Banks turn innovators to enhance customer experience

The past few years have witnessed banking world's technology undergo a phenomenal transformation. From local branch banking to mobile banking, the banking sector has made huge strides in adopting technology to better serve the customers. Various tech innovations are being used by the banks to deliver tangible solutions and services to address client and customer needs. Internet and mobile applications are now playing a major role in changing the mode of money transactions. Today, users can transfer and deposit money, pay bills and a lot more with their smart phones.

Take for instance, mobile check deposit, the latest among the popular mobile applications where one can scan a check using a smart phone and make the deposit. Similarly, Visa's fraud detection suite takes only milliseconds to run a fraud swipe analysis. Financial innovations like Gramin Bank in Bangladesh and M-Pesa in Kenya have transformed the economies of these countries. The emphasis definitely has been on speed, convenience and enhanced customer experience.

Video ATM is another innovation which is fast becoming popular. These video ATMs enable customers to converse with their tellers remotely via video conferencing. Banks look upon this initiative as an attempt to drive greater customer experience.

Recently, National Australia Bank was in news for its voice-biometric security software which it plans to introduce shortly to fasten the customer service process. The software will collect voiceprints and will let the prints act as the verification factor when a customer contacts the customer service. This will eliminate the need to answer security questions or remember telephone passwords.

SIP(Session Initiated Protocol) is another popular technology being used by banks to change the contact center paradigm. This technology removes the channel silos that existed in the customer service process and allows customers to navigate through multichannel communications without repeating the information as they move from one channel to another. The idea again, is to ensure faster and smoother service.

However, despite various technological advancements banks still have a long way to go to be on the right side of the customer satisfaction graph. By leveraging technology, they are taking strong steps to ensure that customers are given the best possible experience. In days to come, Big Data analytics and social media monitoring will play a significant role in helping banks to offer personalized services. By analyzing the available information banks, will be able to capture, analyze and act on the customer requirements and ensure faster and better service. With more innovations on the way, anytime, anywhere easy banking will soon be looked upon as an enjoyable experience by customers.

About the Author

Wipro Insights set up the Council for Industry Research, comprising of domain and technology experts from the organization, to address the needs of customers. It specifically looks at innovative strategies that will help them gain competitive advantage in the market. The Council in collaboration with leading academic institutions and industry bodies studies market trends to equip organizations with insights that facilitate their IT and business strategies. http://www.wipro.com/insights/

Email us at: wipro.insights@wipro.com

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