In a move that can be construed as a wake up call for Indian banks, the Reserve Bank of India has recently issued a guideline to immediately enable better technology at every customer servicing touch point. This comes close on the heels of the much-awaited Damodaran Committee report on “Customer Service in Banks”.
One of the key recommendations on this list is the enablement of one view of each customer, which is common to the entire banking organization, within a year, i.e., by September next year.
The question is how will banks go about implementing this one view solution? Will their in-house or even commercial solutions in the realm of core banking, crm, etc… be able to map to this requirement?
Yes, but with limitations. Most customer information management solutions, which promise an all-round view of the customer, paint only a static picture. Majority of them being transaction focused and somewhat inward looking, they take an inside out approach to managing the customer relationship, driven by the organization’s view of the world. The representation of the customer does not justify the dynamic nature of today’s Gen Y customer.
This can make quite an impact on the effectiveness of customer interaction. For instance, a service executive looking at last week’s data will miss the fact that the customer he is talking to right now has just purchased two international air tickets online and consequently loses the opportunity to sell him a travel card. Or, guided by the organization’s broad-brush segmentation policy, will push a term deposit to a privileged banking customer who’s refused it time and again, because the customer management system doesn’t incorporate that refusal into the customer’s profile.
When a bank lacks a solution capable of providing one view of each customer across products, touch points, channels and entities, dynamically, in real time, it tells on the quality of its service, its success at cross-selling and its ability to satisfy customers. But most of all, it prevents it from looking at each customer as a unique individual, the exclusive constituent of a segment of 1, to whom it can precisely personalize every future offering and interaction.
The good news is that this is easily set right with the right solution, a real time customer offer engine that not only gathers everything there is to know about a customer into one single view, but also processes it into usable information and next best action points. All in real time, and even while a conversation is in progress. If the service executive in our earlier example were to use such a solution, the scenarios might play out very differently – with a sale of travel card and insurance in the first case, and an exploration of the second customer’s real investment goals.
That’s one view worth having!
– By CustomerXPs
CustomerXPs offers real-time, intelligent products that empower banks with instant insights enabling influenced outcomes of deeper customer engagement and fraud-free transactions.