Today’s banking customers demand a seamless omni-channel digital experience, where they can transition effortlessly from mobile apps to websites and physical branches. Achieving this level of seamlessness presents both opportunities and challenges for banks and financial institutions.
In this article, we will delve into how banks can address these challenges to deliver a seamless omnichannel banking experience that not only meets but exceeds the expectations of the next generation of customers.
The evolution of the Modern Banking Customer
The modern banking customer has evolved. They are tech-savvy, seeking convenience, and expecting a personalised experience. This new breed of customer is the driving force behind the demand for omni-channel banking, as they want to bank on their terms, with consistency and efficiency across all channels.
At the same time, omnichannel banking also encompasses the invaluable human touch, particularly for intricate banking products and services. This represents a vital component of the omnichannel banking services mix, and it’s imperative for banks to adeptly merge digital and human channels to craft a unified omnichannel proposition. Thus, moving from physical to digital and vice versa should be an effortless experience.
The Foundation: Advanced Digital Banking Software
Understanding the evolving expectations and challenges of these customers is vital for banking institutions.
To create a seamless omni-channel banking experience, financial institutions must lay a solid foundation; Advanced digital banking software serves as this foundation, empowering financial institutions to execute all banking operations seamlessly across various digital channels. This includes not only maintaining existing banking operations but also launching new products rapidly and expanding operations with ease.
Such robust software consists of key components essential for a seamless omni-channel experience:
Data-Driven Personalisation
One of the significant expectations of the modern customer is personalisation, as they want their banks to understand their unique needs and provide tailored product recommendations. This level of personalisation can be achieved by leveraging customer data. Moreover, modern Data Analytics tools provide valuable insights into customer behavior end-to-end.
Data-Driven Personalisation capitalises on and nurtures banks’ most prised resource: customer data. It signifies to customers that their bank genuinely comprehends their needs and actively safeguards their financial welfare. Therefore, it amplifies the worth of engagements between banks and their clientele, fostering trust and strengthening relationships.
Cross-Channel Consistency
Maintaining consistency across various channels is one of the most significant challenges in providing an omni-channel digital banking experience. Customers expect uniform banking experience, whether they are accessing their accounts through a mobile app, a website, or in-branch.
If, however, banking organisations fail to address the disparity and inconsistency between a customer’s digital and physical banking experiences, they risk losing customer value to their competition, especially to more agile digital-first Fintechs.
Thus, financial institutions need to establish strict brand and experience guidelines, ensuring a unified look and feel, presenting a consistent and transparent brand identity to customers.
Mobile-first and Open Banking
With an increasing number of customers relying on mobile devices for their banking needs, mobile optimisation is imperative. Mobile apps should be user-friendly, intuitive, and secure. Moreover, they should allow customers to perform a wide range of tasks directly from their mobile devices.
However, apart from nicely designed screens and vibrant colors, an intuitive design and carefully created customer journeys should also be implemented. Through more proactive services and value-creating insights for the customer, the banking experience could evolve to the ultimate proactive banking experience.
Automation & KYC
Automation plays pivotal roles in streamlining operations and enhancing the customer experience. Among various applications, automated KYC (Know Your Customer) onboarding, is a pivotal component in the modern digital banking landscape, combining seamless client onboarding with automated and structured steps with AML and Antifraud management protocols.
Moreover, an additional benefit of automated KYC, is that it frees human agents to handle more complex problems, saving up to 13 hours per KYC case.
Omni-Channel Digital Banking at the fore
The modern banking customer expects a seamless omni-channel experience, and financial institutions must rise to meet these expectations to remain competitive. Therefore, implementing strategies like data-driven personalisation, cross-channel consistency, mobile optimisation, and automated onboarding, banks can effectively deliver a banking experience that not only meets but exceeds customer expectations.
On this foundation Finuevo Digital the Digital Banking In-a-Box platform empowers financial institutions of any size to achieve digital transformation end-to-end, covering the entire spectrum of Digital Banking operations via a constantly growing banking ecosystem.
References
The balancing act: Omnichannel excellence in retail banking [McKinsey & Co]
Data-Driven Personalization Reaches A Tipping Point In Banking [Forbes]
World Retail Banking Report 2022 [Capgemini]
Bank of the Future: From Mobile First to Open First? [The Banking Scene]
How trusting in KYC automation can bring a faster path to revenue [Financial IT]
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