Watching HP present yesterday on their Open Bank framework and how decisioning and EDM can be plugged into it. Essentially the Open Bank framework is designed to help banks increase their share of wallet at lower cost while remaining compliant with all the regulations that impact financial services companies.
Open Bank is premised on banks having multiple channels with distinct systems that need to be bridged to multiple core systems. Each such integration - from a channel system to one of the core systems can cost over $100,000 annually in maintenance - a huge drag on IT spend. Some interesting factoids:
- Banks are starting to identify self-serve, assisted and consultative sales models. Clearly EDM is key to the first, important in the second and an enabler for the third.
- 95% of customer-initiated interactions are service related and it is key to remember this if you are to add value in every interaction.
- More than 50% of new account opens need rework and more customer interaction - the right data to decide on opening the account and to process the application is not collected initially. An opportunity for rules-driven user interfaces.
- Intelligent customer management is the key, especially when combined with business event management allowing rules and analytics to be applied as events happen both for positive things such as event-driven marketing and to prevent bad things such as fraud or money laundering.
- Don't rip and replace core systems but extract the business logic, move it up the stack using a business rules approach and then re-use and manage it more centrally
- What you need is actionable customer insight in real-time
It all comes down to the right product at the right time through the right channel.