Showing posts with label customer service. Show all posts
Showing posts with label customer service. Show all posts

Wednesday, 21 September 2016

imaginBank: Simpler banking for the digital age

"I don’t need an elaborate banking service with branches, passbooks, letters in the post, an annual financial review and a bank manager that knows my name. Interest? I don’t save enough to accrue any, or I put my money somewhere else. All I really want is an account that will accept my deposits, hold my money and release it when I want to make a payment or transfer. I don’t want to wait for transactions to appear on my balance or for transfers to clear. An automatic payment function would be useful, so I can settle my bills easily. But most important of all, I want to do everything, repeat everything, on my phone. Some exclusive offers and deals would be good too. That’s it."

Welcome to the mindset of a growing demographic of today’s banking customers. All are committed device users - not power users or early adopters - just people that manage their lives using phones and tablets. Many are young – Millennials - but not all. Most have modest incomes and are determined to live debt-free and unconstrained by financial commitments.

Tuesday, 23 August 2016

Rebuilding customer relationships


Banks have grown too large and complex and are struggling to deliver added value to final investment relationships in a world of high fees, frequent financial crises, damage of reputation and zero interest rates.

Banking regulation has stepped up the cost of capital. However, market regulation was also strengthened to foster higher customer protection in the aftermath of the global financial crisis, and enforce full transparency about costs and risks negotiated with taxable investors. This has been a perfect storm for retail and private banks: compliance costs sky-rocket while FinTech competition erodes their profitability.

Monday, 18 January 2016

Customer experience in fintech land

My main thesis for the financial services industry is that finserv = fintech. That is, all participants will have to behave like tech companies and focus on technology, data and customer experience.

Talking about customer experience I had a poor one recently with the bank I bank with – I wish this bank no ill will, yet I would love for them to become service-oriented.

Monday, 8 December 2014

What does the future of the bank branch hold?

NCR video ATM ©NCR
Is the branch dead? On evidence of the RBR Branch Transformation event held in London, the answer is a resounding no. Banks from around Europe lined up to discuss how they are transforming their branch experience to meet the demands of the modern retail customer, and while the consensus is that branch networks are shrinking, the branch remains integral to customer acquisition and retention, as well as for generating product sales.