Bank Systems and Technology: President of Banking and Financial Services at Cognizant Writes About Using Code Halos to Transform Traditional Segmentation Philosophies

“By applying Code Halo thinking to anticipate customer preferences, banks can create personalized interactions to increase cross-selling and reduce customer churn,” writes Prasad Chintamaneni. Excerpts:

“The banking and financial services industry is experiencing a period of accelerating change driven by increasing customer expectations, technological advances, regulatory requirements, evolving demographics, and dynamic economics.

A pattern is emerging where a new operating model is the basis for strategic competition—from interacting with customers to creating meaningful products and building an environment of relevant customer interaction.

Financial institutions are responding to these rapidly evolving dynamics by promoting multi-channel access, enhancing the branch experience, and leveraging new technologies such as fully automated kiosks, seamless mobility, and virtual advisors.

In this new industry landscape, banks can more effectively make meaning from the digital fields of information, or Code Halos, that surround people, organizations, processes, and devices. By decoding Code Halos, leaders can create productive client segmentation and customized, actionable engagement campaigns while enhancing customer experience.

The growing importance of ubiquity combined with the moving of transactions from physical bank tellers to self-service channels presents an opportunity for banks to redesign approaches to customer engagement.

Much of this transformation is made possible by the rapid evolution of key emerging technologies such as social, mobile, analytics and cloud (SMAC). SMAC enables an intelligent, enterprise-wide approach to increasing customer satisfaction and loyalty, which in turn drive long-term relationships and profitability.

Financial institutions are realizing that success requires a laser focus on building, distilling and applying meaning from Code Halos. Decoding these insights can inform thoughtful and actionable client segmentation that drives competitive advantage. Financial institutions will need to embrace a new business/technology model that prioritizes digits over widgets. By applying Code Halo thinking, banks can not only intuit customer preferences, they can also create customized digital banking experiences and anticipate customer interactions that generate revenue and loyalty. The return on investment of leveraging Code Halos is clear: It will supercharge digital banking by enabling banks to attain a combination of lower channel costs, increased revenue and more meaningful customer interaction.”

Click here to read more.