3 Major Trends Transforming CX in Banking

Banking CIO Outlook | Thursday, November 07, 2019

The proliferation of digital banking is encouraging the banks to streamline their financial offerings resulting in enhanced customer experience.

FREMONT, CA: Customer experience is an important aspect of any industry. Technology has stepped into the banking sector and is actively transforming the user experience. At present, customers are too busy to spend their time in queues to avail a particular service. The evolution of digital banking has opened the gateways for the customers to access most of the banking services from the comfort of their homes. The digital revolution in banking is having a direct impact on customers. 

Customer’s perceptions are evolving. Along with a digitalized system, customers expect easy and simplicity in transactions. According to a report, an average person has almost 17 interactions with a bank in a month. Most of these interactions are online or on mobile. Thus, it’s clear where the trend is moving. There are certain aspects where the banks can focus on enhancing the customer experience.Top Customer Experience Solution Companies

· Personalization

When it comes to personalization, banks focus on marketing and customized offers for an individual customer. However, the true sense of personalization in banking can be realized by utilizing data and analytics to anticipate individual requirements and to build connections with the customers. According to a report, 79 percent of the users are open to receive personalized advice on investments, like asset allocation. The above statistic points to the immense potential of personalization, paving the way to gain customers’ trust. 

· Chatbots

Chatbots have immense potential to improve customer’s experience while cutting costs for the banks by eliminating the need of a human advisor. Chatbots can assist customers with common financial queries and tasks. For instance, some of the major banking companies have implemented chatbots that offer a faster alternative to the customers for checking their account balance.

· Omnichannel Banking

Based on a survey, 46 percent of the users tend to switch devices while managing their finances. Banking institutions can positively impact a vast customer base by simply streamlining the banking services across the devices for the customers.

Modern banking institutions have access to the latest technologies that can significantly impact customer service capabilities. The banks that can strike a balance between implementing technology and solving security challenges involved will outperform the others.  

Check out: Top Customer Experience Solution Companies

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