Cloud Technology Key to Customer Satisfaction for Banks

Today’s consumers demand user-friendly online portals for all banking functions.

Cloud Technology Key to Customer Satisfaction for BanksThese days, many people go months or even years without setting foot in a bank in person or even speaking directly to a customer service representative. Customers demand robust, omni-channel online banking tools, and banks whose tools don’t keep up with the times may find themselves losing business. By adopting cloud technology, banks can make great strides towards overcoming the top 5 obstacles to better customer service in their industry:

Account-Centric Attitude. Traditionally, banks have separated data according to the type of account, not according to customer identity. This leads to frustration on the part of customers who may receive promotional materials for products they already have, or feel they are wasting time providing duplicate info when signing up for a new type of account. Switching to a cloud technology with a client-centric view can help customers feel their bank understands them better.

Putting Bank Requirements First. The first online banking systems simply recreated back-office banking record-keeping practices in a different format. The focus was on making the bank’s life easier, not the customer’s. Cloud technology can help meet customer demands for easy access by incorporating both online and mobile access.

CORE Platform Limitations. Working with the big four CORE platforms is very convenient for banks, but does not necessarily offer the functionalities customers want. Again, the right cloud technology can help customers gain access to the functionalities they want, as well as help banks to link processes to a branded, user-friendly mobile app.

Disproportionate Compliance Spend. The older technology many banks rely on is not agile and can be costly and time-consuming to alter. Cloud technology, on the other hand, is typically designed in a way that is easier to change and update. Banks can redirect the funds they would have spent on software updates towards other activities that will help improve the customer experience.

Cross-Sell Effectiveness. Traditionally, banks have found it difficult to get information about different products out into their customer’s field of vision. With cloud technology, it is easier to create highly visible resources within the system that customers can use to learn about different products. These resources can be targeted to the customer’s needs and contain up-to-date information on rates and terms.

The Cloud Benefits Your Employees Too

Customers aren’t the only ones who benefit from a user-friendly online portal. Your employees can also benefit. For example, investing in our online banking software to manage and administer your construction lending processes will enable improved collaboration between employees. They can quickly and easily share all vital information about an account, right down to construction progress reports and photos. Please contact us to learn more.