bankingciooutlook

Technology Creating a New Standard for Customer Experience in Banking

Banking CIO Outlook | Monday, August 19, 2019

Modern bankers and customers have a wealth of conveniences available to them. Given that, to compete in such a fast-paced digital world, it is vital for banks to stay up-to-date with the opportunities provided by innovative technologies.  

FREEMONT, CA: Adapting to the fast-paced digital world could be challenging with the rise of expectations of modern banking customers. To tackle this increasing demand, banks focus on the opportunities, which new technological innovations present to them, and they are also understanding the extent to which these ideas can be leveraged to augment customer experience. Many leading players are reimagining the in-person, and in-branch experience to offer customers fast, easy, relevant, and personalized services that customers expect to be the standard. For successful delivery of enhanced customer experience, banks focus on the following technological innovations.  

Interactive Kiosks

With the proliferation of technology, it is becoming increasingly easy for customers to conduct financial business without visiting a branch ever. Interactive kiosks are the perfect solutions for bridging the gap between online and physical banking. They make branch banking accessible to all by providing a common platform from which customers can access financial serviced delivered at the branch. The use of interactive kiosks can reduce long queues and waiting times by provisioning an alternative to conventional teller machines. They can even streamline the way customers access information and complete transactions by resulting in satisfying customer experience. Interactive kiosks are also a platform for communicating additional services to customers, saving bank employees their precious time. These kiosks are considered an ideal way to bring bank branches into the digital age.

Easy-To-Use Mobile Apps

Modern tech-savvy banking customers want their concerns to be addressed and resolved quickly by making a few clicks at their convenience. Inefficient customer service can stir them to uninstall the mobile app and choose from thousands of other apps delivering better services. A bank's most valuable customers are in the app space, so banks must treat them appropriately. Compared to branch only customers, mobile banking impacts customer engagement an returns on investment in many ways. An efficient mobile app can provide instant fulfillment of customer needs, which will make them satisfied with and loyal to one particular financial institution. Besides, it can create a unique banking experience for customers, and the results are increased satisfaction and credibility. Mobile apps also help customers keep all finances under control, and they can monitor their balance, transfer money instantly, get account notifications, and do much more.

Banking Bots

Past few years have witnessed a massive surge in the use of chatbots for banking operations. Leading financial institutions in the world are integrating online chatbots with their websites and mobile applications to present customers with an enhanced experience. Today's customer experience must be faster and more available, and customers expecting instant responses, and only chatbots can fill these needs. They will enable banks to offer instant, automated replies. Introducing chatbot in banking can provide conversational self-help for those who prefer self-service a way to connect with their bank. Chatbots can also access user information and offer completely personalized information and help customers with financial advice based on data. Banking bots providing with always-on customer support are increasingly available, easy to deploy, and requires less cost.

Providing fruitful customer experience is critical for any business, but it is crucial in the banking industry. Quality of customer service provided has emerged as a top driver of choice in banking. If costumers are unsatisfied, they will switch providers. To cope with these challenges, banks must tackle the issues whose solutions are mostly rooted in technology. By improving customers' access to convenient services, banks can level up their position in the market. Now that technology is so widespread, banks must embrace it and must capitalize on it to always remain advanced. 

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