To better serve consumers now and in the future, financial institutions are recognising they must rethink the way they do business and innovate quickly. Technology intervention will help creating better turnover. Especially, in digitally – minded consumers era in which they are willing to purchase products or services from their primary bank’s competitor or simply switch banks if unsatisfied.
This rapid changes and expectations from modern consumer is calling for better customer experience. Research shows that the top 300 banking and capital market firms showed customer experience management is one of their three overall IT investment areas.
So, what role does technology play in delivering a better banking experience—the kind of experience that will differentiate them from the competition and drive customer loyalty and lasting relationships?
There are untapped possibilities in terms of data processing technology and it’s capacity to expand the current feature. Financial services organisations must address this key issue to differentiate and personalised customer experiences. Internally, they need to improve deeper into the volumes of available data – from transactions, life – events, marketing, social, mobile and more – and eventually use it in meaningful ways.
Most importantly, customer engagement is the primary key success here. Creating a seamless customer journey from marketing to sales and through to service, will put a business in stronger market position. Artificial intelligence and sophisticated analytics and machine learning capabilities can capture the volumes of generated data; integrate and orchestrate that data across lines of business and channels; and manage, analyze and present it as usable information to the people who need it to make better decisions.
Easy – to – use productivity solutions and powerful data visualization can make it easier for employees to address issue and take swift action. They can react to the following issue