The document discusses omnichannel banking and the building blocks required for digital transformation at financial institutions. It states that omnichannel banking requires consistent customer service across all channels to optimize engagement and lower costs. The key building blocks are interoperability between systems, streamlining transactions by developing digital channels, and delivering personalized products to customers. Financial institutions must also implement tools to manage performance across channels in real-time to ensure customer satisfaction and profitability.
Rebooting the branch: Branch strategy in a multi-channel, global environment.Luis Del Castillo
The rise of the digital consumer and the high-cost infrastructure of physical banking locations are leading to a declining ROI for branches.Evolving the branch strategy to align with changing consumer and economic realities can help banks boost ROI and position themselves for the future.
Digital Transformation is far beyond just moving from traditional banking to a digital world. It is a vital change in how banks and other financial institutions learn about, interact with and satisfy customers.
Retail Banking: Delivering a Meaningful Digital Customer ExperienceCognizant
To compete effectively, banks must fully adopt digital technologies to enhance customer experience, by providing mobile banking, omni-channel banking options, digital personal financial management, and more.
A deck looking at what Multi-channel means, the implications for the banking industry, why its important, how to get banks from zero to multichannel, and important considerations.
In this webinar we are looking at omni-channel banking experiences. Today's consumer has several channels they can use to interact with their bank, and they want to use all of them. Financial institutions can, and should, communicate with their customers across all channels, not just one or two. A single platform with a rich customer experience layer makes it possible to create omni-channel strategies that use all channels and meet the needs of the 'connected consumer'. Real omni-channel banking is about more than a brand being available on a variety of touchpoints, it is about creating a multi-faceted, unified customer experience.
Backbase's CEO and co-founder, Jouk Pleiter along with Global Head of Marketing, Jelmer de Jong, will discuss the latest strategies and best practices to help your bank successfully deliver a truly omni-channel banking experience.
Topics include:
- Best practices for creating an omni-channel Bank experience
- Strengthening the brand by combining offline and online
- The future of distribution: The hybrid approach
- Next steps - How to continuously improve your omni-channel experience
Rebooting the branch: Branch strategy in a multi-channel, global environment.Luis Del Castillo
The rise of the digital consumer and the high-cost infrastructure of physical banking locations are leading to a declining ROI for branches.Evolving the branch strategy to align with changing consumer and economic realities can help banks boost ROI and position themselves for the future.
Digital Transformation is far beyond just moving from traditional banking to a digital world. It is a vital change in how banks and other financial institutions learn about, interact with and satisfy customers.
Retail Banking: Delivering a Meaningful Digital Customer ExperienceCognizant
To compete effectively, banks must fully adopt digital technologies to enhance customer experience, by providing mobile banking, omni-channel banking options, digital personal financial management, and more.
A deck looking at what Multi-channel means, the implications for the banking industry, why its important, how to get banks from zero to multichannel, and important considerations.
In this webinar we are looking at omni-channel banking experiences. Today's consumer has several channels they can use to interact with their bank, and they want to use all of them. Financial institutions can, and should, communicate with their customers across all channels, not just one or two. A single platform with a rich customer experience layer makes it possible to create omni-channel strategies that use all channels and meet the needs of the 'connected consumer'. Real omni-channel banking is about more than a brand being available on a variety of touchpoints, it is about creating a multi-faceted, unified customer experience.
Backbase's CEO and co-founder, Jouk Pleiter along with Global Head of Marketing, Jelmer de Jong, will discuss the latest strategies and best practices to help your bank successfully deliver a truly omni-channel banking experience.
Topics include:
- Best practices for creating an omni-channel Bank experience
- Strengthening the brand by combining offline and online
- The future of distribution: The hybrid approach
- Next steps - How to continuously improve your omni-channel experience
Transform research: The age of omnichannel banking 2015TransformUK
The death and destruction of traditional bank branches caused by digital and changing customer dynamics is widely foretold.
But even digital natives are dual citizens of the physical world. Branch location is still customers’ strongest reason for switching current account and retail customers still want branches for important elements of sales and service.
Retail is increasingly moving towards Omnichannel; enabling customers to do business on whatever mix of channels they choose. How channels are integrated is becoming as important as what channels are available.
This has big implications for banks. Too often today, it is almost as if the digital and bank branch experience is designed and built by different companies. In the future, digital will underpin how banks deliver great customer experiences across channels.
In this report we explore what drives the shift towards Omnichannel, how banks are performing today and a vision for Omnichannel banking in the future.
In this webinar we will take a look at the key trends that are set to shape tomorrow's bank. First off we'll be discussing some of the trends that were emerging towards the end of last year, such as omni-channel banking. Then we'll move on to how these trends are likely to develop, how IT and business teams can work together to meet them head on, and exactly what banks need to do to create the type of personal and relevant experiences that lead to greater ROIs.
Bob Tramontano, Director de Operaciones de Negocios de la Industria Financiera de NCR Corporation.
13° Congreso Internacional de Tecnología para el Negocio Financiero
Backbase Webinar: The Adjacent Possible for Banks Backbase
Slides of the November 1, 2016 webinar 'The Adjacent Possible for Banks'.
Digitally platformed customer experiences are rewiring consumer expectations. To resist competition, banks need new perspectives and fresh thought processes.
Now, in 2016, we see every bank engaging with a series of fundamental challenges.
· How should they take best advantage of the digital revolution?
· How can they harness its power to improve their customer experience?
· What strategic directions should they choose?
We believe the best answers are contained in an approach called the Adjacent Possible. The Adjacent Possible provides a powerful conceptual framework for a bank’s digital strategy. So what is this framework? And how can it be applied? See the webinar or check out the slides for more info.
Our guest speaker on this topic is Nic Parmaksizian, an award-winning FS specialist with a record for delivering innovative digital experiences and customer journeys. Nic leads Capco Digital business across EMEA. Nic has spent more than 15 years in the Financial Services industry and has worked with the world’s most important banks. Nic is a founder at East London Ventures. Nic is also a founding member of the FinTech working group at Tech London Advocates. Nic is a mentor and advisor to various startups in Europe and the Americas, where he focuses on building lasting businesses fast, making the right connections, and facilitating investment opportunities.
Building the 10x better bank, by @joukpleiter & @jelmerdejong
Slides of the November 11, 2015 webinar 'Omni-channel banking & the digital transformation roadmap'.
In this webinar, Jouk Pleiter and Jelmer de Jong of Backbase will talk about building the 10-times-better bank.
The financial services market is going through many changes. New challengers have appeared and are looking for a slice of the market. In addition, customers are more demanding and more informed, expecting convenience and simplicity when it comes to financial services, particularly online and via mobile devices. People love digital services such as Netflix, Amazon, and Uber because they’re easy to use and deliver great customer experiences. They deliver 10 times more convenience and better customer experiences than the status quo, and are therefore winning the market. It’s only a matter of time before the 10-times-better bank is founded, a thought that's on the radar of every banker.
In this webinar, we outline the journey of creating the 10-times-better bank, providing a detailed analysis of how banks can begin their digital journey, with a strong focus on five main points:
1) new competitors in banking: the disrupters
2) customer experience: the key ingredients
3) omni-channel and the changing channel mix
4) mobile's impact on online sales and share of wallet
5) regaining control in the era of digitization
We surveyed 200+ employees in financial services. This is what we found... See results and suggestions that can help you improve your job at your bank or credit union.
In today’s world of cut-throat competition, every interaction with the customer matters as it provides you with an opportunity to leave an everlasting impression on them. Almost all the major companies in the world believe and implement this philosophy.
Branch Bank of the Future – Transforming to Stay RelevantInfosys
The bank branch needs to stay relevant and reiterate itself as the preferred mode of banking. Read how the bank branch is transforming by integrating technology and innovation, and with other banking channels.
Slides presented by Forrester Research's senior analyst Brad Strothkamp in the Backbase webinar webinar: 'The Next Generation of Digital Finance: Banks Need To Be SUPER' held Wednesday, the 9th of November 2011.
SapientNitro: Multi-channel and the Convergence of Marketing, Commerce & Cust...Day Software
Technology has changed the consumer-brand relationship forever. Brands no longer choose their consumers. Consumers choose them. They no longer differentiate between the channels brands use to speak to them. Technology has forever blurred marketing, commerce, and customer service. This presentation will explore this changing dynamic in consumer-brand interaction, the implications it has on how organizations market to, sell to and service their customers and the tools they need to find, engage and, quite frankly, keep up with today's always on, on-the-go, connected and fleeting consumer.
Dan Barnicle, VP, Content Management & Collaboration, SapientNitro
Fewer people are going to branches, and doing so less often. Yet branches aren’t going away anytime soon, and they remain one of the most effective ways to grow your business. But what is the role of the branch going forward? This session looks at how your branch model needs to evolve as transactions move to alternate channels.
WhitePaper Chicago style Sample written by writingmetier.comWriting Metier
WhitePaper Chicago style Sample written by writingmetier.com
WritingMetier team can help you with writing any type of WhitePapers, feel free to contact us anytime: https://writingmetier.com
Transform research: The age of omnichannel banking 2015TransformUK
The death and destruction of traditional bank branches caused by digital and changing customer dynamics is widely foretold.
But even digital natives are dual citizens of the physical world. Branch location is still customers’ strongest reason for switching current account and retail customers still want branches for important elements of sales and service.
Retail is increasingly moving towards Omnichannel; enabling customers to do business on whatever mix of channels they choose. How channels are integrated is becoming as important as what channels are available.
This has big implications for banks. Too often today, it is almost as if the digital and bank branch experience is designed and built by different companies. In the future, digital will underpin how banks deliver great customer experiences across channels.
In this report we explore what drives the shift towards Omnichannel, how banks are performing today and a vision for Omnichannel banking in the future.
In this webinar we will take a look at the key trends that are set to shape tomorrow's bank. First off we'll be discussing some of the trends that were emerging towards the end of last year, such as omni-channel banking. Then we'll move on to how these trends are likely to develop, how IT and business teams can work together to meet them head on, and exactly what banks need to do to create the type of personal and relevant experiences that lead to greater ROIs.
Bob Tramontano, Director de Operaciones de Negocios de la Industria Financiera de NCR Corporation.
13° Congreso Internacional de Tecnología para el Negocio Financiero
Backbase Webinar: The Adjacent Possible for Banks Backbase
Slides of the November 1, 2016 webinar 'The Adjacent Possible for Banks'.
Digitally platformed customer experiences are rewiring consumer expectations. To resist competition, banks need new perspectives and fresh thought processes.
Now, in 2016, we see every bank engaging with a series of fundamental challenges.
· How should they take best advantage of the digital revolution?
· How can they harness its power to improve their customer experience?
· What strategic directions should they choose?
We believe the best answers are contained in an approach called the Adjacent Possible. The Adjacent Possible provides a powerful conceptual framework for a bank’s digital strategy. So what is this framework? And how can it be applied? See the webinar or check out the slides for more info.
Our guest speaker on this topic is Nic Parmaksizian, an award-winning FS specialist with a record for delivering innovative digital experiences and customer journeys. Nic leads Capco Digital business across EMEA. Nic has spent more than 15 years in the Financial Services industry and has worked with the world’s most important banks. Nic is a founder at East London Ventures. Nic is also a founding member of the FinTech working group at Tech London Advocates. Nic is a mentor and advisor to various startups in Europe and the Americas, where he focuses on building lasting businesses fast, making the right connections, and facilitating investment opportunities.
Building the 10x better bank, by @joukpleiter & @jelmerdejong
Slides of the November 11, 2015 webinar 'Omni-channel banking & the digital transformation roadmap'.
In this webinar, Jouk Pleiter and Jelmer de Jong of Backbase will talk about building the 10-times-better bank.
The financial services market is going through many changes. New challengers have appeared and are looking for a slice of the market. In addition, customers are more demanding and more informed, expecting convenience and simplicity when it comes to financial services, particularly online and via mobile devices. People love digital services such as Netflix, Amazon, and Uber because they’re easy to use and deliver great customer experiences. They deliver 10 times more convenience and better customer experiences than the status quo, and are therefore winning the market. It’s only a matter of time before the 10-times-better bank is founded, a thought that's on the radar of every banker.
In this webinar, we outline the journey of creating the 10-times-better bank, providing a detailed analysis of how banks can begin their digital journey, with a strong focus on five main points:
1) new competitors in banking: the disrupters
2) customer experience: the key ingredients
3) omni-channel and the changing channel mix
4) mobile's impact on online sales and share of wallet
5) regaining control in the era of digitization
We surveyed 200+ employees in financial services. This is what we found... See results and suggestions that can help you improve your job at your bank or credit union.
In today’s world of cut-throat competition, every interaction with the customer matters as it provides you with an opportunity to leave an everlasting impression on them. Almost all the major companies in the world believe and implement this philosophy.
Branch Bank of the Future – Transforming to Stay RelevantInfosys
The bank branch needs to stay relevant and reiterate itself as the preferred mode of banking. Read how the bank branch is transforming by integrating technology and innovation, and with other banking channels.
Slides presented by Forrester Research's senior analyst Brad Strothkamp in the Backbase webinar webinar: 'The Next Generation of Digital Finance: Banks Need To Be SUPER' held Wednesday, the 9th of November 2011.
SapientNitro: Multi-channel and the Convergence of Marketing, Commerce & Cust...Day Software
Technology has changed the consumer-brand relationship forever. Brands no longer choose their consumers. Consumers choose them. They no longer differentiate between the channels brands use to speak to them. Technology has forever blurred marketing, commerce, and customer service. This presentation will explore this changing dynamic in consumer-brand interaction, the implications it has on how organizations market to, sell to and service their customers and the tools they need to find, engage and, quite frankly, keep up with today's always on, on-the-go, connected and fleeting consumer.
Dan Barnicle, VP, Content Management & Collaboration, SapientNitro
Fewer people are going to branches, and doing so less often. Yet branches aren’t going away anytime soon, and they remain one of the most effective ways to grow your business. But what is the role of the branch going forward? This session looks at how your branch model needs to evolve as transactions move to alternate channels.
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WhitePaper Chicago style Sample written by writingmetier.com
WritingMetier team can help you with writing any type of WhitePapers, feel free to contact us anytime: https://writingmetier.com
How Banking as a Service Will Keep Banks Digitally Relevant and GrowingCognizant
To contend with insurgent competitors, regulatory mandates and demanding consumer requirements, banks must embrace open APIs that enable them to plug-and-play in the digital business ecosystem and reinforce their value proposition amid escalating share-of-wallet challenges.
Perspective- Multi Channel Banking: A Five Point Strategy Infosys Finacle
The last two decades have witnessed a paradigm shift in the way people bank. While the shift from branches to ATM based cash withdrawals and from there on to internet banking was slow, it has been a different story in the case of mobile banking. The growth in adoption of mobile banking over the last three years has been tremendous. Many banks have rolled out internet banking, mobile banking, call centers, ATM based transactions and video banking. But, have banks moved from multiple channels to true multi-channel banking with seamless cross channel experiences?
Here we explore a five point strategy that would empower banks and financial institutions to define a robust multi-channel offering.
Digital Banking: Enhancing Customer Experience; Generating Long-Term Loyalty ...Cognizant
To stay profitable and grow in the new digital economy, banks need to adopt a customer-centric business model, diversify online delivery of products and services channels and begin making meaning from valuable trails of digital information.
Digital Quality Assurance: Insights and Trends Shaping Banking and Financial ...Cognizant
In the face of surging digital disruption, banks and financial institutions need to hone a critical focus on digital quality assurance to ensure and enhance the end-user experience. We explore the testing issues relating to the cloud, mobility, big data analytics, Agile and DevOps, and suggest a quality assurance strategy.
U.S. Retail Banking: Prescriptions for Channel Integration and BeyondCognizant
To achieve the dual goals of satisfying tech-savvy customers and boosting the bottom line, banks must first lay the foundation for integrated channels and fulfillment processes. Here is how they can embark on this two-laned path.
Digital Transformation in Banking Financial Services Industrysethnainaa
Digital Transformation is more than just moving from traditional banking system to
a digital one. It is a vital change in how banks and other financial institutions learn
about, interact with, and satisfy customer’s needs. The age of “Customer is King”
has truly arrived.
Digital Transformation in Banking Financial Services Industrydrishtipuro1234
Digital Transformation is more than just moving from traditional banking system to a digital one. It is a vital change in how banks and other financial institutions learn about, interact with, and satisfy customer’s needs. The age of “Customer is King” has truly arrived.
Digital Banking: Enhancing Customer Experience; Generating Long-Term LoyaltyCognizant
To stay profitable and grow in the new digital economy, banks need to adopt a customer-centric business model, diversify online delivery of products and services channels, and begin making meaning from valuable trails of digital information.
Accessibility of Digital Banking on Customer Satisfaction: National bank of K...iosrjce
Banks have been forced to deleverage and identify alternative sources of value as a result of increased
regulations and competitive challenges. This has led to the introduction of digital banking where technology is
mostly embraced while carrying transactions. However, customers are still waiting for this new banking
experience, touted as a revolutionary transformation that will bring many new features, including anytime and
anywhere banking, ultra-fast response times, and omnipresent advisors. The objective that guided the study: To
establisheffect of accessibility of digital banking on Customer Satisfaction case of National Bank of Kenya,
Bungoma County. The target population for the study was bank customers and banking staff from National Bank
in Bungoma County and a sample size of 417. Descriptive survey design was undertaken. Data was collected
using questionnaires, interview schedules and document reviews. Analysis was done with the aid of Statistical
Package for Social Sciences where both descriptive and correlation analysis were performed. The findings of
the study established there was a significant relationship between accessibility of digital banking and
customer’s satisfaction, χ2
(6, N=350) =390.74, P= 0.00. The study recommends that Mobile banking and POS
terminals, need to come up with an application that can be used to enhance digital banking.
2023 digital transformation trends in banking.pdfSun Technologies
A successful digital transformation might enhance the bank's ability to compete in a market that is becoming more congested. As a result of digital transformation, transactions can be completed quickly and easily, maintaining records, managing databases, and deploying services that promote financial inclusion and overall customer retention.
To win against non-traditional competitors, retail banks must streamline operations and create innovative products and services, based on mobile, social and analytics technologies.
Similar to Managing Omnichannel Banking Initiatives: Aligning new performance requirements with the building blocks of digital transformation (20)
Consumer Technology Association 2017 Show Floor Maps. CES is the world's greatest tradeshow for consumer technology. It spans Las Vegas in three show locations: Tech East, Tech West and Tech South. Original publication on http://www.ces.tech/Show-Floor/Maps
When the poor performance of the U.S. Olympic Speedskating Teams was anecdotally linked to Under Armour’s performance-enhancing uniforms the skaters wore, the company quickly mobilized:
• Executives never pointed fingers; instead they reaffirmed their support of the teams.
• It sent people to Sochi to work with the speedskaters and resolve the issues with their suits.
• It avoided the ongoing discussion about who or what was to blame and instead used positive statements from those affiliated with the teams.
• The company enlisted its sponsored athletes as influencers, who defended the brand on social media without mentioning the controversy.
• Before the end of the games, it announced an eight-year extension of its sponsorship of U.S. speedskating through 2022.
When the poor performance of the U.S. Olympic Speedskating Teams was anecdotally linked to Under Armour’s performance-enhancing uniforms the skaters wore, the company quickly mobilized:
Executives never pointed fingers; instead they reaffirmed their support of the teams.
It sent people to Sochi to work with the speedskaters and resolve the issues with their suits.
It avoided the ongoing discussion about who or what was to blame and instead used positive statements from those affiliated with the teams.
The company enlisted its sponsored athletes as influencers, who defended the brand on social media without mentioning the controversy.
Before the end of the games, it announced an eight-year extension of its sponsorship of U.S. speedskating through 2022.
Transamerica’s innovative Customer Enrichment Programs blend impactful incentives, rewards and offers with relevant protection benefits to drive customer behavior and increase loyalty from consumers to their clients. One of the methodologies employed by TLP to deliver services to their customers is in the use of Customer Engagement Centers in coordination with their defined marketing processes across multiple languages.
In order to maximize efficiencies selected vendors are expected to provide coverage across blended technology engagement platforms. Employing a defined outbound voice marketing campaign in connection with outside direct marketing efforts designed to drive inbound voice contacts to a team of agents we are able to fully utilize each resource.
The first response team is able to manage the full sales cycle on all non-insurance products within the offered mix. In addition to their primary responsibility they are also able to initialize interest in many cases in an offered insurance product which will be transferred to a team of licensed agents to finalize the sales cycle.
Vendors managing insurance products on behalf of TLP are required to go through an extensive licensing and training process to ensure that all areas of compliance are understood and adhered to.
http://goldengatebpo.com/licensed-insurance-services/
Can one draw any helpful parallels between the steps
and considerations taken when buying or leasing a car
with making an informed decision regarding the right call
center solution for someone's company’s needs?
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
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The key differences between the MDR and IVDR in the EUAllensmith572606
In the European Union (EU), two significant regulations have been introduced to enhance the safety and effectiveness of medical devices – the In Vitro Diagnostic Regulation (IVDR) and the Medical Device Regulation (MDR).
https://mavenprofserv.com/comparison-and-highlighting-of-the-key-differences-between-the-mdr-and-ivdr-in-the-eu/
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
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Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
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Managing Omnichannel Banking Initiatives: Aligning new performance requirements with the building blocks of digital transformation
1. Managing Omnichannel Banking Initiatives:
Aligning new performance requirements with the
building blocks of digital transformation
www.inetco.com
WHITEPAPER
2. 2 | Managing Omnichannel Banking Initiatives
WHITEPAPER
Overview
Implementing an omnichannel banking framework is synonymous with digital transformation. Both require
financial institutions to invest in essential building blocks related to:
1. Interoperability
2. Transaction streamlining
3. Delivering the right products and services to the right customer segments
For many financial institutions (FI’s), omnichannel spend needs to result in profit rather than purely a
customer retention strategy. Projects associated with payments modernization, cross-channel service delivery,
branch transformation, digital banking channel development and customer analytics are emerging as top
priorities to open new revenue streams, deepen the customer relationship and lower the cost-to-serve.
The move towards customer centricity, along with rapid technology disruption and ongoing infrastructure
change, is driving many financial institutions to reconsider the way they manage and run their self-service
ecosystems. Operational success is no longer measured by device availability alone, but also the ability
to increase the number of successfully completed customer interactions, meet evolving customer service
expectations and adopt innovative payments solutions with minimal risk.
This whitepaper discusses how omnichannel banking is evolving, and why it is important for financial
institutions to manage the omnichannel customer experience and banking operations infrastructure from a
real-time, enterprise perspective. It outlines some of the emerging performance management requirements
that are inherent when it comes to implementing the building blocks of digital transformation, and managing
greater IT infrastructure complexity, selling cross-channel services and personalizing the end customer
experience.
The evolving omnichannel definition
Omnichannel is a word used to define the context of how customers want to interact with their banks and
other financial service providers. It is built around the concept of consistent, 24/7 service delivery, and
involves leveraging all available customer-facing applications and channels to optimize customer engagement,
lower the cost-to-serve, and maximize profitability. For many financial institutions (FI’s), this word represents a
fast paced, ongoing journey being driven by market dynamics such as:
●● Evolving customer behavior and demands
●● Rapid change in automation and technology
●● Increasing traditional and non-bank competition (ie: telcos, technology companies, and start-ups)
●● Low interest rates, fee regulations and slow economic recovery
●● The growing ease and agility of developing new products and bringing services to market
●● Behavioral changes in organization, culture, and IT/operational focus
3. January 2016 | 3
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While most FI’s agree that customer centricity remains the key driver behind omnichannel banking strategies,
philosophies and approaches do vary. In a recent webinar hosted by atmmarketplace.com, titled Exploring
the Omnichannel Impact – A panel discussion about changes in ATM and self-service management, Celent’s
Senior Analyst, Bob Meara, shared results from a North American Retail and Business Technology Survey
conducted with 154 banking respondents in 2014. Some of the key findings included:
●● 63% strongly agreed omnichannel is about ensuring customers have a consistent
experience of a financial institution’s brand irrespective of the channel they use
●● 55% strongly agreed omnichannel is about channel integration and seamless
customer transition between channels
●● 36% strongly agreed omnichannel means delivering the same capabilities/functionality
across all channels
●● 17% strongly agreed mobile and online channels serve different customer needs and
FI’s need to tailor customer experience accordingly
The majority of FI’s interviewed strongly agreed that ensuring consistent, fluid customer transactions across
all channels and all points of interaction was an important component of omnichannel banking. But the issue
of whether to offer the same capabilities across all channels, or to play to each channel’s strength, appeared
contentious.
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As an example of how rapidly thoughts around omnichannel banking strategies continue to evolve, Celent
was quick to point out that although only 17% of those surveyed agreed mobile and online channels serve
different customer needs, they have clearly seen a major shift in this attitude since 2014, with a number of
large FI’s (>$50B) now focused on delivering more personalized service experiences that are customized for
the channel and customized for high-priority customer segments.
So is omnichannel about delivering the same capabilities across all channels or is it about tailoring the
customer experience according to each channel’s strength? Regardless of how it is defined, technology
and infrastructure investments related to digital transformation will certainly play key roles. And this means
change in the way FI’s manage and run their expanding self-service ecosystems today.
Defining the building blocks of omnichannel banking
and digital transformation
Implementing an omnichannel banking framework is synonymous with digital transformation. Both involve the
same underlying bank technology and infrastructure initiatives, aimed at increasing profitability and delivering
an exceptional customer experience, such as:
●● Interoperability – Projects such as cross-channel service delivery and payments modernization
●● Streamlining transactions – Projects such as branch transformation and digital channel development
●● Delivering the right products to the right customer segments – Projects such as customer analytics
and data warehousing/management
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1. Interoperability
The transition from an individual channel focus to a seamless, cross-channel delivery strategy has required
many financial institutions to re-think their business and operational processes. Rapid technology
advancements have placed a greater strain on legacy banking systems forcing FI’s to undergo infrastructure
upgrades that require substantial investment. But all is not lost - technology advancements also open the
door to fresh business opportunities that can support new revenue streams, as well.
To remain competitive against traditional and “non-bank” innovators, FI’s must evolve customer relationships
by providing the services customers want – anytime, anywhere. This requires thinking about how to best
leverage existing investments in legacy banking systems, and deciding when it makes sense to collaborate
with third party providers or implement new features on more flexible platforms such as modernized
payments hubs.
Through the right balance of re-architecting legacy banking systems, third party partnering and investing in
new infrastructure, FI’s have the ability to “seek out” or design more innovative, customer-centric products
and services. They can realize faster, less costly product market entry by utilizing Cloud computing, SaaS, Agile
development and open standards (ie: ISO20022). As consumers are linked to broader payments ecosystems,
FI’s can also benefit from linking to these broader ecosystems through open API’s, enabling access to more
product and merchandise selections via collaborative third party service providers.
By focusing on projects such as cross-channel service delivery and payments modernization, FI’s can retain
their central position in the client relationship, compete effectively over the long term and leverage investment
in products and services across all point solutions, including online banking sites, mobile applications, ATM,
POS, call centers and bank branches.
2. Streamlining transactions
The rise of digital, mobile and social media have resulted in a growing number of customers choosing self-
service channels as their preferred way of interacting with their financial institutions. At the same time,
banking regulations, increasing surcharge fees and the expenses associated with brick-and-mortar locations
have reduced the profit margin on products and services. It makes sense, from both a consumer experience
and profitability perspective, that FI’s focus on developing more sophisticated digital channels and pushing
popular transactions that were once performed at the branch into these self-service channels.
The mass migration of banking transactions to digital channels means financial institutions need to re-
evaluate their distribution models to be more convenient and consistent, delivering the “most wanted”
features across all channels.
Many FI’s are exploring Internet of Everything (IoE) technologies as engagement mechanisms and a way
to improve transaction handoffs between channels. These are technologies that present personalized
information across platforms and support the behaviour of digitally driven customer segments, such as video
mortgage advice, video advisors, automated advisors, branch recognition, interactive tellers and “invisible”
mobile payments features that eliminate the need to re-enter personal data.
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3. Delivering the right products and services to the right customer segments
As financial institutions focus on delivering more personalized, value-added customer interactions, on-
demand intelligence, predictive behavioural cues and a 360 degree customer view have become central to
understanding – and responding to – consumer behaviors. The ability to integrate relevant data feeds and
tables, such as multi-channel transaction data, core banking data, competitive and demographic information
are also key to identifying and unlocking new revenue streams.
Traditionally, FI’s have managed each channel as a
separate silo. But advanced market segmentation
and personalized product offerings require a deeper
analysis of all customer interactions, across all
channels. The problem is that many FI`s are simply
not prepared to manage the exponential expansion
of their digital information or the multiple product
and service offerings coming from third parties or
internal organizations. As a result, accessing and
using complete data on customer activities and money
movement is challenging.
Major technological advancements in data feeds,
processing, memory, centralized data warehousing,
data base design and analytic methods have helped
FI’s advance to a point where it is now possible to
leverage a powerful, single view into customer interactions across all channels. Although this can be seen as
an expensive investment, a state of the art data management and on-demand analytics infrastructure will
serve as a building block for all future omnichannel initiatives requiring a single view of customer data, such as
real-time optimization of service offerings for each customer, across all channels.
Managing the building blocks of digital transformation and
omnichannel banking
Managing an omnichannel banking environment that is moving at an uncomfortably fast pace of change is
different than managing a multi-channel banking environment. In this new environment, customer banking
through disparate, uncoordinated channels is not an option.
Omnichannel banking requires financial institutions to think about managing the customer experience and
their banking operations infrastructure from an enterprise perspective. They are responsible for the overall
value chain - a broader, more integrated banking ecosystem that involves a hybrid mixture of applications
that reside internally, in the Cloud and within third party environments. The goal is to deliver a consistent
experience across channels, providing customers with seamless access to the financial products and services
they want —where and when they need them.
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In an omnichannel environment, operational success goes beyond availability, and is measured by an increase
in successfully completed customer transactions, increased customer wallet share and higher profitability
driven by the timely deployment of innovative products and services with minimal risk. An FI cannot be a
successful “digital business” if its view of performance has to be pieced together from stale data generated
by silo’d tools or fragmented log files. This does not provide a holistic, real-time view into the transaction
sequence, availability data and cash movement needed to understand exactly where problems are occurring.
FI’s will struggle to react quickly enough to combat revenue loss and ensure the customer experience is
protected.
Emerging omnichannel performance management requirements
A strong portfolio of omnichannel management tools will help financial institutions deal with greater IT
infrastructure complexity, cross-channel service delivery and the end customer experience. Emerging
performance management requirements can be closely aligned to the building blocks of digital
transformation:
Managing interoperability projects
●● An enterprise-wide view into the
health performance of all self-service
devices, card processing networks, third
party services and back-end applications
to maximize the availability of applications
to end customers
●● A single operational view, available
to multiple stakeholders (remote tellers,
helpdesk, channel managers, front
line branch staff, etc.) that maximizes
automation, displays consumer
experience key performance indicators,
and minimizes hand-offs
●● Real-time, 24/7 alert notifications
to any type of failed or slow responding
customer transaction and “unevents”
such as no transactions; these alerts
should link to the intelligence FI’s need to quickly isolate the root cause of customer-facing issues at the
channel, device, network, application, host, or third party service provider level
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Managing projects that streamline transactions
●● An aggregate data view into transactions, self-service device performance statistics and other data feeds
related to customer experience - across all channels
●● Individual transaction profiles that show correlated transaction sequences made up of multiple
protocols (including the IoE transactions), mapped to the underlying infrastructure for faster problem
isolation
●● On-demand access to cash flow data to monitor real-time cash levels and replenishments at each self-
service device
Managing the delivery of the right products and services to the right customer segments
●● On-demand omnichannel analytics for an aggregate view of customer experience data across all
channels, including predictive algorithms and streamlined dashboards/reports
●● A state of the art data management system that combines on-demand data acquisition, centralized
data warehousing and cost-effective scalability
●● Customer experience data accessibility to business users such as channel managers, digital executives
and marketing teams that can utilize this data for profitability analysis, service placement decisions, cross
selling, service improvements, market segmentation and customer analytics
SCREEN CAPTURE 1: Gain an omnichannel view into customer transactions across all your self-service channels. Quickly
understand transaction volumes, values and distribution for your entire banking environment.
Omnichannel Performance