Everyone knows what businesses like Uber and Airbnb are; they are platforms that connect vendors who have something to sell with people who want to buy those goods and services.
The reason banks are shifting towards becoming platform businesses is that there are many facets to managing money. It’s not just about collecting and saving it; it is also about spending and transacting. If you consider that the concept of a platform is to connect those offering products and services with those ready to spend their money on products and services, banks that are agile and move towards platforms become far more competitive.
But just how does a bank ensure that this platform works the way it was intended? Customer communication management is fundamental to the process. If a bank cannot communicate well, effectively, quickly, and accurately, it will lose customers. Good communication builds trust. If there is no communication after a purchase, a customer may ask: Did the transaction happen? What did I sign up for? What should I know? Doubt erodes trust.
Harnessing a modern CCM solution into a banking platform can be the antithesis of a typical legacy integration, where code has to be meticulously and carefully added directly into the bank’s back-end systems. Using modern APIs, a good CCM platform can talk to any system, and certainly to a platform. Banks can add elements as and when they’re needed in the live environment without needing to turn the system off, integrate, and then restart.
The horse has bolted, and banks and other financial institutions are already on the platform journey. They’d do well to seek an industry-grade, cloud-based CCM partner such as GhostDraft. A good CCM platform is the glue that binds customers to the bank and its third-party partners.ITNewsAfrica.com is an African Technology Advisory Ltd. publication.
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