Archive for November 30, 2009

How can banks win back custom after users turned tail and fled in the face of the recession?

The answer, according to self-service provider NCR Corporation is to be more flexible in their services by embracing technological developments.

A bank provider that enables customers to manage their finances easily via online, mobile and kiosk self-services was favoured by 80 per cent of 8,400 adults polled around the world.

Speed and ease of access to financial services such as payment deposits are key priorities for consumers, according to NCR’s research with 31 per cent of respondents surveyed demanding online, ATM or mobile bill payment services.

Services that banks are introducing include text alerts to notify customers when they are nearing their overdraft limit and the ability to pay bills at ATMs.

Obviously new smart phones are making it easier to introduce downloadable applications that enable customers to switch funds between higher interest and current accounts, and pay bills.

Mobile money transfers are to help generate transactions worth over (£300bn) $600bn globally by 2013, according to Juniper Research’s Mobile Payments Study.

Banks are facing increasing pressures, not just as a result of lost consumer confidence, but also from potential new entrants to the market.

According to NCR’s Managing Director for the UK, Ireland and the Nordics, Elton Birden, consumers are comfortable using a range of digital technologies to manage their lives and expect to be able to manage their finances in a similar way.

“Banks must respond to these demands or risk losing business. The banks that are succeeding are those that are now investing in technologies that offer customers instant access to an increased number of services and facilities, and greater autonomy over their finances,” he added.

In a bid to reduce operational costs, many retailers, leisure groups and international providers are using self-service to expand their offerings and move into the banking arena.

Self-Scheduler solutions now enable customers to schedule appointments with bank staff at a convenient time and location, via the Internet or touch screens in the branch.

The appointment is confirmed immediately by text message, e-mail or text-to-speech and reminders sent out.

From initial contact, the customer’s purchase process is monitored in detail, with their requirements for advice and information captured.

This enables bank to monitor the speeds at which customers are served and their needs met from a branch, regional and national perspective.

Already, consumers use over 40,000 NCR ATMs in the UK to get quick and easy access to their cash, make deposits and manage their bank accounts.

Similarly to eBay’s reasons for launching it’s latest ‘Deals’ programme, it’s about banks providing customers with services for what they want, when they want and where they want.

Miss that point and they’ll be missing out on next generation banking.