While productivity and cost efficiency dominate conversations in board-rooms across the globe, banks need to have a view of how the industry will change over the next five years. With the advent of digital disruption in eventually every business, banking as an industry is getting embedded with technology at all stages. But with the pressure to balance both cost and business growth, there is an eminent need for partnerships with the next-generation technology providers to develop capabilities and collaboration for improved customer satisfaction and experience. This is resulting in CIOs, IT leaders and business managers ask questions:

1. Copyright © 2014 HCL Technologies Limited | www.hcltech.com
Emergence of NextGen
Customer
Is your Bank Future Ready?

2. 2 Copyright © 2014 HCL Technologies Limited | www.hcltech.com
A Future Ready Bank – Taking Digital Experience up the ante!
Need to move from being only a financial facilitator to becoming a part of the NextGen Customer ecosystem
Move from Mass marketing techniques to completely personalized technique
Need to adopt Xperiential Platforms – constructed around buying lifecycles through collaboration
Need to provide enhanced customer experience through strong customer insights
Need to transform the back office systems and delivery networks to suit NextGen Customer
demands
Need for a differentiated customer experience which is akin to innovation with IT underpinning

3. 3 Copyright © 2014 HCL Technologies Limited | www.hcltech.com
Lower degree of Cust. Engagement for banks is a prime area of concern: Organization’s Digital Strategy is
more around providing unique Customer Experience and Personalization
 Conventionally, banks have focused their attention on improving customer retention and
experience through innovations in ‘their own’ channels - branches, mobile and the Internet.
 Myopic view of their sphere of influence will only drive incremental growth and customer
satisfaction
 Banks tend to engage lower in the customer experience value chain and are removed from
customers' day-to-day lives
 Their product development and bundling strategies thus hinge on an avg. to poor
understanding of the customer
 Competitors have a greater ability to provide mass retail financial services due to a more
intimate understanding of customer needs
How long will elements around customer trust and security serve
as good enough entry barriers to the banking industry?

4. 4 Copyright © 2014 HCL Technologies Limited | www.hcltech.com
Key Areas where banks will need to focus
Platform Led Aggregators: Banks will need to build multiple
aggregator ecosystems for customer need value chains like wealth
and advisory, mortgages and transaction banking
Banks will need an end-to-end technology transformation for meeting the NextGen Customer Demands
Point of touch industry collaboration: Collaboration with other
industries on joint research, customer profiling and behavioral
analytics for deeper insights
Industry solution through technology ventures: Technology
players are providing superior value through involvement in wider
expanse of business processes. Hence joint ventures with these
players will only add to a bank’s overall service portfolio
Consortium with competition within the industry: Greater
functional collaboration between banks on specific business
processes like payments to reduce high transaction costs and
alleviate the threat of new entrants
Delivering this change with technology transformation
Mapping customer interaction journeys in processes to
optimize decision-making on key business drivers
Dis-intermediate core through distribution in/core out
strategy.
Channel wise, technology agnostic listening capability
development to cover customer conversations and
communication
Developing Complex Event Processing (CEP) capabilities to
capture Customer preferences and life related events

5. 5 Copyright © 2014 HCL Technologies Limited | www.hcltech.com
CLICK TO DOWNLOAD THE WHITE PAPER
With the advent of digital disruption in eventually every business, banking as an industry is getting embedded with technology at
all stages. But with the pressure to balance both cost and business growth, there is an eminent need for partnerships with the
next-generation technology providers to develop capabilities and collaboration for improved customer satisfaction and experience.
This is resulting in CIOs, IT leaders and business managers ask questions:
1. How will the technology & digital disruption change customer behavior? The emergence of the NextGen Customer
2. What are the technology changes and adoption/ integration required to meet the dynamic demands of NextGen Customers ?
3. Which are the type of technology partners required to provide augmented customer experience for enhanced CSAT?
White Paper – Is Your Bank Future Ready?