September 20, 2018
How to Become an Empathic Bank and Exceed Customer Expectations
We’re living in the most customer-centric era ever right now. The phrase “the customer comes first” has never been so true, which means fostering digital empathy is one of the top priorities for businesses that are going through a digital transformation journey, as we discussed recently in our post, Top Trends in Digital Onboarding for 2018.
But what does this mean for the banking industry? And how can financial organizations become more empathetic to their customers?
In the past, banks have focused on the more personal aspects of their customers’ lives in very strict terms. For example, you may have received a card every year on your birthday from your own bank, but that’s typically the extent of its “personal touch.”
Empathic banks are able to detect crucial events in customers’ lives—so-called “business moments”—to identify challenges, desires, and goals. Technology has made big steps forward in this area: advanced analytics, artificial intelligence, machine learning, digital virtual assistants, and IoT systems help recognize needs and create tailored offerings according to individual profiles.
One of the easiest ways for a bank to become an empathetic institution is by implementing a digital banking platform. These platforms let banks leverage the important “business moments” to trigger and orchestrate new and existing workflows and processes in a dynamic and flexible way, to create innovative digital services and products, and to offer intelligent advice and recommendations. All these offerings are delivered on every channel and device, both customer and bank owned.
Appway Digital Banking Platform: Learnings from Our Customers
A digital banking platform is the best approach for any bank that wants a complete digital transformation, especially compared to more traditional digital banking multichannel solutions. Like we talked about in our blog post, Digital Banking Platforms: The Not-So-Secret Ingredient to Successful Customer Journeys, multichannel solutions allow a bank to deliver existing products and services on all channels, but they don’t take clients’ situations into consideration, use insights to build new products that match particular individuals, or anticipate specific personal needs.
Digital banking platforms actually go beyond simple “offering customization,” because they enable banks to deliver contextualized personal experiences. This means delivering the right service or product at the right moment, through the right touchpoint, and at every step of the customer journey, while allowing a user to access their product whenever and wherever they want.
To achieve this level of digital transformation and customer-centricity, banks need to automate the thousands of processes that underpin the customer journey. Doing this will result in an end-to-end, frictionless, and seamless process that connects internal core banking and legacy systems, complementary products, and cognitive system providers. Banks will be able to deliver a new level of employee and customer experiences across all touchpoints, both digital and physical, and this way can also end channel and transaction focus.
Claudia ColomboProduct Marketing SpecialistAppway