This is a great post from Cam and FORUM, describing the conundrum they encountered when designing a customer centric system, and coming to the realisation that it doesn’t fit with product centric systems that were each designed to be customer centric in and of themselves. Consider, a customer address in the DDA system, and a customer address in the loan system; which one wins? Which address goes into the CRM system? The core processing system was account based and the CRM was person based. Oh boy! We were trying fit a square peg in a round hole. Source: FORUM I … Continue reading Customer centric technology problems in Banks and Credit Unions

This industry paper contained in Suntec’s press release, is interesting because it highlights the reality that core banking systems are not designed for today’s banking realities. The paper posits that a core banking solution per se cannot cater to all the fee-based income needs of a bank, due to the complex siloed nature of most mature banking enterprises. In consequence, a pricing and billing solution that helps to manage the fee income by providing a single customer view of all charges across the bank’s product silos, becomes inevitable for the functioning of a bank. Source: Finextra Technorati tags: Banking Strategy Continue reading SunTec Business Solutions explores the value of core banking versus pricing and billing systems in the modern bank

Web presence reflects a significant opportunity to improve loyalty. That’s what I infer from this detailed survey of several industries call centres. Forty-two percent of banking customers who call the customer service center try to solve their issue via another channel first, the vast majority (90%) of them going to the website before calling. Source: CFI Group Banking call centres fair much better than most, ranking right behind retail catalogue centres, and much better than cell phone companies. • Catalog Call Centers: 80 • Banking Call Centers: 77 • Cell Phone Service Call Centers: 69 • Cable and Satellite Television … Continue reading Web presence reflects a significant opportunity to improve loyalty

Thanks to Donald for this data from Holland (file is Dutch) indicating majority of Dutch customers do not use branches using internet (& telephone) exclusively. Recent research by CapGemini in the Netherlands outlines that 54 % of the customers do not visit their bank branch any more and exclusively use internet and telephone to stay in touch and execute transactions. See: http://www.nl.capgemini.com/m/nl/n/pdf_Onderscheidend_vermogen_voor_banken_noodzakelijk_voor_binden_van_klanten.pdf Source; commentscomments Technorati tags: Online Banking Continue reading Holland | 54 % of the customers do not visit their bank branch

When the local government set up Dubai Internet City (DIC) it was a signal that they intended to become a force to be reckoned with, and I have been watching for banking news there. This co-operative arrangement with Emirates Bank, is designed to provide high speed payment for small ticket transactions, attached to an otherwise, Credit Card. Emirates Bank, celebrating its 30 years of achievements in the UAE Banking sector, has partnered with Dubai Internet City (DIC) the largest managed information and communications technology (ICT) cluster in the world to launch the first co-branded contact-less payment card in the region. … Continue reading Dubai Internet City co-operates on first contactless payment card in the region