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Monetary grp 5
- 1. Banking for Tomorrow’s Customers Group No. 5 13th Batch GMCS Training The Institute of Chartered Accountants of Nepal Presented by: -Prabina K.C. -Nisha Aryal -Rakshya Kharel -Satyendra Sharma Satyam -Sanish Shrestha
- 2. Today’s Scenario New and Untraditional Competitors Tech Savvy Customers High Level of Web and Mobile Penetration Financial Inclusion Cyber Security Concern for Privacy 2
- 3. Challenges faced in Banking Business SoMoClo (Social Mobile and Cloud) challenge Myriad of regulations Reluctance to change as per customer needs Lack of security in ATM Relationship with customers is more mechanized (missing the humane feeling) 3
- 4. Business-wide Challenges Data Transformation Technology Transformation Operational Transformation Controls and Compliance Transformation Cultural Transformation 4
- 5. Features of Banks for Tomorrow Greater focus on profitability and more targeted focus on revenue growth. Narrower scope and simpler structure Fewer customer segments New products aligned to emerging customer needs Outsourcing few specialized works Outsourcing of back-office functions with no competitive advantage 5
- 6. Serving a new era of Banking Customers Improved customer services Creating collaborative partnerships Making strategic acquisitions Customer Profiling Grievance Handling 6
- 7. What should Banks do for core competency ? Simplification in Banking Both core and non-core banking Deconstructed, customer-driven products Transparency in operation System of prompt notification Developing sound banking culture 7
- 8. Adopted advanced technology True omni channel Technology-enabled staff Increased automation Gamification Greater use of big data 8
- 10. THANK YOU ! & HAVE A GOOD DAY ! 10
Editor's Notes
- New and Untraditional Competitors Telephone operators, Internet giants, GAFA (Google Apple Facebook Amazon) - The rise of the web, smartphones, and connected devices is changing the way in which consumers interact with providers of all types of services, including financial services. - The digital banking zone provides customers with technologies such as interactive teller machines and video conferencing stations to carry out their banking operations. - Technological developments mean that customers are able to carry out a large amount of their operations without a branch and human interaction.
- New applications are swiftly taking over the operations of banks. Many new regulations posing hindrances in customer relations. Eg.: High no. of KYC details which are difficult to give. the new competitors that banks are facing, it is necessary to put customers and their behaviours at the heart of the strategy and take advantage of changing customer behaviors Nearly two-thirds of consumers still want human interaction in financial services, mainly when it comes to complex financial products like mortgages and investment, where human interaction plays an important advisory role.
- -Banks must provide a fusion between digital and physical banking to make banking convenient for the customer and cost efficient for the bank. -
- Investing in technologies that will deliver improved customer services Creating collaborative partnerships with innovative market entrants Customer Profiling: Categorizing customers based on their banking needs and their age, status, financial standing and circumstances, income and expenditure, liabilities, risk tolerance and investment objectives.
- The next decade should see the simplification of banking, the deconstructing of products and an end to the age of global universal banking. Banks must refocus on core businesses and consider buying in non-core services. Core banking is a banking service provided by a group of networked bank branches where customers may access their bank account and perform basic transactions from any of the member branch offices. Deconstructed, customer-driven products can help grow wallet share and reduce risks like mis-selling.
- Gamification: the application of typical elements of game playing (e.g. point scoring, competition with others, rules of play) to other areas of activity, typically as an online marketing technique to encourage engagement with a product or service. Omni Channel: Omnichannel (also spelled omni-channel) is a multichannel approach to sales that seeks to provide the customer with a seamless shopping experience whether the customer is shopping online from a desktop or mobile device, by telephone or in a bricks and mortar store.
- Saving time Prompt delivery of service Facilitate remote banking access Eg. ABBS, Mobile Banking, Internet Banking, e-payments, POS etc.