In the era of information has increased the ability to easily seek out competing services. The modern consumers are now more demanding of businesses than ever before. Customer 3.0 is a seeker for personalised services, innovative technologies and greater communications. Rather than being constrained to traditional demographic segmentations like age, gender, consumer type. Customer 3.0 falls to any modern internet user.
BANK 3.0
In his book bank 3.0 Brett King states that in the present context the banking has changed to a state where we can ask Why Banking Is No Longer Somewhere You Go But Something You Do ? This is the base concept of Bank 3.0. Which declares that banking facilities has been shrunken and brought into customers where they can work on the fly.
CUSTOMER 3.0 AND BANK 3.0
According to Marous, customer 3.0 begins their bank
and credit union product shopping experience at their desk, in their car
or on their couch, relying on friends and family reviews and published
reviews across social media channels. Instead of walking into a local
branch office and sitting down to open an account during banking hours,
these customers purchase their banking services much like they purchase
music, books or other products . . . online, 24/7.(Marous J. 2014) This
shows that customer 3.0 expects banking to be something they does rather
than being somewhere they go. This states the interrelationship among
bank 3.0 and Customer 3.0.
IMPORTANCE OF CUSTOMER 3.0
CUSTOMER 3.0 WITH e-BANKING and m-BANKING
Customers 3.0 carries a set of main attributes and
they are listed down below with their individual relationship to
e-banking and m-banking enablers of Bank 3.0.
-
Highly Informed - Unlike to the previous generations customer 3.0 has a characteristic which they try to leverage information available on internet. They are experiencing the functionalities of apps and comparison tools available on web to identify the trends, patterns and are able to compare services.
Bankers focusing on
digital shopping and using analysis about the customers by monitoring
their trends and patterns to keep them informed is a precise way of
enabling e-banking to satisfy highly informed customer 3.0.
-
Price sensitive - saving cost over buying or doing transactions is a major concern of customer 3.0. They search for methods on how to save money that’s the main reason.
m-Banking and
e-Banking saves customers money and time they have to spend following
banking activities and suggestions on investments options make bankers
to reach them.
- Socially Connected - digitally connected customers are also in touch with what other fellow people does. Therefore they look upon data shared between their peers before deciding on what to chose.
e-Banking by providing functions on identifying interests and connections between peers can bring up what they demand on time.
-
Trusting Of The Crowds - Customer 3.0 is not shy. They are very comfortable receiving and sharing reviews on social networks and within apps wherever possible. Recent research reinforces this trend with 14 percent of customers trusting advertisements while 78 percent trust peer recommendations.
Internet banking and
mobile banking provides feedbacks on what crowds trend and what they
demand and provide a robust path of connecting them together. Monitoring
recommendation and review sites also should be a part of this kind of a
job.
-
Self-Promotion - depending on the above facility customer 3.0 ultimately promotes themselves and their opinions on certain products and the ways of how they decided on them.
Bankers can groppel
these self promotions to ultimately gather a huge collection of
information to understand individuals and also extending to identify the
society as well.
-
Demanding of Instant Gratification - They want to be able to open accounts, transact business, talk to customer service and view their financial position quickly, easily and in real time.
mainly mobile banking
is a powerful enabler to provide them these kinds of services for the
customer. camera functionality on a phone for mobile deposits, mobile
billpay, mobile account opening and most recently, mobile balance
transfer exemplifies the importance of instant gratification are the
possible ways of taking over this function.
-
Security Unconscious - Customer 3.0 does not seem to be nearly as concerned about viruses, spam or phishing attacks, uploading and downloading more digital information than any other group.
Banks stiil has to
think more and more on this aspect while providing quick and easy
methods of e-banking and m-banking facilities.
Also along with these banks should think about the below mentioned ways of retaining the gained Customer 3.0
-
Redefining their business model
-
Engaging whenever, wherever Customer 3.0 desires
-
Changing the way products are created
-
Utilizing technology to gain greater insight into customer behaviors
-
Delivering innovative experiences
- Rewarding loyalty
When we look on to these details it is obvious that we can come to a conclusion that the emergences of e-banking has paved a path towards taking banks towards Bank 3.0 and mobile banking has enhanced the capacity of Bank 3.0 to reach Customer 3.0 effectively and to retain them.
REFERENCES
Wiley: Bank 3.0: Why Banking Is No Longer Somewhere You Go But Something You Do - Brett King . 2014. Wiley: Bank 3.0: Why Banking Is No Longer Somewhere You Go But Something You Do - Brett King . [ONLINE] Available at: http://as.wiley.com/WileyCDA/WileyTitle/productCd-1118589645.html. [Accessed 02 April 2014].
Marous J., Bank Marketing Strategy: Is Your Bank Ready For Customer 3.0. 2014. Bank Marketing Strategy: Is Your Bank Ready For Customer 3.0. [ONLINE] Available at: http://jimmarous.blogspot.com/2013/11/customer-30-how-banks-must-leverage-digital-mobile-media.html. [Accessed 02 April 2014].
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