IBS Journal February 2017
37
“WHILE USING UBER, NETFLIX ETC IS A SEAMLESS EXPERIENCE, HIGHLY PERSONALISED AND TAKING JUST A FEW
CLICKS TO GET WHAT YOU WANT, APPLYING FOR A BANK ACCOUNT IS QUITE THE OPPOSITE”
additional documents (a utility bill, driving licence or birth certificate, for instance) can be captured by the camera.
Introducing these technologies is not without challenges, though. Many banks still only have basic digital services available to customers online, with even fewer having fully-functional mobile apps. How, then, can they make the leap to introducing facial recognition and document scanning via the camera of a customer’s smartphone?
It is well documented that many larger banks are stifled by legacy IT architecture, making the creation of new, cutting-edge digital services difficult. Those that have mobile apps may have entirely different teams managing the app and their other online banking services. Bureaucracy and red tape could also be slowing down the creation of new services, while the marketing department might be well aware of the need for customer-friendly propositions, IT chiefs are more interested in their current struggle to manage and maintain existing services.
Banks need to find a way to unify their digital services, enabling better cohesion between all departments and putting customers at the centre of their thinking. When it comes to customer onboarding, they should look to create a process that is standardised for whatever device or channel they are using. If the same steps can be replicated for the smartphone, a PC, telephone and in-branch sign ups then the overall process will be clearer for the customer and more efficient for the bank. It will also enable cross-channel applications where a customer might start the process on their smartphone but complete it on their PC or in branch.
By taking this omnichannel approach, staff are able
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to easily help a potential customer who is having difficulties with the process no matter what device they are using and which stage they are at. It can also alert the bank to where the bottlenecks and drop-off points are in the onboarding process so they can fix them.
Another advantage of basing the whole onboarding experience on a cross-channel digital platform is that new technologies and features such as biometrics for KYC requirements can easily be integrated and plugged into the existing process. This means that banks can bypass the need to get the IT department involved when they need to react quickly to changes in regulation and further streamline their service.
There is a necessity for them to address their customers’ need for a real-time, effective process that enables them to engage with the bank in the way they choose, and across multi-channels, to initiate requests. Banks need to realise the importance of being able to obtain the customer’s information at the first step of the customer journey and the customer lifecycle, regardless of the channel used.
These innovations need to be part of a wider strategy to become more customer-centric; thinking less about what services and features it is possible for you to provide to customers, and more about what your customers actually need. Once you have established what these needs are (whether they revolve around digital service or not), then you can figure out how you match those needs. In the long-term, those who solve this puzzle will be the ones that win out.
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