BFSI Going Bullish on Technology

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Banking institutions are going all out for embracing new technologies in order to deliver unique experience for their end customers.

Embracing next generation technology architecture, today’s modern banking institutions, globally as well as in India are developing a modification of the standard data envelope analysis (DEA) structure using goal programming concepts that yields both sales and service measures for the banking enterprise.

This way, they are managing relationships with their customers (especially with employees, channel partners and strategic alliance partners) which is critical to the organization’s long-term success.

In addition to this, banks are also emphasizing on bettering the customer relationship management and overall customer experience based on various social exchanges that are available today. This is surely set to increase their brand equity significantly and at the same time, assists the banking organization in terms of developing collaborative, cooperative and profitable long-term relationships with their end customers.

As a result, today’s banking organizations are having mixed-initiative synthesized learning approach for better understanding of customers and the provision of critical information pieces for improving customer relationships based on different sources of web customer data.

They have also hierarchically segmented data sources into clusters, automatically labeled the features of the clusters, discovered the characteristics of normal, defected and possibly defected clusters of customers, and provided clues for gaining customer retention.

Most of the banking institutions, today have a framework, which is based on incorporating e-business activities, channel management, relationship management and back-office/front-office integration within a customer centric strategy. They are working with four pillars of - Enterprise, Channel management, Relationships and Management of the total enterprise, in the context of a CRM initiative.

All this is enabling three main activities for the banks in the form of enabling the development of Customer Relationship Management in the service sector; the organizational issues of culture and communication, management metrics and cross-functional integration especially between marketing and information technology. Moving forward, this trend is likely to continue and more and more financial institutions are likely to embrace better technology in order to gain more from their set of customers.