| If you craved ice cream, you’d probably be very disappointed if the local ice cream shop only offered a single flavor. Likewise, when customers shop for a financial institution, they want a variety of ways to access their accounts. In today’s economic environment, financial institutions must either be a leader in technological innovation or be left behind. Fierce competition, compliance issues, new mandates and a continually shifting banking landscape are all challenging concerns. Banks must cut costs and at the same time increase market share and revenues through customer acquisition—all while providing additional services and convenience.
Financial institutions can respond to these concerns with creative self-service solutions and diverse transaction sets, which result in satisfied customers and increased consumer loyalty. The more value and touchpoints that financial institutions can provide, the more revenue they can make by attracting new profitable customers as well as retaining existing one.
More Touchpoints
According to recent research from Celent Communications, in spite of the overwhelming popularity of ATMs, bank customers are not loyal to any one channel and continue to prefer multiple touchpoints.
The study added that it is essential that financial institutions understand customer touchpoint preferences and make meeting customer needs a priority. Each channel should be used in the most efficient and effective way. According to Celent, integrated channels that provide consistent real-time data and a hassle-free experience have become not just a competitive advantage, but a necessity.
Having an integrated system enables financial institutions to seamlessly combine diverse solutions such as ATM networks, POS and merchant systems, Internet and telephone banking, bill payment, mobile banking and event messaging. Integration lowers operational costs that could arise by having disparate systems, which requires more personnel, training time and multiple customer service representatives.
Euronet offers diverse solution sets in an integrated platform, enabling financial institutions to deliver a range of highly specialized applications. With these programs implemented, financial institutions profit from the revenue generating opportunities and can offer differentiated services that will help them attract and retain clients.
More Transactions
One easy way to add variety is by investing in new value-added transactions to existing self-service programs such as ATMs, POS devices, IVR units, the Internet and on mobile phones. Euronet continually explores innovative services that generate revenue and enhance consumer convenience. Euronet’s value-added services include bill payment and electronic recharge for mobile prepaid airtime. Other e-commerce solutions include advertising, selling theater tickets, stamps, etc.
New transaction types, including bill payments and prepaid mobile airtime, offer innovative payment solutions that increase traffic at existing touchpoints and simplify consumers’ lives with easy access to pay bills or purchase prepaid mobile airtime.
Variety for the Future
Providing diversified solutions, such as more touchpoints and more transactions, gives value to financial institutions’ customers and keeps them coming back for more, making their needs the number one priority. |
