How can personalization revolutionize the digital customer experience in Banking?

Improving the customer experience: addressing challenges for banks and credit unions

Enhancing the digital banking experience for customers through a human approach has become a key factor. To do this, banks need to ensure a seamless, personalized experience across all channels.

However, there are a number of challenges that banks and credit unions need to overcome to achieve a seamless digital customer experience in the banking sector. One of the biggest challenges is upgrading legacy systems and infrastructure with upgraded software.

DTSVN, with its seamless integration into core banking systems, delivers digital channels out of the box and can easily add new requirements as needed. Close collaboration between financial institutions and fintech providers is the key to delivering superior customer experiences in a short time and at optimal cost.

Different channels have inconsistent navigation or connectivity which can create frustration for users. One major drawback is the inability to have a consistent experience across different channels. However, an omnichannel platform can solve this problem, allowing customers to start a transaction on online banking and continue or complete it on mobile seamlessly.

Another challenge is the lack of automation in banking, which can be frustrating for customers, especially the younger generation who do not like having to re-enter information multiple times when making a request. Technologies such as artificial intelligence and machine learning can help improve customer service and significantly enhance the integrated digital experience.

Furthermore, banks and credit unions that fail to provide personalized and relevant services will lose customer engagement. In a hyper-personalized market, if banks do not provide individualized services, it will affect their customer growth and retention.

That is why banks and credit institutions need to prioritize optimizing the digital customer experience and use artificial intelligence solutions to predict and meet future customer problems and needs.

Reimagining the digital customer journey in banking to deliver seamless user experiences

True value comes not only from the products and services that a bank or credit institution offers, but also from how they deliver that value. An excellent customer experience can have an equal, if not greater, impact than a quality product or an efficient process in increasing loyalty, reducing costs, and driving revenue sustainably.

According to McKinsey, three of the world’s top four banks have committed to some form of customer experience transformation.

Banks that have embraced customer experience transformation have found that the lifetime value of a satisfied customer not only provides long-term value but can also create positive spillovers, as customers proactively recommend their bank to their communities.

Banks and credit unions must start by improving their services on mobile apps, one of the most popular channels for customers today. Customers have come to expect the convenience that mobile banking apps provide, and banks and credit unions that do not have this capability are at a huge disadvantage.

As the pandemic changes so many habits, financial institutions must quickly adapt to digitalization and remote services if they want to stay relevant and retain customers. However, financial institutions should always keep in mind the important aspect of “humanizing” digital banking.

Customers want a personalized banking experience that makes them feel connected, even when they bank from home. Thanks to technologies like AI and personalized live customer service, banks and credit unions can provide customer service that is responsive to customer needs, streamline the customer onboarding process, and enhance customer service through the use of chatbots and optimized call centers.

Key Points to Remember for a Successful Digital Customer Experience in Banking

The importance of good customer service depends on the ability of banks and credit institutions to provide a seamless digital banking experience while better understanding the needs and preferences of their customers.

Banks that proactively anticipate problems and maintain updated systems not only thrive but also improve the customer experience. They will increase operational efficiency, boost revenue and strengthen customer loyalty. Moreover, an outstanding customer experience is a key factor that helps banks attract and retain customers, creating a difference in choosing a financial institution.

Source: ebanKIT

Compiled by the author group DTSVN - Digital transformation solutions for the Finance - Banking industry.

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DTSVN is a pioneer Digital Transformation Company providing the latest digital solutions exclusively for businesses in the Finance - Banking industry in Vietnam; helping Banks and financial institutions quickly complete the technology system serving Digital Transformation.

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