In a recent blog editorial meeting, I signed up to do a bit of research and write a blog about cybersecurity. Ironically, a week later, my bank account was compromised. I wasn’t looking for firsthand experience, but I must admit, it did bring the issue home to me in a very personal way.
Like most consumers, security is extremely important to me when shopping, banking and paying bills online. Ease of use and convenience are also important, and it turns out, I am not alone. In the Seventh Annual Fraud Report by IDology, data shows that most consumers want three things when they open an account online—a secure process (88%*), an easy process (67%*), a quick process (57%*).
*Percent answering ‘extremely’ or ‘very important’.
Data from the Annual Fraud Report illustrates the challenging environment retail banks find themselves in today. Customers expect security and they also want seamless, pain-free experiences- expectations that are often in direct conflict with each other.
Once my account was compromised, I wanted to get the issue solved quickly and painlessly. My focus turned from cybersecurity to the customer experience, as did the topic of my blog.
While the associates who helped me were friendly and professional, they were hampered by redundant processes and data silos. I had to give my account information, pin number, last four of my social security and answers to personal questions multiple times. At first, the process made me feel more secure, but ultimately, I was frustrated by the repetition.
I closed the account that had been compromised and opened a new one. That process went smoothly but changing all my automatic payment information was stressful and time consuming. I was surprised to learn that even though my checking, savings, mortgage and car loan were handled by the same bank, I had to work with each group separately (and repeat all my information again) to get automatic payments setup.
While this is just one, small example of how siloed information can negatively impact the customer experience, other negative impacts include:
- Slow data-driven decision making that can impact a bank’s ability to respond quickly to evolving customer needs
- Poor trust based on lack of collaboration across departments
- Higher costs due to duplicate and redundant IT and application infrastructure.
The good news is that these issues can all be addressed by an integrated analytics platform that collects, processes and analyzes all types for actionable insights accessible to stakeholders across the organization.
Tata Consultancy Services’ Customer Intelligence & Insights (CI&I) for Banking is built specifically for breaking down data silos and improving the customer experience. It sits on an extensible platform that is built to monitor, manage and optimize the customer experience. It enables banks to better understand their current and potential customers across their entire customer journey in order to identify and capitalize on opportunities faster and build loyalty and value with every customer interaction.
Learn more: Customer Intelligence & Insights for Banking