Customer Experience Archives

Multiple QE Foundations to Drive Exceptional Customer Experience

Customers’ expectations continue to rise as new technologies are merged to create appealing, quick, feature-rich, secure, adaptable, and turnkey software solutions. They desire high-performing software applications regardless of digital devices, browsers, operating systems, or networks. With the prevalence of so many channels and techniques, the complexity of software systems (and the likelihood of their failure) would inevitably increase. To address such obstacles, businesses must use quality engineering instead of traditional software quality assurance services.

Collaborating with deep banking domain experts with proprietary technology solutions like Maveric offers a competitive edge for companies seeking QE excellence.

Bringing the superior QE edge to the BFSI sector

As the complexity of software programs, particularly ERP applications, increases, software quality engineering can aid in developing a tool-agnostic platform to facilitate product releases. Using the Agile and DevOps methodologies, QE services can assist businesses with designing, developing, and testing software applications. The AI-enabled technologies can immediately uncover bugs that limit the delivery of exceptional CX. AI can utilize tools such as chatbots and social networking accounts to examine and validate the functionality of applications. For the execution and verification of customer experience testing, a comprehensive digital quality engineering process must handle a variety of difficulties. These include integrating Agile and DevOps approaches into the value chain to automate it.

The power of extreme automation in the service of CX

Extreme automation combines numerous disruptive technologies to automate all application and process components. This covers the automation of build verification, regression tests, underwriting, and testing of all insurer and customer touchpoints. BFSI providers must deal with more complicated, labor-intensive, and time-consuming product cycles due to the growing demand to deploy new software or products frequently and efficiently. Extreme automation allows leading FIs to consolidate their vulnerabilities, such as antiquated systems and human back-end operations. It provides a cost-effective and technologically efficient foundation that enables insurers to address new needs and concentrate on long-term business objectives.

Role of AI-enabled QE Testing for Next-Gen CX

Subsequent-generation application testing is a component of testing the linked world of IoT devices, smart wearables, virtual reality, and real-time relationships, as well as the digital ecosystems that have been manipulated. Future digital initiatives can gain scalability, adaptability, and tangibility through testing. But as the complexity of next-generation systems increases, old methods of distributing updates will no longer keep you agile. We require a software quality engineering framework that would assist us in delivering goods and services with zero defects and at a faster rate. Using Agile and DevOps methodologies, QE services may help businesses design, develop, and test applications fast and consistently. AI-enabled technologies can swiftly uncover bugs that limit the delivery of a fantastic customer experience.

Today, C-suite leaders are taking a holistic approach by recognizing the need to manage or influence a significant portion of the customer experience. They are integrating quality engineering into every stage of the development cycle so that it is embedded in every line of work.

Conclusion

Customer experience has become a pillar of success, and businesses are tearing their hair out over how to accomplish it without breaking the wallet. It determines the success or failure of every company enterprise and should be the primary focus of any corporation.

Developers, QA professionals, and customer support representatives are tasked with creating a superior client experience; therefore, they must ensure seamless procedures. This should be true regardless of the digital touchpoints used by customers, including smartphones, desktops, tablets, laptops, notebooks, and wearables. However, ensuring the same requires a distinct way of thinking in the form of quality engineering. In conclusion, digital quality engineering can improve CX (customer experience). It is an Agile and DevOps-based methodology in which the QA process is automated to produce continuous integration, testing, and delivering results.

About Maveric Systems

Starting in 2000, Maveric Systems is a niche, domain-led Banking Tech specialist partnering with global banks to solve business challenges through emerging technology. 3000+ tech experts use proven frameworks to empower our customers to navigate a rapidly changing environment, enabling sharper definitions of their goals and measures to achieve them.

Across retail, corporate & wealth management, Maveric accelerates digital transformation through native banking domain expertise, a customer-intimacy-led delivery model, and a vibrant leadership supported by a culture of ownership.

With centers of excellence for Data, Digital, Core Banking, and Quality Engineering, Maveric teams work in 15 countries with regional delivery capabilities in Bangalore, Chennai, Dubai, London, Poland, Riyadh, and Singapore.

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Enhancing Banking Customer Experience

Digital disruptive forces have fundamentally altered the status quo. Customers are increasingly interested in digital solutions and want a streamlined banking experience. The availability of outsourced infrastructure and SaaS (software as a service) has reduced the cost of launching a new digital bank. The advent of digital payments and currencies has made it possible to circumvent some of the heavier compliance obligations.

Most banking executives know that this is simply the beginning of a significant, fundamental market transformation. They acknowledge that implementing Open Banking concepts and rules will increase customer competitiveness. They recognize that the rapid adoption of new digital payment mechanisms may eventually result in their disinter mediation from the client. And they are aware that the large IT companies are just waiting for the proper moment to strike. It is an opportune time to explore the domain capabilities that niche technology firms like Maveric Systems bring to the table.

Three Customer-First Insights for Banking

Over the next five years, new technologies will accelerate the change in banking. Cloud and SaaS have enabled banks to work with the agility and velocity typically associated with fintech rivals.
In finance, artificial intelligence will distinguish the winners from the losers. AI has various applications, with an increasing emphasis on improving the consumer experience through personalization.
Banks will revamp their business models to establish digital ecosystems. In the new world, banking will be included in a platform of services, with essential participants changing their business models into digital ecosystems and positioning banks at the center of these platforms.

Starting with Customer Journeys

The first step in discovering possibilities to improve the customer experience is comprehending the customer’s banking journey. Understand that the end-to-end client journey in banking is not linear. There will be halts and starts, backtracking, and false starts. Customers will utilize several devices. They will use the telephone. They might even appear in person. Gather information and investigate these many places of contact. Understand your contact channel mix, including your website and email, contact center and local branches, social media, and online chat. When you have a comprehensive, unified perspective of all these touchpoints, you will better understand the path your clients take. This route provides a guide for enhancing the customer experience.

Creating Emotionally Satisfying Experiences through Ecosystem Partnerships

Leading banks create emotionally-connected customer experiences. Rather than just paying lip service to their values, they exhibit them across the customer journey and all customer channels. These organizations know they lack the skills and capabilities necessary to remain competitive in today’s digital-first world, so they grow their ecosystems. To enhance their innovation capabilities, they actively explore partnerships with various players, including Fintechs, service providers, innovation laboratories, and academia, to mention a few.

Reorganizing Product Portfolios

Traditional banks have a competitive edge due to the reorganization of their broad product line around the consumer. They excel in loans, financing, and personal financial guidance. While customers prefer to initiate contact with their bank rather than be solicited, they still prefer a single point of contact for complaints and issues.

Leading banks provide promptness, dependability, and human interaction, placing them far ahead of the competition – and not just in processing.

Conclusion

As new business models, technologies, and generations of clients enter the picture, the secure, dependable standards of retail banking are losing relevance. Those who embrace customer transformation today will reap immediate and substantial benefits. Those who act swiftly to attain “customer excellence” will activate a growth accelerator that generates shareholder returns and a solid foundation for future business success.

The ultimate customer experience is a shifting target. Thus more is needed to match customers’ expectations today. It would help if you adapted quickly to altering consumer expectations at each step of the relationship and then delight them in ways that will keep them coming back for more.

About Maveric Systems

Starting in 2000, Maveric Systems is a niche, domain-led Banking Tech specialist partnering with global banks to solve business challenges through emerging technology. 3000+ tech experts use proven frameworks to empower our customers to navigate a rapidly changing environment, enabling sharper definitions of their goals and measures to achieve them.

Across retail, corporate & wealth management, Maveric Systems accelerates digital transformation through native banking domain expertise, a customer-intimacy-led delivery model, and a vibrant leadership supported by a culture of ownership.

With centers of excellence for Data, Digital, Core Banking, and Quality Engineering, Maveric Systems teams work in 15 countries with regional delivery capabilities in Bangalore, Chennai, Dubai, London, Poland, Riyadh, and Singapore.

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The Ultimate Guide To Digital Customer Experience

The latest wave of disruptions that banks have to contend with is preparing to compete successfully in digital banking. Financial services experiences are becoming more hyper-personal, putting more pressure on banks to use technology and data to satisfy their customers. For instance, a 2021 McKinsey survey found that 71% of consumers anticipate customization from companies and brands, and 76% of those consumers become irate if they don’t get it.

In today’s digital-first environment, incumbent banks that want to transform into digital banks will be more successful if they model their strategies and capabilities after top tech firms like Google and Amazon rather than after conventional banking activities. This entails developing and upgrading their technology platforms with the most recent developments, employing the top developers, and fast launching new products and improving them over time in light of user insights.

Best Practices for Creating Memorable Digital Customer Experiences

Get more insightful comments: To ensure representative feedback, legacy FIs must collect feedback along each step of the customer’s journey, consider the factors that influence their experience, and refine their strategy. To prevent any one consumer from becoming overwhelmed, this entails asking various customers about various aspects of their experiences.

Embrace advanced analytics, operational and financial data, and “customer voice” integration: Join customer-specific operational and financial data, such as their digital footprints, contacts with other channels, product consumption, cost-to-serve data, and revenue data, to feedback from specific consumers. Use “journey analytics” (i.e., combining various channel interaction data to provide a comprehensive picture) and increasingly predictive analytics to tell the whole narrative (for example, to infer sentiment for the vast majority of customers who do not respond to surveys).

Examine data to gain two types of insight: First, pinpoint the areas where customer experience adjustments will lead to new customer behavior that adds incredible value. Second, identify “breakpoints”—spots along the journey where altering a particular aspect of the experience will significantly alter the final result.

Using data to enhance personalization and consumer engagement: Importantly, banks have a distinct advantage over Big Tech in terms of client involvement and data, but they have yet to realize the full potential of these resources. Banks will need a comprehensive data infrastructure to support data collection, storage, and advanced analytics, as well as a digital marketing engine to transform analytical insights into personalized messages that anticipate specific customer needs and intentions if they are to compete for data on an equal footing with technology companies.

A state-of-the-art technology stack to lower expenses and accelerate innovation: Each of the key business models for retail banking requires an IT infrastructure that can accommodate wide fluctuations in demand for streaming and processing power and supply new solutions through quick innovation cycles. Choosing which infrastructure components should be developed in-house to strengthen competitive differentiation and which ones can and should be outsourced to lower the cost and the risk of service interruptions associated with updates and upgrades is the main challenge in designing the new architecture.

A flexible operational approach to adapt to rapidly evolving markets: By implementing an agile operating strategy and assembling the ideal people and skill set, winning banks may develop speed as a critical competitive advantage.

Conclusion

Digital Experience Platforms (DXP) vendors are refining their product lines to offer a wider variety of SaaS-based solutions. As customers have high expectations for their experiences, FIs must consider future-ready technologies like augmented and virtual reality, crypto, and the metaverse.

The main goal of digital customer experience is to make your company’s operations modern and frictionless. The effectiveness and efficiencies will follow when investments are made in the latest digital technologies, such as chatbots, live chat, IVR, video chat, omnichannel support, etc. As future customers, the digital- or mobile-first millennials, increase in number, digital customer experience will assume top priority.

About Maveric

Across retail, corporate & wealth management, Maveric accelerates digital transformation through native banking domain expertise, a customer-intimacy-led delivery model, and a vibrant leadership supported by a culture of ownership.

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The Future of Banking Customer Experience in 2023

Three out of four of the 50 top international banks now commit to customer experience transformation.

Mobile banking is one of the most prominent examples of how continual improvement in global connectivity has fundamentally changed the way commerce is conducted worldwide.

The financial services industry considers that customer involvement through mobile and other digital platforms as standard practice. With 4 out of 5 adults owning smartphones in the developed markets, FIs know that high-performing mobile websites and apps are non-negotiable. In a market where customer experience outweighs brand loyalty, especially among millennials, banks acknowledge that mobile channels have to leverage their complete set of digital differentiators to stave off the fights from Fintechs and the Neobanks. This real-world benefit comes with partnering with seasoned technology firms like Maveric Systems.

Five Future Technologies that will create Innovative Value in 2023

Highly Integrated Systems: Tight integrations enable recording every customer interaction that builds an insight-revealing 360-degree customer view of the customer. Comprehending exact client needs -physical and virtual- becomes far easier.
Most powerful Cloud Platform: Banks are accountable – through their investment choices and tech stacks – to provide quality services to their customers. Guaranteeing client satisfaction across every stage of the customer journey is as important as acquiring new clients or keeping current ones. A powerful cloud solution is what delivers round-the-clock top-notch customer care.
Security and Privacy safeguarding. One of the most crucial components for protecting customer information and privacy, FIs have to ensure that all their platforms comply with regulatory standards and current protocols. Banks have an exhaustive list of certifications to clear, from handling credit cards and other payment information to getting SOC 2 accreditation.
Conversational AI. Automated interactive voice messages, usage of chatbots, virtual assistants, and voice searches are all gaining mainstream acceptance. Whether soliciting consumer feedback, sharing relevant offers, or targeting personalized marketing, conversational AI is making significant progress in changing the banking customer experience.
Omnichannel banking. No longer an option but a necessity, most FIs recognize how all channels connect to give customers a single view of their brand, product, and offerings. To shape the highest ‘aha’s’ across the entire CX journey, omnichannel – inbound and outbound contact center services, web chat, websites, in-person meetings, automated messaging, and self-service – came together.

Conclusion

The real value is found not just in the goods and services a company offers but also in how it does it, as experts like Amazon and Apple have shown. A flawless customer experience can increase customer loyalty, cut expenses, make staff happy, and dramatically increase revenue—at least as much as a superior product or effective process. A satisfied customer is five to eight times more likely to tell his friends about a bank than one who had a negative experience.

About Maveric

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Enhancing the Customer Experience in Banking and FinTech

Several companies make it simple for customers and entrepreneurs to do all their financial transactions online, providing convenient access to banking services whenever and wherever they need them. Online banking is a suitable alternative to “traditional,” in-person banking, especially among younger generations.

Even though the vast majority of brick-and-mortar banks now provide some online banking services, there may be more they can do to differentiate themselves and win over modern customers. Making customers happy can mean the difference between success and failure. Many millennials will look elsewhere if they can’t bank from their phone.

Consistency and efficiency in Banking services define Customer Experience

The banking industry is no different from any other service industry in that the quality of service to the customer is entirely dependent on the customer’s expectations. A bank customer’s experience with a teller may be pleasant for one person but frustrating for another.

However, what constitutes a positive banking encounter can be standardized. Having a unified profile of your customers across all touchpoints is crucial to providing excellent service. Whether a customer interacts with you in person, over the phone, or on the web, they will always receive the same high-quality service and seamless experience from the bank. Experienced banking customers know when they have received top-class service.

The future of CX in Banking

The emergence of FinTech start-ups was a major driving force behind the digitization of banking procedures, which compelled traditional financial institutions to improve their methods for providing financial services to customers. Similarly, banks are undergoing digital transformations, automating processes across entire departments to reduce overhead. To understand how these landscape-shaping trends impact Customer experience in FIs, the banking domain and tech experts like Maveric Systems bring a fresh approach.

Enhancing CX through Product and Service Innovation

Strategic requirements in banking tend to fluctuate over time. The banking industry is shifting its attention from improving the client experience to developing new products. Message and offer (sometimes masked as “advice”) customization have taken a backseat to product personalization in recent years. Banking as a service (BaaS) providers collaborate with fintech and non-financial brands to manage the overall customer experience.

There is room to enhance the experience of using conventional banks.

Three critical considerations for amplifying CX in Banking and Fintechs

Data: Credit card purchases, cash withdrawals, credit history, and other financial tools generate an enormous amount of data. The more information fintech companies have about their clients, the better they can meet their needs. Insights like these allow for more tailored promotions to specific audiences.
Hyper-personalization: Customers are more receptive to targeted advertisements. – In addition, AI and ML are being used to provide consumers with on-demand credit at reduced rates and other hyper-tailored offers specific to their financial situations.
Loyalty and Total Wallet Share: Clients’ income, investment history, tolerance for risk, and other factors are used by investment platforms to make personalized recommendations for investment opportunities. Evidence suggests that a higher proportion of a customer’s spending comes from happier clients; in fact, one study found that a client’s likelihood of becoming a profitable customer increased by 2.4% for every point of increase in satisfaction.

Conclusion

Due to the increasing digitization of everything in existence, banks are increasingly prioritizing innovation in customer service. Bain & Company polled 111,000 clients in 2015 on whether they would miss their mobile phones or wallets more. The fact that more than half of consumers opted to pay with their phones instead of wallets is evidence of how much the mobile and digital revolution has altered society at large and, in particular, people’s perspectives on money and their ability to manage their day-to-day finances.

About Maveric Systems

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Multiple QE Foundations to Drive Exceptional Customer Experience

Bringing the superior QE edge to the BFSI sector

The power of extreme automation in the service of CX

Role of AI-enabled QE Testing for Next-Gen CX

Conclusion

About Maveric Systems

Enhancing Banking Customer Experience

Three Customer-First Insights for Banking

Starting with Customer Journeys

Creating Emotionally Satisfying Experiences through Ecosystem Partnerships

Reorganizing Product Portfolios

Conclusion

About Maveric Systems

The Ultimate Guide To Digital Customer Experience

The Future of Banking Customer Experience in 2023

Five Future Technologies that will create Innovative Value in 2023

Conclusion

About Maveric

Enhancing the Customer Experience in Banking and FinTech

Consistency and efficiency in Banking services define Customer Experience

The future of CX in Banking

Enhancing CX through Product and Service Innovation

There is room to enhance the experience of using conventional banks.

Three critical considerations for amplifying CX in Banking and Fintechs

Conclusion

About Maveric Systems

Latest Posts

Top Factors that Influence Retail Banking Performance.

From Imperative to Opportunity – Migrating to TEMENOS T24 to optimize Core Banking

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