The banking industry has undergone some major cultural changes.
In the past, banks dictated to customers when they could communicate with them – typically Monday through Friday, 9-5:00, in a branch location. But today, customers tell banks how and when they want to communicate and use multiple channels from visits to a physical storefront to e-mail, social, mobile, chat and more.
This cross-channel communication not only creates a challenge for banks to adopt new ways of interacting with customers and become more customer-centric, but also creates information governance, legal and regulatory compliance issues. In addition, failure of process continues to be an operational risk for financial services organizations.
Banks are charged with understanding what customers really want and then implementing technology that can deliver a consistent customer experience – no matter what channel the customer chooses to communicate.
And when it comes to customer experience, enterprise content management plays a critical role. Luckily, the financial services industry is in a good position to adapt because of its experience handling and using data and statistics.
But how exactly does Big Data and content effectively mesh together?
Having metadata, or context, tied to information helps banks understand customer patterns, which play an important role in improving the overall customer experience.
By aggregating data from a number of sources and providing insights to decision makers, financial services organizations can offer customized products and services targeted to specific customers or customers groups. (When a bank learns of a customer’s upcoming marriage, for example, this action could trigger applications for personal loans or mortgage rates.)
This context also helps create a continuous customer experience across all channels because, in real life, customer interactions do not occur in silos. An online interaction, for example, could start with a customer logging-on and end with a call into the call center because they needed more authorization or a higher level of security to complete their transaction.
The last thing a customer wants is to change channels and have to start from scratch every time, retelling their story.
As the sheer amount of documents and data – both printed and digitalized – has increased and become more paperless, internal processes have also changed and become more automated to allow organizations to handle transactions more efficiently and conveniently.
The financial services industry is a big innovator – and spender – when it comes to technology. An estimated 20% of a bank’s total cost of operations is invested in IT and IT systems. The financial services industry recognizes that having an efficient and effective content management system not only cuts costs, but also increases regulatory and legal compliance.
But for customers, it’s still all about choice. While some customers prefer to communicate online, others want to speak to a live agent. Banks will have to be able to communicate with customers in multiple channels, all while maintaining their reputation by demonstrating total security and transparency.
This means being able to collect information and present it in an effective way to regulatory authorities, as well as to the customers themselves. Today’s customers want to be able to trust banks not just with their money, but also with their most valuable information.
Listen to John Newton, Chairman of Alfresco, discuss the future of banking in the video below.