Touch-point management in banking - A lever to enhance customer loyalty

The current economic scenario gives banks an opportunity to identify channels that are most important to their customers, and provide a positive experience across them. Banks are shifting their customers from high-cost to lower-cost channels, by reducing their total cost-to-serve. There is a growing trend to achieve a seamless multi-channel integration by banks who want to make their customer interactions channel-agnostic. This will help banks leverage their distribution networks by offering the right products to the right customer segment through a desired channel, resulting in overall cost savings and an enhanced customer experience. Banks are also facing highly saturated markets where product and price no longer remain the key differentiators, thus pushing up retention costs. Innovations around better and faster delivery of the right products to a customer will help banks provide a differentiated customer experience, thus supporting better customer retention. Banks are also increasingly spending on customer-centric analytical tools to better understand client buying and channel usage patterns, which can help build and improve customer relationships.