In Banking & Financial Services, Customer Intelligence & Insights

It’s that time of year again. No, not for ugly sweaters, eggnog and holiday cards. It’s New Year’s resolution time, when retail bankers look back at the year’s successes and challenges and resolve to improve in the new year.

If you are planning for a successful, profitable year in 2019, here’s a ‘must-have’ resolution for your list:

Resolve to deliver personalized, connected customer experiences that meet your customers’ constantly evolving needs and expectations. 

 

What makes a connected customer experience different from a traditional customer experience?

Connected Customer Experiences are: Traditional Customer Experiences are:
Boundary less Insular
Curated for customers across channels and brands Separate transactions customers must stitch together on their own
Created by multiple partners that come together to deliver new value Standalone experiences built without a partner ecosystem
Built on shared, intelligent customer profiles synthesized across multiple players Proprietary, based on limited context
Driven by multi-party, intelligent and personalized dialogues with customers and their preferred brands and social circles One way monologues

That’s all well and good, but what does a connected customer experience actually look like? Here’s an example.

Buying a home is a daunting task, with customers forced to put all of the pieces together themselves. They research listings, attend open houses, get pre-approved for a loan, enlist a realtor, arrange moving services, set up utilities, and so on.

In a connected customer experience, providers join together to create a connected, home buying experience that guides customers through each stage of the process, securely passing information from one partner to another to ensure continuity and delight the customer. The bank is connected to the realtor, moving services, and a myriad of other partners. Based on each customer’s needs, the bank maps out the optimal journey for that customer across all of touchpoints. They deliver a holistic home buying experience, not just act as the point of engagement for the loan.

Banks that share data from a variety of resources through an ecosystem of partners can create experiences that deliver new value, setting them apart from rivals.

Winning banks in 2019 will be the ones with a laser focus on delivering connected customer experiences. Does your bank have a customer engagement platform that provides the insights needed to deliver connected customer experiences?

TCS DS&S Group can help make your New Year’s resolution a reality. Click here to learn more.

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