Transaction banking enters the era of customer experience
Customer experience is fast becoming the real differentiator in transaction banking. It is no longer enough to offer a simple, automated payment processing.
To build loyalty and drive profitability banks will need to offer a non-stop, interactive banking environment – and to achieve that, they need to pay attention to what corporate customers really want.
Today, these customers already experience rich internet applications as part of their busy personal lives. Consumer applications have set high standards in terms of usability and customer convenience. Customers are entitled to make payments where and when they choose and expect banks to offer payment systems that match their own 24/7 global operations. This is entirely understandable – if retail suppliers, for example, can offer an engaging online experience, why not banks?
So payment and cash management systems must be looked at in the context of the businesses they support and the people who use them. Systems must be functionally rich and integrated, but they must also be engaging and easy to use.
Meeting increasing customer expectations requires total commitment and reacting piecemeal to customer requests buys little time. Banks need to increase their business agility so they can anticipate customer needs and offer an engaging online user experience. The first step will be to choose the right technology and in this sense trusted, proven software partners can help banks in many ways. Banks that get it right will be richly rewarded by its satisfied customers.
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