More than 50 per cent of C-level leaders are currently utilising digital technologies such as chatbots, personalised user interface, personalised marketing and customer segmentation tools to elevate the customer experience1.
Banks that successfully meet their customers’ rising digital expectations are recognising the need to place emphasis on human-centred design, and that every interaction must be intuitive. While firms must keep up with their competitors, keeping up is just the start.
To attract customers, organisations must think differently. In the digital era, where advancements occur at lightning speed, setting banks apart by merely executing on roadmap enhancements that come to fruition once a year are a thing of the past. Instead, firms must focus on continual, marginal improvements that surprise the customer when they log in and see a new feature that is fresh, exciting and solves a need in a unique way.
In the effort to leave a lasting impression on customers, it goes without saying that resiliency and redundancy are essential because customers have no patience for a system that doesn’t respond. Mind the store, get rid of the back end “spaghetti” and maintain a clean tech stack.
Think big, act small
For many banks, internal discussions about digitalising a capability begins with a review or even a deep dive of available technologies. While that sounds fundamental, this approach can backfire because a myopic focus on the technology itself can ultimately define and limit what a firm can do.
Organisations should start thinking about what they want their customers to experience, and then work backward to determine the best technologies to facilitate that experience. The best results can be achieved when the customer is kept at the centre of everything a firm does.
Digitalisation in the business banking arena
Great strides have been made in digitalising banking on the retail and consumer side, which has been driven by the capability of and growing reliance on mobile devices, as well as the demand for smooth, frictionless e-commerce transactions.
