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Real-Time Interactions Critical for Next Generation of Digitization in Financial Services

Posted on: June 1, 2016 | Posted by: Sona Sharma
Real-time analytics to power in-the-moment interactions

The financial services industry is facing a digital transformation, propelled by the realization that the best time to win a customer’ attention is when the customer is interacting with the organization … be it on premise, on the web, or a mobile app. We are now at a point where a number of different factors are all coming to play at the same time, pushing financial institutions toward the next generation of digitization to achieve this real-time interaction. In this blog, we will briefly touch upon some of these factors. (For a full list and more details, please download our whitepaper.)

1. Need for in-the-moment engagement

The notion of real-time has been around for a while and does not hold value as a new technology. However, effective use of it can influence a customer journey. Therefore what real time means is how an enterprise recognizes what the customer is trying to do in that one moment, and in a particular channel, and engage them right there and then with value added information that the consumer desires, to propel their customer journey.

2. Demand for self service 
Retail has led the way in giving customers the option of performing certain tasks, such as scheduling deliveries, from the comfort of their homes. Now consumers are demanding similar conveniences while performing their daily financial transactions. These could be anything from checking balance, doing a check deposit, transferring funds, shopping for an auto loan, buying insurance, checking returns, etc. Additionally, self service, such as mobile banking, is a pretty financially compelling value proposition for banks, also, and a significant motivation to digitize and help customers complete certain tasks on their own versus coming to a branch or calling the bank.

3. The rise of messaging
The rise of mobile has made messaging into a daily phenomena. Consumers across industries have shown preference to communicate with each other and with the brand through real-time communications in the form of messaging. Brands are also using message to engage their customers. Major banks worldwide are already using push notifications as a significant part of their engagement strategy. We are expecting this trend to accelerate in the next few years where communications will primarily shift towards messaging, in favor of traditional call center communications.

The question then is what is needed to enable real-time interaction? We believe, today, there is a need for a new breed of systems that will analyze data on the go to produce real-time insights that can power real-time interactions across the full customer journey.

Harnessing front-end analytics to power real-time interactions
The consumer today works across multiple channels to complete any given activity or task: the desktop at their home, mobile web or mobile app as they go about their daily routine, and perhaps a tablet in the evening. This brings up the challenge of pulling data related to every customer across all channels, correlating them, at times embellishing them with historical context, to initiate appropriate interaction in real time. The insights obtained from them will be the basis of real-time interactions that nudge customers further into their customer journey.

For more on this topic, download our whitepaper on Digital Transformation in Financial Services & the Real-Time Customer Journey.