By: Ritesh Varma
Digital is making its inroads fast across all banking services, more so in the current environment when the ability to operate in a remote environment is an important necessity. Customers increasingly prefer online and digital channels for various transactions and expect the same experience from banks as they do from other walks of their lives, such as shopping, commuting, or dining.
Delivering a great digital experience is becoming a fundamental expectation for every modern customer. With a global pandemic on our hands, it has become especially crucial to deliver digital excellence as customers bank from the safety of their homes. Following these five simple practices can help you gain an edge over your competitors.
Transform end-to-end customer journey
The customer journey is the sum of all the interactions a customer has with the bank. Dealing with customers based on their persona, moods, and sentiments can work in a specific context of time, but in shaping the broader customer journey it is important to focus on providing consistent process experience. Enabling customer onboarding and support services through online channels also helps deliver a touchless banking experience.
Automate end-to-end processes with a unified platform to make it easy for customers to navigate their journey. The more user-friendly is your interface, the better is the customer experience!
Enable omnichannel customer communication
Communication is key for every healthy relationship, including the one banks share with their customers. Multiple departments have always been a part of the banking environment, but this often leads to disjointed processes and inconsistent branding. This becomes evident when banks send out manual communication in the form of emails, notices, account statements, and promotional campaigns, among others, to their customers.
Bridge the data silos by implementing a customer communication management system that can generate documents in multiple formats to be seamlessly shared across channels while ensuring a consistent and contextual experience for your customers.
Accelerate processing time
Occasionally, banking processes can be transactional and cumbersome for the customer. A large amount of time is wasted in filling up forms which might make a customer irate. Take the lending process for example. The sheer amount of documentation and regulatory approvals required is enough to hurt the customer experience. It is important to speed up the processing time and adhere to regulatory compliance while adopting social distancing norms.
Leverage new-age technologies like artificial intelligence, machine learning, and robotic process automation to facilitate straight-through processing andutilize virtual contact centers for process centralization and standardization.
Create personalized experiences
It is an almost flattering experience for a customer when organizations acknowledge their preferences and anticipate their latent expectations. With a digital system as its backbone, a bank can record all the interactions it has with a customer across channels. This historical data helps a bank to identify spending patterns, frequent requests, preferences, and bottlenecks in a customer’s journey. It also helps you categorize your customers into specific segments based on their profiles and build a dedicated strategy.
Identify your customer persona and use predictive analytics to design a personalized contextual experience. Give your customers the special treatment they deserve through a virtual, contact-less environment.
Gain speed and agility with low code digital automation platform
Every customer that walks into a bank creates a unique opportunity that may or may not fit into your pre-defined processes. A modeling-driven environment allows you to design and develop end-to-end applications (simple or complex) rapidly through drag-and-drop and point-and-click options. This also helps banks to focus on evolving business needs, changing regulatory compliances, and delivering delightful customer experience.
Bring speed and agility to your platform with the low code capabilities to efficiently operate in a constantly evolving ecosystem and create a future-ready organization.
There is no dearth of options for a modern banking customer. With the advent of technology, it is imperative for banks to adopt digital and automate end-to-end processes to stay ahead of the curve and enable customers’ journeys.
(The author is Global Head, Business Solutions – Newgen Software and the views expressed in the article are his own)