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Digital Customer Experience in Banking Sector | Intense Technologies

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Digital Customer Experience in Banking Sector | Intense Technologies

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Digital has become the way forward for banks across the world. The coronavirus pandemic has accelerated the need for digital transformation and many forward-thinking banks have adopted a digital-first strategy swiftly to keep pace with the new demands. Download the document to know more.

#digitaltransformation #strategy #digital #innovation #fintech #banks #ai #banking #cx
#customerexperience #customersatisfaction #customerservice #finance

Digital has become the way forward for banks across the world. The coronavirus pandemic has accelerated the need for digital transformation and many forward-thinking banks have adopted a digital-first strategy swiftly to keep pace with the new demands. Download the document to know more.

#digitaltransformation #strategy #digital #innovation #fintech #banks #ai #banking #cx
#customerexperience #customersatisfaction #customerservice #finance

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Digital Customer Experience in Banking Sector | Intense Technologies

  1. 1. Banking on Digital Customer Experience Intense Technologies Limited www.in10stech.com
  2. 2. 2 © Confidentiality Copyright © Intense Technologies Limited. All rights reserved. This document contains proprietary information of Intense Technologies Ltd and shall not be used, reproduced or disclosed to others except as specifically permitted in writing by INTENSE. The recipient of this information, by its retention and use, agrees to protect the same from loss, theft or unauthorized use. In the event that no contract based on this document is awarded to INTENSE, this document, upon request, shall be returned. All previous versions of this document shall stand automatically void. Disclaimer The information provided in this document is based on the discussions and very high-level requirements and not based on any Stated/signed-off requirements document. The solution and commercials proposed are subject to revision based on the final requirements. Hence presentation of the materials should not be construed as creating any obligation for INTENSE to deliver any product, feature or functionality.
  3. 3. 3 © Digital has become the way forward for banks across the world. The coronavirus pandemic has accelerated the need for digital transformation and many forward- thinking banks have adopted a digital-first strategy swiftly to keep pace with the new demands. A recent research has shown that “customers across the globe prefer online banking as compared to branch visit or in-person transactions.” The banking and financial services industry has been the latest adopters of digital technology. It is commendable that in the year 2020, banks went the digital-strategy way in a short span of time and displayed resilience and agility. And rightfully so, banks have initiated a whole lot of customized offerings to exceed the customer demands. These include seamless customer engagement solutions, enhanced digital adoption with self service capabilities and personalized offerings that have ensured an improved customer experience especially in these times of social distancing. So, banking has moved from beingtransactioncentric to being highlycustomercentric. Here are some interesting statistics:  A leading bank reported that almost “44% of retail banking customers use the bank’s mobile app”  Similarly a Brazilian bank has seen a “steep rise in the number of accounts 50% with digital banking in the offering”  Customer engagement is the utmost priority and banks have noticed that not just millenials but every customer today prefers mobile banking.  “In India the use of mobile banking apps has increased significantly and this ushers in the new-age of digital banking with much fanfare.” Impressive numbers seen during the pandemic and what better than having an increased tech-savvy customer base who can make the most of self-service portals that reduce operational costs and reduce contact centre volumes. In fact banking experts and industry leaders opine that the pandemic has served as a catalyst for business transformation. So, what’s next for banks? To completely benefit from the digital transformation tools and solutions that aim at improving customer experience, banks must deliver compelling service delivery models. First and foremost, technology such as AI will soon be a norm across industries including Banking industry.
  4. 4. 4 © Customer engagement is the key differentiator! The year 2020 saw a shift in the way we banked and challenged the traditional IT model. Most banks have shifted from a conventional structure to digital-first strategy. This has ensured business continuity for banks through self-service and surely transformation of the banking industry will continue with digital-first. The use of AI, chatbots that allow collaborative banking has redefined the way banks interact with their customers. From being able to respond to queries and taking feedback, to resolving issues on priority, these technologies have surely made banking easier and better. Increasedadoptionof self-service,Video Bankingand contactless transactions AI enabled video banking that allows customers to subscribe to new products and services without the hassle of visiting a branch. A simple click on an SMS, whatsapp or email and the digital KYC process can be initiated, a video call with the baking officer to complete authentication and identification ensures complete compliance to the KYC regulations. What more, the process can be for a new customer or even an existing customer wanting to add new service. With this kind of Self-service, transformational banking is expected to continue into 2021 and beyond. AI enabled digital video call enables a safe, interactive and engaging environment. And, interactive videos via video bills have given rise to a new experience of self- service thus reducing the contact centre volumes and improving customer experience. Increased use of contactless with authentication through the use of smartphone biometric recognition and digital signatures ensures security, a major concern for both banks and customers.
  5. 5. 5 © Banking transformation will continue with nextgen technology infrastructure As banks do away with legacy systems operating in silos and adapt the next gen architecture, it will ensure a cohesive ecosystem that delivers seamless customer experience and enhanced digital customer engagement. This also means they will accelerate digital initiatives with automation and advanced technologies. And, invest in digital technologies- not just with single app technology, but ensure the banking ecosystem is digitally enabled for a cohesive and seamless customer experience. The need to be a “Service” while ensuring sustainability For the banking sector, the need to be not just a transactional model but a service model is of utmost priority. Not just that, there will be demand for better digitally- enabled solutions that are safe, and complaint while mitigating risks. The paperless, contactless service is certainly revolutionary by all means for a traditional sector like the banks. On-the-go payment, self-service and interactive videos are just a few trends we are witnessing. Going forward, technology will change the face of banking and this will be for the better!

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