Mastering the ultimate customer journey

Peter-Jan Van de Venn from Five Degrees says that tomorrow’s winning financial institutions will put the customer at the core of their business, while operating in a highly cost-efficient manner

By Guest on 10 December 2015
Mastering the ultimate customer journey

This article first appeared in the Autumn 2015 issue of OnWindows magazine.

While many banks recognise the importance of delivering an omni-channel service to their customers – whereby their customers are recognised as an individual and offered a consistent level of service regardless of the channel they interact via – operational and technological silos still tend to stand in the way of making this a reality.

Indeed, technology silos and departmental silos (such as credit and debit divisions) mean that, in most cases, banks struggle to identify who the customer is. Creating a bespoke application silo interface for every new, must-have device is unsustainable, wasteful and results in a patchwork of inconsistent interfaces.

At Five Degrees we believe that that the future of finance truly centres on the customer. Customer information and profiles define the process rather than the underlying product. Therefore, banks need to obtain a full panoramic view of all customer data, behaviour, communication and processes from a centralised banking hub. All customers, whether retail, SME or private, are served at their rhythm – how and when they connect, alert frequency, what information they see, what functionality they are exposed to, and so forth – all are matched to suit individual needs. This ­vision has been embraced by one of our clients, online bank Knab in the Netherlands, who we have been working with in recent years to roll out an innovative integrated service for its customers.

Since it opened its doors for business in 2012, Knab has been committed to giving its customers control of their financial situation in a clear and simple way. To do that, it presents all of a customer’s financial information in one dashboard – even if this information is held with another bank. And this doesn’t just include transactional information from bank accounts; it also covers mortgages, assets, liabilities and other relevant data. The result is that customers get a much clearer view of their overall financial situation and Knab has successfully set up a bank that delivers on the promise of true customer centricity, winning prestigious Celent Digital Model Bank 2015 award.

Five Degrees’ vision is to automate as many processes as possible and to allow customers to be included in these processes if they want to be. Our Digital Banking Platform serves as the central, orchestrating hub. This leads to a better customer experience, lower costs and, because it’s all automated, full control – three KPIs that are impossible to achieve all at once with most other solutions.

Peter-Jan Van De Venn is chief commercial officer at Five Degrees

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