Ever thought of switching banks due to a poor customer experience? Well, you are not alone. According to a recent Accenture survey, only 59% of Hong Kong consumers said they liked their bank, compared with 74% in the U.S. and a global average of 62%.
The new era of virtual banking will bring a new mindset to the development of the banking industry – and this might change your customer experience too. Hong Kong Monetary Authority (HKMA) has announced a grand total of eight virtual banking license recipients recently. The likes of big data, artificial intelligence and digital development will overhaul the manpower allocation and services of the banking industry.
Dream big to capture consumers without boundary limitation
To win in this virtual banking race, the players need to offer a truly differentiated proposition through technology. Virtual banks have the benefit of being built with a digital strategy and implementation for the digital consumer. Some of the more ambitious ones focus not just on Hong Kong but also leveraging the city’s positioning to build a regional or even global proposition – and the Greater Bay Area has the potential to be top of their list.
Technology is key to winning this new battle
Winning the primary customer interactions and relationship will be decisive. The challenge of virtual banks will be establishing trust and ensuring their services run around the clock smoothly, digitally.
Virtual banking is a highly regulated industry as it processes huge amount of information and money transition every hour – or even second – of the day. Its nature makes it mission critical, which means virtual banks need uninterrupted operations. Can you imagine you can’t log into your virtual bank account?
Twenty-four, seven enterprise-level support is vital for virtual banks, in order to increase uptime and lower risk of disruption. This will enable organizations and cities to run smoothly, perpetually. And this is particularly important as more and more companies are moving to cloud. Microsoft Unified Support, which specializes in customer’s needs on cloud services, recommends five areas that every organization should consider:
1. (Up)Time is all that matters: Achieving operational speed and scale
Operational productivity is important to ensure your team is focused on the right strategies and tactics that can scale your organization. Work with a technology vendor with a support team who can provide you with quick, agile and scalable support to free up your team to focus on innovation, allowing you to focus on your core business.
2. Purpose-built for the digital age
Your comprehensive support structure should be designed for the cloud-first, digital era. This ensures the support can automatically scale and adapt to meet ever-evolving business priorities and unique risk profiles, so your organization always have the right amount of support.
3. Predictability in an unpredictable world
One of the biggest challenges for businesses as they shift to the cloud is the inability to easily predict and anticipate costs. Your support partner should have a pricing system that is predictable and fair, so you can focus on running the business, not managing support spend. It should also come with price protection, rather than fluctuating based on your cloud consumption in the moment. It is important to lock in your price for a 12-month period.
4. Upskilling your team to keep pace with your digital transformation journey
Bring up your company’s talent on cloud and mobility skills are vital to lower the risk of service interruption. Upskilling your IT team through on-demand learning, on the job training, as well as shadowing your tech support specialists can best prepare your team to handle future challenges internally.
5. Peace-of-mind, whenever and however you need it
Last but not least, it is critical for your support partner to value trust and with industry-leading technical experts and systems. A partner with a well-established track record for both in-market and online will give you a peace of mind, knowing the support team can meet you in person and online anytime you need it.
For financial services organizations, success in the coming decade depends on how well they transform “business as usual” with technology to create new value. In the new digital era, customers need to stay connected with visibility into their the technology vendor’s products and services, customized training and support resources, as well as solution monitoring to help prevent and resolve issues faster. Microsoft Services Hub can be your solution. We are here to help your organization to innovate and prosper in the digital era.