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
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.
