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IBS Journal March 2018


31


Arne Vidar Haug, co-founder and co-owner of Signicat, says: “As people go digital and banks follow them, we have to ensure that they stay in synchronisation. As digital identities become more important, and therefore more common and complex, banks need a platform to manage this process.


“This is particularly important since more and more people are going mobile. The use of the smartphone for digital banking is now very common and becoming even more so.”


Recently, Rabobank announced that it had joined forces with Signicat to launch a Digital Identity Service Provider (DISP) for businesses in the Dutch market. Rabobank wants to utilise the DISP to offer a range of online login, identity, signature and archiving solutions under its own eBusiness banner.


Rabobank initially intends to focus on five customer groups: energy, telecom and insurance companies, healthcare institutions and financial services providers. The idea is that Rabo eBusiness services will make it easy for businesses to enable functions such as getting new customers onboard, digitally signing contracts and offering a dashboard for invoices or expense claims.


“What we are doing together with Rabobank is a good example of how Signicat’s Digital Identity Hub can assist not only with PSD2- related SCA compliance services but at the same time offer a bank a uniform way of handling identities across all platforms and channels,” Vidar Haug says.


Providing a 360-degree view


As a recent PwC report said: “Until recently, companies thought about the ‘omnichannel experience’ as keeping everything in sync: showing the same look and feel to the customer in a store, through contact centres, at a kiosk, on a website, or via an app. As a result, companies spent on appearances to improve style, messaging, and a degree of common customer experience. These elements are still important, but customer expectations have quickly risen beyond ‘look and feel’. When we board a flight with a scannable code on our phone or check inventory at a kiosk, we are reminded that physical and digital touchpoints can work together. These shifting customer expectations have forced banks to step up their game.


“One of the main problems is that there is a vast amount of IT involved. The problems include the difficulty of integrating backend systems, cybersecurity, presenting personalised information across platforms and advanced analytics. But it would be a mistake to think of omnichannel delivery as just a technology issue. Along with rethinking technology, banks should re-examine the processes they use to deliver services – and how they manage the people who do the work.


The reasoning behind the introduction of omnichannel banking is to provide a bank’s customers with a 360-degree view of the bank regardless of what time it is, what time zone the person is in or what device they are using.


Staff and systems are still primarily set up to serve in a single stream. Consumers have moved beyond this model





At the moment the core banking needs of most customers are still being handled by bank branches, ATMs and online banking. Recent surveys show that nearly half (46%) of customers have used all three of these methods over the past six months. As adoption of mobile and online banking continues to grow, omnichannel customers will almost certainly rise in parallel.


A Forrester survey suggests 41% of financial services professionals selected omnichannel banking as one of the top five focal points of their business application transformation. The banks are beginning to make good progress with the back office systems, which make handoffs between channels. These include ATMs with much more functionality that can integrate with mobile devices, video links to staff in remote branches, and contact centres that sell as well as provide a service. However, omnichannel, which originally was seen as a series of easy bolt-on capabilities, is proving to be far more complex to install as the features that it has to service and provide become more complicated. It is obvious that omnichannel now needs radical new thinking that has gone beyond the usual boundaries within the organisation.


Vidar Haug says: “The speed with which the ordinary population is migrating to using their smartphones for mobile banking is quite surprising. And this migration is continuing apace. As this happens, the banks have had to up their game and ensure that they do not just provide faster access to online banking but a whole new raft of digital services.”


He adds: “The biggest challenge to omnichannel is organisational since nobody ‘owns’ omnichannel development within the bank. For many banks, branches are still primarily for selling, call centres are mainly for servicing, and digital means marketing. And while some financial institutions have moved in the right direction, combining call centres with virtual channels, operational processes and technology haven’t caught up. In many cases, staff and systems are still primarily set up to serve in a single stream. Consumers have moved far beyond this model.


“When people call a contact centre today, they’re probably on a smartphone, calling because they weren’t able to make a transaction or figure out the solution to a problem on their own. Ideally, banks would enable this further by taking examples from other industries. For example, some car rental companies have launched kiosks that allow customers to rent a car via a live video chat. This provides a fast and effective experience for customers, and it also cuts operating costs for the car rental company. But this requires a different approach to hiring and training staff, both in branches and in contact centres. “


www.ibsintelligence.com


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