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The rise and rise of challenger banks The critical role of mobile for challenger banks and building societies

INTELLIGENCE PAPER: CHALLENGING THE DOMINANCE OF THE BIG FOUR


TWO

THREE

Executive summaryThe financial services sector is currently undergoing a transformation like no other. Small, agile and digitally native challenger banks and building societies are starting to challenge the dominance of the Big Four (Barclays, HSBC, Lloyds and RBS), slowly but surely siphoning off their customers.

A relaxed regulatory regime has seen new entrants flood into the financial services sector, who, unencumbered by technological and cultural legacy constraints, have been able to redefine the banking model – placing customer experience at the heart of it. Technology – mobile technology in particular – is breaking down the relationship that banks have historically had with their customers and reinventing it. Disruptive players like PayPal and Apple Pay, for example, have transformed the payment industry, while Metro Bank has re-engineered the high street bank model to better serve the needs of customers.

At the same time, a growing distaste for the traditional banks that have been relatively slow on the uptake of innovative new technologies – either out of complacency or practical considerations – had rendered many customers open to looking at alternatives. There is a tangible market opportunity for more agile challenger banks to fill the void and let their customers transact with them in ways they want to.

These factors, combined with the fact that it has never been easier to switch current accounts, mean that the threat that the new wave of challenger banks pose to the old guard is clear. A report published in 2015 by McKinsey1 warned that retail banks could lose as much as 40 per cent of their revenues and 60 per cent of their profits by 2025 as a direct result of the competition from new entrants to the market as well as broader changes in the industry.

It is something of a perfect storm but there are no foregone conclusions; to date, challenger banks have been little more than an irritation to the traditional banking industry. In spite of the fact that they have the means to quickly switch from one bank to another, in the form of the Current Account Switching Service (CASS), consumers have proved to be more loyal and cautious than many had first thought.

The Competition and Markets Authority (CMA) has found that many consumers remain reluctant to switch their current accounts, perceiving it as “complicated, time-consuming and risky”. The CMA’s report2 into the matter found that just 3 per cent of consumers switched their personal current account in 2014, and that over half (57 per cent) had been with their current provider for over a decade.

Hoping to capitalise on this inertia and maintain their market-leading positions, the big banks are investing heavily in technology, ramping up their customer service and customer satisfaction efforts, and leveraging the vast amounts of data on their systems. With financial clout and size on their side, they may yet fend off the challenger banks’ assault.

The ultimate victors in the battle for market share will be the banks that can master customer relationships and the customer experience. This research project sought to better understand how far along the challenger banking industry is to achieving just that.

This Intelligence Paper summarises the results of this research and sets out to comment on the following:

1 The challenger bank landscape

2 Running the business

3 The Big Four

4 Going mobile

A 2015 report warned that retail banks could lose

40% of their revenues and 60% of their profits by 2025

1 McKinsey, Global Banking Annual Review 2015, www.mckinsey.com/industries/financial-services/our-insights/the-fight-for-the-customer-mckinsey-global-banking-annual-review-2015

2 CMA proposes better deal for bank customers, www.gov.uk/government/news/cma-proposes-better-deal-for-bank-customers


FOUR

MethodologyAspect Software commissioned independent research company Vanson Bourne to assess the state of the UK’s fledgling banking industry. They interviewed 100 non-technology, business decision makers from organisations that:

• Operate in the UK

• Have at least 100 employees in their banking/financial services arm

• Provide a current account product (or equivalent) to individuals and/or commercial bodies

Split between so-called challenger banks and building societies (defined below), the sample was divided evenly by size, with 33 coming from organisations with 100-500 employees, 501-1,000 employees and more than 1,000 employees.

Definitions

CHALLENGER BANKSA relatively small retail bank set up with the intention of competing for business with large, long-established national banks such as HSBC, Barclays, Lloyds and RBS. Something of an umbrella term, challenger banks include high street names like Metro Bank, Handelsbanken and Virgin Money, smaller lenders such as Aldermore Group, and large retailers such as M&S Bank and Tesco Bank.

BUILDING SOCIETIESOriginally established as privately owned lending companies whose principle purpose was to provide loans secured on residential property (mortgages), a regulatory shake-up in the 1980s allowed building societies to offer current accounts and banks to offer mortgages. Following a wave of demutualisation, most building societies were either acquired by banks, or now function similarly to banks with a particular emphasis on property-based lending.

FIVE

1. The challenger bank landscapeThe challenger banking landscape is a diverse one, and the variety in those institutions and companies that might sit under the challenger banking banner makes analysis of the sector a complex task. While some model themselves on the Big Four and invest heavily in high street branches, others, like the recently-launched Atom Bank, only offer services digitally.

The customer numbers given by respondents in this research offer some indication of the broad church that constitutes the challenger banking industry. While some respondents reported having fewer than 100,000 individual customers, others in the sample reported well in excess of 4million. However, respondents’ organisations have, on average, just under half a million individual customers and roughly 340,000 commercial customers.

How many customers have a current account with your organisation in the UK?

Average number of individual customers

Average number of commercial customers

494,433

340,924

These disparities go some way to explaining the differing services and capabilities of the organisations included in this research. While it is the majority (62 per cent) that offers branches, telephone and online banking to customers, around one in ten offer only online and mobile services and 4 per cent offer only telephone banking services.

Taken as a whole, online banking is the most common service offered to personal customers, provided by 84 per cent of respondents, while telephone banking is the service most likely to be offered to commercial customers (81 per cent).

Which of the following personal banking services does your organisation offer to customers?

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Physical branches

Telephone banking

Online (web-based) banking

Mobile banking (app)

PERSONAL BANKING SERVICES


SIX

Mobile banking is the method least likely to be offered overall, which is somewhat surprising considering the fact that the vast majority of respondents report targeting mobile-hungry 18-40 year olds. Challenger banks are, however, twice as likely to offer a mobile service than are building societies (73 per cent and 35 per cent respectively).

Does your organisation offer mobile banking to customers?

YES NO

67%

33%

75%

25%

CHALLENGER BANKS BUILDING SOCIETIES

Still a relatively recent addition to the banking industry, when compared to other services, the results outlined in chapter four of this report indicate that this area will grow rapidly over the next few years.

Growth strategiesThe challenger banking industry is in a buoyant state; while growth amongst traditional banks has somewhat stagnated, many of Britain’s budding new banks are enjoying double-digit growth and attracting significant investment as a result3.

Respondents, on average, reported having seen their customer bases increase by around 15 per cent in 2015, but it is clear that the smallest organisations are enjoying the greatest gains. Organisations with fewer than 500 staff increased their customer numbers by 18 per cent; considerably more than the 10 per cent achieved by those with more than 1,000 employees.

To the best of your knowledge, at what rate is your organisation growing its customer base in the UK, from 2015 to 2016?

40%

30%

20%

10%

0%1%-5% 5%-10% 10%-15% 15%-20% 20%-25% 25%-30% 30%-35% 35%-40% 40%+

100-500 UK EMPLOYEES 501-1,000 UK EMPLOYEES 1,000+ UK EMPLOYEES

Many of Britain’s budding new banks are enjoying double-

digit growth and attracting significant

investment

3 Questor: Virgin Money is proof challenger banks are beating big lenders, www.telegraph.co.uk/business/2016/03/02/questor

SEVEN

Around six in ten (61 per cent) respondents’ organisations focus their growth strategy more on the UK market than international markets, but over a third (35 per cent) have their growth strategy focused evenly on both UK and international markets.

Does your organisation’s growth strategy focus more on the UK or international markets?

UKEVENLY ON THE UK & INTERNATIONALINTERNATIONAL

61%

35%

4%

Given the propensity of banking customers to stay with their current account providers for years, if not decades4 (though the market may well become more fluid in years to come), it would be a fair assumption that challenger banks would look to catch them young and before they enter the system.

However, the data suggests that only the minority of challenger banks and building societies consciously target the youth market, instead focusing their efforts on 18-40 year olds. By neglecting this demographic, they may well be missing out on an opportunity to gain loyal, long-term customers.

Which of the following age groups does your organisation target?

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

UNDER 18

18-30OVER 50

31-4041-50


4 CMA proposes better deal for bank customers, www.gov.uk/government/news/cma-proposes-better-deal-for-bank-customers

https://www.gov.uk/government/news/cma-proposes-better-deal-for-bank-customers


EIGHT

Contact centresThe contact centre has never been more critical to the banking industry. While a growing number of consumers are comfortable – and indeed, prefer – conducting the majority of their banking transactions via online and mobile portals and applications, there are times when only the human touch will do. With physical banking branches disappearing from our high streets at a rate of knots5, and some new challenger banks foregoing them altogether in favour of digital routes to market, the contact centre, in many cases, may well be the only channel able to satisfy that need.

It should come as little surprise, then, that the vast majority of challenger banks and building societies operate, or plan to operate, a contact centre. 89 per cent currently operate one, employing over 400 agents on average, and a further 7 per cent have plans to establish a contact centre in future.

Does your organisation operate a contact centre?

Total Challenger banks

Building societies

Yes – in the UK

Yes – in Europe

Yes – outside of the UK and Europe

No – but we plan to have one in the near future

No – we have no plans to have a contact centre

77%

20%

13%

7%

4%

80%

30%

16%

6%

0%

74%

10%

10%

8%

8%

5 Questor: Virgin Money is proof challenger banks are beating big lenders, www.bba.org.uk/news/reports/world-of-change/#.VzSmBRUrKi4

The vast majority of challenger

banks and building societies operate, or

plan to operate, a contact centre

NINE

The business objectives of these contact centres are plentiful, with respondents identifying faster complaint resolution, additional revenue generation and customer retention as core objectives. However, the most popular business objective emerged as improving the overall customer experience – and by some margin – confirming that contact centres play a critical role in supporting customer satisfaction efforts.

Which of the following best describes the top three business objectives of your organisation’s contact centre(s)?

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Improve the overall customer experience

Faster resolution of customer queries and complaints

Generate additional revenue

Retain customers

Contribute to a consistent brand experience

Collect and analyse customer insight

Greater automation

TOTAL

Contact centres are a considerable overhead, but an indispensable one. The challenge that many organisations in the banking industry are grappling with is transforming this customer service function from a cost centre into a revenue-generating asset. Mobile and online banking services go a long way in helping banks to achieve that, making it easier for challenger banks and building societies to protect their often tight margins and to compete with larger players on price.

The most popular business objective

emerged as improving the

overall customer experience


TEN

2. Running the businessImproving profitability stands as the single biggest business objective for both challenger banks and building societies, with growing the customer base coming in at a close second. While both sets of institutions are likely to look for customers wherever they can find them, challenger banks appear to have their sights set more closely on the Big Four’s customers' than building societies do.

Interestingly, only a sixth (16 per cent) say that their organisation considers growing the adoption of mobile banking to be one of their top three business objectives in 2016.

The lowest ranked business objective for this year came out as offering the best price to customers, selected by 13 per cent of respondents. While the financial sector is arguably the most cost-sensitive sector of all, might challengers and building societies be relying on something other than price – such as the customer experience – to grow their businesses?

What are your organisation’s top three business objectives for 2016?

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Gain market share from other challenger banks/ building societies

Gain market share from Big Four

Grow adoption of mobile banking

Grow adoption of online banking

Grow own customer base

Improve and invest in existing services

Improve profitability

Innovate and invest in new services

Maintain current growth rate

Offer the best price to customers


However, there are a number of barriers that stand in the way of achieving these goals; half (50 per cent) believe that customers are too loyal to their incumbent banks, while 42 per cent believe their limited ability to offer incentives prevents them from growing their customer bases. A lack of consumer trust in non-Big Four organisations and a lack of confidence in the financial services market also emerged as significant barriers.

Challenger banks appear to have their

sights set more closely on the Big Four’s

customer bases than building societies do

ELEVEN

Mobile banking (or lack thereof) has a role to play here, particularly amongst challenger banks. Roughly a quarter (26 per cent) of challenger banks believe that their inability to offer mobile banking is a key barrier to growth.

Here, it is worth unpicking the concept of loyalty. There may be any number of reasons why a customer sticks with a provider that have nothing to do with loyalty: they might deem changing too cumbersome a process; they may be apathetic / complacent, or they may not have come across a compelling enough alternative to consider a change worthwhile.

In short, is the fact that a customer stays with a bank down to some sort of emotional or irrational loyalty (and therefore largely insulated from attempts to break it) or down to something else?

In 2016, what are the top three barriers to growing your organisation’s customer base?

Customers are too loyal to incumbent bank

Lack of brand awareness

Lack of consumer confidence in financial services market

Lack of consumer trust in non-Big Four organisations

Lack of mobile banking offering

Lack of physical presence on high street

Limited ability to offer incentives

Challenger banks Building societies

60%

34%

40%

36%

26%

28%

46%

40%

38%

32%

38%

20%

28%

38%

All respondents’ organisations face operational challenges of some sort. More than four in ten find responding quickly to market changes (44 per cent) and having access to working capital (41 per cent) a challenge. In addition, over a third find being able to keep up with fluctuating customer demand and managing the workforce challenging, while 26 per cent cite their inability to access their customer data as a major problem.

What are the top three operational challenges for your organisation?

28%

18%

46%

42%

24%

28%

52%

12%

22%

28%

10%

34%

36%

30%

34%

44%

36%

14%

28%

34%


Access to non-monetary resources

Access to relevant customer data

Access to working capital

Being able to keep up with fluctuating customer demand

Fighting fraud

Managing the workforce

Responding quickly to market changes

Securing systems against criminal threats

Streamlining processes

Working with compliance and regulation

There may be any number of reasons

why a customer sticks with a provider that have nothing to

do with loyalty


TWELVE

3. The Big FourWhile subjective, understanding how challenger banks and building societies view themselves and their capabilities in relation to the Big Four (Barclays, HSBC, Lloyds and RBS) provides some valuable insight into their mind set. It is overwhelmingly clear the vast majority of challenger banks and building societies believe that they are at least as good, and in many cases better, than the Big Four in all of the areas listed in this research.

Around two thirds think that they are better at achieving consistently high customer satisfaction levels (65 per cent) and employee engagement (64 per cent), whilst nearly six in ten think that they are better at providing fast customer service (59 per cent).

More than two fifths (43 per cent) think that challenger banks and building societies are better at developing innovative new services, and a further 42 per cent think that they are about the same at it.

It is, however, worth noting that 27 per cent of challenger banks and building societies stated that their mobile banking strategies were worse than those of the Big Four. Considering the critical role that mobile banking plays – and will continue to play – in today’s financial services landscape, this is clearly an area that these institutions will need to focus on.

In your opinion how do challenger banks/building societies compare to the Big Four in the following areas?

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Competitive pricing in line with interest rates & market changes

Ethical & corporate social responsibility (CSR)

Adopting new technology

Attracting new customers via switching

Employee engagement

Fast customer service

Consistently high customer satisfaction levels

Innovation of new services

Mobile banking strategy

SIGNIFICANTLY BETTER SOMEWHAT BETTER ABOUT THE SAME SOMEWHAT WORSE SIGNIFICANTLY WORSE

More than two fifths think that challenger banks and building

societies are better at developing innovative

new services

THIRTEEN

In relation to this, the highest priority in how respondents’ organisations differentiate themselves from their competitors is in new products/product innovation (46 per cent). Other priorities include the customer experience (45 per cent), customer services (38 per cent), and mobile banking/app (34 per cent).

Which of the following areas are the three highest priorities in how your organisation differentiates from its competitors?

50%

46%

24%

18%

4%

38%

52%

20%

18%

30%

40%

30%

38%

16%

4%

30%

40%

26%

38%

38%


Customer experience (e.g. how customers interact with the company, the channels used etc.)

Customer services (e.g. query resolution, problem solving etc.)

High street presence

Incentives and gimmicks

Luxury/high quality brand

Mobile banking/app

New products/product innovation

Philosophy/ethics

Price

Targeting a specific consumer group/market

Despite price being a priority for more than a quarter (28 per cent) of respondents’ organisations, only around a fifth (21 per cent) of respondents say that their organisation views competing on price to be more important than the customer experience (see pie chart below). 46 per cent believe that the customer experience is more important, and 30 per cent think that price and the customer experience are equally important.

Which is more important to your organisation: competing on price, or the customer experience?

THE CUSTOMER EXPERIENCETHEY ARE OF EQUAL IMPORTANCE TO MY ORGANISATIONCOMPETING ON PRICEI DON’T KNOW

46%

21%

30%

3%

46% believe that customer experience is more important, & 30% think price and customer experience are equally important


FOURTEEN

4. Going mobileSmart phones have revolutionised the way that we live our lives in just a few short years, and they become more ubiquitous with every year that passes. A report published by Ofcom6 in 2015 found that 66 per cent of UK adults own one, up from 39 per cent in 2012, and that 33 per cent of internet users see their smartphone as the most important device for going online. A ready supply of devices, combined with the roll-out of 3G and, subsequently, 4G networks, has transformed the way that we access social media, interact with our peers, and the way that we manage our finances.

According to the British Banking Association7 (BBA), since they first came on the scene four years ago, banking apps have been downloaded 23 million times by UK customers, and the industry sees on average 10.5 million banking app log-ins each day.

Plainly, this trend has not gone unnoticed among challenger banks, many of which are building their businesses around mobile transactions. Over half (55 per cent) of challenger banks and building societies currently offer mobile banking, though it is clear that the majority are still some way off from achieving universal adoption of these services amongst their customers. On average, respondents estimate that 52 per cent of their personal customers use online banking, and 40 per cent use mobile banking where these services are available.

While this may be down to any number of factors, such as market readiness, one possible reason could be a lack of clarity in their mobile strategies (identified later in this report).

Approximately what percentage of your customer base (personal) currently uses either online or mobile banking?

Online banking

52%

Mobile banking

40%

6 The Communications Market 2015 (August), stakeholders.ofcom.org.uk/market-data-research/market-data/communications-market-reports/cmr15/

7 World of Change, www.bba.org.uk/news/reports/world-of-change/#.VzMvPxUrKi4

FIFTEEN

Mobile payments, too, are rapidly gaining ground. Despite having only been launched less than two years ago, more than four in ten of the entire sample offer Apple Pay (42 per cent) or Paym (41 per cent) mobile payments and a fifth (20 per cent) have plans to introduce these payment methods in the future.

Does your organisation offer mobile payments?

Yes – Paym

Yes – Apple Pay

No – but planning to introduce it in next 12 months

No – but planning to introduce it beyond 12 months

No – we have no plans to introduce it

I don’t know


60%

52%

8%

0%

4%

4%

22%

32%

26%

6%

16%

6%

Growing the adoption of mobile banking is clearly a key priority for the sector, particularly among challenger banks. Almost half (44 per cent) of challenger banks stated that driving mobile banking was a high priority for 2016, compared to just 18 per cent of building societies.

Almost half (44%) of challenger banks stated that driving

mobile banking was a high priority for 2016, compared to just 18% of building societies


SIXTEEN

Looking at the drivers for mobile, around six in ten believe that an improved mobile banking offering is key to improving the customer experience (63 per cent) and to attracting new customers (61 per cent). While a third (32 per cent) see it as a way to reduce inbound interactions at their contact centres.

How much of a priority is growing the adoption of mobile banking and payments to your organisation in 2016?

HIGH PRIORITYMEDIUM PRIORITYLOW PRIORITYI DON’T KNOW

62%

14%

6%

18%

44%

48%

4%4%


What are the three drivers for developing your organisation's mobile banking offering in 2016?

72%

50%

46%

40%

36%

38%

12%

54%

72%

56%

40%

28%

26%

18%

Improve the customer experience

Attract new customers

To keep up with competitors

Drive new revenue opportunities

Reduce inbound interactions at the contact centre

Increase availability/access to our banking services

Reducing operational cost


A clear and well-communicated mobile strategy is critical if banks are to inspire customer trust in their mobile applications and drive usage, but while the majority of respondents say that their mobile strategies have some clarity, there is much room for improvement. Just 38 per cent of respondents report having completely clear and well-communicated mobile strategies, indicating that many have some work to do.

Interestingly, there is a clear correlation between the size of the business and the clarity of its mobile banking strategy. Almost half (48 per cent) of the smallest organisations in the sample (100-500 employees) report having a completely clear mobile banking strategy, compared to only around a quarter (27 per cent) of organisations with over 1,000 staff.

There is a clear correlation between

the size of the business and the

clarity of its mobile banking strategy

SEVENTEEN

Would you say that your organisation has a clear and well-communicated mobile banking strategy?

Yes – completely

Yes – to some extent

No – but we are planning on implementing one in the next 12 months

No – but we are planning on implementing one beyond 12 months

No – we have no plans to introduce one

I don’t know

Total 100-500 UK employees

501-1,000 UK employees

1,000+ UK employees

38%

42%

16%

1%

1%

2%

48%

39%

7%

0%

0%

6%

38%

32%

27%

0%

3%

0%

27%

55%

15%

3%

0%

0%

Security concerns top the list of the reasons why challenger banks and building societies do not have clear mobile banking strategies, followed by limitations in in-house marketing resources. Perhaps unsurprisingly, the smallest organisations in the sample are significantly more likely to be constrained by limited in-house marketing capabilities than the largest. They are also the most likely to be challenged by having segmented customer bases.

What are the top three barriers to your organisation having a clear and well-communicated mobile banking strategy?


Change fatigue

Diverse and segmented customer base

It is not a priority for our organisation

Lack of budget

Lack of customer interest

Lack of resource

Limited in-house marketing

Market changes too quickly

No agreed communication strategy

No in-house marketing

Security concerns

33%

44%

22%

15%

26%

22%

33%

33%

15%

11%

63%

17%

9%

26%

23%

14%

26%

23%

14%

3%

6%

43%


EIGHTEEN

ConclusionIt is still relatively early days in the challenger banking industry, and while the biggest threat to the Big Four today is most likely to be other incumbent banks8, research suggests that we are warming to alternative ways of managing our money. In a poll conducted by law firm Pinsent Masons and YouGov in 20159, 16 per cent of the country and 26 per cent of Londoners were open to using new payment services, up from 13 per cent and 21 per cent respectively in 2014.

Change is happening, but perhaps not at the rate at which many challenger banks would like. What barriers stand in the way of further growth? Loyalty to traditional banks, a lack of trust in and awareness of the challengers, and, for a quarter of respondents, a lack of mobile banking.

While mobile banking remains the poor relation as far as banking channels go today, few expect it to remain so for long, and it is clear that challenger banks are focused on improving their mobile banking strategies.

Although it is no panacea, a good, clear and well-communicated mobile banking strategy will go a long way to addressing these barriers. A study in the US by Bain & Company, for example, recently found that mobile holds the key to inspiring loyalty amongst customers. The management consultants found that apps used for routine transactions were one-third more likely to delight customers than similar transactions at the branch or contact centre, and only half as likely to annoy10.

There can be no doubt that mobile is now an indispensable part of a modern bank’s portfolio, levelling the playing field for new entrants in the market. A challenger bank that uses mobile really effectively can give the impression that they are much bigger than they actually are; something that is critical to inspiring trust among customers in the sector.

Customers will follow the path of least resistance, and in the world of banking, that path is mobile – assuming it is managed and deployed correctly. Mobile services and applications that are optimised to create frictionless experiences for customers translate, in turn, to tangible competitive advantage. Conversely, if a banking app is clunky or difficult to use and navigate, customers won’t use it and the benefits to the wider business won’t be realised.

It is, however, critical that mobile is not tapped on as an afterthought, or its effectiveness will suffer. Security, too, is a key consideration, and, as we have seen, is something that today stands in the way of many challenger banks’ and building societies’ mobile banking strategies. It’s only by integrating mobile apps within the broader customer service landscape that banks will be able to deliver a true omni-channel and secure experience for their customers, seamlessly combining text, chatbots, self-service channels and, of course, the contact centre.

The Big Four have the home advantage and unless challenger banks can up their game when it comes to the customer experience and customer engagement to create a compelling enough reason for customers to switch, they will retain it. While a good number of challenger banks have made good progress in that regard, others have a significant amount of work to do.

8 Record number of customers switch their bank account, www.telegraph.co.uk/business/2016/04/19/record-number-of-customers-switch-their-bank-account

9 Customers reluctant to ditch big four UK banks, www.ft.com/cms/s/0/1076be76-813b-11e5-8095-ed1a37d1e096.html#axzz48WJaNcZ9

10 Customer behavior and loyalty in retail banking, www.bain.com/Images/BAIN_DIGEST_Customer_behavior_and_loyalty_in_retail_banking_2015.pdf

Customers will follow the path of least

resistance, and in the world of banking, that

path is mobile

NINETEEN

About AspectAspect Software helps banks and building societies to deliver remarkable customer experiences across every conversation and every channel. The company’s technology portfolio features a host of products designed to support all types of customer engagement processes in financial services – from automated self-service to identity verification. Aspect's wealth of financial services expertise means it provides customer engagement solutions to many leading banking organisations globally.

Aspect’s products, including Aspect Via for complete customer engagement in the cloud, Aspect CXP Pro for multi-channel self-service deployment, and the Aspect Workforce and Back Office Optimisation suites, seamlessly orchestrate people, processes and touch points for today’s top brands in financial services.

The company works with banking brands worldwide to deliver customer experiences that take advantage of advances in automated and intelligent self-service across all channels including SMS and social media. Aspect works with companies to maximise the value of customer data to enable proactive and predictive customer engagement; and help financial services organisations lead the way in mobile – all without compromising on security.

For more information, visit www.aspect.com/uk

© 2016 Aspect Software, Inc. All Rights Reserved.

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