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Banks are reviewing their channel strategy. While they want most customers to use self service tools for transactions and investments, they want relationship managers to be pivotal in the management of high revenue, high value wealth management products. Banks want to own, engage, and offer services at the various stages of the customer relationship lifecycle because of intense competition, the complexity of customer demand, and the spread and depth of functionality in channels. Customers are using direct channels such as mobile phones, smart phones, tablets, and PCs to transact with their banks with greater frequency. While this makes the geographical location of branches less significant, banks must ensure that customers can choose to use any channel for a transaction—even if they start with one channel and complete it using another—and expect a seamless experience. Financial institutions also need to connect virtually with their customers as they spend increasing amounts of time with social media sites and affinity communities and use collaborative technologies such as blogs, wikis, RSS, and podcasts.
In this scenario, banks need a solution to address current and future requirements that will:
- Enable the relationship manager to become a channel and one-stop-shop for the entire range of a customer's financial needs by giving them easy access anywhere to complete customer information. That would allow them to personalize transactional and investment products to make them suitable to a customer's profile.
- Be the ubiquitous channel for all direct and indirect offerings to increase fee based income and increase the stickiness of customer relationships
- Give them the ability to serve the complete spectrum of customers, from individuals—including high net worth customers—to companies, and move them from mere transaction-based accounts to portfolio-based services while giving them a truly seamless experience across channels of their choice.
- Allow them to develop their presence across a wide mix of channels with significantly enhanced capability on specific devices, enabling them to constantly experiment and add new media capabilities.
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