A full international banking experience and a robust mobile phone banking offering, particularly on the iPhone, are customer priorities that have been identified by banks. Bringing both trends together will be a serious challenge.
November 30, 2010 | Thomas ZinkBanks have built their retail business with an emphasis on efficient processing, looking at the way technology and processes have grown around products which are popular with their customers. Today the industry is moving towards customer centricity using technology as a main enabler to understand the customer’s needs. Superior service is the key determinant of whether customers do more business with a bank or try out others.
“I think there is not a single institution out there that has cracked customer centricity,” says Simon McNamara, CIO for Group Consumer Banking, Standard Chartered Bank (StanChart). “I think it’s the combination of people, processes, and technology that makes customer centricity possible—but also so difficult to achieve. Making it easy for our customers to do business with us gave us an advantage. We continue to invest a huge amount of energy into it.”
A recent survey executed by Asian Banker Research on “Innovation in Retail Banking” showed that most banks seek to achieve customer centricity, but also that only a few have gone beyond the obvious, such as reducing turnaround times and assigning happy greeters to the branches. StanChart has been working at putting direct capabilities into the customer’s hands, using technology to make it easier for customers to fulfil their financial needs. “What is needed is simplicity, to make customers’ lives easier, to understand their needs and give them the ability to describe and articulate their needs,” says McNamara. “We strive to get all these pieces aligned. Quality of service is the attractor of business and profits are the outcome of it. This has been quite a cultural change in the last years.”
StanChart has applied this thinking to its new mobile banking application “Breeze”, which is a goal-based financial management tool intended to facilitate banking for customers. It gives customers a...
Categories:
ATMs & Kiosks, Channels, Mobile Banking, Retail Banking, Technology & OperationsKeywords:Standard Chartered, OCBC, Citibank
A full international banking experience and a robust mobile phone banking offering, particularly on the iPhone, are customer priorities that have been identified by banks. Bringing both trends together will be a serious challenge.
November 30, 2010 | Thomas ZinkBanks have built their retail business with an emphasis on efficient processing, looking at the way technology and processes have grown around products which are popular with their customers. Today the industry is moving towards customer centricity using technology as a main enabler to understand the customer’s needs. Superior service is the key determinant of whether customers do more business with a bank or try out others.
“I think there is not a single institution out there that has cracked customer centricity,” says Simon McNamara, CIO for Group Consumer Banking, Standard Chartered Bank (StanChart). “I think it’s the combination of people, processes, and technology that makes customer centricity possible—but also so difficult to achieve. Making it easy for our customers to do business with us gave us an advantage. We continue to invest a huge amount of energy into it.”
A recent survey executed by Asian Banker Research on “Innovation in Retail Banking” showed that most banks seek to achieve customer centricity, but also that only a few have gone beyond the obvious, such as reducing turnaround times and assigning happy greeters to the branches. StanChart has been working at putting direct capabilities into the customer’s hands, using technology to make it easier for customers to fulfil their financial needs. “What is needed is simplicity, to make customers’ lives easier, to understand their needs and give them the ability to describe and articulate their needs,” says McNamara. “We strive to get all these pieces aligned. Quality of service is the attractor of business and profits are the outcome of it. This has been quite a cultural change in the last years.”
StanChart has applied this thinking to its new mobile banking application “Breeze”, which is a goal-based financial management tool intended to facilitate banking for customers. It gives customers a...
Categories:
ATMs & Kiosks, Channels, Mobile Banking, Retail Banking, Technology & OperationsKeywords:Standard Chartered, OCBC, Citibank
