The Need for Banking Evolution
Banking, like every other industry, has ridden the digitalization wave to the summit of the experience economy. Customers' desire for convenient and uncomplicated digital products and services is no longer only a hygiene issue. The wow element now is making sure that exceptional client centricity and personal connection are included in the bundle. In the experience economy, technology has been the most important enabler of innovation. We can also appreciate COVID for hastening this process.
Banks and financial institutions are discovering new methods to communicate with clients as the world gets more digital. Consumer preferences for interacting with financial institutions are fundamentally and swiftly changing, presenting expansion opportunities. According to Juniper Research, by 2024, the total number of online and mobile banking users would approach 3.6 billion, with online and mobile banking growth predicted to climb by 54% over 2020.
At a time when face-to-face encounters and client loyalty are dwindling, banks are focusing on improving customer experience. When it comes to business operations, banks must prioritise their consumers and commit to providing excellent experiences that go beyond financial gain. Banks should search for tried-and-true systems that offer scalability and ease of feature deployment, as well as the ability to conduct contextually appropriate interactions with their customers.
ITSS has developed a deep grasp of the need to humanise digital banking over the last two decades and can deliver this experience with minimal risk to your organization. We assist banks all over the world in making the shift to the correct technology and then transforming their business model into a constantly evolving service engine for end users. Our product partner Temenos is well-known for continuously developing products that may assist banks in humanising digital banking and supporting their clients with their product portfolio. One of our most recent endeavours entails adding Unblu to the party to cater to the Conversational Banking sector.
Humanization in digital banking – a priority investment
Despite the speed with which banks implemented digital solutions, many banks overlooked the need of providing individualised services to consumers. Customer experience has supplanted pricing and product as a primary brand differentiation in many industries. 80 % of consumers stated they would transfer financial institutions if they could obtain a better service, even if it meant paying more. If banks don't provide personalized services in their digital interactions, they can make your banking business more price-oriented and miss out on important revenue streams and opportunities to build closer relationships with customers.
In a post-pandemic world, banks will need to humanise digital interactions. Banks must mix digital and human channels to create a seamless omnichannel offering to maximise sales. If banks engage with their customers appropriately by adding a personal touch to their digital interactions, they will develop a stronger bond with them, which will lead to increased customer acquisition and retention. Those financial institutions who respond quickly to the problem and provide truly humanised involvement will have a huge competitive edge. Our partners like unblu pioneer in humanizing digital banking by conversational thereby providing services that aim in customer ecstasy than customer satisfaction
How do banks evolve with their business approach?
• There is no longer a need to create a significant number of bank branches because face-to-face engagement with clients is not as important. Some European countries have already begun to execute such a strategy. For example, over the last decade, the Netherlands has closed over half of its bank branches. You must prepare yourself for such a transformation.
• As a result of active digitalization and the growth of basic systems, the rivalry has become even more fierce. As a result, many financial institutions must compete fiercely for their target audiences. There's a new set of competitors now: telecommunications companies and stores. Those individuals provide microfinance services. Also, keep in mind that the main market companies, such as Apple, Amazon, Facebook, and others, are becoming increasingly active in terms of mobile payment, with roughly 75% of today's audience preferring such solutions.
• New trends emerge because of digital developments. They help to attract and keep a larger audience.
• Video integrations make it easier for customers to use services. Most financial institutions are confident that the new video banking technique can be simply implemented to improve client experience while lowering costs.
How the banking sector gets accelerated by digital transformations?
• Organizations become faster and more adaptable because of digital transitions, allowing firms to become more competitive.
• Financial companies will be able to save money through the automation of various processes.
• New technologies are being used to make customer interactions more individualised, resulting in a dramatically improved client experience.
• Digital revolutions allow financial institutions to communicate with customers 24 hours a day, seven days a week. It enhances client loyalty because they can access aid more quickly and at any time.
• Adequate digitalization is utilised to automate many regular procedures, allowing your employees to focus on key operations.
• Furthermore, contemporary technology aid in effective cooperation, allowing a corporation to be inventive and appealing to other successful organisations to collaborate with.
The banking industry has long been impacted by the digital revolution. Traditional financial institutions have had to adapt to keep their customers as a result of the advent of several fintech start-ups. To improve their services, banks employ cutting-edge technologies and some of them are
Benefits of Humanizing Digital Banking:
- Increased efficiency, easier allocation, and management of resources.
- Swifter customer engagement for the front-office
- Customers will always have access to you.
- Optimized back-office procedures
- With data analysed, you can get actionable customised insights.
- Scalability and easy integration possibilities
Lastly, as proud gold co-sponsors ITSS & Unblu, are excited to walk you through the various digital transformation options and advice on the right adaptation with an award winning remote delivery option.
Visit us at Booth B1 on Sept. 14 and 15 and accelerate your digital transformation journey with our experts.