Transforming banking customer experiences with real-time technology

August 30, 2022 | 3 minute read
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The future survival and success of all banks hinges on their ability to adopt and deploy real-time solutions that delight their customers, but many are falling behind as innovative new entrants excel. Banks urgently need to identify and execute on opportunities to upsell and cross-sell at record speeds, which will allow them to provide customers with tailored options and support at precisely the right moments.

COVID-19 and the rise of digital banking have reduced the number of traditional touch points between banks and their customers, requiring them to explore fresh solutions that create new opportunities to communicate with them. The key challenges banks face include:

  • Competitive fintechs and challenger banks
  • Reduced customer touch points
  • Limited resources
  • Inadequate legacy systems
  • Siloed data

With a solution in place that helps to negate these challenges, banks can alert customers just as their debit card balance is about to be exceeded, or when they are in close proximity to retailers participating in associated loyalty programs. In this article we will highlight some other primary use cases for real-time banking technology, and discuss the Oracle Consulting solution that is making them a reality.

From days to seconds

A high level of real-time responsiveness and personalisation can unlock upselling opportunities at the point of sale, such as reactively increasing credit card limits when an unsuccessful payment is detected. Unfinished loan requests are also critical events to identify rapidly, as call centre assistants can be prompted to contact the customer and help them with completion while it is still convenient and relevant.

“Identify, segment, personalise, and execute on marketing campaigns in seconds rather than days.”

Many of the examples we have cited provide the dual benefit of increased upselling and customer satisfaction, while others focus more heavily on enhancing the customer experience. When a customer enters the wrong PIN at a cash machine, real-time detection of the event can be used to prompt an SMS directing them to use a mobile application for verification and support. This real-time reactivity can similarly be used to identify and help customers with repeating payments, streamlining their overall journey.

A game changing solution

Oracle has made these use cases and many others a reality for numerous banks by implementing the Golden Gate Stream Analytics and Responsys solution. This approach enables the identification of key events and complex real-time analysis, driving sales through dynamic marketing activities. The results achieved for customers have been truly disruptive, with clients reporting increases of up to 250% in upsell campaigns when compared with previous systems. Traditionally, it could take as long as a week to identify, segment, personalise and execute on marketing campaigns, but our solution does it in seconds.

One of the Oracle Consulting customers already seeing the benefits of the Real-Time Event Decisioning solution is Raiffeisenbank, a key financial institution providing services to both corporate and private clientele in the Czech Republic. With the project delivered in just a year, Raiffeisenbank has achieved faster speed to market, increased operational excellence, and strengthened insight into customer needs.

The solution leverages the distinct advantages of Oracle on-premises Technology, combined with Oracle Cloud Infrastructure (OCI), a second-generation cloud service that enables leading speeds and improved automation with built-in security. This fundamentally new public-cloud architecture handles intensive workloads with predictable levels of high performance, providing the real-time responsiveness that banks need to transform the customer experiences they offer.

 

For more information on this solution, please contact Tomas Hegr, EMEA Technology Principal Consultant, and Filip Kaznowski, Business Development Director, Oracle Consulting North East.

 

Tomas Hegr

 EMEA Technology Principal Consultant

Filip Kaznowski

Business Development Director, Oracle Consulting North East


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