Be the Bank Customers Can Bank On

Posted On: December 18, 2018

Online ticket bookings, cancellations, payments, checking flight status online and choosing seat preferences for movie or journey is the perfect specimen of digital evolution. From standing in long queues for paying electricity bills till getting bills over apps or completing payments via phone has absolutely revolutionized the way businesses deal or humans work. Gone are the days of enduring lengthy paper work and their submission process after longer hours.

Digital has become a potent part of business interactions as every industry is willingly turning their way towards convenient and portable services not only to expand businesses but to give comfort services to consumers. So when every industry strives to take benefits by providing their services digitally; banking industry expect no less. Deloitte Center for Financial Services surveyed, 17,100 banking consumers across 17 countries in May 2018 measure the digital engagement by asking respondents how frequently they use different channels and services, with an eye on digital transactions.

Banking modifications:

Today’s consumers need robust, optimized and instant services no matter if they are shopping online, paying bills or transferring amount from banks to their digital wallets. They believe in technologies that are just a click away and making their life at ease. Digital transformation has opened doors for paperless transactions, wireless transfiguration and so on. Retail, corporate banks and financial institutions have started using digital modes to deliver unified experience to customers in banking industry. Digital transformation in banking has given opportunities to digitize their process such as online bank transfers, electronic know your customer aka ekyc with seamless integration of mobile apps and social media. These type of digitized services avail chances for lower operational costs and faster transferring of amounts. A survey held in UK defines that the growth in online banking area was steady over time, and rose to 69 percent of individuals who used online banking regularly as of 2018.

When industry is getting modified digitally, then even customers are not left behind. According to a report, With the ongoing digital drive the number of users opting for online banking is expected to reach 150 million mark by 2020, from the current 45 million active urban online banking users just only in India. However, banking providers need to concern about more. What matters most to customers at certain critical points is to wholly digitize their journey from start to finish. However, banking industry needs to understand these points by from where their customers can continue to get digitized banking experience.

Break the silos with omnichannel banking:

Each and every day technologies are introducing various touch points for customers from where they can engage in seamless banking experience. Although, banking industry is no longer new to digitization now, but customers often change their channel patterns and preferences while banking online. Omnichannel strategy break the barriers between channels like website, mobile app, help centers that can sometimes resist customers to have seamless experience. Omnichannel banking strategy allows quick and real time sync between channels.

Anecdote: “Get closer than ever to your customers. So close that you tell them what they need well before they realize it themselves~ Steve Jobs”

But all of this is not possible if customers are not fully engaged with services throughout their banking experience. Customer satisfaction is the key ingredient of customer experience. Espousal of omnichannel services ensures that consumers get unified space and appropriate support to get their issues and queries resolved in while. Information which is necessary for them get easy pathways to resolutions is all what consumers need.

Future lies in Innovation:

Future starts where innovation lies, and where technology integrates with advanced ideas. Banking industry has a long way to go as in the coming year, the number 1 trend for financial institutions will be to invest in processes that provide customers with the qualities of face-to-face interactions within remote channels. Omnichannel services which can be integrated with various touch points across many platforms can be a potential support for banking companies; retail or corporate. Consumers will feel heard and supported when their queries will go to ears listening properly. Banks that utilize the power of technology will make their call center agents even more effective through digitally shared screens. Though displayed and managed information has already seen more than 20% improvement in customer satisfaction. These results will do well for digital banking with a human touch in 2019. Companies providing omnichannel support will have an upper hand on CX. Digital transformation in banking industry is favourable to integrate services across touch points or channels like:

  • Contact Centers
  • Virtual Assistants
  • Self Service App (Mobile Banking)
  • Website (Internet Banking)
  • Branches & ATMs
  • Field
  • Wearables

The ability to deliver high-touch remote experiences in telephonic interactions, will rely on institutions adopting the latest technology. Contact us to integrate your services with touch points to enhance customer experience in banking. Make CX more worthwhile in banking industry while having touch with digitization.

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