Company insight
Making mobile engagement matter
The pandemic has accelerated banking’s move to digital channels – and the future will depend on improving mobile engagement for corporate clients and their customers. Matt Tuck, head of commercial customer propositions at NatWest Group, and Lorraine Twigg, VP enterprise and partner sales EMEA and India at Syniverse, tell us how to create an effective mobile ecosystem.
orporates have always been banks’ most profitable customers – and in the era of digital services, the challenge for banks is to help those corporates engage more effectively with their own customers.
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The Covid-19 pandemic has put pressure on banks in terms of payments processing, service delivery and the pace of digital transformation – which have all made investment in innovation a top priority. If banks are to respond quickly to the demands of digitalisation, they will need to accelerate their innovation strategies. “Banks are innovating at a greater pace than we ever have [before],” says Matt Tuck, head of commercial customer propositions at NatWest Group. “I would argue that digitalisation goes far wider than innovation – but the pandemic has helped to accelerate the drive for banks to continually look at ways to improve how they engage with customers. It is fair to say that what can be digitised will be digitised, but one size does not fit all.”
Lorraine Twigg, VP enterprise and partner sales EMEA and India, Syniverse
are facing and how we can support them,” Tuck continues. “So, while we are always looking for ways to improve our digital experience, it is definitely a blend of people, technology and investment.”
Proprietary systems: in the past Banks once believed that innovation came from within, but building proprietary technologies brings huge expense, as well as problems with compatibility and scalability. Now, working with fintechs and other providers is a central pillar of banks’ strategy – not so much to keep up with competitors, but to keep in step with their consumers. “We are seeing the industry evolve at a rapid pace in terms of digital transformation, not least because of advances in technology like artificial
“I would argue that digitalisation goes far wider than innovation – but the pandemic has helped to accelerate the drive for banks to continually look at ways to improve how they engage with customers.”
Unsurprisingly, the pandemic has driven a significant uptake of digital channels, as physical channels have become less open to customers – 58% of NatWest’s engagement with retail customers is now digital, as is 67% of its commercial sales. “What we found during the pandemic is that many of our customers still want to talk to a person about the challenges they
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intelligence,” says Lorraine Twigg, VP enterprise and partner sales EMEA and India at Syniverse. “Digital trends tend to start with consumers and then shift to B2B models over a sustained period of time. In retail banking, a huge part of that transition is the gradual adoption and implementation of mobile engagement channels by banks.”
With over 30 years’ experience, Syniverse, a global leader in the mobile messaging ecosystem, partners with large financial enterprises by providing consulting and omnichannel messaging solutions (CPaaS) leveraging a white-glove approach. These partnerships carefully review digital transformation plans and provide meaningful, innovative, future-proof solutions in the area of messaging, identity and orchestration.
“Banks have invested significantly in the capability to allow their consumers to transact on the go, 24/7,” Twigg explains. “Customer habits are changing, so we are looking at how this translates into the B2B space. Banks are fundamentally information-driven businesses, and widely deploy technologies like AI and big data. This knowledge that they hold, coupled with the ability to reach customers in real time, could lead to some new and unique business models in the corporate world.”
Insight at the speed of thought For banks, attracting and engaging corporate customers will depend on quick responses and the ability to turn data into valuable customer insight. “One area we are looking at is how banks can leverage all of the data they have acquired through their digital investments to provide meaningful insights into consumer behaviour to their corporate clients and help them target more accurately and increase their revenues,” says Twigg. “Banks are in a very unique position to help corporate customers target the customers that are in the best position to purchase, and they can leverage mobile engagement methods that banks have already deployed.” Banks are investing heavily in ways to reach customers at critical moments in the
Future Banking /
www.nsbanking.com
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