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Industry key issues
The repeal of the Glass-Steagall Act and the repeal of restrictive banking laws have increased the competition between sectors. All players can now consider selling a variety of cross-sector products. The Internet has dramatically changed the playing field – new online entrants are appearing and customers’ expectations for 24x7 service are increasing. Financial Services institutions are struggling with data silos across the organization. New entrants are aggressively positioned to capture market share. Market segments are blurring and Financial Institutions are attempting to bring new products and services to market. Customers are demanding anytime, anywhere, and any-channel access to their finances.
Financial Service & Insurance Solution characteristics
Industry analysts identifies three key trends that are driving FSIs to focus on the customer rather than the products – decreasing customer satisfaction, increased competition, and internet-based FSIs. Addressing these issues requires a balanced investment in people, process, and technology. By transforming to a customer-centric organization, FSIs can establish each customer’s current and potential value to the institution. Dialog Manager solutions enable cost-effective ways to retain and deepen the economic value of customer relationships. the key is to facilitate consumers with more choice, more innovative products, and more competitive prices in the marketplace. In particular, banks are focusing on insurance products. But the products that are introduced must be suited to the customer’s needs and be easily sold throughout the various channels. Customers expect seamless, personalized service across all channels, especially the web. Customer data becomes even more of a strategic asset as FSIs manage their customer relationships. Dialog Manager enables a true multi-channel solution driving insight into cutomer life-time value accross interaction channels and accross an increasing number of products and services.
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