APAC CIOOutlook

Advertise

with us

  • Technologies
      • Artificial Intelligence
      • Big Data
      • Blockchain
      • Cloud
      • Digital Transformation
      • Internet of Things
      • Low Code No Code
      • MarTech
      • Mobile Application
      • Security
      • Software Testing
      • Wireless
  • Industries
      • E-Commerce
      • Education
      • Logistics
      • Retail
      • Supply Chain
      • Travel and Hospitality
  • Platforms
      • Microsoft
      • Salesforce
      • SAP
  • Solutions
      • Business Intelligence
      • Cognitive
      • Contact Center
      • CRM
      • Cyber Security
      • Data Center
      • Gamification
      • Procurement
      • Smart City
      • Workflow
  • Home
  • CXO Insights
  • CIO Views
  • Vendors
  • News
  • Conferences
  • Whitepapers
  • Newsletter
  • Awards
Apac
  • Artificial Intelligence

    Big Data

    Blockchain

    Cloud

    Digital Transformation

    Internet of Things

    Low Code No Code

    MarTech

    Mobile Application

    Security

    Software Testing

    Wireless

  • E-Commerce

    Education

    Logistics

    Retail

    Supply Chain

    Travel and Hospitality

  • Microsoft

    Salesforce

    SAP

  • Business Intelligence

    Cognitive

    Contact Center

    CRM

    Cyber Security

    Data Center

    Gamification

    Procurement

    Smart City

    Workflow

Menu
    • Cyber Security
    • Hotel Management
    • Workflow
    • E-Commerce
    • Business Intelligence
    • MORE
    #

    Apac CIOOutlook Weekly Brief

    ×

    Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Apac CIOOutlook

    Subscribe

    loading

    THANK YOU FOR SUBSCRIBING

    Future-Readiness of Banking Institutions: Reality Check

    Ace banking consultant Cornerstone Advisors recently conducted a survey titled, “What’s going on in banking?” to assess the future-readiness of banking and financial institutions.  

    Future-Readiness of Banking Institutions: Reality Check

    By

    Apac CIOOutlook | Thursday, January 01, 1970

    Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.

    Ace banking consultant Cornerstone Advisors recently conducted a survey titled, “What’s going on in banking?” to assess the future-readiness of banking and financial institutions. A mere 26 percent of the executives spoken to were confident of taking on the coming challenges, which was down from 31 percent in the previous year. To uncover more, Cornerstone went a step ahead to examine the contact center operations of financial institutions, the technologies deployed in them, and the processes they followed for interacting with customers in terms of loans and other banking services.

    The second survey indicated that only 5 percent of the institutions were future-ready, in the sense that they were capable of deploying modern technology to cater to their customers’ possible demands in future by offering a differentiating experience. A little more than a quarter of the banks and credit unions surveyed could be classified as leading, for they leveraged CRM, intranet, and other technologies to lower the hold times and accelerate transfers. The remaining institutions had technologies that were not adequately integrated to unleash their full value, resulting in underutilization of resources. Response to customer queries was largely manual and paper-intensive and often involved fragmented approaches to call-handling.

    On the contrary, the future-ready banks differ from other institutions in multiple ways. However, the three important areas that positively impact their sales turn out to be: referral management, outbound sales, and loans by phone.

    Hardly 16 percent of the future-ready institutions rely on manual referrals for revenue generating instruments like loans. Most institutions focus extensively on quality control and deliberately do not impose goals or targets in terms of references. While outbound calling is not uncommon, majority of the institutions restrict it to follow-up calls and customer queries. All future-ready contact centers are found to accept loan applications by phone; this is in contrast to two-thirds of the institutions that are not future-ready, where loans are accepted by phone not by contact centers but by other departments.

    Contact centers have a vital role to play in transforming opportunities into revenue for banking and all other domains. Representatives must be equipped with the right technology, training, roles, and policies to seamlessly onboard a prospective customer and cater to their requirements.

    More in News

    Real-Time Insights Fueling Smarter Brand Strategies

    Real-Time Insights Fueling Smarter Brand Strategies

    Transforming Retail: The Impact of VR and AR in Asia Pacific

    Transforming Retail: The Impact of VR and AR in Asia Pacific

    Enhancing Customer Satisfaction through Omni-Channel Payments

    Enhancing Customer Satisfaction through Omni-Channel Payments

    AI's Role in Apac's Digital Transformation Journey

    AI's Role in Apac's Digital Transformation Journey

    I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

    Copyright © 2025 APAC CIOOutlook. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy and Anti Spam Policy 

    Home |  CXO Insights |   Whitepapers |   Subscribe |   Conferences |   Sitemaps |   About us |   Advertise with us |   Editorial Policy |   Feedback Policy |  

    follow on linkedinfollow on twitter follow on rss
    This content is copyright protected

    However, if you would like to share the information in this article, you may use the link below:

    https://www.apacciooutlook.com/news/futurereadiness-of-banking-institutions-reality-check-nwid-4960.html