COVID-19 has drastically altered our world, with chaotic economic and financial consequences running concurrently with the public health disaster.

Banks throughout the world played a critical role during the epidemic, assisting companies and individuals by managing government-backed loans, providing additional liquidity, and quickly implementing forbearance measures.

There are several obstacles. Difficult economic conditions are looming, with customer defaults perhaps increasing and banks’ balance sheets and profitability under pressure.

Opportunities for development may be available for those that reinvent their operations, leverage a more digital economy, and manage their costs and risks.

Customers have a plethora of alternatives in the banking business, including neo banks, conventional banks, non-financial corporations such as the GAFA (Google, Amazon, Facebook, and Apple), and FinTechs, and expectations are only going to rise.

One thing is for sure: We will not be going back to focusing on branch banking. Customers will always be looking for the next big thing.

CX – The Single Saviour for Banks in 2022

Every customer journey starts right from the customer onboarding process, followed by account origination followed by customer’s common banking processes. Each of these processes will always be graded by the speed, security, and range of features that mean something to the customer. When done right, the bank can capitalize and build on providing consistent experiences and increase their market presence and when done wrong – massive customer churn rate.

So how is your report card going to look like with Temenos Infinity Engage?

Digital and Real Time Analytics

So far, banks have only used analytics on discrete, standalone projects and have never considered strengthening their bank’s muscle power and powering their customer satisfaction quotient through analytics.

Here is why it is time to change that:

Banks are going to be heavily challenged for revenue in the upcoming months, which might extend to over a year, based on the global economic situation. Therefore, it makes it more important for banks, credit unions and other financial institutes to focus on reducing costs and increasing customers through analytics. With analytics, what banks can gain is improved customer segmentation, better campaign management for each unique customer, more personalized recommendations for each customer based on spend analytics and so much more.

Result: Banks know everything about their customer, can even forecast future customer behaviors, and can personalize services accordingly.

Result: Banks know everything about their customer, can even forecast future customer behaviors, and can personalize services accordingly.

Onboarding and Origination – Smart and Lightening Quick

With Temenos Infinity Engage, banks can monitor customer journeys right from the very beginning while offering digital onboarding processes that complete within minutes. Moreover, through an agile platform, banks can continuously enhance and respond to changing market opportunities with novel features and through analytics, can understand more about their customer pain points during the journey.

Result: Customer Churn Rate goes down rapidly and more customers’ on boarded in a short span of time.

The Final Act – The Right Partner

The final act lies in choosing the right implementation partner to implement an explosive, feature packed, powerful digital package at your bank. In all honesty, that is the truth. Without a proper implementation partner, banks are only left with a complex product that in all actuality requires customization based on the bank’s requirements.

Aspire Systems has been a Temenos global end-to-end implementation partner for the past 4 years and have been at the forefront of digital transformation at banks. Awarded the Regional Partner of the Year in 2018, Aspire Systems is know to give attention to minute details and have been involved in Infinity and other digital implementations for banks across the globe.

Final Thoughts

With the COVID-19 razing out years of growth, its vital that banks pick up and provide customers with what they need – personal finance management, quick onboarding and pleasing digital UI. After all, that is what impresses the millennials, Gen-Z and the future generations. Temenos Infinity is a package of that and more – it reduced costs, increases customer satisfaction rates, and revenue and helps build a competitive advantage over competition.