Banks are getting serious about collaboration

Seeing clients, partners, and employees as the information brokers they are is powerful. Trust what they know and suddenly there’s a world of opportunity. The insights they give you can help develop exactly the business models and services financial institutions need to compete in today’s world of tighter profit margins after the financial crisis. For example, one of Australia’s largest banks, ANZ Bank, is exploring the use of new cognitive computing technologies to extract new insights to derive new client-driven product and services around wealth management. Similarly, Banorte, one of Mexico’s leading Banks, is transforming its client engagement model using Big Data and analytics technologies.

(via IBM Smarter PlanetVoice: Who’s At The Center Of The Banking Universe? You - Forbes)

Banks are getting serious about collaboration

Seeing clients, partners, and employees as the information brokers they are is powerful. Trust what they know and suddenly there’s a world of opportunity. The insights they give you can help develop exactly the business models and services financial institutions need to compete in today’s world of tighter profit margins after the financial crisis. For example, one of Australia’s largest banks, ANZ Bank, is exploring the use of new cognitive computing technologies to extract new insights to derive new client-driven product and services around wealth management. Similarly, Banorte, one of Mexico’s leading Banks, is transforming its client engagement model using Big Data and analytics technologies.

(via IBM Smarter PlanetVoice: Who’s At The Center Of The Banking Universe? You - Forbes)

Deep customer empathy is knowing your customer better than they know themselves

Jeff Lauterer

Customers had “a lot of anxiety” when it came to dealing with the contact center. So Internet  bank created a new service called “Talk to First IB,” which allows customers to get a real-time glimpse of agents that are available, and the ability to contact a specific agent directly and bypass the traditional call-in queue.

Banks Should Act Like Startups When it Comes to Innovation

Despite pioneering corporate blogging and social customer service, the financial services industry has fallen far behind in social. At this point any brand has the opportunity to seize the lead and innovate.(via A Peek at the Social Health of the Financial Services Industry)

Despite pioneering corporate blogging and social customer service, the financial services industry has fallen far behind in social. At this point any brand has the opportunity to seize the lead and innovate.(via A Peek at the Social Health of the Financial Services Industry)

7 reasons why insurance firms don’t get social media

IBM blogger Christian Bieck points to these stumbling blocks to social media among financial services organizations:

1. Too radical

2. Thinking in channels instead of interactions

3. Numbers ( hard to calculate impact)

4. Control (too much uncertainty)

5. Politics (cannibalization, for instance)

6. Culture (even among the younger set)

7. Inertia (enough said!)