Digital Channels for Banks
Some banks are finally waking up to the fact that they must engage with customers through digital channels such as Twitter.
Rather than expecting customers to file into branches and hand over business like in the old days, banks now realize that customers have shown a preference for digital channels like social media, where they can be reached at a time more convenient for them, not just for the bank.
An interesting case of a forward-looking bank is AIB, Ireland. They looked at the data which told them 84% of the Irish population is online, but only 50% are using online banking. They recognized the disconnect and came up with a solution that bridges the offline and online worlds. Partnering with Accenture, Microsoft and Cisco, they developed “The Lab”. Based in a Dublin shopping mall, the Lab greets customers with a digital avatar; features a social media wall using gamification to encourage customers to transition online; a product zone for mobile and online demos; and a remote advisor reached through video conferencing.
Benefits of engaging with customers through digital channels include:
Rather than expecting customers to file into branches and hand over business like in the old days, banks now realize that customers have shown a preference for digital channels like social media, where they can be reached at a time more convenient for them, not just for the bank.
An interesting case of a forward-looking bank is AIB, Ireland. They looked at the data which told them 84% of the Irish population is online, but only 50% are using online banking. They recognized the disconnect and came up with a solution that bridges the offline and online worlds. Partnering with Accenture, Microsoft and Cisco, they developed “The Lab”. Based in a Dublin shopping mall, the Lab greets customers with a digital avatar; features a social media wall using gamification to encourage customers to transition online; a product zone for mobile and online demos; and a remote advisor reached through video conferencing.
Benefits of engaging with customers through digital channels include:
- Building closer, deeper relationships with customers
- Competitive advantage through becoming more convenient and relevant for customers
- Offering services that meet customer needs when and where required
- Two-way conversations with symbiotic benefits: banks receive feedback to change and stay competitive; customers receive value in ways that fit their lifestyles.
Digital Channels for Banks
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