Customer experience: A winning strategy for retail banks
How software drives an omnichannel customer experience
INTERACTIVE EPAPER
JULY 2014
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A winning strategy
When it comes to an outstanding omnichannel customer experience and
the question how to realize it, we immediately think of leading players
such as Apple or Amazon. On second thought, we might start worrying
about how such expectations can be met in retail banking, maybe looking at legacy systems and processes still in place, unchanged for years. In
fact, there are only two things that should guide us in our thoughts:
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→ In coming years, the customer experience will
more than ever be the determining factor for the
success of a retail bank.
→ A lot of building blocks are available today
that can lead to success in a fast but reliable
step-by-step approach.
RESPONSIVE & RELEVANT
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This ePaper provides an overview of such quick wins
and short- to medium-term solutions that can help you stand
out in today´s highly competitive market.
WINCOR NIXDORF – YOUR PARTNER
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Management Summary
The expectations of customers with regard to an outstanding customer experience
when dealing with their chosen retail bank are nowadays increasingly
influenced by the innovations and concepts implemented by some of the leading
forward-thinking retail and consumer product organizations.
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»
Consumer expectations are being formed by service
experiences outside of the financial services industry,
where content, interactions, and features are rich,
delivering an engaging and rewarding experience.«
AVAILABILITY & RELIABILITY
RESPONSIVE & RELEVANT
Dr. Patricia A. Sahm, Customer Experience & Channels Practice Lead,
Carlisle & Gallagher Consulting Group
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With leading retail organizations, customers can get information about products and services online, on mobile
devices, through any kind of media, on social networks,
on TV and in the store. The process of gathering information about the product and buying it – right down to the
payment – becomes seamless, easy, reliable and safe
throughout all customer touch points.
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Consumers appreciate this positive customer experience
and therefore ­expand their business relationship with
these companies (see, for e­ xample, the success of new
Apple stores opening nearly every day). At the same
time, we see examples of large corporations that have
missed out on providing this level of service to their
customers and are being replaced by competitors that
did understand the important impact of an excellent
customer experience.
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In a highly transparent and competitive
market, customer loyalty needs to be
earned every day.
While retail banks over the last couple of years have
invested in building up their online and mobile presence,
the more traditional customer touch points such as
branches and self-service networks are by and large not
yet part of an integrated customer experience. Banks are
missing out on the potential and the natural advantages
of their “physical” customer touch points in combination
with the trust, relationship and the interactions that
customers have through the bank's online or mobile
offerings.
For years, it was common practice for customers to
reach out to their bank, asking for service in the respective channels that were offered. Consumer expectations
have made a 180 degree turn. Banks now need to find
strategies to reach out to their customers on all possible
touch points.
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What to do? The answer is, first of all, there is no
“one size fits all” silver bullet formula that will suit
every bank. However, there are certain building blocks
that – when combined – will contribute toward an
outstanding customer experience. Focusing on those
areas and providing innovative solutions can take bank
customers on a journey that makes the difference.
We can review all customer
touch points and ask ourselves
whether they are:
Available
Easy to use Relevant
Reliable
Safe
Responsive
Intelligent
Transparent
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IT systems need to adopt these attributes across all customer touch points and offer
▪ an intuitive user interface
▪ humanized interactions that provide ­intelligent information at any given time
▪ a very reliable and safe environment
Services need to be customizable and relevant to the
consumer in order to provide individual value. All this is
driven by a smart and agile infrastructure that is able to
gather existing information about customers and their
current needs from various information buckets.
The combination of these elements will allow banks
to embark on a step-by-step journey to reshape their
profile in the market and drive customer experience to
the next level.
WINCOR NIXDORF – YOUR PARTNER
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The importance of an easy-to-use user interface
The user interface is one of the most obvious elements that come to mind when analyzing
what makes an excellent customer experience. Therefore, a well-designed user interface is
the first step to put some thought into. It will give you a direct opportunity to change the
user experience and delight your customers – just think of Apple!
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»
Touch points matter,
but it’s the full journey
that really counts«
Harvard Business Review – The Truth About Customer Experience
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First of all, customer experience is
driven by the ease of use of any given
service provided. If it is not easy, the
best product is very unlikely to be sold
– or, in other words, it is not a good
product. This experience will start with
the visual elements of the touch points
the customer directly interacts with.
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From time to time, you still see examples of how IT specialists have squeezed
every piece of information onto the one
page of an application's startup screen.
They have also used as many graphical
elements and colors as possible to show
what can be done with the latest tools
and technology. Consumers are lost and
very unlikely to use the service again if
they don’t have to.
Customer experience is
driven by the ease of use.
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A good user interface is
simple and presents only the
information that is relevant
to the user in the context
of his current interaction with
the bank.
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The text is easy to read and the navigation provides logical steps to the desired
result, following a natural pattern of
human-machine interaction. In addition,
assistance is provided throughout the
transactional journey.
This concept of humanized interaction
has been the innovative driver behind
the successful implementation of
revolutionary smartphone and tablet
user interfaces. Natural multi-touch and
gesture-based interaction is enabled by
fundamental technologies such as HTML
5.0 and CSS 3.0 and now being widely
introduced to the online and mobile
channels. Direct voice-based interactions
could also be added. “SIRI Banking”
would be a killer app in terms of integrating voice recognition and voice-based
control wherever applicable.
next >
But looking at the current experience
users have with their banking channel,
one could argue that “a chain is only
as strong as its weakest link”. Hence,
banks won’t get a good overall customer experience if they don’t provide it in
a consistent way across all channels.
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A first step toward implementing a consistent user experience can be achieved
by separating the user interface design
and transaction flow from the business
logic. This step-by-step approach is the
key to implementing these concepts
successfully and quickly in the more
traditional ATM, self-service and branch
channels.
With the design of the user
interface flow now being
independent from the
traditional ATM host and the
traditional protocol, banks
can implement the same
HTML 5.0 templates across
all channels.
next >
This approach has a bigger services-oriented
­architecture blue print in mind. Web services technologies now enable banks to integrate existing or
new services into their channels in a very fast and
smart way. For example, interactions with consumers
are possible at any time via chat or interactive video
services because these services can now also be easily
integrated into the ATM or branch channel by reusing
the same web-based technology stack.
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When customers have questions or are stuck with a
cash or check deposit transaction, they simply have to
press a button to receive assistance – even in remote
locations. This is made possible by the smart combination of existing and new technologies in a web services
architecture. The bank can now not only be reached by
the customer at any time and via any channel, but can
also assist the customer in any given situation using
relevant and context-based interaction by combining
the information and capabilities of these services. This
can be achieved via remote control and assistance within a self-service session, or through a video consulting
session for a more complex financial product, initiated
by the customer from a tablet computer at home.
The goal of all this is to create an
easy-to-use, interactive omnichannel
customer experience at any customer
touch point.
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Safety & Transparency
Ease of use is, as described, one of the most obvious
and recognizable e­ lements of a ­customer's journey in dealing
with his bank. However, it is not the only one: Customers
will always compare convenience and security.
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In a service oriented industry
like retail banking, customers
that are delighted are
42 % more likely to remain
loyal than those who are
merely satisfied.«
Opinion Research Corporation – The loyalty of retail banking depositors
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When dealing with financial assets and the tokens to
access them, bank customers have high demands, both
in terms of the real and perceived level of security
around their personal information, accounts and assets,
which must be met for them to feel comfortable with
any banking service.
These demands are particularly high when banking
customers transmit data or assets in any shape or form
to their bank or any other service provider to conduct a
financial transaction.
Therefore, banks must protect customer touch points
in a way that gives the consumer the confidence and
trust needed around financial transactions that only
a bank can provide. Although omnichannel customer
experience is compelling, banks have to be sure to
address security aspects accordingly.
The physical touch points can be protected by new
advanced security solutions. The target is to prevent
unauthorized interaction with ATMs and the computer
systems attached by any means. This starts with the
access protection and hardening of the operating
system and the encryption of the hard disk. But it also
includes new intelligent protection mechanisms against
the intrusion of malware or skimming attacks on the
customer's card and account data.
Instead of a reactive, pattern-based
­scanning process against viruses and
­trojans, which requires regular updates
and maintenance, new systems use
an active white list-based approach to
block any interaction with the system.
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Intelligent correlation of data enables
banks to detect attack patterns
and protect their customers proactively
– which they will value.
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Intelligent video surveillance of the ATM surface detects any manipulation of the hardware, sends alarms
and closes down operation in case of any severe
physical attack. In addition, video surveillance of the
consumer and the area around the ATM can be correlated to the ATM events. This type of information can
be gathered by an intelligent monitoring system and
transmitted together with the data from an interactive
card fraud detection system to a fraud correlation engine. This new fraud correlation engine allows the bank
to correlate any status information and events from the
hardware, software and card-based transactions to automatically detect attack patterns and execute defined
countermeasures – or reduce false fraud alarms.
Furthermore, this intelligent fraud correlation engine
also provides customers with a new level of transparency for financial transactions. It enables customers to
individually set their specific level of security thresholds
and information with regard to any financial transaction. For example, you can receive alerts on your mobile phone whenever your credit card is used abroad or
has been used for card not present transactions or for
purchases reaching a specified limit.
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Availability & Reliability
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The above-mentioned intelligence in both the monitoring and fraud surveillance of customer touch points
also allows attack-related down-time to be minimized.
Uptime and availability naturally add to
a positive customer experience.
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< previous
When customers go to an ATM, they expect the
­device to be up and running for quick and easy access.
Failure of these basic services quickly turns into a high
degree of dissatisfaction.
Today, modern monitoring systems can analyze every
hardware and software event on the ATM or in the
branch. This allows the bank to detect a problem
and decide if it is possible to keep the device in ser-
vice, maybe with reduced functionality, and in the
­meantime initiate the remote repair of the problem.
Self-healing and remote repair are the key words
here. Only if those measures don’t succeed will a
technician be dispatched. Based on the detailed
information of the problem that has been gathered,
the right software fix or spare part is at hand to solve
the problem on the first attempt. But this should only
be the exception. The power of an intelligent monitoring system comes into play even earlier in the process.
Because of the detailed information of the system
at hand, predictive maintenance can be performed
automatically from the central monitoring site. This
has a significant positive influence on the uptime of
the overall network and therefore the customer's
perception of availability of the bank's services.
Since availability and reliability are crucial for customer acceptance, self-healing, remote repair and
proactive maintenance become even more important.
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< previous
The decades of experience in uptime management and
the operation of self-service devices manifested and
implemented in modern web services-based solutions
can now also be leveraged to other banking channels.
Self-service solutions need to be almost fail-proof
because, by nature, they run in an unattended environment.
Over the past decade, web services technology has
proven itself to be the backbone of the largest self-­
service networks in banking – driving hundreds of
t­ housands of devices from every vendor at the highest
availability and showing an undisputed level of resilience and reliability. Therefore, the stability and robustness of a 24/7 self-service operations environment that
are now being brought to the branch and modern channels such as the mobile device and interactive video
teller services are further adding to the reliability of an
omnichannel customer experience. Through this backbone, customers can truly interact with their bank from
any touch point at any time, both safely and reliably.
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Responsive & Relevant
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The assessment of customers with regard to their
experience with the bank also includes the responsiveness across all touch points.
How can banks achieve this fast and context-based
relevant interaction?
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In order to connect many touch points in
the most effective way, the concept of
a central information hub has proven to
be very successful.
Needless to say, within the financial services industry,
a central information hub around financial data requires special security measures. Therefore, the concept of the central information hub has been further
developed into the implementation of a “transaction
safe”. This transaction safe allows the initiation and
staging of any financial transaction from any given
touch point and the finalization of the transaction in
the channel of choice. Combined with the right selfservice devices, it also provides full capability when it
comes to the interaction with and delivery of physical
tokens such as cash or checks.
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How does this support the customer experience?
Customers using a smartphone, for instance, can not
only manage their usual financial transactions such as
transfers in that single channel but now also use their
mobile device as an interface to ATM services. They can
stage a withdrawal, deposit or cash transfer while they
are on their way to bank, and receive a secure token on
their device. The pre-authorized transaction is meanwhile
stored in the transaction safe and released upon
presentation of the secure token at a device that can
carry out the physical transaction. The token can be
transmitted by different means; 2D barcode, NFC or BLE
are just some technical examples of this transmission.
The whole transaction is simple, fast and convenient.
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»
Customer centricity, when conceived and
­implemented correctly, is not just a sentiment –
it makes a clear difference to the bottom line.«
McKinsey & Company – Banking on customer centricity
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This same concept can also be used in branches for
the implementation of assisted self-service concepts.
Customers that are stuck in a more complex deposit
transaction or requesting a high-volume withdrawal can
now experience the concept of individual assistance in
their self-service transaction. A branch employee will
get a notification, e.g. at his tablet computer, about any
transaction happening in the branch. By looking into
the transaction safe, he can pick up the ­transaction,
­approve it and, if necessary, drive the device d
­ irectly
from the tablet in order to finalize the consumer
­session. During this assisted self-service transaction,
he can review the customer and account relationship,
see whether the customer has responded to direct
marketing messages and, if appropriate, engage the
customer in a consultative sales conversation or make
an appointment for a follow-up.
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Instead of waiting in line for the next available teller, customers
can ­interact quickly and easily with dedicated i­n-branch self-service
devices without losing the personal interaction with their banker
and, if necessary, receive help on the spot.
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This makes assisted self-service an easy, responsive
and relevant experience. On top of this, the dashboard
that the banker sees on his tablet computer gives a
wealth of information about the customer. The banker
therefore has the necessary information about the
­customer's personal financial situation, the products
that the ­customer has with the bank and also which
marketing messages he responded to on the various
channels – a 360 degree view of the customer relationship. As a result, any conversation with the customer
is truly relevant and therefore successful and pleasant
for both the bank and the customer. Nothing is more
annoying for a customer than being bombarded with
information and requests that are not relevant to his
current needs and situation in life.
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Having an information hub that gathers the right and relevant
information to a­ ssist both customer and banker is a key to success.
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In most cases, the relevance for the consumer is only
achieved by the intelligent correlation of information
from various back-end systems with patterns around
the customer's personal interests and preferences.
However, that information needs to be transported
to the customer in a suitable way in order to be truly
informative and therefore relevant.
Although customers already have some experience
with customized services in the online world, this kind
of personalized service is new for most customers in
the physical channel.
In the online world, customers can
define their preferences in a personal
profile. Intelligent analysis of customer
transactions can add to the settings in
the online profile. As a result, customers are able to have a personal banking
experience in their individual settings
under “My Bank”.
next >
Again, web services technology in the back using
the transaction safe as an information hub and HTML
in the front are the technical enablers for the dynamic
behavior of such a system. With this now being
available both in self-service and in the branch,
a true end-to-end omnichannel customer experience
can be achieved.
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Consumers can now define their
­personal preferences for every channel
in their profile, ranging from default
­settings for fast cash, ­denominations
and preferred language to the
­customizing of every button on the
“My ATM” screen. This profile
follows the customer, since it is stored
centrally. Customers therefore get
their individual ATM experience on
every device of the bank.
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> Video
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> Video
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> Video
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In the same way, banks can use the concept of ­profiles
to distribute new functionalities to specific ATMs or
groups of ATMs. A new transaction is configured on
the server. By assigning this functionality to an ATM
profile, this is instantly available to the customer.
These can be new functions such as a widget showing
a personal financial dashboard on the main screen
based on personal settings in the customer profile or
the option of a new ATM transaction.
next >
Personal preferences, however, are far from being
limited to user interface settings. All web services that
deliver customer-relevant information can be configured
in a personalized way.
For example, this is used for personal security and fraud
protection settings. Customers can define in their profile
if and when they want to receive alerts or notifications
about any card- and account-based transaction, making
them feel more protected.
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< previous
In all of this, “intelligence” is the key word.
Using the various channels to deliver product and direct
marketing messages to the customer has been common
practice for quite some time. Successful direct marketing
approaches are easy to manage by the bank staff, can
directly interact with the big data from the corporate
IT infrastructure and are able to deliver personalized
context-based content across all channels. With these
attributes as a basis, consumer interaction is vitally
important. But only by analyzing customer reactions
across all channels can banks be sure to deliver relevant
and meaningful offerings to their clients. Big data will be
the enabler and one of the sources for the smart delivery
frameworks and information hubs that are now available.
All this data contributes to the above-mentioned 360 degree
view of the customer, based on the information collected
from various back-office sources.
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»
The bottom line: End
consumers are no longer
loyal to an individual channel
but rather to a seamless
experience across channels«
Capgemini – All-Channel Experience:
Engaging with Technology-Enabled Shoppers
WINCOR NIXDORF – YOUR PARTNER
TOWARDS “SMART BANKING”
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With this integrated approach of web services architectures and smarter delivery channels, Wincor Nixdorf
currently accompanies some major retail banks in the
transformation of the way they interact with their
customers.
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HOW ARE BANKS TACKLING THIS?
WINCOR NIXDORF – YOUR PARTNER
TOWARDS “SMART BANKING”
< previous
We embark with them on a step-by-step journey by
leveraging consumer-relevant innovations and transforming today’s manual or separately-operated IT
processes into seamless automation toward an omnichannel customer experience that exceeds customer
expectations.
In many cases, banks start this process by tackling the
transition in layers. First comes the design of a blueprint
of the bank’s target architecture that includes an open
multi-vendor software approach based on standard web
technology.
With this multi-vendor platform, banks can go for quick
wins, such as a new HTML 5.0-based user interface that
is the enabling technology for dynamic behavior toward
the customer. Touch screens on the ATM then allow for
the swipe- and gesture-based interaction that customers are used to from their tablet computers.
Once this is in place, new intelligent web services can be
added and aggregated to combine channel interaction,
customer profiles and personal settings, provide new
concepts such as assisted self-service, integrate new
> Video
Tablet Assisted Solution
> Video
The Smart Way to Cash
> Video
Flexible User Interface
transactions such as mobile cash and, last but not least,
have one common infrastructure for a true end-to-end
omnichannel customer experience.
This allows banks not only to drive customer experience
to a new level but also to significantly lower operational
costs by running on the same web-based IT standards
throughout the bank, thus fully leveraging economy of
scale effects.
In many cases, this goes hand in hand with a repositioning and a new profile of the retail bank toward
their customers and the market. In some cases, it also
includes the reshaping and transformation of entire
delivery channels, including the branch channel.
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Wincor Nixdorf –
your partner
for “Smart Banking”
HOME
A WINNING STRATEGY
MANAGEMENT SUMMARY
THE IMPORTANCE OF AN
EASY TO USE USER INTERFACE
SAFETY & TRANSPARENCY
AVAILABILITY & RELIABILITY
RESPONSIVE & RELEVANT
INFORMATIVE & INTELLIGENT
HOW ARE BANKS TACKLING THIS?
WINCOR NIXDORF – YOUR PARTNER
TOWARDS “SMART BANKING”
< previous
With Wincor Nixdorf´s history in the ATM and branch
banking market, our expertise and solution portfolio are
focused on providing software for all cash and non-cash
financial transactions of a retail bank. Nowadays, this
also includes the integration of mobile devices such as
smartphones and tablets into the customer journey.
However, we see the retail banking industry going
through a major transition from the traditional processes in consumer interaction toward a new way of
context-driven Smart Banking.
Providing banking services that are focused on every
individual customer, that are informative, relevant and
context-based, is only the first step. Simplicity and ease
of use will go a long way. Services should be so intuitive
that customers don’t need to think about “how” to use
them. We have all learned a lot from companies such as
Apple, having demonstrated how to make smartphones
really smart …
We need to further humanize the interaction between
IT and our customers. Buzzwords are talking interactive
services, “Siri Banking”, and having easy access to financial experts at any time. Video technology will support
this trend. Biometry will be back to make access to
secure services much easier. And last but not least, the
correlation of information (big data), events and processes across all channels will make the difference.
Being transparent and always available for the customer, knowing your customers' needs and actively
delivering a way for them to use the bank's services
independent from the channel will make it a “My Bank”
experience.
This is Smart Banking – in an
­omnichannel customer experience.
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HOME
A WINNING STRATEGY
MANAGEMENT SUMMARY
THE IMPORTANCE OF AN
EASY TO USE USER INTERFACE
SAFETY & TRANSPARENCY
AVAILABILITY & RELIABILITY
RESPONSIVE & RELEVANT
INFORMATIVE & INTELLIGENT
HOW ARE BANKS TACKLING THIS?
WINCOR NIXDORF – YOUR PARTNER
TOWARDS “SMART BANKING”
Wincor Nixdorf
Experience meets Vision
Wincor Nixdorf is one of the world’s leading providers
of IT solutions and services to retailers and retail
banking. The company’s extensive portfolio focuses
on optimizing business processes at banks and retail
companies.
Wincor Nixdorf has a presence in over 110 countries,
with its own subsidiary companies in 42 of these.
More than 9,000 employees work at the Group.
Production facilities are at Paderborn and Ilmenau,
Germany, and in Singapore, Shanghai, China, and
Sao Paolo, Brazil. Wincor Nixdorf has now pooled its
software and professional services expertise at a new
software headquarters in Utrecht in the Netherlands
to help banks worldwide make their processes more
efficient and customer-friendly.
Today, the company is already generating revenue of
more than €300 million in the software sector, which
puts it among the world`s leading providers of software
services for retail banks and retail companies.
Published by Wincor Nixdorf Software C.V. | Papendorpseweg 100 | 3528 BJ Utrecht, The Netherlands
Phone: +31 (0) 88 / 1 02 89 22 | [email protected] | www.wincor-nixdorf.com
Michael Engel, Director Product Line Software, Banking Division
Wincor Nixdorf Software C.V.
Papendorpseweg 100
3528 BJ Utrecht, The Netherlands
Phone: +31 (0) 88 / 1 02 88 10
E-Mail: [email protected]
Josef Pichler, Director Software & Solutions, Banking Division
Wincor Nixdorf GmbH
Modecenterstraße 17 – 19, Objekt 4
1110 Wien, Austria
Phone: +43 (0) 1 74 / 33 03 03 86
E-Mail: [email protected]
Igor Hendriksen, Software Sales Marketing, Banking Division
Wincor Nixdorf Software C.V.
Papendorpseweg 100
3528 BJ Utrecht, The Netherlands
Phone: +31 (0) 88 / 1 02 89 63
E-Mail: [email protected]
© Wincor Nixdorf International GmbH | Germany, May 2014
All rights, including rights created by patent grant or registration of a utility model, are reserved. Delivery subject to availability.
Subject to change for technical reasons.