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Overview

Superior customer experiences drive brand loyalty and retention.

Customers no longer base their experience perceptions solely on price, product, or convenience. Instead, expectations are based on how they feel receiving the services. In this context, digital speed, simplicity and contextuality become the key. Having become used to the experience provided by tech firms like Amazon, Netflix, Google along with a host of Fintechs, customers expect the same from their banks.

Banks, both traditional and Fintechs, are adapting to provide a superior digital customer experience from the first interaction till the end of the session. According to a leading survey, 81% of companies in 2021 and beyond, compete mostly on customer experience, making it a key competitive differentiator for financial institutions. Greater product choices, ease of onboarding, seamless access and continuity across channels, devices and locations, along with personalized set of recommendations will replicate the ‘Netflix experience’ that banking customers now come to expect.

Steps to experience centric banking

Banks understand they are not fighting Fintechs, regulatory start-ups or financial institutions for new customers. They understand that onboarding a customer, making them familiar with the bank, and retaining a customer is largely dependent on their ability to create superior experiences by leveraging the ecosystem. Some of the approaches banks are embarking on to engineer superior experiences are as follows.

Mobile First Approach

Banking leaders continue to redesign their mobile platforms at far greater frequency than their websites. Customers decide whether a bank appeals to them, often in the first few milliseconds, based on the bank’s mobile app design. Gleaned from customer’s digital usage trends, mobile experiences are constantly enriched with data analytics. Further, these experiences are integrated with most of the digital spaces (or platforms) that customers prefer so that their persona is constructed using the data from their multiple presence(s).

Hyper Contextualizing Customer Journey

Starting from the first touchpoint showcasing the customer’s preferred options and services, to the dashboard having the right icons and buttons, banking leaders are aligning digital experience to the persona of the customer gleaned from their digital presence. Further, the information is presented in a readable and decision friendly format, enriching the experience. The journey is made quick and easy with the needed data being populated from either internal or accredited external sources established through connectivity to the right ecosystems.

Hybrid Channel Experience

Human touch is at the forefront these days and increasingly being combined with a high level of automation using technology solutions such as Chat, Humanoid bots, AI and video conferencing using secured network. Using these channels, when a switch happens based on the context without the customer having to engineer it, a wonderful experience unfolds.

Open Data Platform

Leading countries adopting open banking initiatives have embraced and put in place open data platforms that banks can access. These platforms are being used not only to cherry pick the customers to onboard and offer value added services but also to make their onboarding a minimalist thing.

Safety, Always

The baseline for all customer experience with a bank remains safety. New government regulations such as GDPR and increasing data privacy controversies have made the customer wary. The customers want to be informed by the bank about investment into data security and how their transactions and data are being protected.

Our Focus

Having built a formidable presence as a preferred digital transformation partner for global top 10 banks, Maveric is making strategic investments to be one of the top three customer experience specialists in banking by 2025. By co-creating solutions that thread together deep domain, emerging technology, advanced analytics, and science of UX seamlessly, ably supported by a 360degree customer view, we aim to reimagine the way customers experience digital banking.

Our areas of focus include:

Retail Banking

  • Customer centricity : Help banks get a comprehensive, 360-degree view of their prospects and customers with a view to hyper-personalize services and portfolio to suit their needs. Complexity of this space is accentuated further by the need to address the customer demographic which determines channel accesses and other facets of experience.
  • Open systems : Assist banking leaders to streamline their integration with the extended financial ecosystem, namely, Fintechs and lifestyle partners who cohort with their customer universe, through our ready-to-use developer networks and sandboxes. Today banks worldwide see ecosystem build as important as product management itself.
  • Human touch : Bring the ability to humanize across channels – be it call center, branch walk-ins or digital platforms taking into consideration demographic profile and linguistic aspects.

Corporate Banking

  • 360 degree view : Bring together all players involved in the domestic and international trade and payment space, thereby providing an opportunity to bring cash management and liquidity information to the customers by building an integration system on top.
  • Open data and ecosystem integration : Establish the required connect between customer-facing and transaction systems as well as data analytics for accurate and meaningful decision making. We help optimize the bank’s presence in the API ecosystems through ‘ready-to-use’ frameworks and solutions like Customer Lifecycle Management in the SME segment.
  • Hybrid interface : Provide the ability for customer access systems to switch between virtual and human touch based on the situation thereby leading to optimal conclusion or need resolution.

Wealth Management

  • Platform centric approach : Help banks adopt and contextualize wealth management platforms that assist their advisors access numerous capabilities and products through a single user interface, thereby resulting in greater advisor outreach, adoption, and client retention.
  • Adoption of newer architecture : Evaluate and adopt event-driven, plug-and-play, microservices, embedded analytics, and real-time insights, hosted on a scalable cloud infrastructure, that not only provides rich user experience but also has the ability to easily integrate with a wide range of wealth products.
  • Leveraging Data and Analytics : Enable cross-product business activities, resulting in more effective client-service workflows through advanced analytics. Adoption of AI/ML driven approaches as well as NLP based digital assistants help to exponentially improve customer experience.

Retail Banking

  • Customer centricity : Help banks get a comprehensive, 360-degree view of their prospects and customers with a view to hyper-personalize services and portfolio to suit their needs. Complexity of this space is accentuated further by the need to address the customer demographic which determines channel accesses and other facets of experience.
  • Open systems : Assist banking leaders to streamline their integration with the extended financial ecosystem, namely, Fintechs and lifestyle partners who cohort with their customer universe, through our ready-to-use developer networks and sandboxes. Today banks worldwide see ecosystem build as important as product management itself.
  • Human touch :Bring the ability to humanize across channels – be it call center, branch walk-ins or digital platforms taking into consideration demographic profile and linguistic aspects.

Corporate Banking

  • 360 degree view : Bring together all players involved in the domestic and international trade and payment space, thereby providing an opportunity to bring cash management and liquidity information to the customers by building an integration system on top.
  • Open data and ecosystem integration :Establish the required connect between customer-facing and transaction systems as well as data analytics for accurate and meaningful decision making. We help optimize the bank’s presence in the API ecosystems through ‘ready-to-use’ frameworks and solutions like Customer Lifecycle Management in the SME segment.
  • Hybrid interface : Provide the ability for customer access systems to switch between virtual and human touch based on the situation thereby leading to optimal conclusion or need resolution.

Wealth Management

  • Platform centric approach : Help banks adopt and contextualize wealth management platforms that assist their advisors access numerous capabilities and products through a single user interface, thereby resulting in greater advisor outreach, adoption, and client retention.
  • Adoption of newer architecture : Evaluate and adopt event-driven, plug-and-play, microservices, embedded analytics, and real-time insights, hosted on a scalable cloud infrastructure, that not only provides rich user experience but also has the ability to easily integrate with a wide range of wealth products.
  • Leveraging Data and Analytics : Enable cross-product business activities, resulting in more effective client-service workflows through advanced analytics. Adoption of AI/ML driven approaches as well as NLP based digital assistants help to exponentially improve customer experience.

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Insights

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