Customer centric retail banking

Customers expect more from your business and competition in the market increases. Through embracing digitalisation and new business models you can increase your revenue.

The speed of change in customer behaviour has increased tremendously. Customers demand more convenient ways to do business with their banks, often remotely. At the same time, competition has increased from non-banks, niche players and other international banks, which causes banks to operate with a digital focus.

The mobile technology use amongst customers is widespread and requires banks to develop new charging models. Today, banks are very good at analysing transactions and log data but are generally lagging behind when it comes to analysing client related data. The delivery strategy should change focus from transaction-centric delivery in digital channels to customer-centric. Through analysing unstructured data from social media, the risk management and target marketing efforts could be optimised whilst improving the digital experience.

Prioritise a digital environment and improve customer satisfaction

The journey towards digitalisation requires more mobility and adaptation of omni-channel strategies. Innovation happens outside of company boundaries and to tap on digital innovation, companies need to build cross-industry partnership in ecosystems. This enables sharing of innovation and new risk sharing models between the partnering companies.

With open banking, information can be shared with other service providers in the digital ecosystem. However, the complex technology landscape needs to be reduced in order to accelerate innovation and time-to-market using open banking platforms. Innovative co-operative models open up for wider community and ecosystem innovation sharing cross-industries.

Tieto Retail Banking concept

The Tieto Retail Banking concept accelerates banking transformation in an easier, smarter and more secure way. The concept consists of three Retail Banking solutions complemented with industry insight and a full range of services.

Model Banking

Comprehensive model banking solutions for Nordic Banking.

Banking as-a-Service

Module based “Banking as-a-Service”-solutions to enable a kick-start and predictable growth.

Banking for challengers

A toolbox and pre-packaged solutions for non-traditional banks and new challengers.

Expected business benefits

  • Increased competitiveness (innovative product/services mixes)
  • Improved customer satisfaction and experience (customer loyalty programs & customer convenient)
  • Increased revenue (new charging models)
  • Increased business process efficiency
  • Higher degree of service mobility
  • Release of management time for core business focus (outsourcing)
  • Balance sheet simplification driving improved financial agility
  • Improved cost-efficiency through volume of scale

Get in touch with us

Do not hesitate to contact us or to download material in order to learn more about the opportunities from improving retail banking.