With the evolution of digital touchpoints, banks have mastered right channeling to drive customers to lower cost digital channels for self-service. As customer adoption of digital channels is in full force and customers are calling and visiting branches less, banks are looking for innovative ways to inject a human touch into their digital channels. Specifically, banks need to focus on identifying high value interactions and directing customers to the right channel, for the right interaction, at the right time. In order to be successful, the strategy must be more than slapping an 800 number online and saying “here’s my number…call me, maybe”. Bank Hapoalim, one of Israel’s largest banks, recognized the strategic implications of limited customer interaction and implemented a strategy to inject a human touch into digital banking to meet the needs of high-value digital banking customers. The strategy focused on:
Integrating Human And Digital Channels. Each customer has unique needs and communication preferences. Allow self-served customers to select preferences by providing channel options and use right-channeling to drive low-complexity tasks to digital channels and high-complexity tasks to a bank representative.
Adapting To Evolving Touchpoints With Agile Commerce. Agile commerce is an approach to commerce that enables businesses to optimize their people, processes, and technology to serve customers across all touchpoints. As touchpointsevolve, eBusiness and channel professionals must remain focused on making decisions that support a customer’s ability to interact across human and digital touchpoints.
I attended Finovatethis week to get a preview of new financial services digital technology vendors. I say preview because if you have ever been to Finovate, you know it’s a little like speed dating, where 63 vendors have 7 minutes each to show you their best moves. The themes at Finovate this year were not much different as previous years with the focus being on mobile banking, personal financial management, and payments. However, this year, a few new topics emerged: rewards, coupons, and mobile banking services for Pre-Paid Visas customers. Apparently, Pre-Paid Visas are the new black.
While there was plenty of interesting and innovative demonstrations, Forrester attended the conference to identify trends and solutions relevant for our retail digital financial services clients. Specifically, we looked at innovative solutions for our clients related to mobile banking, personal financial management, and payments. The following vendors stood out as innovative solutions for mobile banking, personal financial management, and payments:
DWOLLAis a next-generation social, mobile and online payment network. Its financial service product, FiSynch, integrates its technology into financial institutions.
IP Commercesolves the development challenge of multi-payer acceptance and multi-payee disbursement
iQuantifiprovides users with automated and personalized financial advice online
Money Desktopoffers the next generation of personal financial management. Its slick design makes excellent use of the native app features.