Banking Mobile & Online

Retail banking in a consumer-centric world

Customer complaints department sign, used to illustrate an article about retail banking.

Retail banking customers are quickly moving online, and without the right tools in place, banks can find themselves struggling to manage customer demands.

Today’s connected, consumer-centric world is putting pressure on businesses to deliver timely, personal and compelling communications across diverse channels. Businesses are communicating with better informed and increasingly demanding consumers via a multitude of channels, including email, websites and/or portals, SMS and social media networks along with traditional mail and telephony via call centers. Effective customer communication boosts loyalty, ensures brand and regulatory compliance, and helps control a range of costs such as reductions in IT maintenance, printing and call center operations.

Consumers have found doing business online simple, speedy and they have become comfortable with the arrangement. The increasing confidence in the Web is also apparent in the retail banking sector. Driven by the convenience and choice offered by the internet, retail banking customers are quickly moving online. Online banking does offer many benefits for both banks and their customers. It gives people more control over their money in a convenient way that they find enjoyable and reassuring. Consequently, today’s ‘always-on’ consumers and business users have more choices than ever before, and want product and service information that’s personally relevant, timely and delivered via their preferred channels.

Without the right tools, technology and business processes in place, banks can find themselves struggling to manage increasing customer demands resulting in lost sales opportunities, lower customer satisfaction rates and dwindling revenues. On the other hand, banks that provide a consistent, relevant customer experience across all possible communication channels can boost customer loyalty, trim costs and improve profit margins.

Deep data about spending habits

We see the most progressive firms embracing the idea of client-led interaction. These firms have moved away from just being online and now offer a full suite of services that can be accessed through the multitude of channels clients want you to engage with. Sites have evolved into services that provide collaborative financial planning with deep data about a client’s spending habits, their social network and their life goals. These services provide a continuous client experience – users can access the service on their mobile phone, seamlessly move to their tablet, and complete a transaction in-branch with a customer representative. Importantly, clients view this type of interaction to be ‘natural’ and ‘simple’.

Solutions for Personal Finance Management are offered by many banks towards consumers globally. It offers them an interactive experience when looking at their financial banking data. It makes personal income and spending insightful and predictable, and automatically structures and categorizes the client’s financial behavior. Figlo’s PFM solution is the first cash flow analysis tool that can integrate with financial product advice or comprehensive financial planning. As a result, the client’s financial understanding increases as they have better insight into their personal situation. This flow of information will eventually lead to more trust and client retention, as well as uncover new sales opportunities.

Given the ongoing turbulence in the global economy, personal money management is becoming more important than ever, and financial institutions have to be prepared to connect better with their customers and tailor their services to individual needs in order to breed loyalty. Why not make it as easy as possible for your customers to understand their spending patterns, and the services and products they need while building a strong, trusting relationship with them, no matter where they are or what time it is. That’s what we call the Power of Financial Insight.

About the author

Albert van den Broek

Albert van den Broek founded a company focusing on the development of an online platform for communication of employee benefits, being one of the first offering an online platform for the financial industry. Two years later, his company merged with Figlo, where he became CIO and member of the board.

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