Many banking customers feel their bank’s CX strategy doesn’t offer them a highly personalized experience. Today’s customers are digitally savvy, fearless and create their own path in their life. They are looking for engagements that will wow them. Therefore, it is important for banks to understand their needs and how they can implement solutions that can deliver a superior customer experience.

Forrester Research explains CX as “how customers perceive their interactions with your company”. CX should Useful, Usable and Enjoyable. In a nutshell, customers should have it easy to find their product or service and it should be engaging enough to use them. CX requires a strong understanding of customers and their objectives at every stage of their journey. According to a PwC report on technology trends in the banking industry beyond 2020, digital is supposed to go mainstream with CX being the core. Providing a great CX is a top strategic priority among global banking leaders but it’s also clear that they are not fully prepared to meet customers’ expectations.

How can Banks strategize to serve digitally-savvy consumers with relevant and contextual experiences? By making the customers take control of the digital banking experience. Let them design their own bank. In the era of the usual personalization cliché, banks need to look at their services on one level deeper into providing an ultra-personalization. The next generation customers want to control their own destiny whether in life or in banking. Banks need to seriously look at giving control of digital experiences to their customers. By making on-demand personalization at the core of the digital experience, banks can negate negative experience scenarios which can in-turn help their customers make better financial decisions.

By providing an on-demand personalization option banks can have customization and usability at the core. This allows a bank’s customers to take control of their visual experiences while they bank. This way, the right user experience can prevent customers from suffering a negative experience with the bank and helps drive better financial decisions.

Challenger banks or Digital banks have been exploding in the last few years and providing a strong digital experience can help them compete against the traditional & proven banks. Let’s talk about a practical way of how a bank can provide a superior digital journey. Following are some of the ways on how customers can drive digital experience.

Personalized themes for Different Kinds of Customers

Allow customers to customize the look and feel of their digital bank by choosing their own design themes which can replicate their personality. A bank can offer multiple themes based on its branding and various target segments like Gen X or millennials. By taking customization one step further, based on how customers would like to view their dashboard, dragging and dropping of banking functionalities on the digital banking dashboard.

An array of Fintech features as on Demand Widgets

Offer an array of fintech solutions for the customers to choose from based on their comfort & familiarity. Allows banks to constantly stay updated with new features and fintech applications that they can readily offer to customers. Provide each fintech feature as a widget that customers can add or delete as and when they want to, on the move. Give them the feeling of that their bank is an online marketplace where they have the freedom to choose to participate or not in the bazaar. Some of the key fintech applications they should consider are

  • Authentication and Security
  • Customer and Bank Collaboration Suite
  • Financial Advice for Children
  • Conversational AI
  • Personal Finance Management
  • P2P money transfer
  • Financial target setting
  • Payments
  • Financial gamification apps

By adopting AI/ML Customer Intelligence Models, banks can work on contextual data to understand the customer better and offer superior services and help them in their financial goals. Decoding and getting the right data, including contextual insights, will help banks deliver better experiences to customers at an ultra-personal level across channels and in real-time. So, data-driven personalization will help deliver great online experiences that customers have come to expect, and it will boost engagement and revenue.

Summing it all up:

Giving the digital experience joystick to digitally savvy customers impacts how a bank operates across its functional departments whether it’s IT, Marketing or Sales. Banks must pursue initiatives that customers will choose to engage with. It will help build loyalty, improve business, get product/service feedback and most importantly take CX to a much higher level.