Banking ‘On’.. to… Banking ‘With’ Family

Family Banking

Can the customer engagement be done beyond a customer? Can new avenues be opened to build an enduring relationship by connecting with the potential customers? Can something more be done, which extends the boundaries, the spectrum and may be the insights!

We at Vayana, continuously think about such intriguing questions and are in search of solutions which allows us to do more for our clients. One of our offering ‘Family Banking’ is precisely meant to answer the above questions. As the name goes, it is Banking for the family under one umbrella.

Today, in the aviation industry, many frequent flyer programs offer Family Pooling, which enables the family members to share, pool and redeem miles and possibly plan for a dream destination together. Microsoft allows their customers to set-up Family, and amongst many other features allow the customers to monitor, review and do transfers to their kids. Apple offers Family Sharing which provides an enriched experience to all the connected family members. It enables sharing of App Store purchases, iTunes or iBooks and even allows the kids to request their parents for an App purchase.

The whole idea in all the above examples is to enable customer to ‘share with’ and ‘care for’ the family. ‘Family Banking’ product of Vayana is a platform to enable the customers to have “ONE BANK for your FAMILY” approach. One responsibility that each and every customer wants their kid to ingrain is a ‘Financial’ one. The solution enables the customers to create a family structure and perform plethora of reporting and sharing activities on the structure. The kids, on the other hand, are allowed to access the services in a very kid friendly manner. The offering introduces Banking to the Kids and complements their reading of “Rich Dad Poor Dad”. The solution comes bundled with strong in-house products like Dateline and Personal Financial Management, which allows the members to keep track of important events and expenses / incomes respectively. With social media plug ins and analytics, the customers can be prompted with recommendations and cross-sell opportunities.

Family Banking adds new dimension to the Customer engagement, which goes beyond building a relationship with the Customer and also provides inroads to develop a potential one with the next generation too.

Comments
  1. Varun

    Very information article.

    • Ashu

      Thanks Varun for your comments

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