Experience is the fundamental purpose of any life event and it sums up the point of relativity in all life relationships, and that is singularity.
In the Banking industry and other financial institutions, we thrive so hard to improve customer experience, and build rewarding relationships.
However I must say that yet the results of our earnest attempts so far regarding the best experience that will transcend the bank and client relationship to the point of singularity are still counter intuitive.
From my view and experience in this industry, customer education is yet another dimension that needs a strong foundation. Which is why I decided to embrace the responsibility of Authorship in my career.
I’ll give you one example, which comes as a strength from this dimension. It is often surprising to me when I get responses from my readers during my book signing events, whenever I touch on the fact that the creditors are always willing to assist clients at the times of financial difficulties, they are not indulging on taking legal actions and drastic processes for recovery.
Hence such results in high provisions, impacting the financial statements and dropping the share price. Creditors are concerned about the default rates while trying to save the relationship with the client. There are existing arrangement plans that can be considered by the creditor to assist clients and prevent them from defaulting.
In my recent publication “2020 HANOVER – Financial Remedy By A Banking Analyst” I stressed on the point of being proactive as a customer when a life event of limited affordability approaches. This shows that limited knowledge is also a big issue for the customers and banking industry to transcend. This also is the reason why debt collections call centre’s contact rate is suffering, simply because customers have limited knowledge of dealing with such life events and are afraid to approach the creditors in time.
In my upcoming publication “FINANCIAL AID FOR PROPERTY INVESTORS – 2020 Hangover II” which is releasing in October 2021, I’m addressing other issues that are imposed by the Covid-19 (life event) with regards to property investment and also along with other important topics such as the myths and the truths about property investment.
All these life events are inviting us to singularity, however to experience it we must transcend our customers, and the best time to do this is in the midst of the unfortunate events that we are experiencing now.
After my 2021 publication I will be completing my 4th publication, “TRANSCENDING TO SINGULARITY IN THE BANKING WORLD”. The publication is focused on optimizing customer experience through the proper use of analytics. I’ve innovated a lot in the Banking space as an analyst by analyzing data, building calculators and tools.
Amongst my innovations, in 2017 I won a 2nd place award out of 99 innovation entries. The award was for a system that I built which I called “DEBIT ORDER MANAGEMENT TOOL”, which on the presentation I proved that the tool boosted the revenue by R2 billion.
This life event calls for us to act and innovate for the greater good.
Regards,
Siboniso Thwala CAIB(SA)
www.sibonisothwala.co.za
