Vikram Arekere Bhagavan is Associate Vice President at Maveric Systems. According to a Gallup study, fully engaged customers bring 10% greater wallet share in deposits, 14% greater wallet share in investments, and are 71% likely to use their bank for life. They also generate $402 in additional revenue per year and use 1.14 additional product categories. As digitization increases, banks are relying on technology partners like Maveric Systems to help build customer engagement solutions and digital banking experiences of the future. Partnering with experienced technology companies allows banks to innovate quickly while focusing internal resources on competitive differentiation.
Deeper customer relations in digital era through long-term partnerships
1. Vikram Arekere Bhagavan is Associate Vice President,
Maveric Systems
Deeper customer relations in
digital era
View Point
2. 2Maveric Systems
Today, while digital transformation is sweeping through the banking industry, it may
seem trite, but the golden truth is that customer focus is the only way any business
can sustain, succeed and shine.
Deeper customer relations in digital era
In addition to these clear top line benefits, deeply engaged customers can also
become strong brand advocates. The same Gallup study has revealed that 54% of
engaged customers strongly agree that their bank helps their ‘financial dreams
come true’ and a similar percentage believe their bank makes their life more
enjoyable. Most importantly, 71% of engaged customers say they will use their
current bank for the rest of their life.
Customers who are fully
engaged bring
Fully engaged customers
also average
greater wallet
share in
deposit
balances
10%
greater wallet
share in
investments
14%
of engaged customers
say they will use their
current bank for the
rest of their life
71%
report that mobile,
digital payments, on-
line/web are the top
overall technology
investment
priorities
86%
in additional
revenue per year
$402
additional product categories
with their primary bank
1.14
According to a Gallup research titled ‘The Financial & Emotional Benefits of Fully
Engaged Bank Customers’,
3. 3Maveric Systems
Clearly, the banking industry runs on the relationships it builds.
There are no shortcuts to the method though.
In fast changing industries such as technology and finance, long-standing
relationships are deep, and are considered immensely valuable by banks. Cemented
trust and shared synergies with their technology partners help banks greatly to hit
the ground running, to grow and expand businesses in an agile manner.
Either to scale up or down, move verticals or open new practices, banks that have
embarked on the journey of transition and disruptive changes can benefit
immensely by collaborating with their long-standing technology partners who share
common history and sustained warmth.
Digitizing their operations and customer engagement processes means significant
change in the way the banking organization is structured and operates. When
organizations undergo such defining changes and transformations or expansions,
the leadership works under high pressure.
In such scenarios, long-standing partnerships with trusted technology partners serve
as reliable well-oiled machines to help companies at every step of their change
journey.
Technology for customer engagement
However, as with increasing digitization in their lives, customers are demanding new
and better digital experiences. Which is why how banks approach the need to build
and maintain customer relationships is changing – fast.
The permeation of cloud and mobile technologies means that today banks have at
their disposal a unique opportunity to redefine their customers’ banking experience
and what banking means to them. And to meet this end goal, banks are relying
heavily on collaborating and partnering with technology experts, with extensive
skills and experience in driving the digitization within the banking and finance space,
to help them build the banking experiences of the future.
For example, a recent survey by Forbes Finance Council, SourceMedia and American
Banker has revealed that banks plan to invest more in tech solutions that enable
banking beyond the branch. Specifically, 86% report that mobile, digital payments,
online/web are the top overall technology investment priorities.
Just push play: The rewards of long-term engagement
Trusted partners during organizational change
4. ABOUT MAVERIC
Started in 2000, Maveric Systems helps global banking and fintech leaders drive business agility through effective
integration of development, operations and quality engineering initiatives. Our strong banking domain
competency combined with expertise across legacy and new age technology landscapes makes us a preferred
partner for customers worldwide.
We offer Product Implementation, Integration and Quality Engineering services across Digital platforms, Banking
solutions and Regulatory systems. Our insight led engagement approach helps our clients quickly adapt to dynamic
technology and competitive landscapes with a sharp focus on quality.
Maveric Systems Limited (Corporate Office): “Lords Tower” Block 1, 2nd Floor, Plot No 1&2 NP, Jawaharlal Nehru
Road, Thiru Vi Ka Industrial Estate, Ekkatuthangal, Chennai 600032
India | Singapore | Saudi Arabia | UAE | UK | USA | Mexico
Write to us at info@maveric-systems.com | www.maveric-systems.com
By working with a trusted technology partner, that is in touch with the market and
latest technologies, banks get access to immense expertise that enabled innovations
in approach that the banks’ internal teams may not have.
Additionally, with security being a key concern in banking operations, a technology
partner facilitates the filling of gaps that may exist within the bank’s internal
resources and arm the internal IT team with the expertise needed to manage or
navigate high-risk situations. Also, with the right technology partner on their side,
banks can be count on solutions that are not only innovative and user-friendly, but
also secure and compliant with all applicable regulations.
While technology companies are always on the lookout for fresh clients and
perspectives, a lot more can be achieved by deepening existing partnerships with
clients. The windfall benefits of established partnerships result in business successes
on both sides.
While the strategic technology partners are focused on handling mission-critical
enterprise needs reliably, the internal IT organization can focus on driving
competitive differentiation from the inside. This can be achieved by moving away
from a siloed departmental outlook to an approach that takes into consideration the
complete big picture i.e. the company (bank), customers and the larger industry
trends and needs.
Plough deep strategy: An effective strategy