IT482 RESPOND TO BOTH OF THE PEER POSTS BELOW IN ONE PARAGRAPH EACH ANSWERING THE FOLLOWING QUESTION(S)
Prompt: In your responses to your peers, provide feedback on their explanations. Your feedback should be constructive and should address the following:
- How do their posts help clarify the concepts for you?
- What in their posts causes confusion for you?
- What other information could your peers have included in their responses?
PEER POST # 1
Most banks will fall into multiple categories of digital business models. Traditionally banks will use the omnichannel model to provide access to its services through multiple means, such as online, in-person, over the phone, and through a mobile app. However they also cover other models such as becoming ecosystem drivers by offering services for major life events.
The customer relationship management process for a financial institution is based on building the trust of their clients. Financial institutions must analyze both the speed at which users can receive their data, and they level of security that is perceived by those users. This could be seen through the actions of users or by things like user surveys.
I think that financial institutions should pay close attention to analytics, but not be trapped in them. Analytics don’t always tell the full story, so financial institutions need to remain flexible in their processes so they can tailor their business model to fit with changing circumstances.
PEER POST # 2
Banks and financial companies are taking full advantage of advancing technologies to improve their business models. By switching to an all online model they are able to immediately respond to customer requests and provide better services. With insurance companies all the information you need is included in the app and it is relatively easy to file claims on your phone, at least from my experience.
Customer relations are a little different than how they used to be. Companies are able to tailor there products to more diverse audiences, in my banking app you can customize and change what is on the homepage so each person can pick and choose what is important to them instead of just having a basic layout.
In my opinion the most important business processes involve adaptability and transparency. In todays society people want to know about the ethics and direction that a company has before making decisions. Personally I will never use Bank of America because they have a history of not taking care of customers and constant data breaches. Since we are able to see companies shortcomings extremely easy they need to prove they can keep up and treat employees correctly. Frequent reviews and innovations will allow companies to stay with the pace of the digital world and will help them provide good value that will keep customers returning.
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