Table of Contents
Abstract
This paper explores the changes in organizational structures that have been implemented in five domains of banking, workplace transformation, technology, education, and qualified industrial zone. Physical space and physical settings can have significant impact on the attitudes and behaviors of customer engagement experience in banking sector, physical structures are particularly important in reflecting banking value, identity, culture and may even be used to facilitate organizational change. In this paper, will cover the design process related to modern banking branch model is used as an illustration of the interaction between marketing and administration departments and overall customer experience journey.
New Banking Experience
Even in an increasingly digital arena, the branch grid can play a significant role in building confidence and reliability, providing banking advice, offering convenience, and easing the shift to digital networks, the retail-banking network model has remained largely the same since the days of the new century, and for good reason. Despite the clarion call to shrink the branch network over the past eight years in response to continued pressure on profitability and the growth of digital banking, branches have inherent advantages. They build brand presence in local markets that is difficult to match: at one US bank, the value of the physical network in just a single market estimated to be equivalent to millions of dollars of annual marketing. Branches also provide physical comfort for customers, dispense cash and coin, and build trust in the bank to safeguard money and data. (Anderson, 2016)
There are three components that’s affect the workplace transformation and design space retail banking, innovation, and marketing; Retail Banking: is the provision of services by a bank to individual consumers. Innovation: is a new idea, more effective products, services or processes. It is an application for a better solution. Marketing: is about communicating the value of a product, service or a brand to customers for the purpose of promoting or selling. (Brady, 2017)
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From assisted to self-service customer spawned by digital era, self-service consists of ATM transactions and the various online banking methods such as internet banking (including a skinned internet banking site for mobile devices), mobile banking (utilizing mobile-native applications) and telephone banking. In this channel, a customer performs their own actions. For example, transfer between bank accounts, cash withdrawals, payment scheduling. Assisted mainly consists of the traditional branch model and the call centre. In this channel, a customer engages a bank representative to complete an action. For example, a cheque deposit, loan origination or foreign cash exchange with result by a new feature fore customer engagement process.
Customer Centric Bank
The customer centric back way to understand the relationship once a good example of this is on booth have brunch it’s a simple way to do back with the clients to many of the transactions they leave on their own for transparency in the relationship of the barriers between clients relationship managers in the interaction between the clients in the relationship manager is easy insurance for the property in addition you and we are now able to exceed customer expectations processes of contract and transactions with clients interactions with the fan is consistent across the front of the spaces without visual parents outside and with merchandise into space and dynamic me this happens is when is the new format in construction for flexion in both cases for the space is concede to space for the client brunch stuff workspace is Space transferred to back office from which they come out to meet with client.
This results in important changes in the roles of the relationship and trust that need to have it for conceived as a space for the client brunch stuff workspace is transferred to back office from which they come out to meet this resulted important changes in the rules of the relationship managers and the branches and ship the customer centric is the new approach to distribution focused on clients symptoms and transparent and approach that anticipates clients’ needs and integrated to built a strong and long relationship. (Ye, 2018)
Global Transactional Banking Process
To improve customer experience, banks need to move from touchpoints to journeys by implementing below steps:
- Observe: Customer journeys consist of a progression of touchpoints that together add up to the experience customers get when they interact with companies, seeing the world as their customers do helps leading companies better organize and mobilize their employees around customer needs.
- Shape: Designing the customer experience requires reshaping interactions into different sequences and, though the effort may start small, soon entails digitizing processes, reorienting company cultures, and nimbly refining new approaches in the field.
- Perform: Rewiring a company to provide leading customer experiences is a journey in itself, often taking two to four years and requiring high engagement from company leaders and frontline workers alike.
On the other hand, there are shortcomings of the branch model will appear according to the legacy of branch distribution in an increasingly digital world has created several challenges that banks have struggled to address such as the cost, The physical customer experience, Operating challenges and enabler for underperformance.
Symbiotic Strategy
Creating the ultimate customer value proposition based on three tiers; Product centric model – Ford automotive example, companies sell, and customers Buy. Sales driven corporate no actual customer relationships. Customer centric model – Amazon implementation, customer is in the very heart of the corporate focus. Company Is doing its very best in order to meet customers’ expectations and create great customer experience. Symbiosis – Facebook engagement, customers and a company are in Solid relationship, need each other’s and succeed together.
To get a sense of what this shift will mean, consider the safe deposit box. This service is not likely to change anytime soon or become a profit center for retail banks. But the idea of the safe deposit box is a fundamental strategic advantage for traditional banks over nonbank attackers. The idea that customers can trust their bank and no one else with their most valuable and cherished possessions is an asset for banks. Innovative approaches such as virtual safe deposit boxes that can store digital documents such as tax returns and medical records with bank-grade security or making estate planning an automatic part of the banking experience could build on this trust. In an integrated physical and digital offering, physical branches can reinforce a bank’s unique value to the customer. (Liu, 2018)
Moreover, a branch’s physical presence, from the location and size to décor, needs to be consistent with the bank’s brand. High-end finishes are not a requirement. For example, a multitude of mass-market brands in hotels, retail, and restaurants forego frills but deliver consistent quality tailored to their target customers in their physical space. While banks should have been attending to this area all along, many have allowed it to become a lower priority, leading to an uneven customer experience, also digitally become to enabled customer ecosystem. Therefore, most banks are organized around the branch network as the delivery system. In a customer’s eyes, the branch is just one more way along with online, mobile, call centers, and other means to interact with the bank. Although multiple channels are often required to complete a single process, such as signing an application that started online, banks must provide a consistent customer experience across channels. Doing so will force them to move away from assigning customers to specific branches and instead focus on the broader ecosystem.
‘Many consumers consider mobile banking to be as important as ATM access and electronic bill payment, yet a considerable number of financial institutions – particularly community banks and credit unions – still think mobile banking is a luxury, not a necessity,’ said Andrew Tilbury, chief marketing officer for Bluepoint Solutions and the whitepaper’s author. ‘Financial institutions that do not understand the importance of the mobile channel are running the risk of losing existing members, missing-out on potential growth opportunities, as well as not benefitting from the operating efficiency inherent to delivering self-service via the mobile channel. therefore, the technology trends that have combined to make mobile banking a vital service and suggests ways that financial institutions should respond in the future to help keep their mobile offerings on par with consumer expectations and market competition.’ (Bluepoint solutions releases new whitepaper, 2013)
The key consideration of workplace transformation and design space in banking industry can be summarized through volatility will prevail the adaptability, agility and collaboration are key according to supports investments in capabilities that are aligned to client value drivers. To be successful, banks will need to win in; robust client analytics, achieving simplicity, being fast to market on innovation, and lowering costs to serve our clients through innovative traditional and digital distribution.
Conclusion
Reimagining the bank branch for the digital era will be the trending topic for long, especially the ecosystem of financial institution system seems as a coherent block, om the other hand, in an increasingly digital world, bank top managements must rethink the branch and the services it offers. The physical structure can still play a serious role in building trust and transparency, providing financial advisory and private banking, offering convenience, and assisting in the transition to digital channels. Getting the operating model within the branch right will be critical to a bank’s success with its customers experience. The ideal model is likely to include several features, many of which represent fundamental shifts from the traditional model.
References
- Anderson, J. (2016). M-banking in developing markets: Competitive and regulatory implications. Info : The Journal of Policy, Regulation and Strategy for Telecommunications, Information and Media, 12(1), 18-25. doi:http://dx.doi.org/10.1108/14636691011015358
- Bluepoint solutions releases new whitepaper, ‘the future of mobile banking’. (2013). Manufacturing Close – Up, Retrieved from https://search.proquest.com/docview/1413077630?accountid=34773
- Brady, M., Fellenz, M. R., & Brookes, R. (2017). Researching the role of information and communications technology (ICT) in contemporary marketing practices. The Journal of Business & Industrial Marketing, 23(2), 108-114. doi:http://dx.doi.org/10.1108/08858620810850227
- Liu, C.-W., Lo, S.-K., Hsieh, A.-Y., & Hwang, Y. (2018). Effects of banner Ad shape and the schema creating process on consumer internet browsing behavior. Computers in Human Behavior, 86, 9. Retrieved from http://link.galegroup.com/apps/doc/A542753981/PPCJ?u=lirn30069&sid=PPCJ&xid=a1ca83bd
- Ye, Y., Li, T., Adjeroh, D., & Iyengar, S. S. (2018). A Survey on Malware Detection Using Data Mining Techniques. ACM Computing Surveys, 50(3), 41+. Retrieved from http://link.galegroup.com/apps/doc/A543780151/CDB?u=lirn30069&sid=CDB&xid=b05de055
