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Online banking Redefining trends

Raja Venkateswar | June 15, 2010
The different stages of online banking

In the midst of all of this, one key factor remains rather under-utilised the essential Multi-Channel integration philosophy. While several technology providers and platform vendors claim to provide end-to-end MCI capabilities, I am not sure if they are able to unleash the enormous power.

Consider a case: John Doe logs into his bank site and realises he should be coming into some ready cash soon, perhaps a fixed deposit is getting matured and being a rather well-to-do person, he considers investing in some property.

Accordingly, he commences a quick search on the lending terms, interest rates etc but then isnt sure of what he wants. He then opens a chat button, chats with an online agent but is still not satisfied and proceeds to call a contact centre.  The agent at the contact centre picks his phone at the third ring and instead of going through a torturous IVRS, he is led straight to the right agent who has been given a brief of the Johns researches and is presented a set of possible clues or answers to what he may be looking for.

Even if the answers are not accurate, the bank has got a customer advocate in John Doe for the simple reason they tried to proactively understand and came up with a set of potential solutions. I call this Stage 3 and this may actually precede Stage 2 in some cases.  

More about this in the next posting.

Raja Venkateswar is an engineer from one of Indias leading engineering institutions (IT-BHU) and has spent the bulk of his 19-year career working in and developing software solutions for the financial services industry. He is now based in Australia and works with a leading software solution, products and services provider.


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