Many banking customers feel their banks CX strategy is similar to a comatose patient where everyone is waiting for the patient to wake up. Banks face the same situation in terms of CX and where customers are looking for banks to wake up. The current day customers are digital savvy, fearless and create their own path in their life. Banks need to understand that and see how they can implement this to 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 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 PwC report on technology trends in 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 expectation.
How can Banks strategize to serve the 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 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 the control to the digital experience to their customers. By making on-demand personalization at the core of 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 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 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 their 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 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 market place where they have a 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
- 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 experience customers have come to expect, and it will boost engagement and revenue.
Summing it all up:
Giving the digital experience joy stick to digital savvy customers impacts how a bank should start operating whether it’s the IT, Marketing or Sales. Banks must pursue initiatives that will customers doing business them enjoyable & fruitful. It will help build loyalty, get product/service feedback, take the CX to a much higher level.
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