Banks should learn from iPhone how to interact with customers

According to report released by Javelin Strategy & Research financial institutions must create a Customer-Driven Architecture (CDA) that gives customers what they want most (as research revealed): financial control. In Javelin’s point of view, "with many consumers’ finances in shambles, today’s economy is the perfect time to finally put customers in charge. The seven attributes of CDA outlined in the report shows bankers how to prioritize technology investments in order to achieve iPhone-like monetary control."

That report, named as “The Customer-Driven Architecture: Interactive Financial Services Technology in the iPhone Era”, states that banks must reconstruct their technology in order to provide customers with possibility to interact with accounts across phones and hand-held devices, desktop computers and retail stores.

"Recording-industry executives lost billions of dollars by fearing rather than embracing new customer-interaction methods," said Javelin’s Research Director Mary Monahan. "Banks must avoid the same fate. Apple reaped lucrative revenue streams by embracing new cross-channel customer interaction methods.”

New interaction methods such as iPhone, iPods, Internet or even Twitter allow customer to update and personalize in ways that meet his high preferences. According to findings of the report, online consumers log into online banking in increasing frequency. The same thing is about the use of mobile banking service by smart phone owners. 

“Financial institutions need to start deploying customer-driven-architectures today to build transactions and loyalty, just as Apple has done. As financial services executives overcome the fear of relinquishing control, more individuals will gravitate to the providers that enable them to monitor and manage their money,” said James Van Dyke, President and Founder of Javelin.