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How banks can meet the need for speed in an omnichannel age

As rapidly as retail banking is changing today, consumer expectations are changing even faster. How is an FI supposed to keep pace and keep customers happy? The answer lies in the effective use of real-time data, and an upcoming webinar will explain why — and how.

June 4, 2018 by Suzanne Cluckey — Owner, Suzanne Cluckey Communications

How fast is fast enough?

This question has a lot of bankers wondering. The pace of change in retail banking is astonishing … and still accelerating.

But consumer expectations for speed, ease and convenience in managing their financial affairs are growing even faster, as are the numbers of challenger FIs promising to meet their need for speed.

The worrying thing about all of this is that it's fueling a rise in willingness among account holders to change banks.

In 2016, 11 percent of consumers did just that, an increase from 10 percent the previous year, according to a study and report by Accenture. The proportion of millennials who changed banks was significantly larger, at 18 percent in 2015 and 19 percent in 2016.

"Consumer perceptions that switching is hard have eased since the first year of the survey in 2013 … ," Accenture observed, adding that the change was slow but steady.

The study concluded that, "The status quo will not suffice in today’s highly competitive environment. Delivering new value starts now."

And at the top of the list of ways to begin delivering value?

Data.

As Accenture put it: "Data is the currency of customer insight."

The organizations that are the fastest to acquire this insight and apply it to the customer experience will have the sharpest competitive edge when it comes to attracting and retaining loyal customers.

Again comes the question, How fast is fast enough?

The answer?

Real time.

Real-time data is the currency of timely and accurate insight — and of swift and effective change.

Of course, understanding the power of data is one thing; knowing how and where to begin to harness that power is another, entirely different thing.

One of the simplest ways to start is by attending the webinar, Enhancing the End-to-End Customer Experience with Real-Time Data, hosted by ATM Marketplace and presented by Inetco Systems Ltd.

This free, one-hour webinar aims to help banks find the starting point for efficiently utilizing their real-time customer transaction data across all self-service channels.

Webinar participants will come away knowing how real-time data can benefit various departments within their organization, and gain a deeper understanding of:

Ways to make data accessible across teams responsible for channel management, IT operations, cash management, fraud and security — without blowing the budget.
How better data collaboration fuels the ultimate end-to-end customer experience.
What to look for in real-time solutions.

All attendees also will receive the complimentary white paper, Enhancing the End-to-End Customer Experience with Real-time Data.

Stacy Gorkoff, vice president of marketing and channel development at Inetco, will elaborate on real-time data use cases related to the end-to-end customer experience, including:

Continuous monitoring of all transaction chain components, proactively resolving IT and channel operations issues before they affect customers.
Real-time triggers for fraud monitoring and advanced persistent threats, identifying potential attacks before they result in major loss.
Real-time customer engagement insights, immediately responding to transaction availability issues and shifts in customer behavior and buying habits.
Real-time marketing responsiveness, offering quicker solutions (account opening and updates), more responsive promotional offers and faster interaction times (payments, real-time mobile alerts and social media responses).
Real-time tracking of compliance risk and service level delivery, instantly matching systems of record and systems of engagement and quickly identifying when a third party host or service provider is not responding as they should be.

Gorkoff will also provide examples of the ways that various departments within an organization can utilize a centralized source of real-time transaction data to reveal new revenue opportunities, reduce operating support costs and deliver an amazing end-to-end customer experience.

Register now for the free, one-hour webinar, Enhancing the End-to-End Customer Experience with Real-time Data.

About Suzanne Cluckey

Suzanne’s editorial career has spanned three decades and encompassed all B2B and B2C communications formats. Her award-winning work has appeared in trade and consumer media in the United States and internationally.