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To Bolster Customer Engagement, Take a Page from Retailers’ Playbook
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Nathan Golia
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Nathan Golia,
User Rank: Author
8/15/2013 | 8:49:47 PM
re: To Bolster Customer Engagement, Take a Page from Retailers’ Playbook
Interesting to see this piece a year or so after I wrote on the subject for both Bank Systems & Technology and Insurance & Technology. The long and short of it, though, is that financial institutions have no choice but to try to emulate retailers, as that experience is the new standard for conducting business regardless of the product. Big data and instant distribution makes it easy to commoditize simple-ish products like bank accounts and auto insurance Gă÷ but customers expect that kind of experience for all financial products.
Byurcan
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Byurcan,
User Rank: Author
8/15/2013 | 7:58:18 PM
re: To Bolster Customer Engagement, Take a Page from Retailers’ Playbook
All good points. Banks can understand all they want about a customer, but if they can't make money off that, then what is it worth?
Yaldez4FSI
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Yaldez4FSI,
User Rank: Apprentice
8/15/2013 | 5:25:15 PM
re: To Bolster Customer Engagement, Take a Page from Retailers’ Playbook
These are excellent points for all bankers to consider. It often comes down to: Put the customer first, at the center of the business. Difficult for banks because of the historical product centric and product system focus. IF, it was easy banks would have already done it because the 360 degree view of the customer has been talked about for over 15 years. With the inclusion of social media, getting a 360 degree view is only getting more difficult, so it is time to do it. But, remember, all the understanding of the customer does not earn a penny, until the bank executes against that learning. So systems of engagement to execute on customer analytics is equally important.


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