Tag: banking sector

customer experience in banking

‘Why’ and ‘How’ of Improving Customer Experience in Banking

Why do banks need to focus on customer experience?

The banking sector has been slow in keeping pace with the digital revolution and it is high time that they catch up. Although technological advancements such as ATMs and internet banking have been incorporated into nearly every banking company, these facilities don’t give much emphasis on improving the customer experience in banking. Banking is currently among the least popular consumer businesses. In order to change this, financial services companies need to be more open to modernizing processes and bring customers also to the forefront rather than only emphasizing on increasing profits. When compared to most of the other sectors, the banking sector has an abundant source of customer data why can be used to create an exceptional customer experience in banking. However, majority of banking companies fail to efficiently utilize this data. If used correctly, customer data available can be used to enhance the customer experience in banking and promoting a customer-oriented culture in banking companies.

Many leading banks are pouring tremendous resources into transforming their customer experience, often with mixed results. Request a free proposal to know how our solutions can help avoid this situation and create strategies for a positive customer experience in banking companies.

How to improve customer experience in banking

customer experience in bankingBanks often struggle to pursue customer-experience transformation amid the complexities of running their day-to-day business. But with the right strategies in place, they can quickly identify customer pain points and ensure better customer experience in banking. Based on our expertise in solving several banking sector challenges, here are some ways that can be used to encourage and establish better customer experience in banking sector companies.

Create cross-functional teams with C-Suite backing

Transforming customer experience in banking requires the involvement of stakeholders from different teams including product, distribution, pricing, risk, and legal. Leaders in customer experience pursue several approaches to overcome this kind of complexity. Setting up a dedicated customer-experience organization within the bank is an option that can be considered. Dedicated teams can be assigned to encourage a continuous focus on customer experience in banking across product, service, and geographical silos. CEOs of banking companies must make customer experience a priority, and in some cases the appointment of a chief customer officer can serve to underline that commitment.

As banks around the globe rush to transform their customer experience, it’s easy to trip up. Get in touch with our experts to know how we can help you how to execute a step change that moves ahead of your competitors in the market.

Monitor end-to-end customer journeys

Mapping customer journeys can help companies in the banking sector to identify all touchpoints across all channels where they engage with customers. Start by identifying the different types of customers that the bank deals with. Next, outline the journey for how each customer type engages with the bank. Begin the customer journey map with the first point of contact that the customer has with the bank. Continue with each next step and all potential steps until the journey is complete. Lastly, identify the at-risk customers and proactively engage on a personal level to improve, and hopefully, salvage the relationship.

Continuously emphasize on creating value

Enhancing customer journeys and customer experience in banking is not a linear process. Often the first round of initiatives may not deliver the desired customer satisfaction levels. Moving from good improvement to great will require regularly going back and maintaining patience and a mind-set of always pushing for more in the interest of customers. This continuous-improvement regimen can help foster a superior customer experience in banking companies.

Learn more about Infiniti’s solutions for banking companies

Banking industry trends

Top Banking Industry Trends Dominating the European Market

Banking companies across Europe are gradually moving from traditional banking techniques to digital banking in order to enhance customer experience and stay competitive in the market. Although European banks are facing the heat from increasing political volatility, new regulations, and persistent questions about the technological transformation of banking, the sector is expected to mark a positive growth in the next few years. Experts at Infiniti have identified some of the most attractive banking industry trends that will dominate the agenda of European banking executives and will transform the industry in the years to come.

Bankers across Europe believe that technology and process innovation will transform the retail-banking landscape in the next three to five years. Are you prepared for this change? RFP to know how our banking industry analysis can help you stay updated with the opportunities and challenges in the market and formulate effective strategies to stay competitive in the market.

European banking industry trends

banking industry trendsDigitalization of corporate banking

As the continued dissatisfaction of national and multinational companies relating to service dissatisfaction becomes impossible to ignore, corporate banks are finally making the leap to go digital. The back-office operations such as cash management have already been digitalized and are expected to extend through middle office (which involves the creation of new banking products) and front office (relationship managers will get hands-on experience in using digital tools) operations this year.

Growth of Fintech and RegTech

Last year, Fintech and RegTech spending continued to proliferate in EMEA’S emerging markets. With new firms entering the competitive environment, such banking industry trends will continue to persist. Banking industry trends such as increasing spending on FinTech and RegTech is intrinsically linked with improving levels of financial inclusiveness.

For more insights on how to better understand banking industry trends and threats, as well as how European banks should respond to them, get in touch with our experts!

Open banking standards

Banking industry trends like open banking has taken the more advanced economies of EMEA by storm. In open banking retail/corporate customers are in control of sharing their financial assets and personal data with third-party providers of their choice. To enable this, banks open-up and share their infrastructure (including data and functionality) and documentation (code) with third parties, usually through Application Programming Interfaces (APIs). An open banking standard prescribes the steps which banking sector companies must take. In Europe, several top banking corporations are making a collaborative effort to create an open API standard.

Technological innovations to promote financial inclusion

One of the most prominent banking industry trends this year will be to connect and reconnect customers to the financial system. While advancements have been made to bridge the gap between people having access to banking services and those who do not, progress needs to move at a faster pace. This requires the collaborative efforts of national governments, financial service providers, telcos, and other technology vendors.

Acceleration of platformification

Bundling together multiple services into one online platform is known as platformification. Banking industry trends such as platformification is aimed at providing an efficient, automated, and integrated customer experience. This consequently drives improved financial and operational performance.

Know more about Infiniti’s market intelligence solutions for the banking industry

IR15

How Banking Companies Can Keep Themselves Unscathed from Cyber Attacks

Cyberattacks are becoming more frequent than ever before. Despite increasing emphasis given to cybersecurity in banking companies, this sector is one of the most sought-after targets for cybercriminals. Robbing a bank is one of the oldest crimes in the book. However, bank robbers in the modern day are hiding behind the screen, using targeted and sophisticated cybercrime tactics and leaving IT teams struggling to keep their networks and their vaults secure. According to the Verizon Data Breach Investigations Report (DBIR) 2016, the financial sector had the largest number of security breach incidents, with 795 confirmed data losses. In fact, the U.S. Securities and Exchange Commission (SEC) has stated that cybersecurity in banking the biggest risk facing the financial system.

When it comes to cybersecurity in banking, it is always beneficial to be proactive rather than reactive. Though cyberattacks cannot be fully prevented, planning how to respond to a breach and regularly testing this plan through realistic simulations will helps organizations reduce the severity of such malpractices. In this blog, the experts of cybersecurity in banking and financial sector from Infiniti Research have put forward some of the key ways in which companies in this sector can secure themselves amidst the cyber-attack chaos.

Ways to ensure cybersecurity in banking 

Though the IT teams in banking companies have increased protection of customer data and brought down the number of credit card fraud, this does not completely establish cybersecurity in banking. The internal systems of most banks still need securing. Here are some ways in which the teams for IT and cybersecurity in banking can improve their network security to better secure the vault:Get More Info

Be proactive

Banking sector companies must respond as if their network already has been breached rather than waiting for it to happen. Adopting this mindset forces the IT teams to prioritize the most business-critical parts of the network and use network segmentation as a strategy. If done in the desired manner, network segmentation, achieved through the creation of network zones, limits the ability for a hacker to move laterally across a compromised network.  Cybersecurity in banking through network segmentation requires continual updates and configurations.

banner IR

Enterprise-wide security policy

Having a well-defined security policy is a crucial roadmap towards cybersecurity in banking. This helps the IT team maintain a truly adaptive security architecture and determine the best way for the network to operate with minimal risk. Furthermore, it must be noted that the security policy takes into consideration all the regulatory and enterprise compliance requirements and how to apply timely patches to maintain compliance.

Security policy enforcement

As important as it is to have a security policy to ensure cybersecurity in banking, it is also imperative to validate that it is being enforced across your network. Not doing so will make the network vulnerable to threats. Organizations in the banking sector must constantly monitor their network for changes to configurations and ensure that these changes are approved and compliant with policy. This is a collaborative effort across the enterprise—network operations, security operations, and the CIO. 


Get more insights into Infiniti Research’s market intelligence solutions for the banking sector

Contact US

semiconductor industry

Popular Innovators in The Global Banking Sector

The banking sector around the world is becoming highly competitive. With many players in the industry expanding their services and operations across borders, the battle among banking companies to survive in the market just got harder. In an industry that is as extensive as the banking, innovation goes a long way. Modernization and innovation have become a way of life for many players in the banking sector who seek to set themselves apart from the rest. Here is our pick of the top innovators in banking services:IR_Brochure

Guaranty Trust Bank

Guaranty trust bank, established in 1990, has grown to become Africa’s leading banking services institution over the years. They are among the pioneers of innovation and digitization in Africa’s banking sector. They have rolled out a variety of digital banking products in the recent years, and are committed to providing easy and equal access to the banking sector for all citizens.

DBS Bank

DBS, ranked as one of the world’s most innovative banks, is leaving no stone unturned to incorporate the magic of technology into their banking services. DBS has been experimenting with artificial intelligence, mobile banking, and other digital solutions into their operations to enhance their customer experience. These technologies also promise top-notch data security to the customers.

ANZ Group

ANZ group looks beyond the boundaries of finance to incorporate innovation in their business and also to help individuals and smaller businesses grow. The bank is focused on creating financial products and services that would simplify their customers’ lives.

Pilatus Bank

Pilatus bank is committed to providing solutions to facilitate smooth interaction between the bankers and the clients. They also aim at ensuring the safety of customer data and transactions through cybersecurity solutions. Pilatus bank also provides expert guidance for clients to make informed business decisions.


To know more about the innovators in the banking sector and their unique banking servicesAsk an analyst


Related Insights: 

Market Intelligence

Competitor Analysis for a Leading Banking Sector Client Helps Assess Key Competitors and Devise an Effective Strategy to Establish Themselves in the European Market

The Business Challenge

  • The client: A leading banking company
  • Area of engagement: Competitor analysis

A leading client in the banking sector wanted to understand the competitors, their services, and effectively analyze their current and future market share. The client wanted to understand each competitor’s market share, their past strategies and current strategies, and the method of distribution and extent of customer service for the services rendered. With the help of the competitor analysis study, the client wanted to carry out a robust SWOT analysis to identify the possible threats and opportunities in the market landscape.

Solution Delivered

The competitor analysis solution offered by Infiniti helped the client in the banking sector tap into the potential strengths and weaknesses and determine how the competitors are working. The engagement also focused on gaining relevant insights into the customer base and their preferences to meet their demands. Also, the engagement focused on rating the competitors and understanding the five forces model in terms of the threat of potential entrants, the advent of new services, and suppliers, buyers, and the organization’s strengths and weaknesses. The competitor analysis helped leading client in the banking sector formulate a go-to-market strategy for organizational growth.

banner IR


To make your business strategy work, you need to conduct a proper competitor analysis. Wondering how to proceed? Request for a 7 days free trial now!

Future of Banking Sector

With the rising global uncertainty, banks need to start looking beyond compliance to improve their financial performance while focusing on the business outcomes. The banking sector is highly fragmented and comprises retail banking, corporate and investment banking, and asset and wealth management companies. With the gradual recovery of the fluctuating economy, the banking sector is dominated by Europe, which accounts for approximately 43% of the market share. Although the industry is expected to showcase promising growth, several factors hinder the growth of the banking space. These factors include:

  • Digitization: With the rising use of the internet and smartphones in emerging countries, leading organizations in the banking space are facing relentless pressures to shift from conventional banking models to a convenience-based model. A recent study also indicates that a considerable number of people across the globe make their transactions online as compared to physically going to a branch. Also, the number of customers has increased due to the convenience in “anywhere banking.”
  • Weak global economy: With the recent uncertainty in the global economy and the issues arising due to Brexit, leading firms in the banking sector are facing relentless pressures to sustain themselves in the marketplace. Moreover, with the fluctuations in the global economy, the consumer’s spending habits are reducing, and consumers are looking to invest more and reduce their spending patterns.
  • Stringent government regulations: With the fluctuating regulations, leading banks are facing relentless pressures to enhance their service offerings across niche market segments. Moreover, leading organizations in the banking sector are looking for effective ways of managing reputational risks and meeting the capital, liquidity, and leverage ratio requirements.


Why competitor analysis is one of the important keys to success? To know all these and more, get in touch with our experts!

Contact US

 

Want to know how our competitor analysis solution can help packaging companies? Read our latest success story here.

Transforming Production Processes and Increasing Market Share by 37% for a Food Packaging Company – Infiniti’s Latest Competitor Analysis Engagement

 

IR27

Infiniti’s Competitive Intelligence Solution Helps a Leading Financial Services Provider Enhance Risk Management Capabilities

According to a recent survey, the financial services sector accounts for 16% of the global economy in terms of GDP.

Despite the industrial risk and regulations in the financial industry, leading banks are looking beyond compliance to optimize their business and enhance financial performance. The industry is witnessing a transformation toward consumer-centric environment to improve additional capital, increase liquidity, and reduce leverage. In the hassle to enhance risk management capabilities and build a nimbler infrastructure, several factors are hampering the growth of the financial sector. These factors include:

  • Global economy: With the recent economic depression, prominent banking services providers had to look for alternative solutions to sustain their presence in the market. Also, with the recent Brexit issue, financial services providers were going through a prolonged period of negative growth. The financial services providers also witnessed a drastic fall in investments owing to lower economic growth.
  • Regulations: With the uncertainty in regulations, leading service providers are forging risk and compliance initiatives to drive efficiency to meet applicable laws and regulations. Also, over the years, the expectations of the regulators have been increasing considerably, and leading organizations are taking necessary measures to remain abreast of regulatory and legislative updates.
  • Digitization: Beyond the conventional banking system, leading organizations need to rely on high-level IT operations to optimize their business process and interact with customers in a seamless manner. A recent report also shows that 40% of the US citizens are not walking into the banks to make necessary monitory transactions. Also, with the growing concern for cybersecurity threats, global financial services providers are struggling to keep up with the authenticity and security needs of the customers.

To counter such forces, the banks are leveraging competitive intelligence solutions. Infiniti’s competitive intelligence solution for financial services providers works on the principle of identifying the competitive trends and opportunities to find potential functionality gaps to enhance their business performance. The competitive intelligence solution also focuses on benchmarking the services offered with that of the direct competitors.

The Business Challenge

  • The Client: Financial services company
  • Area of Engagement: Competitive intelligence

A leading financial services provider wanted to profile the direct competitors and anticipate the challenges while entering niche target segments. The client wanted to minimize their exposure to risk and improve their overall commercial performance. The client also wanted to understand the marketing strategies and look for promising solutions to gain continuous growth and increase profits. With the help of competitive intelligence, the client wanted to gain a clear understanding of the business process and competitor protocols and strategically position customized service offerings.

IR- competitive intelligence

Want more information about our competitive intelligence solution?

Ask an analyst


The Journey

To analyze the variety of competitor structures and market environments, the competitive intelligence experts at Infiniti carried out extensive research and interviews with prominent stakeholders in the financial services industry. To refine the current product suites, the competitive intelligence experts at Infiniti also compiled information from various secondary sources such as paid industry databases, company presentations, and industry forums.

The Solution Offered and the Business Impact

The competitive intelligence solution offered by Infiniti helped the client gain a precise and concise view of the competitors and their service offerings. With banks, credit companies, and insurers being the heaviest competitors, the engagement sought ways for the financial services provider to efficiently keep track of the competition and offer personalized services to the customers. With the help of this engagement, the client was able to stay one step ahead of the competitors and define the market presence. The engagement also helped the client gain timely competitive insights and make market recommendations.

The Future

The future of the financial services will be transformed by disruptive technological forces such as artificial intelligence and machine learning, blockchain technology, and cryptocurrencies. Moreover, leading service providers will go on par with customers’ trust and brand value and tailor offerings and experiences accordingly.


A must-read case study for strategy specialists and decision makers looking to develop an understanding of the financial services

IR_RFP