The role of performance intelligence in digital banking (part 1)

Today’s banks are investing heavily in digital transformation initiatives.

This will make it more convenient for their customers to access services, from any place, at any time, in whichever way they prefer. While making the transition from legacy retail banking IT systems to the current multi-channel digital environment, banks are also making vigorous efforts to tackle the challenges brought about by ongoing digital customer shifts, market evolutions and the need to meet increasingly demanding user expectations.

Despite the speed at which banks are transforming their services to increase speed and improve the convenience and user-experience, they are still struggling to keep up with the increasingly demanding expectations of their customers. As such, banks need to ensure they are able to deliver a great user experience across all digital channels at the moment and place of the customer’s need. However, thinking further ahead, they also need to find ways to promote or upsell relevant products and services to their customers.

Tapping into the data boom

Banks require actionable performance intelligence about their customers’ experience each time they interact with the organisation regardless of which web, mobile web or mobile application platform is being used. The best source of this information lies in the wealth of data that customers create every time they interact with a digital service. However, despite millions of dollars spent on customer relationship management (CRM) and business intelligence tools, which are now collecting tremendous amounts of this data, banks still face a major challenge in using it effectively.

Many are still unable to zero in on individual customer transactions and correlate user behaviour with business insights to understand why some transactions are completed whilst others are abandoned. These granular insights must be available in real-time if they are to be of most use in improving services; enabling frontline staff to quickly intervene if a customer is experiencing any disruptions or poor service delivery.

When the performance issues occur, banks can share the relevant data with the application and development teams, thereby reducing the time needed to resolve the problem with analytics data that provides a shared “single source of truth.” This means the banks’ IT teams can enjoy improved cross-teams alignment, better turnaround times in fixing customer experience issues and more time for innovation instead of looking through endless amounts of log files whenever users complain. Proactively reaching out to these customers can help banks to prevent transactions from being abandoned and safeguard customer relationships.

Performance intelligence equips tech teams with greater agility by giving them advanced warning of any potential issues that could impact the customer experience and help them to identify the root-cause right down to the individual line of application code. In the second part of this blog, I’ll look at how this granular level of visibility can enable banks to be more responsive to the needs of digital service users and strengthen their relationships with customers.