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Tsb car acronym12/24/2023 But in the long term PTSB believes focusing on providing a good service that helps the customer identify their financial needs by supporting them through needs-based processes is the best way to add value and ultimately promote trust and better customer loyalty. Providing this needs-based analysis can be a challenge as the bank must remain determined and tenacious in its ethical path as it will come under heavy commercial pressure if other financial insti-tutions are using, for example, discounts on products as their main way of enticing customers. The product itself is secondary and a natural result of the needs-based processes and conversations taking place. PTSB is focused on becoming facilitators of financial solutions, whether its planning for retirement, saving and investment planning, buying a home or a car. Few people bounce out of bed in the morning looking forward to planning their financial future – so banks have a role in providing accessible solutions to encourage customers to do this. From a commercial viewpoint the focus is to support customers to assess their needs and to plan their financial lives better and for us to offer solutions and services that facilitate this. This is a more ethical approach, which is where customer banking should always have been. Customer need analysis has become the commercial driver as opposed to product push. Niall O’Grady: We’ve seen a marked shift within the industry away from selling products to providing relevant and best product solutions to customer needs. Liam McKenna: How does PTSB square the ethical and compliance circle with the bank’s commercial mandate? The new factor that has now emerged following all the focus on digitalising the front to drive customer engagement is that we now need to focus on digitalising the operational back end in order to ensure that the front end promises can be matched. This allows technology to be used as an enabler of better ethical service. So lifetime events – be they marriage or divorce, birth or indeed death – that an automated process will not necessarily pick up on can be identified and correctly incorporated into the need identification process. Overlaying behavioural information is also crucial. This approach is getting a great response from customers who like the convenience of online but also value the relationship and interaction with knowledgeable financial advisors at different points in their lives where and when financial needs arise. One example is that by analysing the vast amount of data we hold on customers we gain insights into where they are on their financial journey and use this in an intelligent and ethical way to preempt, support, review and recommend financial solutions that are better suited to their needs. So it is important that we also use technology in a way that enhances the transactional experience with good solutions. The experience is a challenge to add value to and base a deepening relationship on so bets to get these basics of speed and accuracy right. The idea of applying for a loan online and getting approved in minutes is very attractive and usage is growing constantly. The standards for this are set way outside financial services so we need to respond to these customer trends and quickly. The customer value in this is based on transaction accuracy, convenience and speed which improve and foster a better relationship. Niall O’Grady: Certainly a huge proportion of the transactional activity has now migrated to digital. Liam McKenna: Where does technology fit into PTSB’s proposition – as an enabler or a driver of ethical banking behaviour? Niall O’Grady Commercial Director of permanent tsb (PTSB) talks to Liam McKenna Partner Consulting Services – Mazars Ireland, about how the bank is using digitalisation to create more meaningful relationships with customers. The arrival of technology has been a game changer for Ireland’s banking industry. Permanent tsb: Digitalisation’s role in the ethical banking mix
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