Banks are adopting new approaches in online and mobile platforms, customer relationship management, social media integration and video banking to connect better with their customers.
Banks see these innovations as a means to create closer relationships with customers. Experts suggest that for banks to be successful they must engage with their customers everyday by promoting and selling non-financial services, in addition to, financial services.
The aim of banks is to tailor the services offered to customers, based on the data collected through their digital and online channels.
The recent Accenture Distribution & Marketing Innovation Awards ceremony highlighted that technological innovation should be at the top of banks' agendas. Examples of winners from this awards ceremony include:
- AIB in Ireland winning an award for its technology focussed bank branch, The Lab. Here a digital avatar greets customers, there is a social media wall and the bank educates its customers on how to use its digital channels. AIB also tests its new technological developments on customers in the Lab.
- Polish mBank won the Digital and Mobile Excellence award. MBank offers around 500 different technology products including video banking, mobile banking, peer-to-peer payments and personalised advertising. Around 30% of the bank's transactions occur on its new technology platforms, underlining how significant a good technology offering can be to a bank.