bankingciooutlook

Key Customer Experience Problems Faced By Banking Sector in Digital Age

Banking CIO Outlook | Monday, February 01, 2021

Customers choose financial businesses that can make their life easier and inspire good feelings over-complicated solutions that give them difficulties.

Fremont, CA: The digital era has created more options for development and progress than ever before. It requires banks to embrace a new attitude, business model, and innovative technology to elevate their services. Customer trust and loyalty are essential for success in addressing these difficulties. Let's see how you can develop an emotional connection with your customers and become a valued digital brand that delivers an amazing user experience?

•  Customer expectations are constantly growing

According to research, 75 percent of banking clients believe their bank's performance falls short of their financial goals. According to Statista, the number of claims about banking services in the United Kingdom alone hit 2 million in 2019. In contrast, another study shows that just one out of every 26 unsatisfied customers complains, churning the rest. Customers anticipate that digital banking solutions will address their issues and make their lives easier in a pleasant and pleasurable manner.

•  New digital platforms transform consumption

Humans are already used to desktop, mobile, and wearable (Apple Watch) devices, but this pales compared to what the future holds.

Conversational services, IoT (Internet of Things), VR/AR services, Robots, and Neuro services will become commonplace shortly. UXDA's Mixed Reality VR/AR Banking Design Concept has been shortlisted for one of the world's most prestigious design awards, the Red Dot Design Award 2020 final judging.

Financial brands that will be future leaders have already begun creating their digital competencies to adapt their service to any digital platform immediately.

•  Switching brands becomes the new normal

Customers are more difficult to please and less forgiving in the digital era. One bad product experience can be enough to tarnish a brand's image in customers' eyes, leading them to move to another. Customers choose financial businesses that can make their life easier and inspire good feelings over-complicated solutions that give them difficulties. As the market for user-centered alternatives grows, open banking enables switching easier than ever.

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