Tuesday this week DBS Bank launched a ‘mobile-only bank’ in India and when they say „mobile” they mean it! The new player leverages biometrics ID and Aadhaar card* to ensure the whole process is digital and straight-through. Moreover, the bank enables customers to utilize 24/7 service via machine-learning-based intelligent artificial assistant which understands natural language – all real time. DBS is neither first nor last. Banks like Fidor, Number26, BankMobile, Simple or Moven created the momentum that produced certain tension within the whole market – and it wasn’t only about going mobile. The reason the playground was levelled was the digital character of the new channels and what came next, the possibility to build channel attribution models. Universal language. Attribution models created possibility to valuate and compare different channels. KPIs like Cost of Customer Acquisition, LTV, Return-On-Interaction etc. enabled managers to challenge ‘total’ approach to omnichannel, on many occasions pursued just because of the competitive scope behavior or „universal banking strategy”. Most of the managers I had pleasure to meet during international conferences and workshops understood necessity to calculate sales efficiency within the channels matrix. What was missing was the universal language that would bring together Sales, Marketing and the guy we’re all afraid of: CFO. People tend to say mathematics is the queen of all science (which I agree) and the universal language. In corpo world such language are also numbers – financial KPIs. Personally I believe all mid-management upwards should be able to communicate this way – at the end of the day what matters is ROI (long-term off course). Paradigm swift – Big Data Another important...
It is easy to get lost in the technological complexity of new financial services channels. But it’s important to stay focused on how the technology can optimize the business, and customer outcomes. The goal is not to deliver shiny new objects to keep up with the excitement of innovation. The goal is to use the newest innovations to deliver value. By Manish Grover (April 11, 2016) – American Banker Read more on “Three Steps to a Bank’s API Success” here SL ...
