Waves of change from the digital world are dramatically reshaping customer behavior and expectations in banking.
Banks are struggling to find the right defensive and offensive moves to simultaneously focus on the client experience and reinvent business processes.
It is time for banks to think differently.
Banking customers throughout the world are changing banks in search of better service and personalized products. Today’s customers have a lot of choices and they demand more responsiveness and transparency from their respective banks. To service their customers better they need to have a right mix of service offering across customer segments, they also need to provide a responsive, reliable and competent service model across various channels.
As rightly mentioned by Ron Shevlin, Director of Research for Cornerstone Advisors .
“The most significant trend of 2016 will be the ‘platformification’ of banking, where both existing banks and startups begin a strategic shift towards becoming banking platforms, much like how Amazon is a platform in retail.”
Banking Platformification would see banks operating as the core financial platform, responsible for many of the core transactions with the direct link to their banking customers. The platform would essentially provide a one-stop shop for customers, from which they could access both the traditional bank’s services, alongside a host of innovative solutions.
Cognub is aiming to introduce one such mobile messaging platform which will enable two way communications for Bankers and customers.
Platform will include some key features:
- Integrated multichannel architecture, powered by machine Learning algorithms
- Advanced digital advisory with real time insights.
- Need-based offerings optimized by channels
- Pervasive analytics based on customer data collection, micro-segmentation and predictive modeling to determine the most effective basket of products
- Real-time interactions management
- Customer engagement