Today’s consumer is accustomed to constantly being connected via mobile, social media, and real-time technology. With the increased use of on-demand applications and services and the influence of social media, the way people connect, share and communicate has resulted in more demanding customers requiring a high level of service. They expect personalized services in a timely manner delivered the way they work themselves.
It should not be news that consumers compare their online banking experience to every other online experience they are offered. Banks that don’t measure up are at risk of losing customers.
Generic product advice and services support is unsatisfactory for today’s financial services customers. They expect their data to be personalized advice and services tailored to their life stage, financial goals and personal needs and interests. Their experience should flow the way they think and operate.
Today, banks must dramatically improve the digital experiences they offer if they are to hold on to existing customers and attract new ones. Given the wide range of online transactional experiences that consumers can access today, banks must find a way to stand out. If they fail, they run the risk of losing bank customers to firms that haven’t traditionally been considered banks. For instance, 40 percent of consumers polled in an Accenture BNY Mellon study said they would consider banking with Google if the company asked them to.Would they really switch? Given that 18 percent of those surveyed in the study said they had switched their primary bank within the past 12 months, it’s not hard to imagine them changing again. This is especially true given that 59 percent said they think financial products are not targeted to them.
And therein lies the solution.
By offering personalized digital offerings delivered through an engaging multichannel banking experience, banks can win more business and build stronger relationships with their existing clients.
But to accomplish this, banks need access to better data and the AI capabilities to make better use of it. The data is available and it’s accessible if the bank has created an advanced digital platform based on simplified integration frameworks and digital reference architectures.
In addition, AI-empowered analytical engines can easily provide the kind of actionable information bankers need to deliver on the promise of personalized digital. It can also improve customer service through increased accessibility at a lower cost – such as fielding inquiries typically handled by humans and providing customers with predictive capability in managing their cash.
In future posts in this space, we’ll talk about how some of our customers are accomplishing this and what financial institutions should focus on next.