Author: Stacie

Improving the Banking Experience With Customer Value Management

For many, everyday interactions with their bank are a headache, to say the least. Poor customer service is “rampant” in major financial institutions, and according to experts like the Harvard Business Review, that’s because it’s profitable for them to hassle their clientele to the greatest degree allowable.

News like that might make any hope for improvement seem pointless, but beleaguered customers might be able to take solace in the potential benefits of customer value management. Applied to banking, it might be enough to spark some serious change to the entire customer experience. Here’s what you need to know.

Customer Value Management Explained

In short, customer value management (CVM) refers to the techniques that companies can use to manage the value journey of their customers — the series of steps they’ll take from initial contact to eventually doing business with the organization.

Successful CVM encompasses many elements, but one of the most critical, in this context, is how businesses are incentivized to build perceived value by providing quality to the customer. Let’s next take a look at ways in which this concept might be used to drive changes that add value to the customer experience in banking.

How Customer Value Management Intersects With Banking

One of the most effective ways in which banks can apply the ideas of CVM to their customer experience is through improved personalization. It’s well-known that the more tailored they perceive their treatment, the better customers typically perceive it to be. 

By getting away from a “one size fits all” approach and trying out some targeted interactions, banks can better engage their customers and help make the experience that much more enjoyable. For instance, personalized product and service recommendations delivered at critical points in the customer journey, or a precise cross-sell opportunity that aligns with a customer’s life goals can go a long way to making them feel valued.

There’s also the idea that proper implementation of CVM can help interactions between banks and customers feel less like cold transactions and more like friendly interactions. Garnering good will like that makes customers more likely to stick around and even recommend a financial institution to their friends and family.

Interactions like these don’t just arise from nothing, however. In order for customer value management to become effective, banks also need to prioritize data gathering and customer analytics. This will allow them to pinpoint the unique needs of their clientele, then start making the necessary adjustments to fulfill those needs with the type of care that positively impacts their overall experience.

Unforgettable Cyber Attacks — So Far

Ask any computer crime attorney or cybersecurity expert, and they’ll tell you that there are serious dangers lurking out there on the net. Criminals across the globe are always looking for ways to instigate that next big incident, and these following examples illustrate just how devastating the ripple effects can be when they succeed.

The Baltimore County Schools Ransomware Attack

Back in November of 2020, Baltimore county school records were hit hard in a cyber attack that affected student transcripts, ID numbers, state test scores, and more. 

Many of these records were completely destroyed or corrupted beyond repair, and the school system had to put a pause on remote learning classes for over 100,000 students. 

The school district’s reticence to share details about the exact nature of the attack means that little else is known beyond the fact that anonymous hackers hit the school system with some kind of ransomware and that the recovery efforts will take some time to complete.

The SolarWinds Hack

SolarWinds provides various IT management services to a wide range of big organizations. In late 2020 it was discovered that hackers managed to infect their servers, gaining the ability to inject malicious code into their software updates and then spread those to clients.

This left big names vulnerable to external data modifications, data theft, and unauthorized remote access to internal devices and software. Organizations affected included the Pentagon, Department of State, Homeland Security, Department of Energy, and even the Treasury. The extent of the damage could make this one of 2020s most severe breaches overall.

The Advantech Ransom

Holding data hostage is a common tactic for cyber criminals, and this is exactly what happened when hackers breached the systems of IOT manufacturer Advantech in November of 2020. 

The hackers demanded quite the sum, 750 Bitcoin (equivalent to more than $14 million), and claimed that the amount of data they stole from Advantech was well beyond the snippets they had leaked on their site. No word on whether or not that ransom was paid.

The Marriott International Breach

If it feels like Marriott’s name and cybersecurity breaches are starting to become a common occurrence, that’s because the 2020 infiltration of their data stores was the second in just as many years. Cyber bandits made off with the information on some 5.2 million guests, though the hotel chain says that it was nothing as payment info or personal IDs. 

Instead, Marriott claims, the thieves were only able to get away with contact details and some customer loyalty account information. No passwords, PINs, or extremely sensitive details were stolen, if the hotel’s management is to be believed.

Top cars that are almost self driving

The idea of self-driving cars is quickly becoming a reality. However, fully autonomous vehicles are still a way off. Experts are working on developing better AI technology in combination with GPS and camera systems, but this process is going to take a few years to work out. In the meantime, these are the top cars that get as close to self-driving as possible. 

Levels of Autonomy

First, it’s essential to understand the varying levels of autonomy drivers can expect. Regular cars without any assistive features count as level 0, while level 1 cars include assistive technology ranging from braking to steering. 

Level 2 can control both steering and speed at the same time, but only for short periods without driver intervention. Level 3 cars are fully autonomous in most systems, but they rely on driver assistance to complete their tasks. Reaching level 4, a vehicle only needs the destination put in. A driver can still take over control of the vehicle, but doesn’t have to. 

At level 5, absolutely no driver intervention is necessary for the vehicle to complete its tasks. If you suffered damages after a serious car accident, it’s easy to see how these levels of autonomy can help in reducing the number of crashes across the world. For now, however, most vehicles never pass level 3. 

2019 Toyota RAV 4

Coming in at just over $25,500, the RAV 4 has always been a popular choice from Toyota. In 2019, however, this model received the Safety Sense 2.0 pre-collision system and a redesign. It’s autonomous features include:

  • Pedestrian and cyclist detection
  • Automatic emergency braking
  • Road sign detection
  • And lane tracing assist

2019 Nissan Leaf

At just under $35,000, the Leaf is Nissan’s flagship for new technologies. Outside of the base model, each comes with the option to add the company’s semi-autonomous driver assistance package. These features include ProPilot:

  • Steering assistance
  • Acceleration
  • Braking
  • Front-facing cameras and sensors

2019 Tesla Model 3

It’s hard to talk about self-driving cars without mentioning Tesla. While their Model S remains one of the best on the market, the Model 3 comes at a much more affordable price and is still packed with features. Driver assistance technology includes:

  • Automatic emergency braking
  • Forward collision warning 
  • Side collision warning
  • The Enhanced Autopilot system which steers, accelerates, brakes, and changes lanes

2020 Volvo XC60

Volvo has long been known for investing in the latest tech, but the XC60 pushes the envelope yet again. This compact SUV includes a plethora of advanced features as a standard, as well as an optional Pilot Assist system that can help accelerate, brake, and steer. Standard features include:

  • Scanning for imminent collision risks 
  • Pedestrian, cyclist, and large animal detection
  • Brake assist
  • Evasive maneuvers to avoid collisions
  • Alerting drivers who are not fully awake

2019 BMW 5 Series

The prestige of BMW now comes with advanced features in the 5 Series model. Standard equipment includes adaptive cruise control, pedestrian detection, and front and rear parking sensors. Upgrade to the 540i trim to receive key fob parking assistance for use outside the vehicle and Traffic Jam Assist that allows the car to cruise in a stop-and-go fashion.