Creating the Digital Bank
For the banking industry, omni-channel is the future. Banking used to mean opening the branch doors and waiting for customers to enter. Now, it means proactively searching, and competing, for customers. In response to the growth of the digital world and the increase in consumer mobile devices, banks have launched a myriad of new channels for customer interaction. Banks are faced with consumers who expect to use those channels interchangeably. Figuring out how to share information between the channels will help a bank interact more productively with their customers. Creating a consistent customer service experience across all channels might be the difference between keeping up and getting a step ahead.
At Microsoft, we are working with retail banks to design customer experiences for a world where technology is everywhere. Our advantage is our involvement in so many pieces of that puzzle. We offer hardware – phones and tablets. We offer software – operating systems, databases, customer relationship management, productivity, data management, video conferencing, business intelligence, unified communications, collaboration, risk management and security. We offer support – online, on-premises and mobility productivity needs. Our goal is to deliver a connected experience that works together seamlessly and naturally. We want to help banks create an omni-channel delivery environment so they can increase customer profitability and build customer loyalty.
An omni-channel environment can help banks harness cutting-edge technology in new and exciting ways. For example:
- Microsoft technology can help banks with responsive advertising, using Kinect to detect a user presence. Then providing advertisements, a call to action to learn more, and an option to connect with the next available advisor.
- Banks can use touch screens where a customer can tap their card on a screen to begin an interaction. They gain entry to a personalized home page of content feeds and an account summary, as well as CRM product recommendations for collaborative review. A teller touch screen shows the customer’s financial status overview and lead generation opportunities for follow up. It also displays product recommendations for tellers to present and review with customers.
- Bank apps can be developed that provide recommendations based on the users most used features. For example, a user who always withdraws a specific amount of cash would be able to tap their card and the system could provide an option to withdraw that specific amount based on their history. The app can provide information such as the nearest ATM or the nearest free withdrawal ATM, give options for receipts to be printed or emailed, and finish with personalized offers based on customer data, such as better rates for mortgages or loans, with a view into open appointments to meet with an advisor.
Not only do we offer the puzzle pieces, but we also work with our industry-expert partners to help put it all together. Our partners use Microsoft’s tools and technology to provide the banking industry with specific solutions for various situations. They also use Microsoft’s building blocks to create custom solutions for banks looking to get ahead.
One example is Infusion’s efforts with the Royal Bank of Canada (RBC). The company used Microsoft technology to help RBC turn their bank branches into a retail experience for customers with touch screens throughout the open floor space. The touch screens help advisors and customers easily view different options and manipulate information to find the best scenario for the customer. Infusion’s creative services help banks envision how technology should look. Their engineering services can build out the experiences, and their support desk helps banks procure hardware, install it and support it through the operating lifecycle.
Another example is the Smart Banking Initiative created by Accenture, Avanade and Microsoft. The initiative’s goal is to help banks see how technology can be used to transform their mobile strategy. Key features of Smart Banking include ATM 2.0, Virtual Greeter, Kinect @ Branch, Branch on Tour, the Social Salesperson, and Windows 8 Home Banking.
Banks also can visit Microsoft’s example retail bank branch environment called Woodgrove Financial, where technology advancements are showcased to illustrate what the bank of the future might look like. Woodgrove shows many of the examples noted above of how Microsoft’s technology, combined with partner solutions, help banks engage customers. This concept bank is housed in a warehouse a few miles from the Microsoft Redmond campus. Visitors can see the entire banking experience with digital signage, appointment scheduling via mobile solutions, kiosk check in, remote advisors and a paperless operation. Microsoft demonstrates conversations between banking products, services, customers and staff that are natural, responsive, enlightening and relationship nurturing. We invite customers to come see for themselves what we offer and how it can help them create a full customer experience.
Omni-channel for the digital bank is here to stay and adoption of these technologies will quicken as customers become more immersed in mobile and social technology. Come see how you can move into the future and get a step ahead with Microsoft and our partners.
