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.
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.