Banks are well equipped to win the customer loyalty race, says new Temenos report
This feature is upgradeable
For End Users
You can activate this feature and other links for ALL VENDORS with a VendorMatch Premium subscription. Additionally you can gain access to an increased depth of data, summary reports, RFX reports (detailed completed RFIs - available to financial institutions only) and comparison grids. Please click here for more information on Premium features.
For Vendors
Vendors can activate their links and gain access to analytics by upgrading to VendorMatch PRO. Please click here for more information
Ask an Analyst
Ask an analyst is the ability to communicate with one of our analysts about this vendor, system or genre of solution.
Survey Summary
The Survey Summary provides a full download of the vendor profile, the solution profile and all survey response information uploaded by the vendor in connection with their VendorMatch directory listing. Note that the directory listing requires only check box responses where the RFX response is more comprehensive.
To learn more about subscribing to our service options, please contact us here
This feature is upgradeable
For End Users
You can activate this feature and other links for ALL VENDORS with a VendorMatch Premium subscription. Additionally you can gain access to an increased depth of data, summary reports, RFX reports (detailed completed RFIs - available to financial institutions only) and comparison grids. Please click here for more information on Premium features.
For Vendors
Vendors can activate their links and gain access to analytics by upgrading to VendorMatch PRO. Please click here for more information
Ask an Analyst
Ask an analyst is the ability to communicate with one of our analysts about this vendor, system or genre of solution.
Survey Summary
The Survey Summary provides a full download of the vendor profile, the solution profile and all survey response information uploaded by the vendor in connection with their VendorMatch directory listing. Note that the directory listing requires only check box responses where the RFX response is more comprehensive.
To learn more about subscribing to our service options, please contact us here
To stay ahead of a new group of challengers, banks must recast their role in customers' lives, using analytics to provide helpful, value-added advice and services
Temenos (SIX: TEMN), the market leading provider of mission-critical solutions to the financial services industry, today launches its latest white paper "Experience-Driven Banking – A Race Banks Must Win" at the Temenos Community Forum (TCF) 2015.
The report lays out the competitive imperative for banks to stay ahead of a diverse and changing set of challengers, which now includes technology giants like Google as well as a burgeoning group of fintech firms. It calls on banks to seize on the opportunity afforded by digitization to become more involved in customers' commercial and financial lives, analysing their transactional data to provide them with expert advice, find ways for them to save money and proactively recommend the products and services they need.
The most successful companies, the paper contends, will be those that are able to marry this transaction analysis with analysis of customers' locational and contextual information to be able to deliver the right products, personalised to customers' circumstances, at the right time and over the right channel – what the paper refers to as experience-driven banking.
The paper argues that delivering experience-driven banking is a race against time. Banks are well placed to win the race since they have access to customers' transactional data. But, many of the new generation of competitors, such as Facebook, have a deeper reach into customers' lives. And, through payments initiatives like Apple Pay and Google Wallet, they are fast building data on customers' financial transactions
Banks will need to act fast to put in place the right capabilities. The paper, which looks at examples of experience-driven customer service in banking and beyond, discusses the kinds of measures that banks might need to take to be able to deliver experience-driven banking, ranging from system and technology renewal to cultural change.
Ben Robinson, Chief of Strategy and Marketing at Temenos and author of the paper, comments:
"Digitization both unbundles service provision as well as moves value away from production to distribution. We have seen this play out in other industries, such as media and travel. It is now happening in banking. Banks will need to move to become facilitators and trusted advisors to their customers, providing them with a gateway into financial and non-financial services and helping them to make the best-informed decisions. Banks are well-placed to take on this position, but they must act quickly to stop other, non-bank, competitors getting there first. What's at stake here isn't the future of the industry – we'll always need banks – but rather the role of banking. Either banks will become more integral to our lives or they'll disappear from view."