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Staying ahead of the digital curve with real-time decisioning

Posted on by Clari5

Dynamics of digital

Financial institutions used to be the last candidates for change when it came to technology adoption. But over the recent past the banking sector has seen a dramatic ‘digital’ transformation given a discerning and demanding ‘digital’ generation, ferocious competition and a briskly evolving regulatory landscape.

From a customer’s perspective, a bank that has gone digital should be able to, at a minimum, instantly provide accurate information across devices, platforms and geographies. Customers are intolerant to service downtimes and want their needs addressed promptly and efficiently almost 24/7.

From credit cards to ATM to net banking to phone banking, the bank of today provides customers with an experience that is both seamless and of superior quality.

But banks can do a lot more to stay ahead of the ‘digital’ curve.

The digital bank of tomorrow

Many ‘progressive’ banks have gradually unified their entire IT ecosystem to harness the capabilities of big data analytics.

But there’s one more vital aspect banks must know – that they virtually have the customer’s ‘aatma’ or soul with them, given the behavioral intelligence and insights already resident across their multiple systems.

A bank is the only body that has the complete and in-depth lifestyle information of customers – earnings, spending, travel locations, home ownership status, marital status, right down to monthly fuel consumption.

With the variety and depth of insights available, banks can create instant, hyper-individualized interventions using a ‘segment of one’ approach to target customers precisely for intelligent cross-sell and up-sell.

So a unified, cross-channel digital strategy that utilizes this ‘soul’ to deliver an exceptionally superior customer experience becomes essential. Combine this with real-time technology, and banks have a compelling value proposition.

The soul of true digital transformation

The soul analogy also applies perfectly in combating sophisticated financial fraud, where deviations and discrepancies can be detected and resolved ‘intelligently’ in the blink of an eye.

Given the customer insights available, the same real-time decisioning can be leveraged to instantly detect anomalies and prevent them from occurring.

A meaningful digital transformation must include the customers’ soul. The digital bank of tomorrow must articulate a strategic platform that goes beyond servicing customers flawlessly and have intelligent revenue maximization and fraud detection capabilities.

Banking Customer Experience in Middle East

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Banking Customer Experience in Middle East

The growing importance of customer experience has taken over the banking industry by storm. A recent report published by E&Y details out latest trends in customer experience from around the globe and suggests that banks should aggressively leverage valuable insights from customer behavior to effectively chart out their customer experience strategy.

The infographic below throws light on banking customer experience in Middle East and how implementing real-time technology solutions result in customer delight by making use of deep customer insights.

 

 

Customer Experience – The new bedrock for consumer banking

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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 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.

 

consumer banking customer experience.

 

Online Banking- A blessing or a threat in disguise?

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Online Banking- A blessing or a threat in disguise?:

E-banking, or online banking as we call it, has become an accepted norm of financial transactions for millions around the world. The pervasiveness of internet has contributed to this channel of banking gaining prominence not only in developed countries but also in the developing ones.  The modern banking customer who is short on time does not hesitate to log on to her online banking account and make payments online or transfer money, much to her relief.  Aren’t we lucky enough to experience such luxury at the hands of technology?

Well, pause for a second. The growing menace of fraud has posed a big threat to the safety of these banking transactions. Identity theft, phishing & smishing (phishing through mobile phones) are the most common fraud practices threatening the online banking space. According to a report published by Kaspersky in 2013, online fraud is costing the global economy many times more than initial estimates of USD 100bn a year, with bank fraud contributing the maximum. Also with the emergence of various social media channels, fraudsters have upped their ante. As per a research by Microsoft, phishing via social networks was used in 84% of the total attacks carried out in 2011. Such attacks not only expose gaps in the online banking ecosystem but also pose a grave challenge for banks- in how to establish a counter-attack mechanism.

Banks must incorporate a strong combat mechanism- that cannot be achieved by simply following an outside-in defense approach that is reactive in nature. What banks need is an inside-out approach to fraud prevention using customer behavioral intelligence. Customer behavioral intelligence not only makes use of financial transaction patterns but also non-financial transaction patterns, user login patterns and device usage patterns to come out with fraud-risk advice.  This includes using 2-factor authentication to restrict the fraudster from making unauthorized access into the customer’s online banking account, as mandated by Reserve Bank of India, recently.  This fraud-risk advice being available in real-time empowers the banking system to allow, decline or challenge suspicious transactions thereby preventing the internet banking fraud from actually taking place.

Thus, implementing strong online fraud prevention technology is essential not only for making internet banking transactions fraud-proof for customers but also enjoyable. A good fraud prevention solution can not only benefit the bank in terms of improved customer loyalty but also help the bank improve its bottom-line.