In this new digital market place, banks and financial institutions have started
providing services over the Internet. Explain any four benefits of these digital
services,
Answers
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Answer:
1. A better customer experience
32,000 retail bank customers globally found that key to winning, growing and retaining customers in an increasingly competitive banking environment was a great customer experience. (EY Survey)
A positive customer experience starts with every internal team within your business understanding their role in delivering that experience. Put in place processes and tools to educate staff about your organisation’s most valuable marketing asset – your unique brand promise, enabling them to deliver a consistent and positive brand experience through your entire customer journey.
2. An enhanced brand reputation
Today, 81% of executives are placing the highest priority in actively managing their bank’s brand or reputation compared with 68% in 2011. (Accenture)
Rathbones, Ally Financial and Aon are some of the financial institutions who use brand management software to align and educate their internal teams about what their brand stands for. Their people understand how to communicate externally in a consistent voice, thereby building a great brand experience for their customers and prospects on and off-line.
3. Streamlined operations
58% of organizations have failed to adapt their internal processes for digital. Streamlining operations saves time, money and allows your teams to be more efficient with their time PA Consulting, Digital Barometer).
Rathbones, the wealth management company, uses a Workflow system for marketing production, replacing a legacy process and automating the inclusion of compliance teams. They’ve seen significant time savings and almost eliminated user error.
4. Increase in sales
Companies that have embraced digital transformation are 26% more profitable than their average industry competitors and enjoy a 12% higher market valuation. (MIT Center for Digital Business)
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