Making the most of the web

Actuate’s Todd Paoletti argues that an injection of new creativity into web self-service could transform a bank’s role in the lives of its retail customers.

The current crisis in the banking sector is a loud wake-up call, if one were needed, to any financial services organisations that have become complacent in their approach to customer service. Consumer debt is at record levels, the economy is faltering, and customers now need good solid advice from their banks on how better to manage their money. This creates an unprecedented new opportunity for banks to win back the confidence of jaded customers by providing a valued support service that could make a real difference to their pockets (and therefore their ability to reinvest in the future).

Until now, the financial services industry has been very short sighted in its approach to the Internet, viewing it largely as a necessary evil. While it clearly suits many consumers to be able to check bank balances, transfer money, set up standing orders and pay bills at any time of day or night, there is so much more they could be doing online if the banking industry took fuller advantage of the potential to add value through this really quite special channel.

There has never been a better time to mobilise the medium, thanks to the ubiquity of broadband, the sophistication of next-generation web tools, and the general acceptance of the Internet as a perfectly viable medium for doing just about anything.

Sophisticated customers
In fact, any organisation that doesn’t harness the web to maximum effect is now on very shaky ground competitively. Consumers are spoilt when it comes to web-based services in most other aspects of their lives. But what, by contrast, can they do with their bank? Find out how much money they don’t have and postpone the odd direct debit? At a recent Actuate seminar, a presentation from respected global analyst firm Forrester Research explored how financial services firms could create a better online experience. It confirmed the need for banks to use their websites strategically – for example by giving customers a personalised ‘dashboard’ of their finances.

This involves much more than simply showing consumers how much money is in their accounts, with details of transactions completed over the last month. Imagine, by contrast, a scenario where a customised portal page walks the customer through a detailed snapshot of their overall financial situation at any point in time. This intelligence would empower the consumer to make prudent, informed decisions about their finances, giving them a feeling of renewed control over a critical aspect of their lives.

Taking the lead
Financial services organisations that get their act together quickly on the web have much to gain, since the industry as a whole is currently only in the very early stages of exploiting the channel’s full potential. While, elsewhere on the web, consumers have become used to a highly visual, customised representation of the exact content they prefer, in the world of retail banking the typical web experience today remains much flatter and less dynamic. The good news is that the tools to enable all of this are available today, and have the potential to transform an organisation’s customer service activities within a matter of months. The banks that realise these capabilities ahead of their rivals will gain a clear market lead. At a time when customers are at their most vulnerable, this is an advantage many will be eager to exploit.

To find out more contact Todd Paoletti at ukinfo@actuate.com or go to www.actuate.com

Todd Paoletti, Director of Customer Self Service Solutions at Actuate, combines more than 12 years of product marketing and development strategy experience working with successful enterprise software organizations, focusing on go-to-market strategies for both vertical industry and business process solutions. His role includes consulting with customers on their online product roadmaps, customer needs analysis and best practices for online functionality – specifically around information presentation and management. This includes working with a range of corporate financial services firms such as Citibank, Bank of America, State Street, American Express and HSBC among many others.

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