The Consumer Bankers Association’s CBA LIVE 2018 conference was fantastic! There were so many great people, enlightening presentations, and reflective discussions. I am at the same time energized and exhausted! I was particularly excited that two topics getting a lot of attention were technology and customer communication. At Katabat, our purpose is providing our clients with leading-edge customer experience management technology. We’re currently incorporating groundbreaking artificial intelligence (AI) into our platform, and just this week launched our new Two-Way SMS product. So, to focus on and learn so much centered around technology and customer communication? I was loving it!
A major theme of the conference was exploring how institutions are using the latest technology. One interesting statistic that stood out to me was that most institutions invest about 80% of their IT dollars in systems of record, or solutions that solve their problems. That means only 20% of the IT budget is being invested in customer- and agent-facing applications, or solutions that solve their customers’ and employees’ problems. Banking customers are expecting more from their banks than ever before, so this division of resources is going to have to shift towards a greater investment in customer-focused IT solutions as banks seek to improve customer satisfaction and retention.
While customers are demanding and expecting an enhanced experience, they also expect their sensitive data to be properly safeguarded. Several of the conference presentations highlighted the constant pressure between providing both the technological innovations and security that banking customers need. Moving to the cloud, digital banking, improving customer communication—they all come with their own set of security and regulation-adherence concerns. It was great to be able to speak to and learn from so many folks about what they are doing to mitigate risk while providing improved technology, and it was a perfect opportunity to let others know the many solutions Katabat provides.
Buzz About SMS and AI
I was part of some engaging discussions at the conference regarding how banks can thoughtfully expand customer communication channels through SMS and self-service. It’s not enough for institutions to simply add these communication avenues. They must ensure that their contact strategies are strategic—balancing cost, response rates, and a great customer experience. Similarly, the use of AI needs to be strategic, and it was interesting to see how banks and credit unions are researching better ways to serve customers, reduce cost, and improve the bottom line through AI integration into their business processes.
I left the CBA LIVE conference yesterday excited to get back to work. Not only did I learn a great deal and meet some interesting people making tremendous achievements in the banking and lending industries, but I also was reminded of why I love working at Katabat. We are truly leading the customer experience revolution in banking and lending. We are making it possible for institutions to become more profitable and more competitive in a rapidly developing environment. Katabat helps banks and other lenders transform and deliver a digital, multichannel customer experience, and I love being part of that.
What did you learn at CBA LIVE? Reach out to me at email@example.com to continue the conversation, or to learn more about how Katabat can help you address automation, marketing communication, debt management, and infosec.