How Banks are utilizing new technology for customer service

Abstract

Just like all the other industries of the world, banks are also striving more and more to become customer centric, to grow and survive in the industry. To achieve this goal it would be essential for banks to achieve a deeper relationship with the customers, along with a major improvement in the service process is required, a procedure which is easy, quick, and convenient. An excellent procedure of customer service improves the ability of a bank to lure the affluent prospects, along with a major elevation in the profits of the bank. It will lower down the operational costs of banking, and it will enable banks to maintain a greater loyalty with its customer's. The introduction of new technologies has changed the way of servicing the customer in the banking industry.

Table of Contents

Introduction4

Discussion4

Mobile technology to improve customer interactions4

Analytical Software5

The digital touch points5

Online banking5

Benefits of Technology6

Challenges faced by banks6

Conclusion7

References8

Introduction

According to a survey conducted in the United States of America regarding the steps essential for improving the customer service in the banking industry, it is essential for every bank to start examining the events that occur in their banks on the daily basis. This will result in a major benefit for the banking industry as it will enable them to assess their abilities of customer service on the daily basis, this will ensure that the banks clearly understands the requirements of the customer. The innovation of technology would facilitate the ability of bank of serving its customers in a huge way. The introduction of new technologies has changed the way of servicing the customer in the banking industry. The service related to technology is known as the e-service, it has become an important factor in the servicing of customers. However, the banks are still working on the techniques through research to know how much they can improve their service with the help of this technology (Improving Customer Service in the Banking Industry: Implementing Automation around an Integrated Customer Information System, 2003).

Discussion

Mobile technology to improve customer interactions

This is the newest form of banking which has played an immensely important role in the modification of the relationship between the bank and its customer. Through the use of mobile banking a customer can perform a set of different operations such as; a customer can check the balance of his account, his history of transaction, payments history, applications for credit along with several other banking related transactions. Mostly it is the short messaging service that the banks use to inform the customers regarding their account transactions. Mobile banking in some cases is also referred to as the provision or the availment of the services, which includes both banking along with financial services. There are three inter-related concepts regarding mobile banking.

The mobile accounting service

The mobile brokerage service

The mobile financial information system

This technology is now used in almost all parts of the world, with either a very little or no infrastructure at all. This technology has been a great ...