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Connexus : Issue 38
SPONSORED TECHNOLOGY FEATURE Connexus www.abacus.org.au 55 P roviding exceptional service to customers has always been the number one priority for mutuals. Up until recently, this was accomplished via the branch or phone networks. With the shift to the online channel away from the branch network, the question has now become one of how to utilise this channel to better engage and more effectively service customers and provide similar personal levels of service. Customer service online is now just as important as service in the branch – if not more important. Offering a simple internet and mobile banking system is now not enough. If every retail banking institution offers internet banking facilities with similar features, and your customers are no longer visiting the branch then how can you use the online channel to truly differentiate yourselves from your competitors and better engage with your customer base? New modular technological innovations including interactive internet banking, online financial management and next generation mobile solutions are helping retail banking institutions be more proactive in their communications and interactions with their customers. Each can be implemented as stand-alone solutions to complement a financial institution’s existing systems. Internet BankIng The latest internet banking systems, for instance, contain fully integrated social media capabilities that provide the facility for customers to tell their friends when they have had a positive experience with their financial institution or when they see a great offer that they would like to share. How often do you receive positive feedback from your customers? OnlIne FInancIal ManageMent Online Financial Management (OFM) is also now an important tool for financial institutions looking to better engage with their customers. OFM goes beyond simply providing customers the ability to perform budgeting functions online. It forms part of a broader customer engagement strategy aimed at keeping customers on your website for longer, providing a positive experience for them, increasing customer retention levels and ultimately selling more products to them. Since implementing their OFM solution, Power Credit Union in the United States, for instance, has found that only 1.5% of their customers leave the organisation each year, as opposed to the 7% annual departure rate prior to the implementation of the system (Javelin Report, September 2009: Consumer Behaviour Fuels Battle For Supremacy Between Banks and PFM Sites). MOBIle BankIng Perhaps the biggest change is in the area of mobile banking. It is no longer sufficient to simply say that you have a mobile banking solution. You need to offer customers more than just a facility from which they can do their banking and your customers need to have a reason to use it and feel comfortable doing so. The latest mobile apps for smart phones aim to do just that. Customers using such apps can get a one touch view of their balance, budget, payment calendar and net position and don’t have to press multiple buttons to get to their desired screen. This all adds up to the best user experience possible. Additionally the latest solutions contain all the latest OFM functionality outlined above – all optimised for mobile devices, of course. Additionally, the latest mobile solutions contain the most innovative security features that not only provide the best security available, but also the optimal user experience. For more information on Sandstone’s loan origination, internet banking, next generation mobile, online financial management and online account application solutions, please email louiseskilbeck@ sandstone.com.au or talk to Louise at the Abacus Convention on 0433 162 869. Using the latest online innovations to better Engage with your Customers Sandstone’s Next Generation Mobile Solutions