Answer: When it poaches your customers.
I needed to know a fairly simple thing last week – if I want to borrow a little more money, or extend my existing loan, how much will my repayments be? After a lot of searching on my bank’s website, authenticated user site and mobile app (yes, I was keen!), I gave up looking for the answer.
Maybe I’m spoiled but it’s so easy to make self-service calculators these days I just assumed my bank had one. Anyway, a quick Google search did the trick and I was offered a number of online calculators by competitor banks in my region (thanks Google). Unsurprisingly, they were exactly what I wanted, calculating loan options and repayments. Of course they were also tailored to the competitor bank’s own loan products.
Now I’ll admit I’m in the roughly 80% of customers who are happy with their bank. But even so, I was tempted. The calculators provided me with various loan options, interest rate options and repayment choices. If one of the competitor bank’s business experts had been using Oracle Policy Automation to create those online calculators it would have been very easy for them to also recommend a product, guide me to an agent or provide me with instant preliminary approval so I could (shock! horror!) immediately sign myself up as their customer.
Lucky for my current bank, they didn’t.
For more information on how Oracle Policy Automation could streamline your retail banking experience see https://www.oracle.com/us/industries/insurance/opa-for-financial-services-1900948.pdf