How personalization can revolutionize digital customer experience in banking
Clients nowadays expect more than just a good customer experience; they want to sense a human connection while doing online banking. Therefore, banks and credit unions need to undergo a digital transformation that enriches the digital experience of their clients, utilizing insight-driven strategies and sophisticated technology.
Indeed, financial institutions can strengthen their customer relationship through immersive experiences powered by leading digital technology such as AI, machine learning, and automation but first, they need to address their limitations and overcome some barriers.
Improve customer experience: addressing the challenges for banks and credit unions
It has become crucial for banks to elevate the digital banking experience of their clients with a humanized touch. In order to achieve that they must deliver a consistent and personal customer experience across all channels.
However, there are several challenges that banks and credit unions need to overcome to attain a seamless digital customer experience in the banking sector. One of the most predominant challenges is improving legacy systems and infrastructures with upgraded software.
Thankfully, solution providers such as ebankIT, can integrate seamlessly with any core banking and deliver digital channels out-of-the-box with the ability to quickly add new requirements if needed. A collaboration between financial institutions and a fintech provider might be the best solution for delivering good customer experiences in record time and at lower costs.
Different channels with inconsistent navigability or connectivity can also create points of friction for the user. The inability to obtain the same services across diverse channels is a significant drawback. An omnichannel platform may alleviate this problem by allowing clients to start an operation on web banking and conclude it on mobile.
Another hindrance is the lack of automation in banking which can be frustrating for clients, especially the younger generation, who hates having to input information repeatedly when pursuing an inquiry. Artificial Intelligence, optical recognition, and machine learning are some of the technologies that can improve customer service and the digital onboarding experience overall.
Furthermore, banks and credit unions that are unable to provide appropriate and personalized services will lose customer engagement. In a hyper-personalized market, if banks do not offer services specific to each individual, it will affect their growth and client retention.
That is why banks and credit unions need to prioritize their digital customer experience and anticipate future problems and needs while using intelligence-driven solutions.
Reshaping the digital customer journey in banking for a seamless user experience
The real value is found not just in the products and services a bank or credit union can offer, but also in how they deliver them. A flawless customer experience may be worth at least as much as a good product or an efficient process in terms of increasing customer loyalty, lowering expenses, and dramatically increasing revenues.
3 out of every 4 of the world's 50 top banks have committed to some type of customer-experience transformation, according to McKinsey.
Banks that embark on a user-experience transformation discover that the lifetime profitability of a pleased client can actively promote their bank to their entourage.
Banks and credit unions must start by enhancing their services on mobile apps, one of the most predominant channels for clients nowadays. Clients have come to expect the unparalleled convenience that banking mobile apps provide and therefore banks and credit unions that lack this capacity are at a tremendous disadvantage. ebankIT can help financial institutions develop mobile and web banking in less than 6 months.
As the pandemic changed a lot of habits, financial institutions had to rapidly adapt to digitalization and remote services if they wanted to stay relevant and keep their clients. However, financial institutions should always keep in mind the crucial aspect of "humanizing" digital banking.
Clients desire a personalized banking experience that makes them feel connected, even when they are banking from the comfort of their own homes. Thanks to technologies such as AI and personalized live customer care, banks and credit unions can provide customer service that meets the demands of clients, streamline the process of customer onboarding, and enhance customer service through the utilization of chatbots and the optimization of call centers.
Key takeaways for a successful digital customer experience in banking
The importance of good customer service relies on the ability of banks and credit unions to deliver a seamless digital banking experience while simultaneously having a better understanding of the needs and preferences of their clients.
Banks anticipating problems with a proactive posture and a continuous up-to-date system will thrive and enhance their net-promoter-score. They will not only increase efficiency but grow revenue and increase client loyalty. Not to mention, an enhanced customer experience is a critical differentiator for clients when choosing a financial institution.
Learn more on how you can enhance customer experience with ebankIT.