“Once banks crack the code on how to deliver a better experience to customers, they will position themselves to seize phenomenal opportunities to engage with customers.” Arun Varadarajan, iGATE@banktech
As banks look for new revenue opportunities, they have to focus on existing customers because new ones are hard to come by. But even trying to increase business with the existing base is a big challenge because banks have made interaction with customers too complicated and frustrating.
Traditionally, banks have focused too much on product, subjecting customers to multiple-step processes to complete transactions and to switch between multiple products. If they have any hope of increasing their share of wallet with existing customers, banks have to embrace a customer centric-model.
This will require looking inward at processes and organization redesign to make interaction with banks more user-friendly. Banks also must learn to leverage technology developments such as mobility, big data, real-time analytics and omnichannel capabilities to deliver personalized, dynamic and unified services to their customers.