Opportunity for Retail Banking Solutions in 2016

BAI Opportunity for Solutions Providers

By Chris Ezekiel, Founder & CEO

In December BAI Banking Strategies published an Executive Report examining the coming year for the retail banking sector, and found the general outlook to be a combination of optimism and uncertainty. While this report focused mainly on the US, I know many of the challenges and opportunities identified will resonate with other financial organisations around the world as well.

I had the pleasure of contributing to one of the articles in the report, ‘Opportunity for Solutions Providers in 2016’, which takes a look at the trends and developments vendors are seeing as we enter the new year. It’s interesting to note that even though those interviewed have expertise in a variety of different types of solutions, there was a common theme that emerged: banking customers are expecting convenient, consistent and personalised experiences. This presents a variety of challenges for banks as they battle for customers in a highly competitive marketplace while also dealing with internal struggles against legacy systems and out-dated, siloed processes.

At Creative Virtual we have a strong track record in this sector, signing our first financial customer shortly after our company started trading (and I’m proud to say they are still our customer today!) and now working with banks in regions around the world. We know first-hand that over the years many financial organisations have already made large investments in improving their customer experience. That’s why it is important for us to offer solutions designed to be complementary to what organisations already have in place and which can be implemented without lengthy or complicated development projects.

As I explain in the article, Virtual Customer Assistants (VCA), also known as intelligent virtual agents, combined with a knowledge management platform empower banks to address their customers’ expectations of convenient, consistent and personalised experiences. As a complementary solution, a VCA can be integrated with other support options, existing CRM and contact centre systems, personalised account information and community forums – to name a few possibilities. Focusing on an omnichannel customer experience will really be key for financial organisations in 2016, and these solutions are a powerful player in meeting those goals.

My thanks to Katie Kuehner-Hebert, author of the article, for inviting me to provide my insights. I appreciate the opportunity! A full copy of the Executive Report can be downloaded from the BAI website. The ‘Opportunities for Solutions Providers in 2016’ article begins on page 21 of the report.

I also invite you to read more about V-Person™ for Finance, Creative Virtual’s solutions designed specifically for the financial services industry, and then experience the technology for yourself by requesting a personalised, live demo.