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We're all natives! Digital natives require new approach from their bank. The loyalty of the customers is no longer something that can be taken for granted. It has to be earned every day.
Do you have problems programming your television set-top box? Ask a five-year old! Can’t work out how to book a fl ight via your iPhone? Ask a teenager!
Tech-savvy young people are the ultimate multi-taskers, simultaneously playing on their Wii console, talking on their mobile phone and exchanging images via the internet. And their enthusiasm for the digital world is contagious. Just ask any grandparent in their 70s or 80s who has been persuaded to join Facebook or use Skype to keep in contact with their families.
The new generation of consumers are digital natives – people for whom digital technologies already existed when they were born and who have never known a world without gadgets. But although the term was fi rst used to describe young people, their behaviour and attitudes are spreading to other generations. Young and old consumers are now willing to use digital channels to access retail services and they’ve been empowered.
Their loyalty is no longer something that can be taken for granted – which means banks have to act.
The rule book is being torn up as a behaviour trend that started with digital natives is now spreading to the wider population. Demand for online services is growing and becoming more complex. For banks, it’s not just about providing transaction data and payments services. It’s about establishing the payments services issues the customer might have. It’s about feature-oriented design. And it’s about providing a complete and complex service.
Time to up the pace
Although Nordic banks were quick to adopt eBanking back in the 1990s, they’ve not moved fast enough to deal with the advent of today’s digital natives. Although they did well with the technology and cost reduction principles of the 1990s, they’ve failed to keep pace with this decade’s demands for customer-focused services, crowd sourcing and social communication such as social media.
Tieto is building on the cross-industry information it has developed for front-end system creation and is helping banks by integrating campaign management tools and other services into the eBanking offering so it becomes more of an online service, rather than a simple view into the bank system.
The digital native wants a superior service in the channel that they are in at the moment. So today they may want a fantastic service from their internet bank, but tomorrow they may be looking for the same experience from that bank’s ATM. They also want to interact with and see their fingerprints on the service. This is something that Tieto can help with.
Tieto: ready for action
Tieto can help banks deal with their customers’ new demands. By making the digital native concept a core part of its culture, Tieto is one of the fi rst companies to help banks tailor their services, products and business cultures to this new phenomenon.
It understands the importance of more networking, stronger partnerships, increased knowledge sharing and greater openness to help banks deal with their new customers.
Are you ready to meet the demands of the increasingly powerful digital native? Tieto is!
