Call Girls in Sarai Kale Khan Delhi 💯 Call Us 🔝9205541914 🔝( Delhi) Escorts S...
Think like non profitable to design digital strategy
1. Think like non-profitable to design Digital
Strategy
World is moving from “Process-Centric Digital Strategy” to “Customer-Centric
Digital Strategy”. Like every other industry, Financial Services organizations
need to quickly adopt to the shift.
While designing digital strategy and the relevant customer experience
associated with it, Banks must think like an NPO (non-profitable
organization), where the goal is not to be successful in terms of wealth, but in
terms of giving value to the groups of people they administer to. The approach
below explains how to embed NPO thought process throughout the digital
journey & focus on customer value creation:-
1. Define brand goals - A large UK Retail Bank wants to be the no 1 in
customer service, trust and advocacy in Personal and Business
Banking by 2020.
2. Understand trends in the market impacting customer - For
example new business models are evolving where disruptors like Moven
and Simple are taking customers away from traditional Banks with an
“all-digital” approach, firms like PayPal and Square are revolutionizing
payments with a flat monthly fee for small businesses to process
unlimited card payments. Crowdfunding through P2P platforms like
Kickstarter & Rebirth is changing the way we bank. Also, IBM Watson
enabled Virtual Advisor in reducing the need for human advisor.
3. Understand the implications of this trend to the segment of
your business - Rapid innovation in business models and technology
are throwing huge challenges like:
o Inconsistent service delivery
o Decentralized digital strategy
o Ineffective cross-channel measurement
o No multichannel customer profitability measurement.
4. "What if" analysis to go through all the possibilities and
prioritising them against customer delight -Most often initiatives
are prioritised based on cost-benefit analysis to the company; Hardly
any attention is given to the amount of customer delight, loyalty and
advocacy to strengthen NPS and CSAT.
2. 5. Define your organization's current state digital maturity
roughly based on below Maturity Model
o Level- 1 - E2E transaction in customer's channel of choice
o Level- 2 - Consistent customer experience across channels
o Level- 3 - Seamless multichannel transaction for sales & services
o Level- 4 - Personalized customer lifecycle management through
single customer view, real time decision making and next best
action
o Level - 5 - Personalized brand experience through optimization of
channel experience to reflect the brand promise and cultivate
influencers.
6. Design a customer (both internal and external) journey
roadmap - Create a roadmap based on customer centric user journey
design
7. Align IT and Operations - Align IT architecture, infrastructure and
operations capabilities and gaps across all functional layers
Distribution Channels - Social, mobile, branch, call centre,
communities, webchat, ATM and email to name a few.
Business Enablement Platforms - Enterprise Content
Management, Business Process Management, Portal, Mobility,
Knowledge Management, etc.
Analytics and Insights - Segmentation, client, product, channel
insights, performance, process, marketing insights
Client & Product Portfolio - Campaign management, client on-
boarding, servicing, off-boarding, relationship and complaint
management, interaction management, product, investment, credit
portfolio management
Product & Support - Current, savings, deposit accounts, personal &
home loan, Credit card, equity, derivatives, money market and
commodity
Corporate Functions - HR, Payroll, Legal and so on
Banks are struggling to create customer centric digital strategy, partly because
it’s too complex to follow, partly due to the lack of operational agility required
to drive such an approach and partly because many back office functions do
not believe that they are part of holistic customer journey. With disruptive
business models & emerging technology innovation, banks can no longer
3. afford to ignore this trend & bring customer value centric digital strategy, just
like an NPO selflessly create values to the group of people they administer to!!