The Role of Digital Sales and Services in Determining the Success of Banks

Banking CIO Outlook | Thursday, September 02, 2021

Banks can dramatically improve their digital sales and service by leveraging AI-powered customer engagement tools, data analytics, and real-time decisioning to be more proactive and productive.

FREMONT, CA: The banking industry entered the lockdown already engaged in cost-cutting. The instruments for accomplishing this were computerized, and they aided banks at this critical period. For the most part, banks adapted fast, speeding up digital transformation to assist personnel who provide customer care remotely. They also noticed a significant increase in the number of clients who were forced to switch to digital services.

As banks plan their strategy for the coming months, increasing their investment in digital sales and services will be critical when concerns about customer financial resiliency are building. This is because digital sales and service provide several essential benefits, such as increased process efficiency, greater employee time savings, cost savings, and client loyalty.

Another reason for the acceleration of bank branch closures is that digital sales and servicing must become much more ambitious. Although the argument behind branch closures is sound, banks are losing a significant source of revenue. While the important reason for a consumer to visit their branch for something as easy as depositing a check used to be, it has now switched to being something where guidance is required, such as for a home or personal loan. People create trust more quickly face to face than they do online, so when you see someone face to face, you have a better chance of making a transaction. As a result, bank employees are frequently in a prime position to conclude a deal. This implies that while some branches will undoubtedly close, many others will require repurposing and new technology to enable employees better to serve clients.

Consolidation of branch networks is not going to stop –, despite the criticism heaped on many banks, the epidemic accelerated the process – but it is critical to replicate the personal contacts involved with coming into a branch. It's not so much about cash access, which seems to be a hot topic in-branch conversations, but more about broader sales and service coverage requirements. Using technology to promote efficiency while preserving happiness and loyalty is critical, whether a video conversation or a phone chat with a real person without a significant wait time. It's crucial to get digital sales and service right, and investing in it will continue to be the most important factor in easing banks' cash flow burden.

See Also: Top Banking Technology Solution Companies

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