Trends Transforming Digital Customer Experience in Banking Industry
Digital customer experience in the banking industry relies on a three-step journey to discover and overcome obstacles that prevent superior CX in the first place.
Recognizing customer needs through in-depth interviews to decipher explicit and implicit needs. With an emphasis on integrating financial topics present in daily life with neuroscientific clues on how they feel, these deep dives aim to record the moments that matter. Redesigning or optimizing existing practices is the next step.
Identifying and developing user-friendly services by drawing out a target vision basis the research results. Comparing this with ‘as-is’ internal services shows potential improvement and target areas for inter-departmental teams to brainstorm. Next, the ideas are put through rigorous and swift prototyping, often with real-world customers.
Reorienting the future tasks within the organization by shifting focus to closing the identified gaps between current and target states – be it the people, processes, or platforms. A flight path with milestones is drawn out, meticulously measured, and reported to leadership and stakeholders.
Three Trends transforming Digital CX in the Banking Industry
Following the mentioned three steps, banking CX teams can harvest rich knowledge (across tools used, approaches taken, and culture nuances). From this profound source, the trends that inform the future of Digital CX emerge.
Leveraging mobile apps data
Customers today expect rich, diverse, and personalized banking services with fast-paced self-service via mobile apps. Also proliferating this trend is the growth of low-no code development platforms. Banks must make the most of the collected information from apps in this altered scenario. Crucial insights, usage behavior, and important decisioning reasons are available from the data analytics tools and machine learning algorithms. These insights are a rich source to build new products and finetune existing processes that bring an edge to the bank’s brand and bolster customer retention.
Automatic Customer Onboarding
Gone are the days when filling and signing document stacks was a given. Today’s onboarding processes are not the time or effort-consuming as they used to be. Electronic processes and AI-enabled document processing has enabled banks to bring remote comfort to their clients. Be it automatic KYC or the swathes of verification submission and completion procedures, FIs continually automate the processes involved in new customer onboarding.
Digital Customer Service and Customer Engagement
Customer journeys central to how banks work emphasize easy-to-understand ways for customers to start and change payments, dispute transactions, and change account information. From using intelligent chatbot technology to investigate issues and answer customer queries –tangible cost savings come from utilizing precious bank staff. Today, regardless of the channel used, banks keep track of the customer’s needs and context. This brings frictionless service and helps use real-time data assets to pinpoint customer pain points and the quickest resolution.
The banking market has changed dramatically post-pandemic – Low entry barriers, technological advances, and customers willing to pay more for superior services. Not only has digital affinity attracted global service providers with digital DNA, but also FinTech businesses. The attention is on consumers who want to simplify their daily lives and personalize them through on-demand customer service. In such cases, the FI’s wide range of services is crucial because prospective customers view Banks with fresh eyes.