Checklist Item 6: Add up Innovation and Online Banking

Studies show that online banking customers are more satisfied and purchase more products vis-à-vis others. This underscores the importance of online channels in the delivery of customer experience. The irony is that online offerings lag behind those offered through traditional assisted channels in both depth and variety. The viewpoint seems to be that this medium is only suited to the fulfilment of routine transactions while those of a “high involvement” nature must be initiated face to face.

I think that banks are missing out on a huge opportunity here. With some innovation, banks can bring the scope of online services at par with those delivered in-branch. Combined with the unmatched convenience and reach of online banking, the experience will be hard to beat.

Using readily available technology, online channels can be given the human touch. For instance, banks could activate a simple web chat help desk on their sites or go a step further to provide an audio-visual remote advisory service whereby they can share their screens with customers and walk them through their queries. Web 2.0 media must be exploited to provide a personalised experience and make customers part of idea generation and product creation processes. Who knows, going forward banks may also be able to take a segmented approach to customer experience, delivering the “best” experience possible to each customer depending on their importance, need, profile and usage preferences? The online modes will have a key role to play in such circumstances.

Also read:
Checklist Item 1: Let customer interest drive innovation
Checklist Item 2: Focus innovatively on each customer
Checklist Item 3: Hold on to your customers!
Checklist Item 4: Get KYC started with segmentation.
Checklist Item 5:Innovate on distribution for extended reach