Microsoft at Sibos 2016: Update #2
Engaging your clients with compelling and consistent experiences across channels.
From 26-29 September in Geneva, Microsoft will again have a major presence at Sibos, the global conference, exhibition and networking show hosted by SWIFT for the banking and capital markets industry.
As we shared in an earlier blog, Microsoft will showcase how it is empowering financial institutions to drive digital transformation with solutions to reimagine the client experience for a digital world, empower employees with modern productivity suites and digital workstyles, optimize operations through improved insight into risk and operational models, and transform products with open and connected systems and highly-automated digital processes.
In this Sibos update, we explore how digital transformation is enabling financial institutions to engage customers in real-time by reimaging the client experience for a digital world.
Visit the Microsoft booth (G19) to hear how Microsoft is empowering financial institutions to drive digital transformation.
The financial services industry has never had a better opportunity to embrace a customer-centric approach to doing business. Success, however, requires banks to build a more responsive digital offering that enables them to keep pace with customer expectations. Customer centricity needs to be integrated across the business and everyone in the organization needs to be customer-obsessed, focused on satisfaction, align customer experience and strategy, create seamless service experiences, and act based on customer insight.
“Factors such as the economic downturn and the rise of fintechs with smart technology platforms have caused clients to rethink who should, provide their banking services and how they can meet their financial needs,” says Marcelo Marquez, Director of Worldwide Banking Solutions at Microsoft. “As a result, financial institutions face the challenge of steering their entire infrastructure in a direction that enables exceptional customer service.”
Cognitive computing and machine learning technologies are enabling banks to create digital advisors that can learn from behavioral data, anticipate client needs and make personalized recommendations.
The Veripark Next Best Action solution empowers banks to deliver relevant, timely and coordinated offers. Using Cortana Intelligence Suite’s big data and advanced analytics capabilities, like machine learning, Next Best Action analyzes data streams to predict the optimal next actions to take with a given customer. These are delivered as real-time recommendations or automatic actions across inbound and outbound channels. The recommendations generated by Next Best Action take all available customer data in to account – transaction history, location, bank interactions, and more. These recommendations equip every employee with knowledge that helps them engage customers and position offerings in a way that doesn’t feel overly invasive or break the natural conversation. The real-time, 360-degree view empowers bank employees to personalize the customer experience and anticipate needs based on the customer’s profile and goals. As a result, the customer can focus on your offering, rather than getting confused or aggravated by the engagement experience itself. Read our earlier blog for more information on the Veripark Next Best Action solution.
Accenture and Avanade also launched Accenture-Avanade Customer Analytics & Insight, a banking-specific modular CRM solution that orchestrates omni-channel interactions and provides a framework that turns analytical customer insights into actionable treatments. The solution extends the capabilities of Microsoft Dynamics CRM using models running on Microsoft Azure Machine Learning and leverages Accenture’s patented Customer Analytic Record – a one-of-its-kind data model to manage and structure big data to enable customer needs/life stage/context-based micro-segmentation. These insights are used to deliver a personalized experience to the customer, to undertake real-time price analytics and risk scoring.
In a mobile-first world, carrying those insights around is essential in enabling bank staff and financial advisors to deliver insightful customer service where it’s needed – and the security and cross-platform capabilities of Windows 10 are enabling banks to empower mobile staff. “Advisors can use simple questionnaires or high-impact images to do the financial planning for clients and explain how the bank could be a source for their growth,” says Marquez. “In many cases, using digital signatures, those advisors can close the deal while they’re on the road.”
These capabilities are already transforming the banking experience into proactive, personalized engagement with customers. “By using data and mobile technology banks can proactively reach out to the client with a proposal, instead of waiting for customers to come to them,” concludes Marquez. “They can design loosely coupled infrastructures that enable them to partner with different entities to provide a holistic service. In doing so, banks will become part of a bigger value chain.”
