iGTB launches Consumerisation of Commercial Banking
By FF Newsroom · 10 October 2022
Intellect Global Transaction Banking (iGTB), the transaction banking and technology specialist from Intellect Design Arena Limited, announces the launch of Consumerisation of Commercial Banking (COCB) at Sibos 2022.
Commercial Banking is on the cusp of fundamental shifts that will dramatically reorder the industry in the coming decade. As banks assess their future strategies, they need to define their purpose and set a course not just for modernisation but for true transformation. iGTB defines this next evolution as the Consumerisation of Commercial Banking (COCB). Consumerisation is the emergence of the individual consumer as the primary driver of product and service design and COCB is the impact of an individual consumer's wants, needs, and behavior on commercial banking products and services.
There are 6 key tenets to COCB that banks need to understand and have a game plan to embrace.
- Hyper Personalisation – The first tenet deals with treating each customer as if they are the only one, a segment of one. Use of extreme personalisation not only boosts customer experience and enables trust building but also has a beneficial influence on net revenue and lowering of cost.
- Real-time, Connected Journeys – Any outcome that a user is trying to achieve is actually made up of a number of journeys that are more connected than one might imagine. Embedding the right technology enables customers to present their context only once which can then propagate to each service provider in the entire journey.
- Action-triggering Insights – In the continuum of serving Information, offering Analytics, enabling Decision making and executing Transactions (the IADT paradigm), mere provision of information or acceptance of readymade instructions to execute in an order taker manner is passé. Banks need to operate on the sophisticated end of this spectrum where they use analytics to enable decision making and then execute the transaction.
- Immediacy – Recommending actions is good. Driving urgency and having them executed immediately, in a risk free manner, is better!
- Desire & Trust based decision making – The two most important factors a consumer uses to make or rationalise a decision are a) desire in the product or service and b) trust in the provider. Desire and trust have relevance not only at the point of sale but also during the entire lifetime of the relationship. Banks need to address both these elements with their offering set.
- Friction-free experience - even at scale - The consumption pattern in the world of consumers is not uniform. There are points of inflection where scale explodes significantly. However, the end user would accept no compromise on his/her experience being friction free - even at scale. Having the right kind of technology architecture to address this is key.