INDUSTRY INSIGHTS YOUR PEERS ARE READING
We recently had an interesting discussion with a Customer Service Head of one of the leading banks in Africa, about how banking experience can be improved by empowering customer service agents with the right access to the backend applications for resolving customer queries efficiently. MORE
Digital Banking Success Begins with Customer Experience. As digital banking capabilities have expanded, so has consumer adoption of online and mobile channels. In 2018, 57% of all banks and credit unions have adopted digital mobile banking options. MORE
Fast-growing China Citic Bank, Credit Card Business Unit, has signed an agreement with Teleopti’s partner Youcheng Technologies for Teleopti´s Workforce Management (WFM) solution, Teleopti WFM. The agreement has increased Teleopti´s WFM customer base with more than 2000 seats MORE
Whether they’re using stolen data to open a new line of credit online or spoofing telephone reps, authentication processes play a central role in protecting customer data from scams designed to steal identities and impact a bank’s brand reputation. . MORE
While many customers are still most comfortable banking at their local brick-and-mortar branch location, we’d like to think it’s because they enjoy seeing their favorite teller and not because they’re afraid to try online banking. 13 Essential Online-Banking Security Tips. MORE
When it comes to providing a trusted customer environment, banks are typically better at resolving problems stemming from non-predictive authentication and fraud than preventing them. What I mean by this is when banking customers place a call into a contact center, the very act of answering the telephone sets the stage for criminals to start their elaborate social engineering schemes. Done right, however, it can also have the biggest payback for both the bank and customer. MORE
Big banks have proven yet again that they cannot be trusted to do what is best for the consumer. Banking industry lobbyists fought hard for this change and gained significant support. After contacting the bank (or not), most people just drop it. Do you trust your bank? MORE
The motivation from the jury was: The winner has in a professional manner handled their challenges and achieved results in a very short time. The results are excellent proof of what one can achieve with the help of Teleopti WFM MORE
Whether in the lobby of your office building or a kiosk in a shopping mall, ATMs are at the very root of convenience banking. How can banks better serve their customers in today’s mobile world? We’re all familiar with the automated teller machine (ATM). MORE
In this post I’ll try to list the countries allowed their banks to identify clients through video. Proof links are included. The list will be continuously updated as I learn about new ones. Here’s what I have so far (a/b order): 1. Austria. MORE
One industry in particular, however, has untapped potential in terms of data analytics — regional banks. So what exactly can smaller regional banking institutions be doing to realize the incredible benefits of data analytics? Personalized Bank Offerings. MORE
Bank call centers are also targeted by fraudsters posing as customers calling in to change their account passwords or make financial transactions. As they offer customers new ways to bank online, financial institutions also needed to ensure those platforms secure. MORE
With the commoditization of banking services, the biggest differentiator for banks today is customer experience. Customers are far more likely to choose a bank based on factors such as the ease of navigation or quality of issue resolution; rather than on the actual offerings. This creates a challenge for the banking industry that is already in a state of flux and is grappling with the rise of more tech-savvy & “born in the cloud” banks. MORE
Along with providing faster and more convenient ways to bank, financial institutions are constantly challenged with making sure all of their customer channels are protected. The problem with offering customers more tools for customers to bank remotely is the ability to successfully secure the growing number of sales channels without impacting the user experience. And this says nothing about the damage that security questions can have on the goodwill of banking customers. MORE
My example is TD Bank, where viral communication meets real, and valued, experience delivery on a personalized, and deeply emotional, level. The mini-documentary TD Bank created about the campaign has been viewed over 5 million times on YouTube. – Michael Lowenstein, Ph.D., MORE
inContact’s research shows that banking was in the highest tier for customer satisfaction with 54% of respondents ranking it for the most satisfied recent interaction. The American Customer Satisfaction Index (ACSI) reported that banking customer satisfaction increased 5.3% Forrester Research, in their annual Customer Experience Index, also finds that banking and credit card companies lead the way in customer experience excellence when compared to other industries. MORE
With fraud against financial institutions on the rise, what will banks be focusing on in the coming year? The recent BankInfoSecurity article, “New Insight on How to Respond to 2013’s Top Fraud Trends,” suggests that fraud attempts against banks and credit unions will continue to increase this year. Deploying a multi-factor authentication strategy can play a critical role in preventing fraud across all banking channels. Authentication Banking Fraud MORE
Last year’s survey revealed that Amazon claimed the top spot and Bank of America…well, didn’t. That is to say, Amazon has it—and Bank of America doesn’t. Technically, Bank of America isn’t listed here by name but they do fall under the label of “Any Bank.” I would argue that this is true of Bank of America. Zhecho Dobrev , a one of Beyond Philosophy’s Senior Consultants, recently told a story on our blog about his experience with Bank of America. MORE
Meet Ali Banks! Ali Banks’ began her career in architecture but left her real estate development job to pursue her love of food at Le Cordon Bleu, Paris. To connect with Ali Banks further visit her at www.sitkasalmonshares.com. MORE
With the increase in technology making competition for customers more fierce than ever, banks have a huge incentive to improve their customer experience. The post Happy Customers = Happy Banks appeared first on Blueworx. Blog AI Banks Customer Experience CX IVR MORE
The banking sector has seen its fair share of controversies and scandals. This has led to the public losing confidence in the traditional banking system. So much so that, there have been claims of it being one of the biggest disruptors for the traditional banks in the recent past. MORE
inContact’s research shows that banking was in the highest tier for customer satisfaction with 54% of respondents ranking it for the most satisfied recent interaction. The American Customer Satisfaction Index (ACSI) reported that banking customer satisfaction increased 5.3% MORE
Teleopti, a global provider of Workforce Management (WFM) solutions for large contact centres, has received an order for their workforce management solution, Teleopti WFM, from the Bank of Communications, a leading bank in China. The leading Bank Application and System Integration provider, Yucheng Technology, is responsible for this project delivery together with Teleopti. MORE
Both quotes seem to apply to what is currently transpiring with retail branch banking, and where it seems to be trending. Banks can’t quite make up their minds about what branches are supposed to be. At a time when banks are closing branch locations at a record pace (over 1,400 in 2014, with Bank of America, alone, closing more than 140) that is likely to continue, the need for the services they offer remains pretty much the same. Why does banking have to be a chore? MORE
Consumer financial service industries, such as banking, investments and insurance, are sectors where trust and confidence play a particularly important role in key elements of the customer life cycle: selection, loyalty, and defection. Retail banking, in particular, has seen both success and failure because of customer trust. Big national and large regional banks are particularly vulnerable. In classic psychological terms, trust is considered more a ‘feeder’ of emotion. MORE
Congratulations to Citizens Bank and credit unions for earning the best customer experience scores in the banking industry. Of the 15 banks included in this year’s Ratings, Citizens and credits unions tied for the top spot. The post Temkin Experience Ratings Industry Snapshot: Banks appeared first on Customer Experience Matters®. MORE
As much as we’d like to think that remote banking is safe, the reality is threats across all customer channels still exist. With new and emerging threats facing financial institutions every day, banks need to stay one step ahead of today’s tenacious criminals. Continued education is essential for fighting bank fraud : With crooks cooking up new schemes all the time, bank fraud teams need to keep up with the latest criminal trends and tactics. MORE
In light of recent news from the royal commission exposing misconduct by Australian banking and financial institutions, businesses in the financial sector should consider taking a look at their internal sales practices and potentially recalibrating their corporate culture. MORE
For regional and community banks, which are the bulk of the financial institutions in North America, selecting a new vendor or partner involves an in-depth review of the offering and its related landscape — to ensure the organization is making the best quality choice. MORE
A: Wells Fargo Bank, the latest bank to suffer the scrutiny of the truth and forced to answer for taking advantage of its customers’ trust. Carrie Tolstedt , unit leader of Wells Fargo’s community banking division, is set to retire at the end of this year after 27 years of service. MORE
Interested in learning more about how fintech and chatbots are enhancing the customer experience at banks and credit unions today? Join our team, along with other top leaders in the financial field, at the 7 th Annual Bank Innovation Conference (March 5-6). MORE
It is having most impact, and will likely continue to do so, in traditional industries such as retail banking. Digital innovation in banking can be seen in the transformative way people transact and organize their finances. Michael Lowenstein, Ph.D., MORE
Even with fraud defenses in place, individuals are still the ones who have to ultimately make banking decisions that could put them at risk. The recent article, “How to Address Security’s Weakest Link,” explores one of the most inherent security vulnerabilities that banks face today — people. The TrustID® network-based Physical Caller Authentication incorporates proactive fraud detection to instantly educate bank agents about the legitimacy of incoming calls. MORE
Bank of the West is Pindrop’s latest partner in the fight against fraud within the phone channel. Focused on its award-winning relationship banking approach and customer service, Bank of the West enhanced its customer experience by adopting our fraud solution. Pindrop’s machine learning technology allows us to better know our customers and more effectively protect their assets,” said Patricia Nowak, Head of Enterprise Customer Experience for Bank of the West. MORE
Without it, or worse, relying on unvalidated resources like personal identifiable information (PII) to identify customers, puts every banking transaction at risk. Much like any other banking channel, financial institutions need to strengthen their customer authentication if they expect to stop fraud in the financial services industry, said Neil Schwartzman of secure messaging infrastructure provider, Message Bus. Sitting at the core of every financial transaction is trust. MORE
Last year’s survey revealed that Amazon claimed the top spot and Bank of America…well, didn’t. That is to say, Amazon has it—and Bank of America doesn’t. The Bottom 10 Companies Technically, Bank of America isn’t listed here by name but they do fall under the label of “Any Bank.” I would argue that this is true of Bank of America. I am not a fan of banks. In my experience, banks don’t ever put the customer first. MORE
If your caller authentication process does not include a trusted caller flow, you may be putting your bank and customer accounts at risk. These steps simply take too long and disrupt the banking journey. . MORE
Healthcare and banking in particular are great examples of the various ways AI can improve engagement based on the specific needs of an industry. Banking is a good example. MORE
Are you looking for a customer engagement solution to help your bank meet growing customer expectations? News ABA Annual Convention American Bankers Association banking credit unions Customer Engagement Customer Experience digital banking MORE
According to the recent Customer Contact Week webinar, “The Future of Call Center Authentication,” technologies like the TRUSTID Pre-answer Caller Authentication can help banks achieve a multi-layered solution for identifying customers over the telephone channel. . MORE
When it comes to improving banking efficiencies and protecting customers over the telephone channel, contact center supervisors have traditionally relied on knowledge-based information to authenticate customers. MORE
Whether they’re using stolen data to open a new line of credit online or spoofing telephone reps, authentication processes play a central role in protecting customer data from scams designed to steal identities and impact a bank’s brand reputation. . MORE
A new report from the American Customer Satisfaction Index (ACSI) shows branches and ATM machines are just about the only place where credit unions and community banks lag behind larger financial institutions. Here's the breakdown of overall customer service ratings by size of bank. MORE
Banking Related Topics Blueworx
NOVEMBER 3, 2017
With the increase in technology making competition for customers more fierce than ever, banks have a huge incentive to improve their customer experience. The post Happy Customers = Happy Banks appeared first on Blueworx. Blog AI Banks Customer Experience CX IVR
Beyond Philosophy
NOVEMBER 1, 2017
Big banks have proven yet again that they cannot be trusted to do what is best for the consumer. Banking industry lobbyists fought hard for this change and gained significant support. After contacting the bank (or not), most people just drop it. Do you trust your bank?
Revation Systems
NOVEMBER 28, 2017
While many customers are still most comfortable banking at their local brick-and-mortar branch location, we’d like to think it’s because they enjoy seeing their favorite teller and not because they’re afraid to try online banking. 13 Essential Online-Banking Security Tips.
Beyond Philosophy
SEPTEMBER 18, 2016
A: Wells Fargo Bank, the latest bank to suffer the scrutiny of the truth and forced to answer for taking advantage of its customers’ trust. Carrie Tolstedt , unit leader of Wells Fargo’s community banking division, is set to retire at the end of this year after 27 years of service.
Ameyo
MARCH 19, 2018
The banking sector has seen its fair share of controversies and scandals. This has led to the public losing confidence in the traditional banking system. So much so that, there have been claims of it being one of the biggest disruptors for the traditional banks in the recent past.
TRUSTID
FEBRUARY 1, 2018
Whether they’re using stolen data to open a new line of credit online or spoofing telephone reps, authentication processes play a central role in protecting customer data from scams designed to steal identities and impact a bank’s brand reputation. .
TRUSTID
FEBRUARY 1, 2018
Whether they’re using stolen data to open a new line of credit online or spoofing telephone reps, authentication processes play a central role in protecting customer data from scams designed to steal identities and impact a bank’s brand reputation. .
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Noble Systems
OCTOBER 22, 2018
In light of recent news from the royal commission exposing misconduct by Australian banking and financial institutions, businesses in the financial sector should consider taking a look at their internal sales practices and potentially recalibrating their corporate culture.
Revation Systems
FEBRUARY 20, 2018
Interested in learning more about how fintech and chatbots are enhancing the customer experience at banks and credit unions today? Join our team, along with other top leaders in the financial field, at the 7 th Annual Bank Innovation Conference (March 5-6).
Beyond Philosophy
JULY 4, 2016
It is having most impact, and will likely continue to do so, in traditional industries such as retail banking. Digital innovation in banking can be seen in the transformative way people transact and organize their finances. Michael Lowenstein, Ph.D.,
Revation Systems
JUNE 5, 2018
For regional and community banks, which are the bulk of the financial institutions in North America, selecting a new vendor or partner involves an in-depth review of the offering and its related landscape — to ensure the organization is making the best quality choice.
TRUSTID
JUNE 9, 2018
According to the recent Customer Contact Week webinar, “The Future of Call Center Authentication,” technologies like the TRUSTID Pre-answer Caller Authentication can help banks achieve a multi-layered solution for identifying customers over the telephone channel. .
Beyond Philosophy
MAY 10, 2016
My example is TD Bank, where viral communication meets real, and valued, experience delivery on a personalized, and deeply emotional, level. The mini-documentary TD Bank created about the campaign has been viewed over 5 million times on YouTube. – Michael Lowenstein, Ph.D.,
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Ameyo
JULY 19, 2018
We recently had an interesting discussion with a Customer Service Head of one of the leading banks in Africa, about how banking experience can be improved by empowering customer service agents with the right access to the backend applications for resolving customer queries efficiently.
TRUSTID
JANUARY 25, 2018
Bank call centers are also targeted by fraudsters posing as customers calling in to change their account passwords or make financial transactions. As they offer customers new ways to bank online, financial institutions also needed to ensure those platforms secure.
Beyond Philosophy
MARCH 31, 2015
Both quotes seem to apply to what is currently transpiring with retail branch banking, and where it seems to be trending. Banks can’t quite make up their minds about what branches are supposed to be. At a time when banks are closing branch locations at a record pace (over 1,400 in 2014, with Bank of America, alone, closing more than 140) that is likely to continue, the need for the services they offer remains pretty much the same. Why does banking have to be a chore?
inContact
AUGUST 24, 2017
inContact’s research shows that banking was in the highest tier for customer satisfaction with 54% of respondents ranking it for the most satisfied recent interaction. The American Customer Satisfaction Index (ACSI) reported that banking customer satisfaction increased 5.3%
Enghouse Interactive
JULY 16, 2018
Digital Banking Success Begins with Customer Experience. As digital banking capabilities have expanded, so has consumer adoption of online and mobile channels. In 2018, 57% of all banks and credit unions have adopted digital mobile banking options.
Beyond Philosophy
SEPTEMBER 11, 2014
Last year’s survey revealed that Amazon claimed the top spot and Bank of America…well, didn’t. That is to say, Amazon has it—and Bank of America doesn’t. The Bottom 10 Companies Technically, Bank of America isn’t listed here by name but they do fall under the label of “Any Bank.” I would argue that this is true of Bank of America. I am not a fan of banks. In my experience, banks don’t ever put the customer first.
teleopti
OCTOBER 9, 2018
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Customers That Stick
SEPTEMBER 25, 2014
Meet Ali Banks! Ali Banks’ began her career in architecture but left her real estate development job to pursue her love of food at Le Cordon Bleu, Paris. To connect with Ali Banks further visit her at www.sitkasalmonshares.com.
Toister Performance Solutions
JANUARY 4, 2018
A new report from the American Customer Satisfaction Index (ACSI) shows branches and ATM machines are just about the only place where credit unions and community banks lag behind larger financial institutions. Here's the breakdown of overall customer service ratings by size of bank.
Customer Experience Matters
APRIL 4, 2018
Congratulations to Citizens Bank and credit unions for earning the best customer experience scores in the banking industry. Of the 15 banks included in this year’s Ratings, Citizens and credits unions tied for the top spot. The post Temkin Experience Ratings Industry Snapshot: Banks appeared first on Customer Experience Matters®.
RichCall
NOVEMBER 16, 2017
In this post I’ll try to list the countries allowed their banks to identify clients through video. Proof links are included. The list will be continuously updated as I learn about new ones. Here’s what I have so far (a/b order): 1. Austria.
teleopti
OCTOBER 9, 2018
Fast-growing China Citic Bank, Credit Card Business Unit, has signed an agreement with Teleopti’s partner Youcheng Technologies for Teleopti´s Workforce Management (WFM) solution, Teleopti WFM. The agreement has increased Teleopti´s WFM customer base with more than 2000 seats
pindrop
JUNE 18, 2018
Bank of the West is Pindrop’s latest partner in the fight against fraud within the phone channel. Focused on its award-winning relationship banking approach and customer service, Bank of the West enhanced its customer experience by adopting our fraud solution. Pindrop’s machine learning technology allows us to better know our customers and more effectively protect their assets,” said Patricia Nowak, Head of Enterprise Customer Experience for Bank of the West.
Beyond Philosophy
FEBRUARY 21, 2016
Consumer financial service industries, such as banking, investments and insurance, are sectors where trust and confidence play a particularly important role in key elements of the customer life cycle: selection, loyalty, and defection. Retail banking, in particular, has seen both success and failure because of customer trust. Big national and large regional banks are particularly vulnerable. In classic psychological terms, trust is considered more a ‘feeder’ of emotion.
Aspect
SEPTEMBER 13, 2018
With the commoditization of banking services, the biggest differentiator for banks today is customer experience. Customers are far more likely to choose a bank based on factors such as the ease of navigation or quality of issue resolution; rather than on the actual offerings. This creates a challenge for the banking industry that is already in a state of flux and is grappling with the rise of more tech-savvy & “born in the cloud” banks.
inContact
AUGUST 24, 2017
inContact’s research shows that banking was in the highest tier for customer satisfaction with 54% of respondents ranking it for the most satisfied recent interaction. The American Customer Satisfaction Index (ACSI) reported that banking customer satisfaction increased 5.3% Forrester Research, in their annual Customer Experience Index, also finds that banking and credit card companies lead the way in customer experience excellence when compared to other industries.
Beyond Philosophy
SEPTEMBER 11, 2014
Last year’s survey revealed that Amazon claimed the top spot and Bank of America…well, didn’t. That is to say, Amazon has it—and Bank of America doesn’t. Technically, Bank of America isn’t listed here by name but they do fall under the label of “Any Bank.” I would argue that this is true of Bank of America. Zhecho Dobrev , a one of Beyond Philosophy’s Senior Consultants, recently told a story on our blog about his experience with Bank of America.
TRUSTID
DECEMBER 25, 2012
As much as we’d like to think that remote banking is safe, the reality is threats across all customer channels still exist. With new and emerging threats facing financial institutions every day, banks need to stay one step ahead of today’s tenacious criminals. Continued education is essential for fighting bank fraud : With crooks cooking up new schemes all the time, bank fraud teams need to keep up with the latest criminal trends and tactics.
TRUSTID
FEBRUARY 19, 2013
When it comes to providing a trusted customer environment, banks are typically better at resolving problems stemming from non-predictive authentication and fraud than preventing them. What I mean by this is when banking customers place a call into a contact center, the very act of answering the telephone sets the stage for criminals to start their elaborate social engineering schemes. Done right, however, it can also have the biggest payback for both the bank and customer.
TRUSTID
JANUARY 1, 2013
Even with fraud defenses in place, individuals are still the ones who have to ultimately make banking decisions that could put them at risk. The recent article, “How to Address Security’s Weakest Link,” explores one of the most inherent security vulnerabilities that banks face today — people. The TrustID® network-based Physical Caller Authentication incorporates proactive fraud detection to instantly educate bank agents about the legitimacy of incoming calls.
teleopti
OCTOBER 9, 2018
Teleopti, a global provider of Workforce Management (WFM) solutions for large contact centres, has received an order for their workforce management solution, Teleopti WFM, from the Bank of Communications, a leading bank in China. The leading Bank Application and System Integration provider, Yucheng Technology, is responsible for this project delivery together with Teleopti.
TRUSTID
JANUARY 22, 2013
Along with providing faster and more convenient ways to bank, financial institutions are constantly challenged with making sure all of their customer channels are protected. The problem with offering customers more tools for customers to bank remotely is the ability to successfully secure the growing number of sales channels without impacting the user experience. And this says nothing about the damage that security questions can have on the goodwill of banking customers.
TRUSTID
JANUARY 15, 2013
With fraud against financial institutions on the rise, what will banks be focusing on in the coming year? The recent BankInfoSecurity article, “New Insight on How to Respond to 2013’s Top Fraud Trends,” suggests that fraud attempts against banks and credit unions will continue to increase this year. Deploying a multi-factor authentication strategy can play a critical role in preventing fraud across all banking channels. Authentication Banking Fraud
TRUSTID
DECEMBER 18, 2012
Without it, or worse, relying on unvalidated resources like personal identifiable information (PII) to identify customers, puts every banking transaction at risk. Much like any other banking channel, financial institutions need to strengthen their customer authentication if they expect to stop fraud in the financial services industry, said Neil Schwartzman of secure messaging infrastructure provider, Message Bus. Sitting at the core of every financial transaction is trust.
teleopti
OCTOBER 9, 2018
The motivation from the jury was: The winner has in a professional manner handled their challenges and achieved results in a very short time. The results are excellent proof of what one can achieve with the help of Teleopti WFM
Revation Systems
OCTOBER 4, 2018
Are you looking for a customer engagement solution to help your bank meet growing customer expectations? News ABA Annual Convention American Bankers Association banking credit unions Customer Engagement Customer Experience digital banking
Revation Systems
OCTOBER 19, 2018
Whether in the lobby of your office building or a kiosk in a shopping mall, ATMs are at the very root of convenience banking. How can banks better serve their customers in today’s mobile world? We’re all familiar with the automated teller machine (ATM).
TRUSTID
FEBRUARY 22, 2018
When it comes to improving banking efficiencies and protecting customers over the telephone channel, contact center supervisors have traditionally relied on knowledge-based information to authenticate customers.
Revation Systems
NOVEMBER 13, 2018
Healthcare and banking in particular are great examples of the various ways AI can improve engagement based on the specific needs of an industry. Banking is a good example.
TRUSTID
NOVEMBER 11, 2018
If your caller authentication process does not include a trusted caller flow, you may be putting your bank and customer accounts at risk. These steps simply take too long and disrupt the banking journey. .
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