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, as well as a spokesperson for global connectivity leaders Syniverse, tell Future Banking how to create an effective mobile engagement 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 payment 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 digitalised will be digitalised, but one size does not fit all.” Unsurprisingly, the pandemic and its aftermath have 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 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 belong to 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
Customers are seeking personalised solutions to online banking – expecting access wherever they are. 22 Future Banking /
www.nsbanking.com
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