2. Overview ii) Since most banks offer the same modes of
interaction, none can establish a competitive
One of the many reasons customers prefer edge via customer service. The traditional
going to a branch is that they are able to modes of marketing new products are often
communicate their needs to a person sitting expensive and inefficient at targeting the right
right across the table. The customer service set of customers.
representative has the relevant information and
context to help and provide the necessary iii) Modes like phone banking are
advice, which enables a customer to make the often cumbersome, do not always resolve
right choices. queries satisfactorily, and are also not
conducive to delivering lengthy, complex
An interactive online banking solution can product information.
facilitate a similar experience over the Internet,
without the customer having to step out. In such cases, chat ora ‘customer call back’ facility
The solution can enable instant contextual could be more effective modes of marketing. For
two-way communication via secure mail, instant resolution of complex queries, ‘live’ customer
messaging, audio and video chat, call me back support through screen sharing (co-browsing) is
etc. not only between the customer and the better suited than prolonged phone calls.
bank, but also between various customers. Solution
Additionally, the solution can facilitate co-browsing Owing to various problems that customers
and proxy log-on between customers and and they themselves often face, banks should
customer service representatives, to replicate the adopt new modes of interaction that can
comfort and security provided by a face-to-face enhance communication with customers and
meeting in the branch. lead to better satisfaction and service. Some
The solution allows banks the flexibility to provide examples are chat (text/ video/ call me back),
contextual help content like guides, demos and broadcast management, secure e-mails,
other useful information to a customer. co-browsing and proxy log-on.
Problem Definition Below is a list of the various modes of interaction
that should be a part of online banking:
During online transactions there are many
instances when the customer might need the
help of a bank representative. Brick and mortar Sl No. Mode of Description
banks have customer care representatives who Interaction
are easier to talk to, but the customer may find it
1 Call Me Back It enables the customer to
harder to deal with a customer care number set
request the bank to
up to help with any online banking issues.
call back.
Sometimes there is congestion in the network
and he may have to wait a while in order to talk 2 Click to Chat/ It enables the customer to
to the bank's representative at the other end. Text Chat interact with a customer
And if the representative is not capable of solving support executive
the problem, it only adds to the frustration. through text chat.
3 Video Chat It allows live interaction
With the popularization of the Internet and
through video and audio
expansion of the web, online banking has
enabled modes.
encountered a new and complex mediated world
with specific features, different content and 4 Proxy Log-on It allows the customer
diverse audiences. It needs to be customer service representative to
friendly and interactive; else it may as well not exist. log-on, on behalf of the
customer and perform
Cause for concern among banks: actions.
i) Due to the limited modes of interaction 5 Co-Browsing It enables interaction
(usually e-mail and phone) available, between users by sharing
customers often find it cumbersome to have their desktop / screen.
their queries resolved.
Interactive Online Banking
3. Call Me Back Another Important Scenario:
The “call me back” functionality allows the user As part of Corporate Social Responsibility, a
to request the bank to call him back. bank has launched a loan product with special
benefits for the hearing impaired. In such a
Business Scenario: case, the bank can spread awareness among
the target customers using sign language
Joseph, a new customer wants to enquire about over video chat.
certain products and services offered by the
bank. Due to his busy schedule, he does not Proxy Log-on
have the time to walk in to a branch or call the
customer support executives who are so hard to A customer care representative can log-in
reach on phone. on behalf of a customer and perform
user-specific actions.
The best thing for him is to use the “call back”
facility to request the customer care officer to Business Scenario
call him back at a preferred time on a given
phone number. Mike Watson, an employee in a sales firm, has
to go on an urgent trip for a week. However,
Click To Chat he needs to make some important vendor
payments falling due at that time. Mike can
The “click to chat” functionality allows the user authorize a customer care officer at his bank to
to communicate with the customer care log-in on his behalf and make the payments.
representative or solution expert of the bank via
text messages. Co-browsing
Business Scenario: Co-browsing is an effective, real time, customer
support capability, which allows two or more
Charles, a businessman, plans to import certain users to access the same web pages at the
goods. For this purpose, he needs to initiate a same time. It enables features like:
Letter of Credit (LC) as contracted with the
exporter. However, he finds the paperwork a bit • Co-scrolling: Co-scrolling provides the ability
complex and is therefore unable to proceed. In to scroll all meeting participants’ web pages
such a case, he can click on a pop-up option on simultaneously. When the presenter scrolls
his system that allows him to text chat with a a web page, it scrolls on all participants'
customer care officer to resolve his problem. screens as well.
Video Chat • Co-filling: The co-filling feature provides the
ability to fill out online forms, tests and
Video chat comprises of a set of interactive other interactive documents in a collaborative
telecommunication technologies allowing synchronized fashion. The presenter can fill
customers in two or more locations to interact in the fields of an online form live, and have
via two way video and audio transmission the input appear on all attendees’ forms.
simultaneously. At a later point in time, attendees can
independently modify the details mentioned in
This is a premium service offered only to specific their individual forms.
customers of the bank.
• Co-highlighting: A user can highlight a
Business Scenario: section of a page for the others to see, and
different users can jointly fill a single form.
A bank has launched a new deposit product
with high interest rates and wants to target it • Hand Over Control: The hand over control
at existing premium customers of the bank. It feature allows the presenter/moderator in a
could build awareness among customers by co-browsing session to give control of the web
making a presentation over video chat. tour to any one of the participants in the session.
Interactive Online Banking
4. Business Scenario: http://ezinearticles.com/?Significance-of-Email-
Marketing-For-a-Successful-Online-Business&
Cherry Williams, a new customer of the bank, id=4924788
does not know much about Internet banking,
http://www.kbcmerchantbanking.com/WPP/D9e0
and is wondering how to initiate a payment.
1/~E/~WP/~BZKLGSS/-BZKUQ29/BZKL90G/
During a chat with a customer care executive,
BZKLGSP/BZKLGU7
she can request the latter to share his application
and show her how to do so. http://en.wikipedia.org/wiki/Closed_User_
Group_(CUG)
Conclusion
http://www.cisco.com/web/IN/solutions/smb/
This research explores the problems faced in ctc.html
day-to-day banking and their resolution using http://www.velaro.com/features/click-to-chat/
various modes of customer interaction over
http://www.oovoo.com/
online banking. These modes enhance the ease
of communication and customer satisfaction. http://www.flashcoms.com/products/community_
chat/overview/
The perceived ease of use of services is
http://www.flashcoms.com/products/chat_
influenced directly by the level of interactivity.
video_chat/
Hence, even when online banking offers
basic functionality (content), higher levels of https://www.livelook.com/co_browsing.asp#
interactivity have positive effects on perceived
http://www.livelook.com/tour_thankyou.asp#
ease of use and customer satisfaction.
http://books.google.co.in/books?id=8wJYMxNhdv
Online banking enhanced with interactive modes 0C&pg=PA358&lpg=PA358&dq=interactivity+con
of communication enables customers to actually clusion&source=bl&ots=LnykfRaVCO&sig=qII-
experience the benefits of what their bank has G1Ivw23OKTebrxL1twzWxKo&hl=en&ei=7YiQTZ
to offer rather than reading about the same in nADYmmcKyBvY0K&sa=X&oi=book_result&ct=r
manuals and websites. esult&resnum=2&ved=0CBwQ6AEwAQ#v=onepa
ge&q=interactivity%20conclusion&f=false
Last but not least, an online banking offering
which provides customers a flexible and
interactive banking experience as described
Author
above, is also a valuable tool of customer
acquisition and retention. Devleena Chakravorty
Consultant, Finacle
Reference Links
Infosys Technologies Limited
http://www.raiffeisen.ro/call-me
Interactive Online Banking
