Tips to improve customer experience in the mobile-banking world

Banking CIO Outlook | Monday, November 19, 2018

Online banking nowadays is handy and befitting for many reasons. There is no time for people to go to the banks and wait in a queue for account opening or transactions. As adoption of online banking is growing very rapidly the banking sector has to transform itself to be enabled to personalize engagement of the customers by enhancing the customer-experience as never before.

Following are some of the ways by which banks can improve customer experience in the mobile-banking world:

Analytics and AI-driven Banking: Banking sector should advance itself with the adaption of the artificial intelligence (AI), machine learning, and predictive analysis. These processes allow customers having features as bill payment reminders, expenditure analysis, recommendations on savings, credit management and plans of investment through mobile applications (apps). The apps also make customers engaged with banks regularly and continuously. Banks are now able to provide virtual assistance to the customers with the help of AI which saves their time and money by allowing customers to solve issues at home or workplaces.

Simplification: Many people sometimes find it difficult to access their accounts and billing related problems through online banking. Every day bankers get hundreds of calls from people who are not able to solve their banking issues. Banks should provide customers with the simplest user interfaces. Also transparent transactions processes always attract customers to enhance mobile banking more.

Security: People are now tending to online banking more. With so many people going online to manage their accounts, banks are rising with the huge amount of data every day. Hackers fraudsters are lured to the banking sector industry because it is surging of personal information of the customers. As customers are heavily relying on the banks, banks should make their personal information intact. Banks can do it by following some methodical processes as two-factor authentication or by using encrypted websites and biometrics. Banks also should take the help of AI or machine learning as AI is able to detect breaches and resolve it quickly.

Mobile-banking has changed the way of interactions of banks with their customers. As customers trust the banks with their money and information banks should also take help of technology to make the trust unhurt.

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