Regain Customer Trust
Regain customer trust by enhancing quality of service and by providing greater transparency of fees and charges
The reputation of banks and the financial services industry is still recovering following the financial crisis. Banks are unfortunately being criticised for poor risk management and many of them are struggling to regain the goodwill of their customers.
The political and regulatory fallout of the financial crisis, compliance issues, shareholder pressure and the prolonged economic uncertainty has forced many banks to restructure and cut costs quickly. They are also being penalised for their lack of transparency in operations and fees. This, along with new competitive pressures from opportunistic market entrants, has made it more difficult for banks to rebuild customer trust and mindshare.
Full view of customers and products will enable banks to drive customer centricity
The majority of banks today are unable to defend themselves, with core banking processes buried deep in legacy systems programmed in vintage code. However, banks could view the increased regulation as an opportunity to eliminate operational silos, improve transparency and reduce risk. Potential strategy is a radical, expensive and time consuming rip and replace investment in a new core banking system but the risks associated with such an approach rarely justify the time and investments needed.
For many CFOs, a more viable alternative is to build on existing legacy systems with an effective revenue management and business assurance platform that can access, collate and analyse customer and transaction data across siloed systems to deliver a holistic customer experience. This platform will also provide granular transparency for each transaction and audit trails that banks now require in real time.
Transparency on fees and charges is a key customer concern - whether corporate or retail banking. However, a lack of readily available business assurance features in the current revenue management systems makes it time-consuming and a manual process to monitor, track and re-calculate fees in case of disputes. Banks need a system with built-in business assurance to provide the much needed transparency to drive customer trust in the market where confidence is at an all-time low.
If they want to regain the trust of their customers, financial institutions would definitely need to provide
Towards Customer Insight
A Top Bank In the Netherlands
A top bank in the Netherlands discusses experience with SunTec
Please contact SunTec to find out more about how banks can restore customer trust by enabling greater transparency and a more intelligent risk analysis.