Tuesday, 24 November 2020 10:11

How banks can take their customer engagement to new levels

To better serve consumers now and in the future, financial institutions are recognising they must rethink the way they do business and innovate quickly. Technology intervention will help creating better turnover. Especially, in digitally – minded consumers era in which they are willing to purchase products or services from their primary bank’s competitor or simply switch banks if unsatisfied.

 

This rapid changes and expectations from modern consumer is calling for better customer experience. Research shows that the top 300 banking and capital market firms showed customer experience management is one of their three overall IT investment areas.

 

So, what role does technology play in delivering a better banking experience—the kind of experience that will differentiate them from the competition and drive customer loyalty and lasting relationships?

Meaningful Data Processing

There are untapped possibilities in terms of data processing technology and it’s capacity to expand the current feature. Financial services organisations must address this key issue to differentiate and personalised customer experiences. Internally, they need to improve deeper into the volumes of available data – from transactions, life – events, marketing, social, mobile and more – and eventually use it in meaningful ways.

 

Most importantly, customer engagement is the primary key success here. Creating a seamless customer journey from marketing to sales and through to service, will put a business in stronger market position. Artificial intelligence and sophisticated analytics and machine learning capabilities can capture the volumes of generated data; integrate and orchestrate that data across lines of business and channels; and manage, analyze and present it as usable information to the people who need it to make better decisions.

 

Easy – to – use productivity solutions and powerful data visualization can make it easier for employees to address issue and take swift action. They can react to the following issue
  • Uncovering customer latent needs
  • Predict future behavior
  • Proactively recommend the right product / service
  • Access to more relevant information

By having a solid 360 degrees view, financial services firms can create meaningful interactions that personal, relevant and timely for entire business components such as, financial advisors, mortgage lenders to personal bankers.

Sustainable Added Value

Often in modern banking information resides in multiple silos and without a well – defined data definition. Biggest bank pain point is to undertake complicated data transformation and standardised it. 

 

In many cases, today this information resides in multiple silos and without a well-defined data definition. Financial service firm must undertake complicated data, in which they require to standardise it before delivering it to final customers. This process is very demanding and time – consuming.

 

Microsoft and partners goal is to empower every person and organisation to achieve more. Based on this particular needs, we are releasing a new Banking Accelerator targeting both Retail and Commercial Banking.

What includes in the Accelerator?

  • Banking data model
  • Sample applications
  • Connected scenarios across Microsoft’s cloud product
  • Business application
  • Productivity tools

Microsoft Banking Accelerator

The banking data model extends the Microsoft Common Data Model for banking-specific data elements such as Know Your Customer (KYC), loans, mortgages, referrals, branch details, collateral, credit facilities and more. A common definition and model enable our financial services customers and partners to build solutions on the same data model for improved consistency and new interoperability that can deliver 360-degree customer views.
Dynamics 365 Banking Accelerator

The Future of Open Banking

Microsoft Dynamics 365 Banking Accelerator is free for all financial services customers who are using Dynamics 365 in their organisation. It is provided as part of the open – source creative license, available in AppSource. If your organisation does not have Dynamics 365 in place yet, we can help setting up a free test environment for you. Just contact us for free trial.

 

As we look to the future, we’ve also been working with BIAN and other open API initiatives to ensure interoperability to help unlock new Open Banking opportunities by allowing banking organizations to more seamlessly and consistently share banking-specific data across disparate systems.