How can banks stop customers taking their money elsewhere?

“Thank you for holding. Your call is very important to us.” 

Wouldn’t that be annoying if you visited a website looking for help or advice? Yet, it seems to be accepted when we call our banks.

Using the latest tools and technology is critical for retail banks to keep their business at the front in the battle for customer’s attention and business – time to move of from tech that emerged at the end of the last century.

Banking organisations must adapt to a consumer that consistently expects a seamless experience that delivers value on their terms. Already, high-performing financial services organisations are applying predictive models to analyse customer transactions and spending behavior for deeper customer insight.

Being put on hold only to be switched around, put in another call center queue, and asked to repeat your information numerous times causes a huge amount of friction between bank and customer. Customers are often calling because they have a situation to resolve, they certainly aren’t making courtesy calls.

Cognitive banking

So, could cognitive banking put an end to such delays for both customer and bank?

Cognitive banking uses the ability to analyse  big data with massive volumes of information from within the bank to better engage with you as its customer. When you contact a call center, it will not only know who you are, it will answer your questions during the first call.  You will be talking to a machine, but not in the robotic ways of the past. Using natural language processing, the call center will both understand you and provide information that is far more tailored to you as a customer. If you allow it, the call will be able to incorporate information from your social networks and preferences — and use that information to enhance your experience and the advice you receive.

Banking organisations must adapt to a consumer that consistently expects a seamless experience that delivers value on their terms. Already, high-performing financial services organisations are applying predictive models to analyse customer transactions and spending behavior for deeper customer insight.

Want to know more?

If you are in the Office of the CIO in a banking or financial services organisation and want to  leverage advanced predictive models to analyse customer behavior to more deeply understand their needs and propensities, and provide a unique customer experience, then join us at Business ConnectLondon, November 19th.

See the agenda

One of the key items on the agenda for the day will be a TED style talk which will look at using data and analytics as way to transform business through customer understanding: re-creating the bank of the 60s’ understanding of clients and providing the level of personalisation that we all expect today.