Trend Stories

Multi-channel Banking is only work half done; the other half is optimization

Channels are aplenty… 5, 10, 20… channels are for everyone! In their undying quest to remain on the top of the transaction value chain, and to optimize customer service and convenience, most progressive banks have already put in place fully integrated, multi-channel, personalized banking system / service that is available to customers in person, at the branches, over the telephone, at the ATM, on the Internet, through mobiles and through interactive digital TV. Today, banks cater not just to the banking needs of customers, but to all of the customers’ financial services requirements, and much more. These channels are testimonials to the fact that financial institutions are realizing that customer–centricity is the key to successful banking.Read more

Rewards are passé, Customer Benefits are in

Services and products your customers were delighted about eight months earlier – today, they are only happy with them. What your customers were happy about six to eight months back, are only ‘satisfactory’ for them now. Services and products they were satisfied with six months before – today, they are just tolerating them. And what they would tolerate at that time, they find it absolutely unacceptable today.Read more

See for ‘Customer Profitability’

The title is straightforward and so is the essence. You wouldn’t need Sherlock Holmes to say "Elementary". But how many financial institutions (FI) do understand this ‘Elementary’? Ask the industry pundits and nine out of ten of them would say, most of these FIs are still “Dr Watson”!Read more

Now, Bundle Them Up!

Retaining your customers is a lot less expensive than getting new ones. So, how do you keep them coming back for more? They will, if they perceive value. Mark our words; it’s all about what the customer perceives.Read more

Revenue Assurance – stop the leak!

Revenue Leakage has been a universal phenomenon, gnawing up the profit margins of transaction-based industries. However, service providers in transaction intense industries, such as Telecom, have always been at the vanguard of embracing the best practices and the most innovative technologies in pricing and billing operations.

Unified Managed Accounts – The Next Big Thing, But Not As Yet

The novel concept of Unified Managed Account (UMA) packs tremendous potential in its wings, though it is still in its infancy. Unlike a Separately Managed Account (SMA) that helps investors handle a particular type of investments only, UMAs encompass diverse portfolios that contain stocks, bonds, exchange-traded funds, mutual funds and a growing number of alternative investment choices for a single investor account within a sponsor firm.

Setting Up Your Payments Hub Is Only The Beginning

Most banks have a 'silofied' approach to payments processing, 'forcing' each Customer Interaction Channel to connect to each Payment Execution System separately. Payments Hub turns a silo-based infrastructure into a nerve centre that provides more flexible end-to-end payments processing, thus reducing complexity and operating costs.

Pricing – A Definitive Competitive Advantage
Price, number 1 reason for the customer to choose a bank: Gartner

Sustaining profitable relationships with customers has now become the biggest challenge for banks. As interest revenues continue to erode, fees now play an integral part in the income of financial companies.

We Are Seeing The Whole Together...

The current billing infrastructures of most large banks and financial institutions have limitations in supporting growth objectives such as customer experience and stickiness. The processes are sometimes manual, systems fragmented, and it is not uncommon to find the billing performed by several systems. This has resulted in more bill capture work, errors and leakages.