ZRG International incorporating technology and automation at an increasing pace

As the drive to document the economy moves to the next level, the government and the private sector organisations are incorporating technology and automation at an increasing pace. At the same time, the latest innovations in the communication and computing capabilities are opening up newer possibilities of products and services that will cater to not only the existing banking customers with more flexible options, but also facilitate the citizens with basic banking services as well as the needs of the emerging net-savvy technology oriented generation.
After the initial round of the pseudo mobile banking phase that we witnessed during last few years, the real mobile banking will become a reality and really serve those that presently have no access to banking facilities. The branchless banking service model is going to have a real impact on the lives of potentially hundreds of millions of people that currently are unable to conduct safe, reliable and documented financial transactions. This phenomenon would translate into exponentially bigger levels of money and customer base that the financial service companies will be engaged with.
Adequate automation in the areas of receipts and payment processing, settlements and delivery of customer services is going to be a key requirement. The financial service providers will have to meet the challenges of managing such growth by having sophisticated and scalable networks, data and application platforms that can be quickly adjusted to the changing market needs.
To achieve the optimum benefits from the projected volumes, there will be a critical need to satisfy and retain the customers by providing the best level of customer services while keeping the balance between efficiency and effectiveness. The barriers to striking the ideal balance between insufficient time, money and/or technology resources, conflicting priorities, lack of communication, collaboration, and understanding of the customer services dynamics and the apparent lack of senior management support will have to be tackled intelligently and creatively.
The earlier model of the technology, people and process, preached by industry pundits, will need to be re-sequenced as people, process and technology, in that order. The definition of a successful customer interaction will have to incorporate metrics such as customer satisfaction, quality, first contact resolution, average speed of answer, cross-selling and up-selling and average handle time. There will be a real opportunity to capture new customers and a solid service will ensure that the customer stays with you.
Aside from the new customers from the villages and small towns of the country, financial service providers will have to cater to the needs of the emerging breed of net-savvy generation with deeper pockets. As modern consumers, this educated segment of potential customers is aware and adaptable to the technology trends that continue to sweep the market. These days, it's simply not enough for a company to just have a website. The modern consumers expect trusted brands will also have a social presence, making companies and their products and services accessible at the touch of a button.
Though many companies have embraced Social Media into their business plans, others are still struggling to decide whether or not to take the plunge. Social media differs from the traditional contact channels for many reasons - both positive and negative - and the industry should take note. Unlike traditional channels, social media sites enable consumers to access a wealth of information regarding products and services by other consumers just like them. Through these communities, consumers can share information and build trust based on the experiences of their peers. The social community is a very powerful (and occasionally dangerous) tool. Sometimes, consumers will judge a product or service without ever using it!
If your company has decided to make the jump into social sites, it's important not to overextend your reach. First, listen to conversations going across these sites to determine where you need to be. From there, start building an official social presence on the sites that you consider to be key for your customers. Whether you are ready or not, the social media is already upon us and those adjusting their business model to tap this channel will be the first to benefit from it.
For active participants of the financial section, it should be of no surprise that the much talked about future is already here and by adjusting your organisation, you will be ready to collect your share of prosperity from the opportunities that are becoming available with this progress.
(Mr Ayub Butt is the CEO of ZRG International, a company that is known as a remarkable IT success story in the region. Ayub is an ICT professional with educational background in Computer Science and over 24 years of industry experience including his work at Stanford University, USA, VLSI Technologies and Hitachi America Limited, USA. He can be contacted via email address ayub.butt@zrg.com)