Financial services

Feature:

The right technology for online banking

10 December 2010

Lindsay James finds out how, with the right technology, banks can leverage the capabilities of the Web to provide an online experience that is rich, immersive and insightful.

Today’s customers conduct much of their lives online. From shopping to socialising, they think nothing of using the Web for all manner of things, and banking is no exception. In fact, because today’s customers are so well versed with what the Web can do for them, they have come to expect more from their online banking experience, demanding better service, greater insight and having no qualms in voicing their opinions if something isn’t right.

This has spurred a shift in the client-bank relationship. “Comparison tools allow Internet consumers to hone in on the exact product they want, and this is a radical change,” explains Pierre-Yves Glever, head of Capgemini’s multi-channel practice. “In the past, a branch teller would promote products to the consumer. Today, the consumer leads the interaction and is a much more mature and independent buyer. Consumers are more aware of their buying choices and look for added value. The consumer also has complete control over the time, place and channel of the interaction: online at home in the middle of the night, versus visiting a branch during lunchtime.”

In the past, banks have used the Web as an electronic catalogue, but today they need to go far beyond this – they need to provide insight and tools that allow them to actively engage with customers

Marcelo Marquez, Microsoft Marcelo Marquez, Microsoft’s industry solution manager for Worldwide Banking, agrees, adding that banks need to up their game in order to succeed. “Financial institutions need to offer an online experience that is rich and immersive,” he says. “In the past, banks have used the Web simply as an electronic catalogue, but today they need to go far beyond this – they need to provide insight and tools that allow them to actively engage with customers.”

Undeniably, financial institutions need to offer new services online that allow them to differentiate themselves from the competition. “If you look at many of the online offerings today, they are very similar,” says Hisham Al-Bashrawi, technology evaluator at Microsoft partner Naizak. “This isn’t good enough. Banks need to offer advanced features, more search options, reporting and generally provide a more personal experience. To do this they need to recognise the value of the online channel and start investing in it.”

This is an extract of an article that first appeared in the Winter 2010 edition of Finance on Windows. To read the full article, check out page 28 of the digital edition.

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