Collaboration is a key growth area for the future. Those who do not work together will be left out of new ecosystems forming for financial services, and will find it harder and harder to maintain their competitive market position.
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Collaboration is a key growth area for the future. Those who do not work together will be left out of new ecosystems forming for financial services, and will find it harder and harder to maintain their competitive market position.
Designed to promote innovation, customer choice, and financial inclusion, open banking offers a wide range of benefits for end users.
Yet, to take advantage of the benefits, customers need to understand the implications and opportunities involved with sharing their data. Wherever your company is located, it pays to fully understand existing and future data privacy mandates so you can educate and empower your customers and gain their informed consent.
Customer preferences and expectations are rapidly changing. For banks to remain relevant – or better yet – increase their relevance in customer’s eyes, they need to operate from an entirely different customer experience (CX) paradigm. Banks need to orchestrate increasingly complex systems of engagement and support a broad range of use cases along the shop-buy-use continuum. Beyond just sales and marketing, banks must develop and nurture customer relationships flexibly along the entire customer lifecycle with fewer in-person interactions.
Account holders should be able to trust their bank or credit union to protect their valuable financial data. However, the human presence within complex networks inherently creates privacy and governance vulnerabilities, particularly in the visibility, control, and protection over how, when, and where data is made available to the people who use it every day.
Though modern cybersecurity is inherently multi-layered, the deepest layer must include modern data security governance that protects against privileged access and human error.
Improving your operational efficiency is on the forefront of competitive advantages. And it’s your leadership that is helping you thrive in this hyperconnected world. But could you be doing more? Should you be considering different approaches?
With the increase in pressure on Banks and FIs to secure transactions and customer data, the prevailing question becomes, how to ensure the account opening process is as seamless as possible.
As demonstrated by the Aite Group statistics, high abandonment rates are abundant, lying between 65% and 90% and it falls to the service providers to implement digital solutions to minimise friction and quickly acquire new customers.
Is your bank keeping pace with escalating customer expectations shaped by their mobile experiences? How are you addressing the perception that all banks are the same?
It’s tough when you have a product focus and outdated technology is holding you back. You know you need to modernize to win and retain demanding, empowered, and fickle customers. Customer loyalty and company revenue are at risk if you don’t.
Technology advancements and the proliferation of consumer apps have created a new customer experience paradigm that is changing how people are using credit cards. Customers expect brand interactions to feel like a dialogue, one that is relevant, timely and personal to them; regardless of whether that’s online or offline.