Digitization has changed customer behavior dramatically, and this in turn has hugely transformed banks’ interactions with customers. Banks are seeing increased competition from new banks and non-traditional financial services institutions. Add to this all the mergers and acquisitions taking place, plus demand for multichannel access, and you have to ask yourself: How well is your bank delivering on your expectations?
Today’s customers are tech-savvy and plugged into the latest information on financial services products and offers. They no longer need to turn solely to their banks for this information, as they can use an array of Web channels, social media, and bank comparison sites. Customers expect rich experiences regardless of channel; they want offerings tailored to their individual needs, rewards for loyalty, and prompt service from bank employees who understand and value them no matter what the platform or medium they use.
It is absolutely imperative nowadays for a bank to have not only an accurate single view of each customer, but to be able to use this information in real time to get deep insight, which will give way to digital customer-centric business models. Innovation is key to retaining existing customers and attracting new customers, as well as to understanding when, where, and how customers want to interact and on what device. Greater effectiveness of marketing activities, improved time to market, and personalized advice enable them to deliver a next-generation customer experience. In essence, banks must continue to push the envelope in their technology adoption in order be tomorrow’s market leaders.
Have a look at our digital banking hub: www.sap.com/digital-banking.