Finance Hints & Tips: Hints and tips for the finance sector

6 customer initiatives for growth, profitability and compliance management

In a related blog we outlined how to maximise growth by harnessing technology across channels
• Design and optimise your customer journey
• Engage in real-time based on anticipated needs
• Integrate rich customer and transactional information
• Orchestrate processes and channels for a seamless experience and increased operational efficiency
• Monitor activity to insure consistent high quality experience
• Manage regulatory constraints
Now here’s the practical advice on how to align these initiatives to industry drivers of growth, profitability and compliance management.

1. Design and optimise your customer journey

Your customers want answers and information faster than ever — and will connect as needed through your call centre, Internet and mobile channels. Answer the disconnect between how banks think their customers want to engage and how customers would actually like to engage by designing and optimising the customer journey. Customer journey design can help you understand how well your channels, touch points and underlying processes support that journey, and helps you contour your key processes to deliver on customer expectations and allows you to implement an engagement strategy to deliver a frictionless customer experience, where each interaction becomes part of a long-running conversation, visible to all your customer-facing personnel whenever necessary.

2. Engage in real-time based on anticipated needs

Empower your personnel to ensure the relevance and timeliness of your services to support your customers at every step of their journey. You can even enhance the in-branch experience!
With Smart Branch Monitoring, you can detect the arrival of known customers the moment they enter the branch. Once identified, an analysis of past branch transactions can help you engage them appropriately and more quickly provide the services they need. For unknown customers, Smart Signage can present messages targeted to the type of customer they are detected by. Each customer looking at the sign will see information pre-determined to be most relevant to their segment.

3. Integrate rich customer and transactional information

When each interaction is part of a long-running conversation, the customer insight you gain can help you better satisfy current needs and desires, and more accurately anticipate future ones. A dashboard allows you to see an integrated picture of the customer from information gathered at every touch point, including in-branch, and to respond appropriately, in real time.

4. Orchestrate processes and channels for increased operational efficiency

A flexible solution for end-to-end visibility enables you to peer into the deepest levels of your workflows and business processes to discover root causes of problems, delays, bottlenecks and other issues that can compromise business process execution. You can detect issues, connect the dots and respond quickly and efficiently, in line with performance expectations.

5. Monitor activity to ensure consistent high quality experience

In addition to a solution that allows end-to-end visibility of business activity, you can also integrate software that gives you real time insight into payments and settlements. You can choose a solution that offers forecasting, trend analysis and automated alert generation for management of collateral, cash and FOREX.

6. Manage regulatory constraints

The good news is that the technologies you need to succeed in the marketplace are effectively the same as the technologies that will satisfy the needs of the next generation of Governance, Risk and Compliance (GRC). In fact, by focusing on deploying technology that can truly help your organisation succeed in the future, you will gain a solution that also gives you all the insights you need for successful GRC. Intelligent GRC (iGRC) can take you to the next level.

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