Front-end transformation in the Finance sector - a pioneering approach

The banking world is changing – and it’s not only due to the raft of new regulations and directives dictating how every aspect of the financial and payments business functions. What’s really supercharging the transformation is the rise of digital technologies, which is changing the way in which consumers interact with each other and with their banks.

The transformation of banking business is all about changes in customer behavior that call for a new level of networking. Customers expect excellent service via multiple channels, including mobile. Central to banking transformation is the concept of digital customership. This means understanding the needs of true multichannel customers. Banks looking to perform in this area need to find a partner that can support their digital customer service goals by boosting sales across all channels and reducing contact handling costs. 

Banks on the other hand want the improved customer retention, cost efficiency and new revenue they can achieve through the transformation of customer service. The result is a total transformation of the entire front end of a bank’s operations. This means providing customers with new tools for carrying out everyday tasks where ever and whenever they wish.

Banking is essentially about data, and it's important that busy customers can quickly grasp the implications of that data, regardless of whether they are on their daily commute, sitting on their sofa at home or relaxing on a beach holiday. Tieto helps its customers to transform internet banking into a more visualized view for the end-customer. Consumers can manage their finances and be kept informed about changes via their preferred channel, whether it is SMS, email, secure mail or more traditional forms of communication.

Transformation in e-banking

Although all age groups are embracing the online world, their expectations of how an online bank should operate can be quite different. The challenge for banks is to create an e-banking offering that meets the needs of every age group. This is an area where Tieto can help. Our e-banking services are used in some of the world's busiest online banking operation. We work with our banking partners to transform their transactional internet banking model into a customer-orientated digital banking service that generates growth and helps them to retain customers while delivering cost savings.

Transformation in mobile banking

With a wider range of technologies becoming readily available competition will increasingly focus on services. Mobile banking offerings are becoming highly interactive to deliver better customer service and support business growth. Mobile banking is an essential part of the front-end offering for banks. It's a truly international tool that can be used anywhere. Tieto is seeing a growth in the number of "always-on" users who have high expectations of the usability of mobile banking services as well as banks' proactiveness and always-on capabilities.

Transformation in the digital front office

 Communicating seamlessly with your customers across all channels can transform your agents into advisors who can deliver maximum value. The digital front office is vital to improving customer conversion rates, wallet share and customer loyalty, and ensuring efficient customer relationship management. Tieto helps banks to transform their contact centre with Customer Interaction Management.

Service design and channel integration

Service design and channel integration can help you get even closer to your customers and deliver a complete service offering. Customers expect a seamless service experience when dealing with their bank, regardless of which channel they use, and banks must adapt to meet these needs.

Automation of financial value chain

Significant cost savings can be achieved in areas such as e-invoicing, e-ordering, value trading services, financial messaging, e-payment, and services for reporting to authorities. Tieto is a thought leader in the financial value chain business area.

A complete offering

Banks know they must invest in front-end transformation projects. The choise is to work independently and create something in-house, or to use external expertise. Service design and channel integration mold e-banking, mobile banking and digital front-office into a uniform service. Complemented with financial value chain services, it forms an end-to-end B2C service. By using Tieto's solutions and services for their front-end transformation, many banks have been able to roll out their offerings much faster than if they had handled these projects themselves. We help our banking partners to achieve their key goals to deliver a better service and new revenue, and to improve customer retention and cost-efficiency.