Using Channel Innovation to Improve Customer Experience
Well, if you thought this was fiction, you can think again. RFID technology is just one of the innovations that banks are using to change in-branch customer experience.
Channel innovation is one of the survival mantras for banks faced with ever-increasing customer demands and competitive threat. Banks are trying to meet customer aspirations by investing time, money and effort in not only setting up new banking channels but also improving the features of existing ones.
For instance, customers with Smartphones are now saved the trouble of going to an ATM or branch for depositing a cheque. All they need to do is use the phone to scan the cheque and send the image across to the bank for processing.
ATMs are also getting smarter, as they are enhanced with additional functionality to allow customers to pay taxes, contribute to charity etc. Another example is that of disabled-friendly ATMs, which employ voice technology to enable the visually challenged to transact.
While the above innovations are targeted at urban customers, banks have introduced others - such as kiosk banking and mobile money transfer - to encourage the rural unbanked to adopt formal banking services.
Finally, technologies on the ascendant, such as social media and cloud computing are opening up exciting new channel possibilities, with the promise of improved reach, engagement and efficiency.
What are the other trends that will reinvent the delivery of banking services? Do share your views.
Channel innovation is one of the survival mantras for banks faced with ever-increasing customer demands and competitive threat. Banks are trying to meet customer aspirations by investing time, money and effort in not only setting up new banking channels but also improving the features of existing ones.
For instance, customers with Smartphones are now saved the trouble of going to an ATM or branch for depositing a cheque. All they need to do is use the phone to scan the cheque and send the image across to the bank for processing.
ATMs are also getting smarter, as they are enhanced with additional functionality to allow customers to pay taxes, contribute to charity etc. Another example is that of disabled-friendly ATMs, which employ voice technology to enable the visually challenged to transact.
While the above innovations are targeted at urban customers, banks have introduced others - such as kiosk banking and mobile money transfer - to encourage the rural unbanked to adopt formal banking services.
Finally, technologies on the ascendant, such as social media and cloud computing are opening up exciting new channel possibilities, with the promise of improved reach, engagement and efficiency.
What are the other trends that will reinvent the delivery of banking services? Do share your views.
Comments
In the above post, are you talking about the Indian scenario or an overseas scenario.
Why does a customer require to deposit a cheque, cannot that transaction be moved to electronic payment mode?
Posted by: prashantn | October 17, 2011 5:33 PM
We are referring to an overseas scenerio, and this is not in the context where the customers' are having e-banking facilty. But are referring to a Remote Deposit facility without having to physically deliver the check to the Bank - As per the U.S "Check 21 act". The use of this facility is rapidly growing in the advance markets.
Posted by: Rajesh Patta | December 5, 2011 12:33 PM