Under the guidance of NK, SunTec has forayed into areas such as offer management, loyalty and relationship-based pricing. Top content on Banking, Customer Centricity and Examples as selected by the Customer Experience Update community. Nanda Kumar, CEO, SunTec; 28.09.2020 02:01 pm ; Please introduce us your company and products/solutions you are offering. He pioneered the concept of relationship-based pricing -an idea industry analysts and thought leaders now acknowledge as the key to balanced pricing dynamics. Facebook Learn why & how leading FinServ firms are advancing from traditional personalization to customer journey orchestration to improve CX and business outcomes. But this isn’t just about world-class user interface (UI) or user experience (UX); it is about the overall experience customers have with the bank – better products, better services, better propositions. As the banking industry is currently experiencing rapid and widespread changes and customers become more demanding, it is crucial for banks and other mobile service providers to understand the everyday lives of their customers and to integrate their future services into the customers’ value creation processes as smoothly and inseparably as possible. Nanda Kumar: The financial services industry is in a state of flux. This is especially true for younger audiences including millennials and GenZ, who’ve grown up in the digital age, and expect a seamless digital journey. NK has made SunTec one of the global leaders in revenue management and business assurance space in the financial and telecom industries. That said, the payoff for following through on the customer-centric journey can be enormous. In fact, this was not the first time they had headed down this path. Banks have the chance to not just enhance their customer satisfaction but achieve sustainable growth and above-average profitability by embarking on a customer-centric transformation. It is not an easy path and it takes focus and dedication to overcome the organizational challenges. To develop digital banking capabilities that are truly customer-centric, the bank must first look inward. In order to do this, you need to be able to clearly translate the customer strategy and vision into tangible measures that people across the organization can influence. What are the key factors that need to be considered by a bank looking to implement AI? He is also a widely read writer who has written for many technology-oriented newsletters and blogs. The key objective of the research was to gauge the opinions of senior banking leaders on the possible future shape of the banking industry around six themes - advanced analytics, customer centricity, open innovation, simplification, optimized distribution & regulatory enterprise integration. And we’re achieving this through our cloud-native, cloud-agnostic products that are delivered on-premise, on cloud or in a SaaS model. Traditional banks think that their hands are tied because of their outdated core technology and business models. For example, Bank Millennium in Poland has … About the survey: Methodology and approach. And that’s where we come in. However, statistics show that banks are slow to accelerate this move from a focus on selling products to selling customer-centric relationships. ... Over the past decade, the banking industry has faced an uphill battle. Nanda Kumar: The financial services industry is in a state of flux. Nanda Kumar: Customer loyalty is fragile, and customer retention and trust are critical to any digital transformation initiative – and any banks’ overall success. There must be a concerted effort to align banking products a nd services to customer needs. For the most part, they all agreed. At the end of the day, the success of the customer-centric transformation will depend on whether you have the right measurements in place and reward people for it. These historically siloed organizations are now breaking down barriers. In the finance industry, it’s often interpreted as conducting research and delivering products to meet customer needs. In your opinion, what problems are banks and other financial institutions now facing due to the pandemic? And like most businesses, banks and financial institutions were forced to juggle immediate priorities while also recalibrating for the future. NK holds a master’s degree in management and physics. If banks continue to solely operate in their current form without embracing both online and offline models, they risk becoming nothing more than a utility service. In response, firms are focusing on delivering innovative products, services, and channel applications, increasing one-to-one marketing programs, and transforming themselves from account-centric to customer-centric business models. We were a bit surprised. If banks can embrace this new way of thinking that enables them to reevaluate their holistic systems, processes, data and people, they will be able to deliver an unmatched level of personalized services. This involves moving some functionality over to systems that operate outside of the traditional layer of the core. It’s now more important than everfor banks to adopt a customer-centric approach that spans both physical and digital realms. 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Nanda Kamur is a technology evangelist with over 26 years in the industry, Nanda Kumar (NK) has shaped the wave of customer-centric software platforms and solutions for pricing and billing, particularly in transaction-intensive verticals. Tom Ainsworth: Jitterbit Harmony is an API integration platform provider. Like many in the industry, banks have seen the impact of digital and how it’s changing the way in which marketing must interact with customers and prospects. SunTec has partnered with AWS, IBM Financial Services Cloud and Microsoft Azure to help banks adopt our cloud-native and cloud-agnostic products to help design and launch products, offers, reward programs rapidly to meet the evolving needs of their customers. He is also a widely read writer who has written for many technology-oriented newsletters and blogs. Retail banking trends today include a heavy focus on what it means to be customer-centric in the digital age. The growth of fintech has revolutionized financial services, changing traditional practices and customer expectations, but one innovation opportunity remains left behind—the financial calculator. All rights reserved. To gain customer centricity, retail banks should realize that they can no longer offer just attractive lending terms or a free checking account to achieve success among customers. Regulations are constantly evolving, customer loyalty is inconsistent, competition is non-traditional, and a global pandemic has fundamentally impacted the way consumers engage with banks and other providers. As they adjust to the post-pandemic world, banks shouldn’t sideline the value of face-to-face service. Overcoming the organizational impact of a customer-centric transformation can be daunting and stories like the one described above are not the exception. Download this executive-level study examining the critical role of intelligent CRM tools when building digital relationships. Relevant Customer Experience Beyond Banking – From a Bank It is not enough to have an easy, fast and convenient customer experience when the product is used because the customer has to know about the product and has to have the preference to try it. Many companies lose sight of the customer experience as internal processes and organizational structures evolve organically over time. Brian S. Morris is a Partner at Merkle and has more than 20 years of financial services industry experience. That will allow them to hollow out customer engagement functions from the core system and manage it as a horizontal cross-enterprise layer. Customer Centricity in Banking Retain, grow, and attract customers with timely, holistic, and certifiably accurate data Retaining and grow existing customers while attracting the right ones is important to any financial institution. This can only be achieved through closer collaboration and an understanding of the critical role each plays in the process. Companies from other industries achieve huge success using dedicated customer centricity. The cultural norms of business and IT traditionally have been diametrically opposed. Why? Daniel Alpert is a CRM Strategy Consultant at Merkle. Another way to pair strategy and technology for greater customer-centricity in banking is with predictive analytics. However, statistics show that banks are slow to accelerate this move from a focus on selling products to selling customer-centric relationships. As leadership passed from one generation to the next, learn how Guaranty Bank & Trust preserved its local flavor even as it embraced a new vision of growth. This role is on the rise with 85% of CCOs now sitting on the executive team, up from 50% in 2012. Why? Branch banking has always played an important role in both attracting new customers and cementing relationships with existing ones. The accelerated pace of digital transformation in banking has raised several questions about the future of contact centers. Nanda Kumar: Our work over the last three decades has earned us recognition as the world’s #1 relationship-based pricing and billing provider. Keywords: customer-centricity orientation, bank’s competitive strategy. Mr. Alpert brings a wealth of insights and practical hands-on experience from 20 years of work in the financial services, consumer packaged goods, and pharmaceutical industries. The role of the Chief Customer Officer is fairly new with an average tenure of two years. Banks are particularly well-placed to orchestrate this for the ultimate benefit of their customers and are in a unique position to promote social and economic success for their customers – be it a mortgage to a family or a loan to an expanding business. This article was originally published on April 14, 2015. NK holds a master’s degree in management and physics. Many firms try to enable a customer-centric transformation within their existing organizational structure rather than take the time to truly consider the extent of the internal processes and organizational changes required. Transforming banks into customer-centric organizations. In a previous article, The Boston Consulting Group argued that, for retail banks, a focus on customer-centricity—defined as a way of operating “based on trust and fairness that uses knowledge of customers to meet their needs and achieve sustainable, valuable, long-term relationships”—is becoming an increasingly important differentiator in the marketplace. The fintech sector has experienced a great shake by the COVID-19 crisis that proved that banks are far from being truly digital. Browse Banking, Customer Centricity and Examples content selected by the Customer Experience Update community. Our award-winning SunTec products and Xelerate platform help organizations adopt a customer-first strategy, exponentially increase revenue and customer base, deliver exceptional customer experience, prevent revenue leakage and ensure compliance. That can only happen if banks rethink their holistic technology, foster strong partner networks and understand the true meaning of digital transformation. We are also in the process of integrating with leading cloud applications that are primarily used by front-line sales and relationship managers so that they can instantly get a clear picture of their respective customers’ product portfolio, negotiated pricing arrangements, projected revenues, performance against the commitments assured by a customer, eligible offers as well as enquiries on invoices, fees, new products, offers – and a lot more simply to enrich their ability to enable better real-time customer experience. ServiceNow banking solutions deliver transparent, compliant, customer-centric experiences in banking to help you stay focused on your priorities. By making smart use of customer data to uncover the context behind banking transactions, banks can understand their customers’ ultimate goals and add value to every interaction, presenting offers and opportunities in real-time that are catered to different audiences and ultimately deliver a superior, world-class customer experience. Wonderful, isn’t it? The purpose was to discuss a customer-centric strategy. For this to occur, retail institutions need to shift from product-based, transactional focus, to a model that is more customer centric. With the rise of customer-savvy fintech disruptors and low consumer trust in the financial services industry, it’s no secret that banks feel the pressure to drive personalized customer experiences. 1 However, our 2018 global digital banking consumer survey suggests that these centers continue to maintain their value proposition because customer … It requires contact-personnel who are empowered to not only identify client needs, but address them speedily. We ask: how can they deliver better experiences to their customers during these unprecedented times? There needs to be a single point of accountability for enforcing the customer experience across media/channel. The burning question they needed to address was how they were going to do it. For instance, if a customer reaches out to their bank for a mortgage, what stops that bank from helping that customer own that house, instead of just selling its mortgage business? We see bank-branches becoming experience centers like Apple Stores, offering a place for customers to explore products and services, and to solve more complicated banking problems. LinkedIn SunTec products and Xelerate platform helps banks accelerate this journey towards transforming themselves to make them truly customer-centric. The end-to-end customer experience should drive how interactions and touchpoints are designed. At the same time, customers are increasingly enjoying the ease and convenience of a digital model that allows them to manage their finances in one place — from setting up automatic payments to making deposits and more — without having to queue in a bank. To successfully ride this wave of change, companies need to continuously evaluate how digit… the bank’s focus from being “inward-centric” to being “customer-centric.” Focusing on the customer can also help banks identify and collaborate with third-party providers and fintechs in order to provide a better customer experience. Many organizations decide on what is easy for the company… and end up failing in the long run. Today, banks offer standardized products hardcoded with specific benefits, parameters, and rules–30-year mortgages, travel rewards credit cards, savings accounts with minimum balances. He has delivered numerous talks across global forums such as SIBOS, 3G Mobile Forum, Indian Banking Summit, Gartner Summits etc. Client-centricity deals with addressing the needs of clients as they change. Changing processes means changes to … A customer-centric banking model became a buzzword after fintechs came to the forefront of the financial services market with highly attractive financial apps focused on end-users’ experience. A consumer-centric approach to retail banking sales Scrutiny of retail banking sales practices is at a high pitch—banking leaders should also see this as an opportunity to reset … This live webinar will focus on using data to build the ideal journey – identify pain points and implement differentiators across the board for a winning user experience. This institution already knew the what and why. Therefore, organizations need to start with a clearly defined end-to-end customer experience and then translate how that experience will be executed through all interactions across multiple touchpoints. They made two failed attempts at achieving a customer-centric transformation in the past decade because they couldn’t overcome the internal organizational challenges that were required. For firms who have been successful in customer-centric transformations, the blame game has come to an end as internal organizations realize they are in it together. The CCO and CIO are working closer than ever. The Banking Act was amended in 1999, and installed Several banks did recognize that this was a necessity prior to the pandemic, but COVID-19 and the corresponding market volatility have created a new sense of urgency, and an understanding that we cannot simply revert to an outdated “normal.” While several banks have tried to accommodate customers in the short-term with incentives such as deferred interest, waived or overdraft fees or credit card and mortgage assistance, these measures won’t drive growth, profitability or most importantly, customer loyalty. Customer success and centricity in banking as with any industry boils down to measuring the fundamentals in the purpose of the relationship as far as the customer sees it. However, as we worked with them to prepare for the offsite, it became quite clear. Putting users at the center of the product universe – Apple. Fintech Trends: Customer-Centric Banking Only 20 years ago, the core of customer experience in the banking industry were meetings between clients and account managers. The general acceleration towards online (which was particularly accelerated by the 2020 pandemic) will... Tech is disrupting the conventional banking sector from back office core banking to customer-facing processes. 2020 accelerated the shift to digital banking in order to survive, in 2021 banks and credit unions need to ensure customers stay digital in order to thrive. In today’s digital economy, banking, like other industries, faces “disruptive” expectations from customers. industry to maintain and grow customer relationships. Please use a corporate/work email address instead. centricity. 3 Ways Your Websites Calculators Can Foster Digital Transformation in 2021, Accelerate Customer Usage of All Your Digital Banking Capabilities, How Checking Can Generate 68% More Loan Volume, Digital Strategy Lessons from Other Industries, How to Survive and Thrive in 2021 and Beyond, Customer Journey Orchestration 101 for Financial Services [Free eBook], Meet the Challenges of People-Based Marketing Measurement. Customers want to have access to this type of physical experience centers while also being able to perform their banking functions and transactions digitally, whether it be mobile, app or web-based. Customer-centric, in theory, is fairly self-explanatory.But, businesses that take a customer-centric approach do more than say they put their customers first; they make it a priority to provide an exceptional customer experience at the point of sale and after the sale to increase profits and gain a competitive edge. Banks must recast their strategies, roadmaps and budgets so they can respond to today’s challenges, prepare for future business disruptions and ensure they retain existing customers while appealing to new targets.Now is the time for them to modernize their legacy technology systems, enable end-to-end agility and focus on flexibility, scale, and speed to accelerate their digital transformation and excel in a competitive and turbulent landscape. Islamic banking is no different. Wael Malkawi, executive director at ICS Financial Systems (ICSFS), spoke with IBS Intelligence about how technology has disrupted Islamic banks in recent years. It is these companies that are in a position to disrupt their industries (i.e., Apple, Google, Amazon, USAA, Tesla, to name a few). Founded recently in 2017, PayR has already managed to build a strong network of partners in multiple Latin American countries with operations that span from north... Financial IT: Please introduce us to your company. That means they must deliver more hyper-personalized services, enhanced transparency and holistic capabilities to add measurable value across each step of the customer journey and offer a new level of customer engagement and fresh kinds of physical and digital banking services. In banking, customer centricity is about making people’s experience with their money enjoyable and simple. Mr. Morris has worked with banks, insurance, and financial markets companies globally in developing and advancing their customer analytics and digital strategy, which includes media/channel, customer/marketing analytics, organizational alignment, enterprise data management, … In fact, the majority of these transformations fail for the very same reasons. We are in the process of launching SaaS applications around preferential interest rates, risk-based pricing, offers and benefits management that will not only help banks meet the fast-changing economic conditions, but will also help them design and launch products and offers that meet the new needs of customers. With the rise of customer-savvy fintech disruptors and low consumer trust in the financial services industry, it’s no secret that banks feel the pressure to drive personalized customer experiences. Learn about how to deliver customer-centric experiences, here. Banking on customer . In-branch banking will continue to play a pivotal role for many consumers and will remain an important vehicle for banks to attract new customers, retain existing ones — and engage more deeply with them. It is hard and it takes time to implement. He pioneered the concept of relationship-based pricing -an idea industry analysts and thought leaders now acknowledge as the key to balanced pricing dynamics. A mere six months later, we were blindsided by one of the worst global pandemics in our lifetime. She has led numerous searches for chief marketing officers, chief digital officers as well as for leaders in customer experience, strategy and innovation. Customer Centricity in Banking Retain, grow, and attract customers with timely, holistic, and certifiably accurate data Retaining and grow existing customers while attracting the right ones is important to any financial institution. Nearly all businesses now face new pressures heightened by the pandemic. Instead of attempting to control its image in the social media – to which so ... banking industry. With SunTec, banks can gain deep insights into their end-customers’ financial behavior; create dynamic customer segments; rapidly design and launch hyper-personalized products, offers, product bundles, pricing, loyalty programs and monetization models for ecosystems and platforms. These appointments were the key for establishing a trustworthy relationship and a positive customer experience. JEL Classification: G21, D81, L21, D23. With platform-as-a-service gaining traction, organizations also need to enable monetization models that can support the same to ensure that they are the primary choice of their customers for all transactions. What many organizations fail to realize is that what is needed is an experienced enabled operating model designed around what is right for the customer, not what is easy for the company. Under the guidance of NK, SunTec has forayed into areas such as offer management, loyalty and relationship-based pricing. Our global digital banking survey indicates that satisfaction with contact centers and branches influences customers’ overall satisfaction twice as much as satisfaction with digital channels (read Recognizing the value of bank branches for more details on the analysis). He has delivered numerous talks across global forums such as SIBOS, 3G Mobile Forum, Indian Banking Summit, Gartner Summits etc. Nanda Kumar: The financial services industry is in a state of flux. Banks needs to be cognizant of their customers’ changing preferences. technology evangelist with over 26 years in the industry, Nanda Kumar (NK) has shaped the wave of customer-centric software platforms and solutions for pricing and billing, particularly in transaction-intensive verticals. In the fast-paced digital marketing world, marketers and the business teams blame IT for being too slow to react to their needs and IT complains the business teams do not know what they want and requirements are always changing. Nanda Kumar: Just a year ago, we had predicted that it would take at least another decade for global banks to truly embrace digital transformation. Customer-centricity is a way of banking based on trust and fairness that uses knowledge of customers to meet their needs and achieve sustainable, valuable, long-term relationships. Robin Amlôt discusses how banks should come to grips with artificial intelligence (AI) with the company’s Managing Director, Robert Hazboun. Clearly, pressure ismounting. Habitually, banks think channels; customers don’t. Yes, technological advances are driving fundamental market shifts and a new wave of digital-driven disruption.1 But customers—increasingly seeking always-on, performance-based, and integrated solutions—may be an even greater catalyst.2 Indeed, customer expectations and demands are creating critical challenges—as well as opportunities—for employees across sales, services, support, and product functions. Your diet, your schedule, your pleasures, your sleep, your money – just tap on the icon on the screen, and you’ll have all you need. The answer is simple. Most banks began their digital transformation journey years ago, and have clear digital strategies – but, most of these strategies are limited to their customers’ last mile journey. In this day and age, there is an app for everything. A variety of operational roles are charged with supporting these products and managing the rules governing them. There’s never been a more important time to humanize the banking experience. A customer-centric business model requires technology that allows financial services firms to effectively access, manage, and deliver the right data and information to downstream business and customer-facing systems while reducing operational risks and cost for IT organizations. Our global clients look to SunTec to help them fast-track their digital transformation initiatives, overcome their inhibitions, and leverage technology to reinvent their existing business models and ultimately the service they deliver to their customers. What upcoming news do you have at SunTec that you can share with our readers? Instead of evaluating credit risks and deciding on mortgage approvals, operations staff will work with a… What’s next for SunTec? Under his leadership, the company has won several awards and is considered as a leader in enterprise products. Branch closures are not just a … Does your institution support a culture of innovation and an environment that welcomes new technology? But COVID-19 has caused a sharp decline in branch traffic — a pattern that may linger for several months, or even years. To prioritize their customer-centric efforts, banks must simplify complex operations and infrastructure, embrace intelligent technology and partners to create the right service bundles for their customers, and understand how to leverage customer data to offer service-first models. Those companies that have succeeded are able to connect with high-value customers and prospects in a more integrated, relevant, and consistent manner, resulting in innovation, retention and loyalty. [Trending Research] 2021 Consumer Demands, Banking Priorities & Recommendations. Why customer centricity … As we were preparing for the offsite, it became quite apparent that these leaders were not too interested in why moving to highly addressable marketing was important. In the US, the number of bank branches has dropped by 6% since 2009, and is now at the lowest level in more than a decade. More than 130 institutions and companies across banking, financial services, insurance, telecom and travel industries rely on SunTec to rapidly design and launch hyper-personalized solutions as well as billing for over 400 million end-customers. A significant change is that banks – and industry, in general – will assert their demands from Artificial Intelligence (AI) technology, rather than waiting for AI... ICS Financial Systems (ICSFS), is a leading provider of modular, core banking systems. Customer satisfaction with banks’ contact centers is important but remains subpar. This “digital core” — as we like to call it — is intelligent, prescriptive and forms the bridge between the current customer-facing capabilities and legacy core technology used by today’s banks. Banks must reimagine how they can extend their value proposition beyond core offerings to navigate today’s increasing market pressure and changing customer sentiments. Fintech Trends: Customer-Centric Banking Only 20 years ago, the core of customer experience in the banking industry were meetings between clients and account managers. Find out how growing demand for digital payments is shaping the current payments landscape for financial institutions. In a previous article, The Boston Consulting Group argued that, for retail banks, a focus on customer-centricity—defined as a way of operating “based on trust and fairness that uses knowledge of customers to meet their needs and achieve sustainable, valuable, long-term relationships”—is becoming an increasingly important differentiator in the marketplace. With no room of doubt, AI is a CRM strategy Consultant at Merkle has! With existing ones SunTec ; 28.09.2020 02:01 pm ; please introduce us your company and products/solutions you are offering transform. Has won several awards and is considered as a leader in enterprise products that spans both physical digital. 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