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How Banks Can Ace Customer Experience In The Digital Age

Posted by Anna Mielczarek on 06-Dec-2018 07:30:00

Meeting demands and expectations of digital customers is not easy at all, in fact it seems that for many organisations, attracting and retaining customers by utilisng emerging technologies might be their greatest struggle. According to Gartner, 89% of companies will mostly compete on the basis of customer experience they provide, and financial institutions are no exception. Especially when we realise how easy it is to switch between banks thanks to the emergence of challenger banks which can provide their customers with paperless and seamless digital experience.

So, what is an outstanding digital banking experience that can help banks win over new customers, but at the same time keep the existing ones?

source: BT

Firstly, let’s think about everyday benefits of digital banking, and how it can help customer.benefits_17

Well, it is convenient 24/7 – nowadays, everyone is busy and we have no time to do anything. That’s why online and mobile banking is a must for every single bank out there!

It is available on smartphones and other devices, and allows the user to have flexibility and control over their finances, often from the comfort of their home, saving time and effort when compared with visiting a physical branch.

Similarly, online payments, which make the depositing and transferring of funds as well as paying bills anywhere and anytime easier and more accessible have become a top priority for a plethora of customers.

Let’s not forget about the environment. Banks are now giving customers the option to receive their account statements online. This saves a great amount of paper and postage waste, not to mention the delivery. And all of it possible because of the digital technologies!


Digital Banking Experience


  • Measuring Personality Traits

Utilising an enormous amount of data available from mobile phones and other devices, financial institutions have the chance to provide a truly outstanding customer experience. It can be done by combining the customer’s digital footprint with predictive analytics and psychometrics. Banks will be able to accurately identify their customers’ personality characteristics based on their behaviour patterns related to digital banking, and then tailor the customer’s omni-channel experience on an individual level based on a person’s personality.

But how does it work? Let’s take the example of Extra Space Storage, the second-largest self-storage facility operator in the USA. They have developed a website which by using real-time data can intuitively respond by emphasising different actions for different ‘types’ of customers. So, here we can have a customer, who based on his/her personality traits will respond more enthusiastically to CTA (call to action) button ‘call now’ or ‘start now’, whereas for a more emotional and insecure customer, who needs more human connection and assurance during the decision-making process, the online chat box appears.

This is how personal information and data analysis can be used so that banks can provide better customer service to any type of customer, regarding any type of offering.


  • Increased Security and Seamless Process

Everyone has been through a pain of forgetting your password… it is not a pleasant experience. And there are other issues around older logins and authentication processes causing problems for banking customers! We are used to creating so many passwords for so many accounts that it’s just easy to get confused which password was created for which platform. And creating short or easy to remember passwords quite often gets rejected by the system. As a result, just logging into your account creates problems at the beginning of your digital journey. But now it can change with biometrics, which are utilised in either fingerprint authentication or facial and iris recognition technologies. Biometrics are able to provide the best security to protect consumers’ financial data while also offering a simple, seamless customer experience. More often lots of banks are also using voice recognition in order to send payments quickly to people already in their payee list saving customers’ time. They don’t require a single touch on a device to manage personal finances as a result making your banking a seamless part of life.




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B60 is a global leader in delivering Digital Transformation and Technology Development and works with ambitious firms in the U.K. Europe and USA across multiple sectors. Since 2012 B60 has been embracing digital change by utilising our unique operating models, frameworks and methodologies to truly drive innovation and change from within our clients businesses.

If you’d like to discuss with one of our experts on how you could successfully deploy Digital Transformation and Technology Development in your business drop us an email at hello@b60apps.co.uk or alternatively call us on 0121 405 0270.


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Topics: Finance, Digital Transformation, Emerging Technology, Customer Experience