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Customer Journey #Reimagined – From Customer Centric to Customer Specific

March 12, 2018 - Puneet Chhahira Global Head of Marketing, Infosys Finacle


Banking has come a long way from maximizing customer lifetime value to maximizing value at every life stage. In our trends forecast for 2017, we stated that the customer experience conversation has moved beyond 360-degree views and next best recommendations. Today banks are constantly striving to innovate to provide immersive experiences to their customers and customer experience clearly separates the winners from the laggards. In 2018, we see this trend accelerating. We believe reimagined customer journeys leveraging the host of modern technologies will help banks drive differentiation, to go a step further from maximizing value at every life stage to understanding the journey of individual customers at the same life stage.
Over decades, banking businesses transitioned from a product-centric approach to a customer-centric one, and then to a customer-specific model. In recent times, several developments have shifted the banking customer experience goalpost further. Digital onboarding, using eKYC, has made it convenient for customers to switch banks in search of a better experience and value. Open banking initiatives and regulations, such as PSD2 in Europe, or the Open Banking Initiative in the U.K., are likely to propel the competition further. In fact, open banking initiative like Unified Payment Interface in India is already making challenger banks like ‘DigiBank from DBS’ aggressively market themselves as the primary interface through which their customers should manage all their accounts.
Furthermore, we are talking about the beginning of a world of myriad touchpoints and multiple channels. These touch points could be AI-based chatbots or smart assistants or even smart machines; and channels could be bank-owned, partner-owned or third-party owned. Some industry estimates suggest that by 2020, non-banking channels will contribute to 90% of banking transactions. Moreover, customer transactions would not only be influenced but would also originate in one of these channels – from an application, an autonomous car or any connected device.
These journeys will be about delighting customers at the moment of truth whether it’s retail or corporate banking. For personalized and contextualized customer journeys for all its customers, a challenge before banks will also be to bring the customers at the first or second moment of truth to the zero moment of truth. And banks will need to train their staff to meaningfully engage with customers at the zero moment of truth, since this is where the maximum connect happens.
Reimagining customer journeys will be as important for corporate banking as for retail banking. For corporate customers, banks will offer APIs to integrate customer ERP systems with the bank’s systems and provide seamless banking from within the customers’ business processes. In 2018, banks will also tap into their massive data resources and leverage the power of AI for innovative services such as credit forecasting for their corporate customers.
2018 will be this and more. Banking will be integrated in channels and systems. It will be ubiquitous yet invisible. And this will be the closest banks have ever got to their customer.
To read more about this trend and to download the infographic, click here
Read the full report here – #ReimagineBanking – 10 Strategic and Technology Trends to Watch Out for in 2018

Puneet Chhahira

Global Head of Marketing, Infosys Finacle

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