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Being ahead of the competition is really important when it comes to having the right technology that can deliver the results you want. By using a one-platform approach such as the Backbase Engagement Banking Platform, banks can offer the best technology to their customers. A platform approach like this one is able to orchestrate the entire digital lifecycle and allow a holistic overview of the customer.
Techcombank is one financial institution that utilizes the Engagement Banking Platform. Pranav believes that in order to stand out in this competitive market it’s crucial to have access to customer insights and understand what the best way to engage with customers is.
Pranav said, “We need to have a platform that has a very modular, scalable architecture. It can integrate quite fast with various technologies. It allows us flexibility if we bring incompetence from other solutions.”
It’s apparent that the architecture, flexibility, speed to market, and the ability to integrate existing products are all areas to consider so you can make sure you have the best product possible.
Backbase CEO, Jouk Pleiter and Techcombank’s Chief Digital Officer, Pranav Seth discuss the recipe for success in banking.
Create an engaging experience for customers
When customers are engaged and satisfied with your banking offerings, they tend to stay loyal.
Making sure your customer journey is as efficient as possible is crucial in keeping them engaged and interested in your products. If a sign-up or buying process is too long they will likely drop off. The same goes for when your customer has issues and they need to get assistance in a timely manner. It can be very inconvenient and frustrating if they have to stay on hold for too long or visit a branch.
Creating an ecosystem for a personalized experience is what Techcombank aimed for.
“As a bank, I think it is very important that our core value proposition, which I think is very important, is a fuel for the economy. It’s about better lending and transactions,” said Pranav.
Measuring digital transformation success
Keeping a record of how your digital transformation is performing is a vital part of success. There’re a number of different metrics banks can use to measure how their digital journey is going so the necessary improvements can be made.
For instance, Pranav revealed that some important measurements for Techcombank’s digital success are promoter scores, revenue growth, and the total number of interactions with customers.
“You bring it together, either from products and services that are inside the bank, but also you can integrate with third-party fintech players or other aspects of life like travel, transportation, loyalty, retailers, and you bring it all together in your platform hub, and by doing so, the platform can really orchestrate the daily financial life of your customers,” said Pranav.
This shows just how important it is to have a trusted partner, like Backbase, to help orchestrate success and measure it. Overall, banks can reap a number of benefits if they successfully implement their digital offerings to customers. If it’s done correctly, customers will enjoy the best technology, stay loyal and engagements will improve.