Retail Banking

Retail banking’s mission has always been to acquire and service consumer and business customers through all channels and touchpoints. While this has not changed, the industry and environment have. Today’s banks face highly commoditized products, tough competition, narrow pricing margins, diverse customer segments, changing customer expectations, and rising risks.

To meet your business goals of growing revenue, lowering costs, improving customer experience, managing risk, and making the best use of your staff, banks need to change from a fulfillment-centric approach to a customer-centric approach. This means earlier engagement and using analytics to enhance the value of online interactions. Technology powers your customer delivery strategy and your business model.

The customer’s growing demand for the convenience of digital and easy access to staff requires channel consistency and expanded function. Engagement through digital and staff channels requires full visibility into prospect and customer activity. Digital engagement must be driven by robust customer knowledge gathered over time. Bankers support customers with a 360-degree view through a customer profile. A universal desktop with a range of functions supports complex needs and advisory functions. This approach empowers proactive needs-based engagement.

Customer experience (CX) drives success by ensuring functional scope in the channel of choice, intuitive processes, and successful outcomes. Early detection of sources of dissatisfaction can reduce loss. A digital solution with the ability to detect friction can identify areas the FI needs to improve. This equips the FI to proactively engage to salvage the relationship. Market segmentation provides personalized and targeted engagement to address unique needs for each customer to meet short- and long-term needs.

Action routed to a banker must include all relevant information about the customer’s need and the next best action. This may include a customized script or instruction set for the banker, making the contact highly effective. Bankers gain visibility into customer needs, allowing the FI to deepen relationships. The FI also gains the ability to hold staff accountable for sales management. Robust workflow streamlines and tracks complex transactions, ensuring they are completed efficiently and on time. It equips staff to originate or resume complex transactions, with workflow routing and tracking tasks to the back office or appropriate parties to meet or exceed service level agreements (SLAs). The solution routes tasks to skilled staff, improving staff utilization.

Increasing revenue through lead generation and acquisition starts in the early stages of the customer journey. Sensory technology empowers the FI to detect and measure product interest and readiness to purchase to influence decision making. Self-service and staff-assisted options for fulfillment enable the consumer to complete an application in their channel of choice. Automated abandonment retargeting campaigns capture otherwise lost opportunities. Streamlined onboarding drives full account usage and begins the journey of growing the relationship.

] Automated analytics and decisioning reduce costs by making it easier for the staff to engage with customers with high-value opportunities and who are likely to buy. Timely engagement increases the likelihood of fulfillment. Customer self-service with automated workflow and fulfillment processes, and tracked SLAs, improves CX and reduces cost. Paperless and e-Signature increase efficiencies and lower document generation, distribution, execution, and storage costs.

A successful customer-centric delivery strategy reduces risk. It reduces customer risk with best practices for identification, authentication, and due diligence. It enforces compliance by automating analysis, disclosures, and credit decisioning.

Automated decisioning provides consistent processes for underwriting and lowers credit risk. It makes underwriting more efficient and prices loans consistently. This approach removes bias and ensures that approved loans fit within risk appetite limits. Loans are priced based on risk and expected return, which improves efficiency and avoids losses. Lowering risk and consistent processes protect the FI from risk to its reputation.

Key performance indicators (KPIs) track progress toward achieving goals. Monitoring KPIs over time helps FIs identify and track success and weaknesses, allowing them to make data-driven decisions to improve. Effective KPIs provide the level of detail needed to find root causes, making them actionable. With this, FIs can identify constraints, issues, and opportunities to improve so the FI can incorporate best practices into its execution strategy.

We equip financial institutions to meet the shifting needs of an Omni world. Connects can help you expand omnichannel delivery, drive personalized and relevant engagement, increase customer acquisition, use your staff more efficiently, and reduce risk.