Phy-gital Roundtable: Breakfast Roundup from Germany and Netherlands

02 May '15 | Debjyoti Paul

German Shoppers: Meet Them in the Fast Lane to Phy-gital

15 January '15 | Ralf Reich

Shoppers Will Share Personal Information (But They Don’t Want to be “Friends”)

15 January '15 | Anil Venkat

Modernize or Perish: Property and Casualty Insurers and IT Solutions

14 January '15 | Manesh Rajendran

Benelux Reaches the Phy-gital Tipping Point: Omnichannel Readiness is Crucial

13 January '15 | Anil Gandharve

The New Omnichannel Dynamic: Finding Core Principles Across Industries

13 January '15 | Debjyoti Paul

Technology does not disrupt business – CIO day 2014 Roundup

02 December '14 | Anshuman Singh

Apple Pay – The Best Is Yet To Come

02 December '14 | Indy Sawhney

Digital transformation is a business transformation enabled by technology

01 December '14 | Amit Varma

3 Stages of FATCA Testing and Quality Assurance

06 October '14 | Raman Suprajarama

3 Reasons why Apple Pay could dominate the payments space

18 September '14 | Gaurav Johri

Beacon of Hope: Serving Growth and Customer Satisfaction

05 August '14 | Debjyoti Paul

The Dos and Don’ts of Emerging Technologies Like iBeacon

30 July '14 | Debjyoti Paul

What You Sold Us On – eCommerce Award Finalist Selections

17 July '14 | Anshuman Singh

3 Steps to Getting Started with Microsoft Azure Cloud Services

04 June '14 | Koushik Ramani

8 Steps to Building a Successful Self Service Portal

03 June '14 | Giridhar LV

Innovation outsourced – a myth or a mirage or a truth staring at us?

13 January '14 | Ramesh Hosahalli

What does a mobile user want?

03 January '14 | Gopikrishna Aravindan

Top 3 Must-Dos for Consumer Banks in 2014

Posted on: 11 December '13

In 2013, we witnessed the rise of digital customer engagement and collaboration. In fact I wrote so much about the trend that folks are pretty much summing up my blogs as “various permutations and combinations of social, digital and analytics!”

But its true and here I am again.

5 years since the global financial crisis, banks are once again starting to focus on growth. But they are now encountering competition on a new front. No longer are customers buying into the traditional banking rules that held true for several decades. People need simplicity, transparency and value. And the changing banking landscape is making it mandatory to review these needs and define them again.


The customer experience must be simple. Customers are no longer ready to jump through hoops searching for and subscribe to products/offerings that best meet their needs, given what they already have, or based on who they are. Facing an information mountain to weed through, customers seek external sources of information which may not decide in the bank’s favor. Instead, we must take analysis to the customers, and make it as simple as possible to transact across product categories. This will improve both acquisitions and cross sell, in turn leading to stickier relationships. The same way a master chef constantly rearranges his kitchen to best serve the cuisine of the day, user persona driven analytics and digital content management are key enablers of this omni-channel customer engagement trend. Contextual and simple experiences are the future. Banks like aren’t just a novel idea. In fact their emergence signals the emerging position of “us versus traditional banking”.


Fine print will be laid bare in an e-commerce economy driven by peer feedback and reviews. Whether the revenue model is fee based or based on charges, the model must be transparent. In fact regulations such as Dodd Frank, Durbin amendment and popular movements against credit are examples of resistance not to the core revenue model, but to the manner in which these are being projected and perceived. Business must be empowered to promote transparency and move away from non-targeted offerings that require the need for complex conditions to cover contingencies. Case in point is Bank of America which levied and then quickly reversed debit card fees in favor of customer satisfaction, and in the process it set a great example for the industry as well ( 11/1/20111). The question to ask is how does technology enable customer partnership as the right way to earn trust? The notion of transparency requires that the business has options to innovate quickly, position products in a more targeted fashion and has increased cushion in the form of reduced operational costs. It must be able to tap quickly into emerging business opportunities that present themselves in this fast evolving banking ecosystem. Legacy modernization, simplified application portfolios and deeper analytics are common levers that will help make a dent and reduce the need for the business to rely on short term survival based tactics.


While simplicity and transparency are becoming table stakes, the biggest enabler and contributor to the banking model of the future is innovating from the perspective of the consumer. Think about it, we are customers of the bank for reasons that have nothing to do with a bank. We wish to buy and consume products, subscribe to various means of entertainment, take up fitness and social activities, invest for the future and a myriad of other needs. The situation today is that banks are being relegated to back end enablers. While that is not a bad thing, the situation must change if they are to remain relevant. As cross industry integration evolves, the entry barriers to the banking ecosystem are reducing. Non-bank entities are stepping in to fill the void of innovation and taking center stage in the customers’ minds. Core banking transformation is just the first step. User experience and bringing forth the right offer, to the right customer at the right time is the second step. And the most important step is to recognize the customer’s ecosystem to understand the “why” behind the customer need. There is no other industry better equipped to do that than consumer banking. Data management, analytics, enterprise integration and a customer oriented multi-channel presence are critical enablers of this target state.

To meet these goals, it is important that we gear up to innovate, cut legacy baggage and transform our processes and technology to meet the new customer needs in this new age. Anything less and we’ll find that the cheese has been moved.

Mindtree Blog Archives

Mindtree blog Archives are a collection of blogs by various authors who have independently contributed as thought leaders in the past. We may or may not be in a position to get the authors to respond to your comments.