from Capgemini revealed that more than half of bank customers are dissatisfied with their retail banking experience. The report also reveals that dissatisfied customers are increasingly choosing competing banks over their present service providers. Therefore, in order to stay profitable in the business, banks must invest in intelligent real-time technology that takes proactive care of customers’ needs and pain areas. Positive customer experience not only improves customer loyalty but also improves top-line for banks.
The infographic below highlights recent trends in consumer banking customer experience and how implementing real-time customer experience solutions would result in mutual benefits for banks and customers.
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
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 many industries which has a vast and useful data about their customers. But right now, only a handful of banks are utilizing this pool of information and taking steps to enhance Customer Experience and deducing the data to combat fraud. Banks are aware of the fact that if the data is used smartly they will be able to cater to the needs of customers accurately.
As per research from (Capgemini) only 37% of customers believe that banks understand their needs and preferences. Banks have an abundance of informative data, but the major challenges they are facing today is how to utilize it intelligently, shortage of skilled people, insufficient tools, time constraints, the high cost associated, unstructured vast data and much more.
Most of the banks have silo based solutions to harness this pool of information. (Capgemini) research shows that organizational silos are the single biggest barrier to success with big data. Banks should apply 360 degree approach and understand the customers’ needs and act accordingly.
Big data can do wonders for banks if mined properly. Big data help to limit customer attrition, help in relationship management, increase in ROI and reducing fraud. Big data can be utilized to:
Big data is being increasingly used and studied by banks now. Banks have understood the potential of big data and are taking measures to apply it. Banks should come out of their silo based legacy solution to more wider and useful approach that will not only enhance customer experience, but also will help them to increase ROI, prevent fraud and reduce attrition rate.
