Are banking customers delighted or distraught?
Reasons why most banks are lacking in providing a good customer experience:
⦁ Today’s customers are looking for better, more personal experiences when they deal with their banks. However, banks rarely tend to talk to their customers. Gone are the days when customers knew the staff, tellers and managers in their banks.
⦁ Most banks are business entities with a large number of customers; they do not recognize their customers’ individual preferences.
⦁ Banks do not segment their customers based on their varied interactions. Most banks believe all humans interact and respond in very similar ways and tend to offer standard services across their customer base regardless of their personality or financial situation.
⦁ Finance is an important aspect in everybody’s lives. But the main institution that handles a person’s finances does not provide useful information at the right time, which can help customers make better financial decisions and feel comfortable.
⦁ Like most large institutions, banks too tend to move slowly, given the volume of data they handle. Most often banks deal with their high-net worth customers with special attention, but tend to be barely helpful when dealing with others.
Is there a way out of this quagmire?
If banks need to attract customers and keep them, they need to offer experiences that are better than what is on offer now.
However, looking at this situation from a bank’s perspective could explain why this is so.
Handling vast volumes of data, including details of all transactions, customers’ demographic data, general and specific economic data, and rules and regulations, can be overwhelming. A way out is to segregate a bank’s functions into small modules and work with smaller-sized problems in a deliberate manner, yet connect each function’s data intelligently.
Current advances in data engineering and analytics, high-efficiency infrastructure, and relatively easy access to technology can enable banks to up their service standards.
What can be improved?
Easing the onboarding process – account opening and introduction to other products and services
Proactively providing personalized information about:
⦁ products and services
⦁ terms and conditions both internal and compliance-related
⦁ status of accounts held by the customer
⦁ privacy, security, and anti-fraud information
⦁ quick and easy access to support staff
⦁ intuitive and friendly automated support system
⦁ aggregate customer feedback and proactively address concerns and complaints
Where’s the magic?
The magic lies in digital transformation. We at InnoBoon, have extensive capabilities in extracting data from disparate sources, transforming the data in a homogenous set, loading, and applying analytics to generate meaningful information about customers to all the touchpoints of a customer’s journey through their interaction with the bank. We have experts in predictive analytics to forecast customer demand.
Call us to have a conversation about how technology can enhance customer experience and provide avenues to bring down costs.
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