In the previous part of our article, we discussed on the importance of creating a holistic plan for improving customer experience and how technology will act as the lynchpin for delivering great customer experience.
In this part, we will discuss the importance of creating a holistic plan for improving customer experience and how technology will act as the lynchpin for delivering great customer experience.
Create an ecosystem
To create the bank of tomorrow which delivers a great customer experience, banks cannot do it alone. They need the right group of friends. And with these friends, they need to build the right ecosystem.
What will the future look like for a banking ecosystem? The bank will act as a platform for a number of financial and non-financial service and product providers to come together and compete and collaborate within themselves to provide the best products and services to the bank’s customers. Too much to digest? To put in simple terms, the ‘bank of tomorrow’ will be like a marketplace like Amazon where many companies will come together to sell their products and services. The job of the bank will be to orchestrate the experience across the customer lifecycle and focus on providing the optimum tangible and intangible value.
This model is proving a success everywhere. In fact, ecosystem companies such as Amazon, Alibaba and Tencent are eating into the bank’s pie!
To counter this emergence of new competition, and to continue delivering better customer experience, the banks need to look at the following steps –