How can Banks Optimize Customer Engagement in the FinTech Era?
Published on 15 June 17
Helios0
Gone are the days when banks used to compete with each other. Today, they are competing with Tech Giants like Apple and Amazon Prime when it comes to dealing with digital interactions and customer expectations. Hence, removing frictions from customer journey is the biggest challenge they are facing today.
Banks, in order to stay ahead of competition, would need to rethink their customer journey. They would need to:
- understand customer pain points;
- identify opportunities to create pleasant experiences for the customer;
- make every step efficient and streamlined in the customer life-cycle;
- deliver personalized and consistent services along with increasing operational efficiency.
What strategies should banks adopt to better serve their digital customers?
Banks have realized that the banking landscape is changing and in order to survive they would need to evolve. For that, they would need to embed the culture of innovation and entrepreneurship across the organization.
We present here some strategies that banks must embrace in order to serve their customers in a better way:
Conversant with latest developments in digital banking
Any bank that wants to evolve should keep itself updated with the latest developments in the realm of digital banking. They must ponder on how these trends can influence the business model and also how they can utilize the same to create frictionless customer journey.
For instance, they can consider using chatbots to deliver 24/7 support and other banking services.
Prioritize cybersecurity
Cybersecurity is the critical to banking and also one of the most growing areas of concerns for banks as well as digital customers. They have to find ways to optimize authentication and implement privacy and access technologies in the most user-friendly fashion.
Define the area of focus
With so many tech developments happening around banks must define their area of focus keeping in mind customer expectations and priorities.
Take mobile-first into account while rethinking services
Mobility being in the heart of user experience, banks must redesign their services to provide a seamless mobile experience. Also, the app onboarding must be easy and intuitive for their customers.
Generate customer-centric content
Banks must focus on creating content that is useful to their customers – anything that everything that help them to understand the products and services and also drives conversion.
Final words!
In the course of their evolution, banks must remember that their focus must be on business outcomes rather than on digital activity. They should go digital only to eliminate customer pain points and create a seamless transactional journey for them.
What are your expectations from your banks? Do you think that the future of banking lies with traditional banks? Please leave your comments below as we would love to hear from you.
This blog is listed under
Development & Implementations
, Industry Specific Applications
and Data & Information Management
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