Traditional banks are the worst hit ones in the banking industry after the origin of neo banks and challenger banks amidst the pandemic. The most important reason behind this downfall is that customer expectations are changing quickly and banks are struggling to cope with these requirements. Advanced technology has impacted user expectations and increased the importance of customer experience. With everything available in fingertips, banking customers expect omnichannel solutions that are both effective and agile.
So how can banks retain their customers by adopting the following trends?
- Digitalized Banking Environment – Banks that managed to survive in this unprecedented situation are the ones that dared to make drastic changes to the way they have been operating all these years. What ‘change’ means here is the adoption of years’ worth of technology advancements and updated business models. By providing digital solutions like WhatsApp banking, where customers can perform activities like chat with the bank, receive notifications, block cards, etc. banks are now able to attract more customers than ever and offer a highly-secured and encrypted platform to perform huge transactions safely.
- Automated Onboarding Process – Many banking customers are tired and sick of the complex and tedious onboarding process in both physical and online banking systems. This is mainly because of the time-consuming process involved in acquiring necessary documents, managing, and verifying them. Digitization of the onboarding process is a godsend to both banks and customers to escape the monotonous tasks. Also, these digital identity solutions allow banks to offer a customer-focused and secured platform to access banking services from anywhere anytime.
- Personalized Experience – Customer engagement is crucial in order to develop customer loyalty and retention. Remember your Amazon and Netflix apps come up with suggestions based on your latest purchase or searches? That’s personalized experience. Similarly, customer experience in banking apps that provide more recommendations using advanced technologies, customer data, and analytics leads to better engagement with the customer. This personalized experience of the customer saves time and effort for the customer and enables banks and fintech to seize timely opportunities, reduce the cost of execution, and stay ahead of the competitors.
- Enhanced Apps & Sites – Apart from features like cardless withdrawals, online transactions, and loan originations, advanced banking apps are sophisticated and smart enough to help customers manage their finances. Intelligent tracking tools are integrated with these apps to provide insights on customer expenses and make better financial decisions. These apps take the next step by monitoring the spending patterns and automatically transfer a part of the money to the savings account. This automated savings feature allows the customers to save some amount even without noticing.
- Real-time Assistance & Chatbots – No customers want to have their call or request kept on hold. This is why banks are introducing virtual assistants to offer immediate help or address frequent queries and requests from the customer end. Powered by Artificial Intelligence, these assistants and chatbots are capable of monitoring bank accounts, scrutinize expenses, and even make transactions. They perform just like your Siri and Alexa, but much more advanced and efficient that they can prevent fraud and notify users when they spend more than usual or are overcharged for your monthly bill.
By implementing these trends and advanced features, banks deliver more innovative and efficient services to their customers that save time, effort, and cost to both the banks and customers. Therefore, these trends are sheer necessities for traditional banks to leverage which will transform them and make them equally good to neo and challenger banks that are already on their way to attracting more and more businesses, investors, and corporates.
Aspire as a Gamechanger for a Leading Asian Bank
Here is a success story of a customer – Asia’s leading bank, who managed to overcome the challenges of poor user experience and achieved seamless customer experience and increased operational efficiency using Aspire’s personalized omnichannel solution.
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