In the financial industry, we have seen banks faceintense pressure from disruption, trying to transform their business to increase efficiencies and reduce costs while delivering next-generation digital. However, there are other critical challenges that banks are facing:
1. They are running multiple silo systems like islands for transactional banks, for customer interactions and CRM both for web and mobile that increase cost of operation;
2. The customer feels disconnected because integrating separate systems is quite complex and expensive. Eventually, the bank lacks a holistic view of the customer behavior because customer interaction is stored at multiple systems;
3. The multiple systems will make the bank unable to launch products and services quickly and it takes days and weeks to do that;
4. Those multiple systems cause the bank to be dependent on technology vendors with inconsistent updates, and challenges in operating them together.
In this environment, banks need to know their customers and recognize them at any possible touchpoint. If a customer receives an inadequate or ineffective interaction at any one touchpoint, the whole experience dissolves into a mere collection of discrete interactions. This weakness is usually obvious to the customers.
Different phases of the customer lifecycle are most often managed by completely different areas inside the bank, each rigidly structured. Banks are quarantining their customer knowledge, insight, and history within each of these organizational silos, and customers feel the disconnection between these departments. This presents a tremendous gap between what customers expect and what they ultimately experience.
Moreover, the investments made in each functional area are wasted when customer expectations are not met.
The customer, who earlier expressed a willingness to spend additional money, now takes his business elsewhere. Not only has the bank failed to increase its revenue, but it also lost an existing customer.
At FFS, we have designed eMasraf, our omni-cross channel digital banking platform, to provide the bank with a single unified digital platform that choreographs customer interactions and integrates them with eMasraf transactional banking functions to drive pre-designed content of products and services that is mapped to customer behavior and profile.
FFS eMasraf digital banking “omnichannel” platform goes beyond the needs of mobile and online applications acting as a middle-office to service additional channels (e.g., call center or kiosks) and engagement methods (e.g. wearables, virtual assistance, and more) with a flexible architectural model that contains a significant middle component, built for openness, ease of integration, and cloud- based deployments.
Through API-enablement, eMasraf delivers a new level of service capabilities to transform the bank as a marketplace and to broaden the scope and reach of product offerings easily through there use of components and products or the ability forFinTech's to call specific eMasraf microservices and functions.
FFS eMasraf digital architecture is not only critical to provide the functional capabilities banks demand in the short term, but also to maintain relevance as solution boundaries evolve and compete in the long term.
On top of eMasraf, FFS has built a ready solution for different functional areas of the bank operation.
In addition, because eMasraf is fully API-based, banks can also build their own applications on top of eMasraf platform or connect fintech products.
With eMasraf eService builder, we enable the bank to launch products and services without coding or technology consulting in minutes rather than days and weeks; All of this is running on open system standards of latest technology.
Running on FFS eMasraf digital banking "omnichannel" CX platform, eMasraf CX Cloud application can work side by side with eMasraf digital banking, or any other digital banking system existing at the bank.
Through eMasraf CX Event, bank business users can create without coding, using visual drag and drop, an unlimited number of scenarios, that will listen to customer behaviors across all bank integrated channels, and respond back with proper action at a specified time.
FFS offers eMasraf CX as a cloud service with flexible subscription plans to quickly enable the bank to bridge the gap between transactional systems and customer interactions.