Bangkok--6 Jun--IBM Thailand
The competitive market landscape for financial services industry has pushed outperforming organizations to pursue innovative business models and sources of revenue. Today, Banking and Insurance needs to recognize the importance of customer centric transformation and digitization.
Since the emergence of social media, the world has entered into a mobile generation. And now as we enter the second wave of the mobile revolution, which is about the business of mobile, we are seeing more companies leverage mobile to drive increased interactions with their customers that deepen their relationships and brand engagement, drive more business results, and "leapfrog" their counterparts in the developed markets.
Kwafo Ofori-Boateng, Global Solution Leader - Customer Care and Insight, Banking and Financial Markets, said “We have identified four levers, to manage this Digital Transformation and “monetize” the customer and business model shift in the most efficient way — 1. customer focused channel integration, 2. moving from "social media" to "social business", 3. leverage available data with unstructured data analytics capabilities, and 4. transforming to anticipate future needs.”
He identified the expected benefits for each of the four levers.
1. Customer focused channel integration
Reduced cost of transaction processing through an increased ratio of online basic transactions
Effective multi-channel experience leading to an increase in transformation rate
Increased customer appreciation of the bank added value by online features leading to a loyalty improvement, a decrease in churn and an enhanced image for potential customers
2. Moving from "social media" to "social business"
Revenue growth by providing customers with product & service innovation
Strengthening the loyalty loop — by generating more advocates, customers are influential and talk well about the bank products and offerings
Restoring trust and improving the customer experience
3. Leverage available data with unstructured data analytics capabilities
Increased customer revenues (up to 40% expected in emerging markets)
10 to 15% increase in cross-sells expected
Improvement of loyalty scores and customer retention
4. Transforming to anticipate future needs
Shorten time-to-market with reusable services and respond to speed to market/innovation challenges (too slow to innovate, loss of first mover advantage)
Increase the effectiveness of cross-selling and campaign delivery
Answer customer changing expectations to enhance brand image and customer satisfaction
At IBM, we believe that driving new growth across financial services means improving information systems that can develop and act on new insights ahead of the competition. Rated by IDC as the #1 financial technology services and solutions provider to the top 25 global banks, IBM has the industry’s most comprehensive portfolio of offerings spanning software, hardware, services and deep industry expertise uniquely position it to help clients capture insights that drive business transformation and collaborative innovation.
Media Contact:
IBM Thailand Co., Ltd.
Krisna Witayanonta
Tel +66.2.273.4261 email:
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