With advancements in the mobility and cloud technologies, digital progression of industries is bound to happen. Also with availability of smarter mobile devices and easier access to cloud services, consumers seem to demand a content rich and round the clock digital experience from their banks and any other service they use.
The financial services market has become quite boundary less with the customer trying to access these services from multiple touch points (mobile, tablets, physical branch, ATM etc.) and 24/7. It becomes imperative for banks to have a digital strategy aimed at engaging customers through their preferred channels.
With gradual evolution of the digital economy, banks need to craft their technology infrastructure to be able to support their strategy towards the digitally aware customers and the plethora of technology platforms coming within the fold of ‘digital’.
Key points to be addressed include:
- Advanced digital platforms: Since the customers interact with a variety of devices, banks need to build their applications which can work on multiple devices and offer financial services without a glitch.
- Analytics: Banks need big data or analytics systems which help derive better insights on customer behaviour. These analytics systems can analyse real time data from customer transactions, device usage, social media posts, emails etc.
- Interactive media applications: Banks also need to provide rich interactive media experiences for their customers. For this they need to create interactive web sites which can be accessed from smart devices and can also anticipate user inputs.
- Mobile banking: Banks need to build mobile capabilities as a full-fledged customer access channel. They need to provide m-banking, remote fund transfer, m-payments and securities trading functionalities through their mobile interface.
- Customer engagement through social media: Financial institutions can’t ignore the importance of social media. They need to build a compelling presence on blogs, forums, twitter for brand building, marketing and customer services etc.
While banks/financial institutions implement the functionalities mentioned above, they need to ensure that they do that based on a well thought strategy. The key questions could be-
What are the business goals for the digital evolution- increased sales, improved feedback, brand awareness etc.?
Roadmap- Where to start? What should be the sequence?
What capabilities need to be built? How much to invest?
To answer the above pertinent questions, it might be worth to hire an experienced vendor who has delivered similar digital offerings to other institutions.