Joydeep Bhattacherya, Managing Director at Accenture, kicked off the latest webinar, digital innovation in the financial services, by looking at the latest macro trends affecting the banking industry. Joydeep identified three emerging models to discuss:
- The intelligent multichannel bank
- The digital ecosystem bank
- The socially engaging bank
Joydeep began by looking at the intelligent multichannel bank, which is exemplified by banks beginning to utilize all touch points in their arsenal to better serve their customers and strategically applies analytics to more effectively meet customers’ needs. He observed that although banks were currently adept at using analytics to drive innovation on a basic level, they hadn’t yet mastered the art of merging behavioral analytics with transactional to create a more rounded customer picture.
Next Joydeep explored what it means to be a digital ecosystem bank, to be totally customer-centic and part of a larger ecosystem of financial and non-financial services, all linked by mobile technology powered by a set of foundational activities. The digital ecosystem bank has the advantage of sharing knowledge with alliances and enriching their customer insights to create ever more personal propositions. He offered up the examples of Bank of America and Garanti as early adopters of this style of customer interaction.
The third and final emerging model Joydeep analyzed was the socially engaging bank. This model shows how banks can build on the two previous models and really use customer behavior and data, digital ecosystems, and social relationship management to really close the circle on providing an enriching, loyalty building relationship with customers. Joydeep gave several examples of bans excelling in certain areas of social engagement but no one bank has covered them all. To give an idea of what the socially engaged bank might look like, he shared a model created by Accenture.
Jouk Pleiter, Backbase co-found and CEO, then briefly explained how banks can begin taking concrete steps toward creating these rich and rewarding online experiences, without replacing their existing back-end systems. He outlined an innovative approach incorporating a customer experience layer that aggregates information from back-end system, and third parties such as Facebook, that is populated by extremely agile modular widgets. These widgets are lego-like building blocks, which can be reused across devices and are inherently responsive.
The webinar closed with an exciting Q&A session, with questions covering customer experience layer implementation, widget functionality, mobile investment and how to tackle ever growing privacy issues.
You can find the slides of our webinar on our Slideshare channel: