Transactional banking is no longer the cornerstone that marks a customer’s banking experience. Irrespective of whether the customer touchpoint is in a branch location, internet banking or mobile banking through a phone or tablet, customer experience is crucial to improving loyalty and driving revenue generating opportunity. Transactional experiences are no longer viable on their own to hold an effective, long term customer relationship.
Regulatory Revival
Changes in regulations are increasing competition and driving opportunity for new entrants to the market. For instance, the PSD2 regulation may well be a game changer for banking as well as non-banking service providers. Banks know that customers have financial transactions with other financial and non-financial institutions that are independent of their banking offerings. However, most banks fail to assist them in such areas. Under PSD2 and open banking APIs, new entrants to the markets will work with the banks customers to provide advice on a host of ideas and services. As a result, this will drive an improvement in customer experiences. If your bank and financial services organisation fails to respond to this opportunity, you risk losing previously loyal customers to those who offer significant value added services.
Leverage Assets
Banks must leverage on an Intelligent Integration Platform to deliver truly value added services. This can be achieved without having to re-design key banking systems or platforms. By innovative, intelligent integration and repurposing of existing assets, banks can drive real value-added services that:
- Improve revenues beyond traditional services
- Increase subscription-based service adoption
- Create customer stickiness
The Mastek Intelligent Integration Platform is underpinned by a deep understanding of customer preferences, which incorporates analytics to deliver deeper customer insight. As a result, the customer experience can be fully customised based on individual needs and lifestyle choices.
Don’t lose out on the opportunity to create customer stickiness with differentiated services. Download your Intelligent Integration Platform Report to know more.
