Product category:
Programming aids and applications
News Release from: edge IPK | Subject: Open Presentation Platform
Edited by the Manufacturingtalk Editorial
Team on 21 October 2005
Online Financial Services
Superior self service solutions will enable the customer to have mastery over the complete management of their financial affairs
Financial services organisations must deliver the same levels of customer service online as in the branch, or risk losing the benefits of driving customers to their websites and even losing customers all together, claims edge IPK leading provider of Open Presentation Platform (OPP) Financial service companies have invested vast amounts of time and resource into providing their customers with financial information via the internet
This article was originally published on Manufacturingtalk on 27 Oct 2005 at 8.00am (UK)
Related stories
Speed most important factor
Service not price major deciding factor when placing business say 67% of brokers
Death of the IT project
Dharmesh Mystri, CTO, edge IPk, explains why business driven integration will resuscitate failing IT Projects
Until now these services have been predominantly nothing more than another way for customers to access basic information and transactions online.
However, there is a real danger that these services are not going far enough to meet customer needs and demands.
Internet based financial services is a fast growing and fiercely competitive market and customers are a key differentiator.
Further reading
Endless possibilities for Infinity
Edge IPK delivers industry first web-based, end-to-end mortgage solution for Infinity Mortgages.
Complaints - a lost opportunity?
FSA ruling: fines will be imposed for lack of complaints procedures
Online service puts the customer in the driving seat at their convenience and enables them to receive the support and guidance they demand.
Dharmesh Mistry, CTO, edge IPK explains: "With over five million internet banking customers in the UK, these users are demanding more from their banks, than the basic services that have been available since the birth of UK internet banking in 1997." "As online banking reaches almost a decade of usage, it still provides little more than basic ATM services," he continued.
For many banks its internet provision is more profitable than their most profitable high street branch, yet servicing capabilities trail behind its bricks and mortar counterpart.
As Banks search for ways to retain existing customers, increase share of wallet and entice customers from other banks, compelling online services provide a real and unexploited area of growth.
"Superior self service solutions will enable the customer to have mastery over the complete management of their financial affairs'" continued Mistry.
"Product pricing is a short term factor for customer buying, customer focused service is proven in providing long term loyalty and providing real differentiation from competition." Companies who have focused and invested seriously in CRM solutions are reaping the benefits.
In contrast those that have focused on technology integration are still awaiting lengthy return on investment cycles.
Providing a customer focused strategy of increasing the range of competitive products, attaining regulatory compliance, delivering outstanding customer experiences through strong brands and compelling services, banks will be able to secure their future from competition.
There is opportunity now for visionary leaders in financial services organisations before competitors steal their march.
• edge IPK: contact details and other news
• Email this article to a colleague
• Register for the free Manufacturingtalk email newsletter
• Manufacturingtalk Home Page
Search the Pro-Talk network of sites
