A couple of example problem areas:
Fraud and Security
In the past, banks would block all overseas transactions if they identified behaviour they considered suspicious based on a limited number of data points, and you’d be stranded abroad with no way to pay and a long costly phone call.
A connected bank will use real time data gathering to capture more information about you, your location and spending history to make more accurate decisions. They can identify unusual behaviour on an account, run a machine learning model to more accurately identify potential fraudulent activity. With seamless collaboration, it’s not only that these data points will not be stuck in business silos. The resulting insights can be easily shared between back office and customer service teams to easily coordinate interactions with the customer, help the team make a timely decision and minimise the risk of exposure, communicate with the affected customer, merchant and partners and only block a card when it’s genuine fraud.
While there are huge opportunities for self-serve innovations, there’s still room for face to face interaction in 21st century banking, but banks have to be making the best use of their physical presence. Deploying inexpensive IoT sensors can help colleagues identify the best time to take their break, manage busy periods, alert customers when to come in and when to avoid queues. Empowering service staff with intuitive tools both in branch and other channels, to enable staff to smoothly deal with customer journeys regardless of where they start would reduce the need for customers to duplicate information input, make life easier for staff by giving them a single and accurate view of customers and free up time for value add time spent with clients, not on admin.
Accelerating digital transformation in banking
There are a plethora of opportunities for retail banks in becoming more connected. But getting there is where we’ve seen many organisations in need of help. We’ve also identified routes to helping organisations become more connected, faster - we call them Accelerators.
Download a copy of Connected Organisation whitepaper for more information on how to get started on your journey towards becoming a more connected organisation.