Banks Are Relying On Hyper-Personalized Experience
Digital transformation has changed the landscape of retail banking. With a view to differentiate and deliver outstanding services encouraging loyalty and customer satisfaction, retail banks should apply advanced analytics on data consolidated from disjointed systems across the organization to set up connected consumer intelligence. Banks should study and leverage data on customers’ behavioral patterns, goals, sentiments and propensities across all digital and physical channels at every stage of the customers’ journey. With hyper-personalization, achieved through Connected Consumer Intelligence, contextual targeting at the appropriate time and space allows the organizations to build sustainable customer engagement and loyalty with the firm.
Creating Connected Consumer Experiences
Customers look for experiences that surpass traditional boundaries and there is a shift towards connected experiences. TCS’s CI&I Banks allow customers to go through connected consumer experiences delivered by utilizing customer insights at an individual level. With its implementation, retail banks are able to engage in intelligent customer conversations, ameliorate customer on-boarding experience, tone down attrition and dormancy and enhance value to customers.
Grow and Retain Newly Acquired Customers
With advanced Machine Learning algorithms factoring in the customers’ pattern of transactions and interactions, the next best actions and offers are suggested and recommended products are displayed. These personalized suggestions tailored based on customer history have a stronger chance of winning over customers. In addition, CSAT scores help to detect and address negative experiences and improve any issues identified. This ensures a greater success rate in your hyper-targeted campaigns and suggestions that will attract and retain new customers.
Increase Direct Loan Originations
Accurate customer persona will provide demographic, value, product white space, multiple product profiles and account activities, enabling the bank to have intelligent interactions with customers who do not have a mortgage account with flag-star and help drive conversions. This also enables banks to retain existing mortgage customers, upsell checking-only customers, drive more direct to consumer mortgage loans and provide next best offer or product to buy.
Customer & Marketing Analytics
Customer analytics provide a complete 360 degree view of customers, customer base view, digital persona, customer scores, behavior & propensity modeling, experience alerts, next best offer, etc. Marketing analytics aid in event-based marketing, next best action and dynamic customer segmentation. These capabilities help fine tune efforts to deliver tailor-made and relevant offers and recommendations that target customers’ needs.
Excellence in Next Gen Customer Engagement
CI&I deliver advanced customer stratification capabilities to make targeted and contextual recommendations for customers. It accomplishes primarily 3 goals:
- Establish a foundation for enterprise-wide customer insights in terms of customer transaction views, customer behavioral insights by overlaying Machine Learning analytics, analyzing customer insights and iteratively learn and fine tune insights across channels as a driver for business decision support.
- Providing real time insights and context-driven recommendations to help customers fulfill goals by optimizing campaigns with persona-based stratification, improving up-sell with product affinities white space analysis, increasing customer stickiness through event-based marketing and life event & life stage detection and contextual recommendation.
- Consistent and customized experience delivery on broader life style & consumption context by developing customer profile with insights from emails, social, text and speech, creating customer journey maps for hotspot detection & care, building an eco-system of partners to provide a connected journey experience & recommendations on broader consumption context.
Standard Chartered Bank
Implemented an SOA strategy using IBM middleware to integrate all the banking systems to customer facing web and mobile applications to facilitate Online Banking across Web and Mobile.