Now that you’ve got your Management Information System with Business Intelligence, have you been wondering “What next?” With a lot of buzz around technology like Big Data, Predictive Analytics, Business Intelligence, Data Science etc. that are floating in the market, it has become increasingly difficult to figure out how to apply these to your business.As an avid user of the banking system, here are 6 things I wish banks would and would not do; also, a few cents on how it can be addressed:
- Stop the Standardized, non-personalized, non-relevant communication
I’m actually done receiving multiple calls about how I am eligible for a credit card or that I should pick up a home loan. While these spark my interest once in a while, I am as quickly put off by the fact that the person calling me follows up with questions around my income or what kind of account I hold with the bank when I’ve already provided this information before!What you can do:
This can be resolved easily by getting a Single View of the Customer using a Master Data Management solution to:
Maintain a Golden record per customer that will provide a 360* degree of each customer and his/her relationship with the bank. This data can be further enriched by using social media data. Deliver personalized messaging in marketing campaigns: Segmentation of your customers and an analysis of their behaviour in terms of what are the products most suited to their profile and what they are likely to buy next can help you communicate only the most relevant messages to the customer.
- Protect my identity!
Identity theft scares me. I am afraid that, at any point, my money from my bank account might be stolen, or that my credit card may be swiped. While a lot of banks take the necessary actions to reimburse the lost amount to the customers, the stress, tension and inconvenience it causes knows no bounds.What you can do:
Predictive analytics is at the cutting edge of fraud detection. Analyze your customer’s past transactions, what, where and when they have been using their credit and debit cards and internet banking and pick out the anomalous activity to save your customers some precious time and effort.
- Help me when I need it!
More often than not, when I call a bank, post going through an unpleasant IVR process, I reach out to a support executive who does not have the answer to my questions. He/She then promises to get back to me via email, or redirects me to another customer service agent to whom I have to explain the problem to all over again. Sigh!What you can do:Two things.
One, get a chatbot in place for customers who prefer self service. A chatbot, powered by AI and with real time access to information, will be indistinguishable from humans. Or more efficient. In a recent survey by PwC, about 27% of customers were unsure whether their last service interaction was with a bot or human.
Two, monitor the types of queries each of your call centre agents are most effective in resolving and use analytics on pass on only those queries to the agent. No more forwarded calls! Tada!
- I don’t get reminders on my Credit Card payments!
There are months when I am late to pay my credit card bills and run into trouble later. I tend to forget about it and I end up spending more interest on my debt. I get very few reminders for paying up my credit card debt.What you can do:
Machine Learning offers clear benefits in this area. Banks can integrate various modules of Machine Learning in the collections process and send automatic reminders to their customers. The frequency of the reminders can be set according to the history of payments behaviour.
- I want to apply for a home loan and I don’t know my credit score!
I have recently decided that I want to buy a house in one of the metro cities. I am in mid level management position at my firm and currently have a car loan and some credit card debt. I called up the my bank to inquire about my credit score so that I know how much loan can I apply for and at what interest rate. My call just kept getting transferred without anybody giving me a concrete answer.What you can do:
Credit scores are based on behavioral data, whether the consumer pays on time, amount owed and so forth, and the factors used are public. Some scores may use other factors, such as where you went to school, previous year’s earnings and whether you have dropped a phone number. Predictive Analytics can help with drawing insights into this behavioral data and give a valid credit score.
So, what about you? What are some of the biggest pain points you have as a customer? Or the biggest pain points you’ve identified as a bank? Do let us know in the comments section below.
Also, stay tuned or reach out to Team Computers to know more on the nitty gritties of the solutions mentioned in this article.