In 1995, strategy gurus and marketers ran to bookstores, or used the one-year-old Amazon (which only sold books), to get their very own copy of Michael Treacy’s and Fred Wiersma’s “The Discipline of Market Leaders”. After five years of exhaustive market research, the authors had found that organizations compete across these three “Value Disciplines”:
The authors concluded that to achieve sustainable market leadership, an organization should excel on one dimension while keeping the other two at an acceptable level. Interestingly, that same year saw the birth of the PalmPilot project. That project introduced consumers to their first mobile device – the Personal Digital Assistant (PDA). It did one or two things and it did them well and as consumers, we loved it.
Which brings us to customer engagement strategies for today’s retail banks. PalmPilots were good at managing contacts but couldn’t compete in a market where consumers want a device that manages their calendar and contacts, but can also be used to order a pizza, check a bank statement, and track their teenager’s whereabouts. Similarly, today’s banks can’t compete by optimizing one strategy over another – they need to deliver exceptional services, constantly innovate and do so with the utmost operational efficiency to compete with a growing field of digital innovators.
TCS is at the forefront in helping retail bank adopt “customer-first” strategies for the digital age with the latest release of our Customer Intelligence & Insight for Banking and Financial Services (CI&I for BFS) software. This software was created specifically to allow retail banks to create exceptional customer experiences that can set them apart from their competitors, and in doing so increase marketing efficiencies and uncover opportunity for innovation. CI&I for BFS uses machine learning to learn from customer data and understand the customer base down to the individual, and uses that knowledge to help guide the holistic journey from the very first transaction and through the entire customer lifecycle.
New features introduced in the latest release help improve onboarding, provide more control over customer journeys, and add transparency to the process:
- Dynamic Customer Segmentation adds automatic segmentation capabilities that adjusts to customer data and helps bankers improve their initial targeting and onboarding efforts – this means that personalization can begin from the first touch.
- Customer Project Journey Experience adds the ability to not only surface the journey using behavioral, demographic, digital, mobile and more data but to use that insight to craft smarter journeys across engagement channels.
- Customer Experience Alerts based on Key Performance Indicators (KPIs) and even Predicted Performance Indicators (PPIs) add transparency and ensure that all stakeholders have the right-time visibility they need to spot opportunities before competitors can exploit them and course correct proactively rather than reactively.