Effective use of data management can bring rewards for bank managers
Top brass must take the lead to form mutually beneficial and unconventional partnerships that provide services and immersive experiences
Imagine a Hong Kong bank customer who wants to buy a village house with “some green space”. What could an agile, digitally savvy Hong Kong bank of the future do with this information?
An agile bank could help the customer find realtors who are willing to show houses in the new territories and on outlying islands. When the customer is ready to move, that bank could price shop and schedule movers for the customer. And once the buyer moves into the dream home, the bank could help them remodel with a preferred financing option, which could even be added to the monthly mortgage payment, and get a discount on a security system bundled with an umbrella home insurance policy.
That’s what banks could and should be doing. Why? Banks have to start offering more services to customers if they want to retain loyalty, cross-sell products and services and simply stay relevant in customers’ lives.
But how should bank management move from dreaming up customer-friendly solutions to delivering them? They could:
• Use cross-device systems to unify customer profiles, pooling all data and all devices. Agile banks could deliver seamless cross-channel customer experiences using beacon technology and geo-fencing within physical spaces to interact with customers’ devices and provide relevant information and offers. Banks could also enable customers to start a transaction from their device, and use the same device to authenticate and complete the transaction at a chosen physical location.