Over the past few years, the Banking industry has faced tremendous pressure on service expectations and complexity in terms of regulatory requirements. From an Operations’ perspective, they not only have to change in alignment with business strategy and growth but they also constantly need to focus on improving operational efficiency and effectiveness as well as mitigating risk. To develop stronger, more efficient operating models and positions, many focus on standardization, centralization and automation efforts. As information is the single crucial component for measurement, data analytics naturally became the key approach in driving such evolution.
Through data analytics, one would be able to achieve:
a) Clarity- With details on every single transaction experience, the team will be able to be more focused in addressing issues, clarifying root causes or identifying relevant areas (team or member) for improvement.b) Better client insights- Having a better understanding of the profiling of the customers and usage behavior/trends, the team is now able to proactively cater to anticipated customer requests effectively (particularly repeated business or cyclical).c) Effectiveness and efficiency- Reports no longer merely serve as historical records. Logical business rules and logic can be introduced to convert such data into informative summaries/triggers which point to a couple of guided/recommended actions.d) Optimum execution- Effective and guided empowerment leads to effectiveness in action/execution.
In my previous journey in building my data analytics program, in order to achieve a successful customer experience,I found that we need to focus on 3 key areas:
a) To start, the team needs to have thorough and in-depth understanding on the data – what it means and why it happens this way.b) Next, the team needs to be clear on what needs action and what the triggers and alerts are, and then to build a comprehensive process framework to support these alerts or triggers.c) Finally, there should be effective training to ensure the team is well guided and empowered to act. Information is no longer valuable once "outdated".
By incorporating sales pitching calls and client review visits/meetings into the current core processes and by enforcing practices under the “Business-As-Usual” model , thus achieving consistency in quality. Also, take this as a chance to rebrand the approach as well.
With insights into the customer business needs cycle and changing requirements due to market movements and industry shifts, the team will be more proactive in providing value add services and financial advice to the customer as part of the customer proposal. Understanding the competition, options and pricing in the market further enhances the success rate of each pitch.
For more information, join Benedict Ang at the Back Office Forum Asia and listen to his session titled “Customer Insights: Beyond Issues Resolution and Process Efficiency”.