Today’s leading financial services companies are operating in a new and more complex environment; one where the fundamental definition of how customers experience and interact with a bank is being challenged and redefined, and leading companies face competition from a myriad of disruptors.
As the number of branches continually increased, more processes were centralised or even outsourced to aid the efficiency of the bank. Customer service was revolutionised by the introduction of the contact centre, effectively removing the need for phone calls from customers to be answered inbranch.
These centralised functions were siloed by product and customer segments to improve efficiency within the bank, but ultimately resulted in the spread of customer data across different systems.
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