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Guest blog - The balancing act: Single Customer View and omnichannel excellence in banking

First published in Society Matters magazine 

By Guy Griffin, Client Partner, Banking & Capital Markets and Patricia Moore, Client Executive lead, Financial Services, DXC


To thrive and evolve with the times, building societies need an end-to end, configurable, and scalable solution that enables them to take data from multiple locations, platforms and different infrastructures to create a Single Customer View

The Single Customer View (SCV) needs to be applied across different customer touchpoints to realise its true potential and that data can then be processed to create unique user insights.  The goal of collating this data is to extract actionable insights to allow a building society member to gain a better experience, and for building societies to realise loyalty and revenue.  We can refer to these organisations as being insight-led.

Building societies can structure their data to enable a more connected experience for their members, and help them benefit from insights, which in-turn keep them loyal, engaged and productively using products and services.

SCV - empowered by an omnichannel strategy

By understanding where all the data sits, building societies can better understand how they can interface with their data.  Once they have that insight, coupled to an SCV, they can truly build an omnichannel contact strategy that allows them to consistently interact with their members in whichever way the member chooses to interact.

For example, a building society can use data from mortgage bills (from a specific provider) to guide users relative to how much they are spending above or below market, and possibly suggest more cost-effective alternatives.  Furthermore, the insights derived from this process can enable the building society to build further value for its members through personalised, competitive offers. Data-driven insights are the key to building a relationship as a trusted advisor to members by consistently delivering high-quality experience and insights. Once the experience is delivered, members can derive greater value from the partnership and are more likely to rely on, and invest more in, their building society.

One size does not fit all

Some building society members have never visited a branch and prefer to engage digitally, while others prefer the branch experience; so it is important to provide a consistent experience for all members.  That's not just because the member feels they should get the same level of care, but because it also protects the building society's business model.  Essentially, building societies cannot make good decisions if they aren't consistent in how they look after their members, learning from them, and building products and services for them.

This approach to managing risk in the business model is crucial because it enables decision-makers to strategize based on consistent data across their whole operating environment.  So, when difficult decisions around cost optimisation need to be made, the inside is there to make the best decision.

Delivering excellence

The proliferation of devices and interfaces gives building societies the ability to meet their members across multiple touchpoints and deliver a highly personalised, high-quality experience, consistently. To engage with ever-evolving demands and uncertainties, building societies must take advantage of real-time information from members to deliver valuable experiences, in the exact micro-moment the members require those experiences. DXC's Connected Bank-as-a-Service (CBaaS) solution enables and equips building societies to do this.

Next steps

Gain support to move quickly.  Contact: Patricia Moore: patricia.moore2@dxc.com / Guy Griffin: guy.griffin@dxc.com

More information at: dxc.com

 


The views, opinions and positions expressed within guest blogs are those of the authors and do not necessarily represent those of the BSA.

 

Posted by Patricia Moore on 23 August 2021