Above all, customers value clear and simple solutions to their personal financial challenges. Customers want banking to be easy. They expect—in fact, demand—an engaging, intuitive and consistent experience across all channels, including when they visit the branch, dial a support center or engage in an instant chat session.
There is no way to deliver this experience without fully digitizing critical internal and external processes across the front-to-back office. And from where I sit, Code Halo thinking is critical to transforming today's loose assortment of digitized assets into a coherent, interconnected ecosystem that provides true value to banking customers by offering expertise that stems from anticipating customer needs, wants and desires before a single request is articulated, input or even swiped.
Decoding and applying meaning from the data swirling around people, processes, organizations and devices is something we are seriously applying to our digital business transformation. Getting there requires a strong IT foundation built on social, mobile, analytics and cloud technologies—the SMAC Stack™. Digitization 1.0 entailed moving existing banking capabilities to the Internet to streamline and enable customer interactions, 24x7. The impact to banking processes was minimal. Social, mobile, analytics and cloud have the potential to change things, from customer interactions all the way to the end of the business process.
As we continue our journey with data and analytics—and leveraging Code Halos—we are developing different ways to discern our customers' unique needs and preference so we can offer services that we believe our customers value. As we develop these data capabilities, we can better understand customer preferences and sentiments by capturing and analyzing their social media interactions and their previous transactions/interactions with us. And we can marry these insights with third-party demographic data to understand what people like them need and want from a bank like ours. At that point, we can make offers and deliver services as if they were a market of one rather than a number in a large demographic.
How will we do this? By seeing customer Code Halos and distilling meaning from intersections with our processes and people. We can create customer profiles that can be used across channels to ensure that we do not ask customers time-consuming and frustrating questions for which we already have the answers (like home address, account numbers, preferred language and channels). We reward them with offers that fit their preferences and requirements, not ours. We proactively alert them on unauthorized or unrecognized behavior, helping to keep them secure, confident and loyal.
Consider this simple scenario: We see out-of-state credit card transactions for a customer who typically transacts in Ohio, perhaps in another region of the country or the world. An integrated ecosystem that leverages SMAC capabilities enables us to see this in real time. We then alert the customer to verify whether the transaction is valid. As our call center staff solidifies and protects the relationship, they can also share advice on credit card protection online, or offer an incentive to procure additional safeguards from us.
Beyond protecting customer assets, we find relevant and timely reasons to reach out and engage with customers by offering targeted deals based on our "data-enabled" understanding of their needs. This helps us to provide tailored solutions and remain top-of-mind. In retail banking, mindshare translates into market share as measured in terms of share of wallet.
The challenge in all of this is to make sure we apply predictive analytics and data insights in ways that create customer intimacy while maintaining customer privacy and avoiding the perception of being invasive.