Delivering a presentation on the Role of Technology in good customer service delivery in Bancassurance and the banking sector, Khante made a compelling illustration of how digital marketing tools can help in improving efficiency, profitability and consumer behaviour.
Delivering a presentation on the Role of technology in good customer service delivery in Bancassurance and the banking sector, Khante made a compelling illustration of how digital marketing tools can help in improving efficiency, profitability and consumer behaviour.
According to him banks must not hesitate in acquiring the needed technology and digital tools to better serve customers, as a neglect of it will render them invaluable in the future.
He cited an example of technology companies who have taken over the core businesses of banks, like mobile money services, online insurance enablers amongst others.
“Uber is the world’s biggest taxi company, but they do not own a single taxi, Air BnB is the largest accommodation company but it does not own one home. This is a clear demonstration of how technology companies are taking over the core businesses of some sectors, and the banking sector may see similar threats.”
Khante added examples of banks who obliterated these risks by the taking control of trending tech innovations.
“Spanish bank BBVA, for example, invested in their own telecommunications company, and years on have insulated themselves from competition from telecommunication companies in mobile money and other electronic banking services.”
He was speaking at the 2016 Bancassurance Conference held at the Movenpick Ambassadorial Hotel in Accra, bringing together players from the insurance and banking sector to share knowledge on ways to make the sector more successful.
Bancassurance refers to the sale of insurance products through banks.
Using companies like Google, Facebook and Whatsapp as practical examples , Khante demonstrated how technology and digital marketing can help banks in tracking the needs and preferences of their customers in real-time.
According to the Director of New Business Development, Ringier Digital Marketing Africa, the banks have the big data needed to achieve this.