Customer experience – A megatrend transforming banking

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Heightened Customer Experience  
Technology is embedding banking in our lives
“At its core, banking is not simply about profit, but about personal relationships.” - Felix Rohatyn 

Real-time services, at your fingertips.  In other words, attention to the entire user journeys is causing convergence of industries like never before. Consequently, an integrated experience that pleases the customer is what banks are banking on. 

Moreover, technological advancements such as voice, digital assistants, all-in-one platforms are making the customer journeys shorter and seamless. Today it has become indispensable for banks to embed their products and services across the ecosystem as customers no longer approach the banks to transact. Instead, banking goes hand in hand with customer need fulfillment. 

Why Banks Need To Overhaul Their Customer Journeys?

“Eno”, Capital One’s Smart Conversational AI Assistant 

Eno helps users with insights and alerts, shopping, and account management. Indeed, the company, known for providing exceptional digital customer experience, says that the best customer feedback has been received for its smart AI assistant. 

Intelligent Interface: Smart AI Functionalities Built On Behavioral Data  

Now you don’t need to worry about services overcharging you. Henceforth, Eno will take care of your expenses! 

3 Focus Areas For Banks: 
  1. Personalization 

    “90% banking executives agree that personalization will be the next big competitive advantage but only 35% reported it to be their priority” 
    • Embed a culture centered around customers 
    • Make data your language 
    • Particularly, use tech to your advantage
  1. Create Omni-Channel Experiences

     “According to Google, 46% people switch between devices before completing their financial activity” 
    • Understand user journey in depth 
    • Operate across consumer or user digital touchpoints 
    • Build on-demand capabilities 
  1. Behavioral Banking 
    • Study customer patterns, experiences, and banking expectations 
    • They segment behavior 
    • They also use technology to deliver the best solutions 
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Topic:

Megatrends of Banking

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