Displaying search results for ""

Home > Viewpoint > Customer Experience

CX in Banking

CX in Banking

Accelerating Next through Conscious Contextualization. 

For companies – Uber, Venmo, Google, Apple Pay – to become ‘daily-use-verbs’ is like a rite of passage. It is a milestone, the ‘blue tick mark’ of customer trust and loyalty.  

In today’s experience economy, this milestone is made meaningful when one considers the ominous dark clouds over banking a.k.a.  economic downturn, geopolitical instability, and soaring inflation.  

CX for banks is a big deal. A Forrester study posits a 1% improvement in CX for a multichannel bank yields additional $123 Mn in revenue (for a direct bank that works out to $92 Mn) 

What’s the way for banks to accelerate to their next?

In a climate where B2B C-suite are taking their CX cues from Netflix, Spotify, and Amazon (fast, personalized, and seamlessly digital), neobanks like – Northmill, Starling, Nubank – are approaching CX in a mission mode. These include – 365/24/7 access,   360-degree customer dashboards for agents to offer streamlined support, and embedded support across channels and devices for consistent and connected experiences.   

However, CX is largely influenced by feelings, a domain where emotions drive loyalty. This comes from the ability to consciously contextualize – something that AI systems are yet to deliver wholeheartedly.  

Sentiment Analyses show that humans, while satisfied with the ease or effectiveness of the solution they receive, rely on their feelings as a truer barometer for future actions.  

So, how does contextualization reflect in CX? Said simply, wallet share can only succeed mindshare. Not through the up-sell campaign slipped into an orientation call, or the number of times your name shows up in an ‘education’ emailer, or on top right hand corner of your online account page.  

Conscious contextualization happens when financial, personal, and behavioural data can accurately predict lifestyle needs.  

Something that this conversation is clearly missing… 

We asked Chat GPT, “Compared to existing AI, how can ChatGPT offer superior CX for Banks?”

Source –https://chat.openai.com/ 07.07.2023 10:10 IST

So even with the deluge of GPT AI news and the cautionary tales flooding our inboxes, lets remind ourselves with a line from Steve Jobs, let’s go invent tomorrow instead of worrying about what happened yesterday.  That holds true for all of banking tech, as well.

To get more updates, subscribe to our Monthly Newsletter

View

Account Opening and Customer Onboarding – Where does the Moment of Truth lie for Banks?

Account Opening and Customer Onboarding – Where does the Moment of Truth lie for Banks?

The non-profit member association, NPC, or Nordic Payments Council creates and manages Nordic schemes that facilitate payments. Combining four Nordic Bankers associations, banks, and payment institutions covered by the PSD2 directive, Camilla’s primary mandate is to harmonize payments across the regions.

 

Balancing the Payment Means and Payments Acceptance.

 

Post-COVID, digital banking adoption has accelerated without precedent. The game has moved on – from digital enablement to digital transformation. Innovations in Fintech and Payments are shaking up legacy infrastructures like never before.

 

Camilla is no stranger to the phenomenon. In the years that she was at SEB, one of the leading Nordic FIs, she was involved in a game-changing project that went on to become the P27 – an example where payment means and payment acceptance are seen as two sides of the same coin, and an open-minded approach is taken to solve the ‘chicken-egg’ challenge.

 

P27 aims to build the world’s first real-time, cross-border payment system in multiple currencies.

 

It is a joint initiative by Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB, and Swedbank, that explores possibilities of establishing a pan-Nordic payment infrastructure for domestic and cross-border payments in the Nordic currencies and the Euro.

 

Rubbing shoulders with the formidable EPC (European Payments Council)

 

Implementing ISO standards, strengthening security, and promoting transparency are all aimed at shaping the NPC’s vision to be relevant long-term. Creating new-age schemes that address market needs before they become a demand adds to NPC’s influence in an important market that extends well across the continent.

 

Forging a shared infrastructure to create frictionless interlinked cross-border payments.

 

A currency-agnostic platform with real-time payments and batch clearing – like the P27 – works because the rulebooks are maintained by an independent organization, freeing up the payment(s) schedules to be used by any clearing house or tech company.

 

Given the innovation in Payments infrastructure, how do the NORDICS benefits translate for the end customer?

 

Gaining access to innovative solutions faster than in similar-sized markets, effecting cost take-outs by combining digital readiness with inter-banks collaboration and looking out for automated solutions (like conversational IoT and 5G) to bring higher levels of convenience.

 

Essentially, P27 breaks down export-import barriers for banks or Fintechs alone and across companies in B2C and D2C spaces.

 

What are the overall learnings from Nordics Payments Infrastructure?

 

Collaborate at the vision and organizational mission level so that a common innovation ground can be set and sandboxed. As the gains from P27 are realized in deeper measures, the imperative must be replicating it across the globe for a truly connected global high-speed payments infrastructure.

 

As they say, a journey of a thousand miles starts with a single step.

 

View

What makes (the mostly) contactless and cashless NORDICS tick? Learnings from the region’s Payments Narrative

What makes (the mostly) contactless and cashless NORDICS tick? Learnings from the region’s Payments Narrative

The non-profit member association, NPC, or Nordic Payments Council creates and manages Nordic schemes that facilitate payments. Combining four Nordic Bankers associations, banks, and payment institutions covered by the PSD2 directive, Camilla’s primary mandate is to harmonize payments across the regions.

Balancing the Payment Means and Payments Acceptance.

Post-COVID, digital banking adoption has accelerated without precedent. The game has moved on – from digital enablement to digital transformation. Innovations in Fintech and Payments are shaking up legacy infrastructures like never before.

Camilla is no stranger to the phenomenon. In the years that she was at SEB, one of the leading Nordic FIs, she was involved in a game-changing project that went on to become the P27 – an example where payment means and payment acceptance are seen as two sides of the same coin, and an open-minded approach is taken to solve the ‘chicken-egg’ challenge.

P27 aims to build the world’s first real-time, cross-border payment system in multiple currencies.

It is a joint initiative by Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB, and Swedbank, that explores possibilities of establishing a pan-Nordic payment infrastructure for domestic and cross-border payments in the Nordic currencies and the Euro.

Rubbing shoulders with the formidable EPC (European Payments Council)

Implementing ISO standards, strengthening security, and promoting transparency are all aimed at shaping the NPC’s vision to be relevant long-term. Creating new-age schemes that address market needs before they become a demand adds to NPC’s influence in an important market that extends well across the continent.

Forging a shared infrastructure to create frictionless interlinked cross-border payments.

A currency-agnostic platform with real-time payments and batch clearing – like the P27 – works because the rulebooks are maintained by an independent organization, freeing up the payment(s) schedules to be used by any clearing house or tech company.

Given the innovation in Payments infrastructure, how do the NORDICS benefits translate for the end customer?

Gaining access to innovative solutions faster than in similar-sized markets, effecting cost take-outs by combining digital readiness with inter-banks collaboration and looking out for automated solutions (like conversational IoT and 5G) to bring higher levels of convenience.

Essentially, P27 breaks down export-import barriers for banks or Fintechs alone and across companies in B2C and D2C spaces.

What are the overall learnings from Nordics Payments Infrastructure?

Collaborate at the vision and organizational mission level so that a common innovation ground can be set and sandboxed. As the gains from P27 are realized in deeper measures, the imperative must be replicating it across the globe for a truly connected global high-speed payments infrastructure.

As they say, a journey of a thousand miles starts with a single step.

View