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Five Steps to Transform the Banking Customer Experience

Five Steps to Transform the Banking Customer Experience

Noticeable shifts in digital, mobile, cloud, data, and analytics technologies are completely changing customer experiences across many industries. It is also forcing companies to align their goals with the expectations of customers which include a higher level of both value and service.

The banking sector is under immense pressure to optimize and deliver customer experiences with proactive approaches. A recent study showed that over 65 percent of customers use online or digital channels because of convenience, speed, quality of information provided, and access to a wider range of services.

To transform customer experiences with the latest digital technologies, here are five steps banking institutions can consider:

#1 It is critical to create a complete view of customers through 360-degree profiles in order to optimize the banking experience. To give personalized experiences, banks must aggregate customer data across various touch points.

#2 Customers become connected with banks partly because of the products and services offered. Hence, banks must create simple, but personalized experiences across products and services for each customer to gain a relevant and satisfactory experience.

#3 Capture customer taste and preferences from multiple channels and streamline accessibility across mobile devices and in-person branch interactions.

#4 Use context-specific intelligence such as location-based offers developed with data science and data analytics. It may also be time to consider upgrading the IT infrastructure that allows banks to have multiple data sources and helps them capture customer information from customer devices.

#5 Set up secured measures like e-wallets and mobile and digital currencies to ensure security. This is a beneficial way to help achieve mandatory KYC (Know Your Customer) requirements.

With customers prioritizing experiences over products, banks must take a more proactive approach to optimizing customer interactions.

If you want to know more about how to transform the banking customer experience, click the link below for more information.


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