Avoiding the influence of online spread of words is no longer possible in present day interconnected world. The capability of consumers to persuade business conduct and impact organization planning in unexpected and, sometimes, unsolicited ways has grown manifold particularly with respect to banks. One strong complaint from an irritated customer going viral can make matter worse and spiral into a full-fledged crisis in a period of few hours. In this scenario, realizing what customers think, feel and mention about your organization in real time is even more vital for banks.
Largely, banks need to radically improve customer experience. Technology is the backbone for this kind of effort and banking institutions need to commit to upgrading their existing and future IT systems. With use of technology, banks receive the information they require to make almost real time strategic business decisions and accordingly correspond with customers. Also, banks need to remain relevant and strengthen customer relations by coming up with innovative products and services that fosters growth.
Author: Kalyan Banga, Founder & Principal Analytics Consultant @Fusion Analytics World (http://fusionanalyticsworld.com)
Founder & Principal Analytics Consultant