06.08.2015 12:39 pm
‘Anywhere, Anytime’ banking may once have been considered an over ambitious vision, but thanks to the plethora of mobile devices that put financial decision-making and transactions literally into the hands of the customer it has now become a reality.
By rapidly embracing the opportunity to bank on their own terms through their preferred channels customers are driving an unprecedented level of digitalisation within this environment and the banks are responding accordingly with innovative technology that is transforming their relationships and capturing more sales.
Taking centre stage is the new breed of process automation solutions equipped to manage and respond in real time to the many disparate channels through which the bank’s services are being accessed.
As well as ensuring the business keeps pace with rising customer service expectations, the software is proving to be a critical game changer in an ever competitive market as evidenced by developments at ING Turkey Bank, where sales have risen by 200%.
Headquartered in Istanbul and serving three million customers across 368 branches, the business’ mission to improve customer service and market share has been put in the hands of TIBCO Software’s Active Matrix business process management (BPM) suite. Now at the heart of its digital operation to streamline and digitise the processes, it’s a move that has already reaped dividends, underpinning the bank’s rise from being sixth in its sector to a market leader with a 17 point net promoter score increase. Costs have been saved, customer reach broadened and productivity boosted.
ING Turkey Bank is an example of how automation is being taken to the next level harnessing the power of event-driven processes and fast data – TIBCO’s terminology to encapsulate real time data and how it is used to identify the opportunity, and change its outcome in response to business needs. Reacting to thousands, sometimes millions of business events produced by people, processes and systems across the enterprise in real time, the systems can integrate all workflow processes and sales activities across multiple locations and distributions, which through the advanced monitoring capabilities is increasingly easy to manage.
The move has brought greater transparency across all services and processes and greater accessibility, as customers are empowered by the use of data and analytics make their own financial decisions.
Initially deployed as a pilot project, the ActiveMatrix BPM’s reach has expanded throughout the business where its impact has been instant and transformative, deepening customer knowledge, and improving risk models. This has resulted in a more holistic and efficient service offering.
The bank’s process also takes the use of data analytics to the next stage so that customer insight isn’t just collated and used behind the scenes, but extrapolated into various options, from which the customer can choose their preferred course of action.
A notable example is the ease and speed around obtaining a loan where a mobile makeover has transformed this traditionally more involved process into the most swift and seamless of transactions. Through the use of an app, the entire application and approval process is now possible in less than five minutes, with access to the money via the ATM possible just minutes later. By enabling customers to conduct major banking processes when and where it suits them without it eating into their busy schedules, it’s a level of efficiency which is transforming the customer experience and having broader repercussions on their lives.
Furthermore, ING Turkey Bank’s commercial banking clients can access loans on their devices, or online without needing to communicate directly with the bank, as well as making loan payments through this channel. A move that further differentiates ING’s approach from that of its competitors.
And as the speed of banking is improved so is customer reach with two thirds of consumer loans now coming from non-branch channels thanks to TIBCO ActiveMatrix BPM.
The integration has led to a greater fluidity in the way ING works as it becomes the only bank in Turkey to nearshore its back office operations. Along with cost advantages, the move has boosted productivity with the number of transactions per employee rising by 38%.
But in line with the evolving nature, the bank has no intention of resting on the laurels with plans underway to make all customer-facing processes BPM-enabled. New mobile functions will be added for different customer segments and partners to seamlessly integrate their systems and keep expanding the offering.
This is one mobile makeover that shows no sign of losing pace.
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