Taking banking real-time – what does it mean for customer experience?

How can real-time analytics capabilities improve the banking customer experience?

Real-time has been a major buzzword in the tech world for a while now, a natural consequence of an age where we have more information available than ever before and devices like smartphones mean 24/7 connectivity with friends, family and companies is often taken for granted.

The result of this is consumers now have very little tolerance for delays when they’re interacting with a business. If they have a complaint, for example, they expect to get a response via social media within minutes, while the idea of waiting up to five working days for an application to be processed is completely alien to many.

But what does this mean for the banking sector? Until recently, use of real-time analytics and big data has been used primarily in areas such as fraud detection, using advanced algorithms to assess a transaction in fractions of a second and determine whether action is required before it is approved. But this could be just the tip of the iceberg for this technology in the financial sector.

A real-time insight into experience

One application that has recently been announced by Dutch financial institution Rabobank aims to use the technology to improve its customer experience, by monitoring the experience of any customer and employee interaction across the entire range of services it offers.

It will be using technology from performance management company Dynatrace to create a single, unified picture across all touchpoints. This is critical in ensuring the bank continues to have insight regardless of how a customer chooses to get in touch, be this through a web site, a mobile app, an ATM or in branch.

“In this digital age, the end user dictates which channels and applications are used for transactions and interactions,” explained Hans van der Net, service owner of monitoring, IT and data at Rabobank.

“We need to monitor each and every one of these interactions to ensure we are delivering the most consistent and best customer experience possible.”

Turning insight into action

However, gathering information on how customers are interacting with a bank is only half the task. For a solution to truly make use of real-time capabilities, it needs to be able to feed back recommendations and adapt to the preferences of individual consumers in order to offer an experience that’s unique to them.

For example, being able to generate personalized offers based on a customer’s interactions or browsing could be one way for banks to take advantage of powerful analytics tools. If the data indicates a consumer is expressing interest in a particular product, providing them with more information or options can not only help deliver a superior user experience, but also act as a revenue driver.

On a wider scale, the use of real-time data analytics can be used to identity wider patterns in behavior that can be used to improve services and speed of the development process in order to better meet consumer needs.

For instance, if data indicates few people are using a certain feature on a mobile app, this may indicate a problem with visibility or usability. Developers can then rapidly test potential changes to determine what is the best solution, running through a range of options quickly and rolling them out to users without having to wait for detailed feedback to be collated.

 

Written by Glenn Tom

Glenn Tom

Glenn Tom is NCR’s Senior Director of Global Solutions Marketing. In this position, he is responsible for leading global marketing efforts for all of the division’s consumer- and FI-facing solutions, including digital banking, branch, ATM hardware and software, channel management, payments & transaction processing and enterprise fraud & security. Prior to joining NCR and Digital Insight in 2008, Glenn previously held marketing and general management positions at Intuit, Morgan Stanley, Citibank and American Express. Glenn has a BA in Liberal Arts from Claremont McKenna College, a BS in Industrial Engineering from USC and an MBA from The Wharton School, University of Pennsylvania.

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