Enterprises that utilise digital technology to combine the ‘high-touch’ qualities of face-to-face with the convenience and cost of remote channels will future-proof their success.
In the coming year, the #1 trend for financial institutions will be to invest in processes that provide customers with the qualities of face-to-face interactions within remote channels.
The Bain & Company Customer Loyalty in Retail Banking Report issued in November, supports this view, stating that financial institutions’ “top priority should be improving the convenience and quality of the experience for customers”.
As a market-leading customer experience technology company, Vizolution helps enterprises streamline their complex customer journeys into effortless experiences by replicating the qualities of face-to-face interactions in their remote channels. Our omni-channel digital suite allows customers and agents interacting remotely, over the phone or online, to share, display, exchange, complete, verify and sign documents as if they were face to face.
Here are my five Fintech Customer Experience trends to watch in the new year:
- #1 Lines will blur between in-branch and digital experiences: As adoption of remote channels becomes more reliable and less complex, digital and in-branch experiences will become increasingly similar and interchangeable, with potentially less dependence on in-branch banking. In order to do this, banks must invest in innovative cutting-edge technology to give customers the same experience when banking in person as remotely.
- #2 Customer will be king: Instead of arbitrarily fitting customers into banking processes, banks will strive for customer loyalty by delivering customer-centric journeys that can be completed in their channel of choice. Bain & Company reports that banks can identify the most important interactions and sources of friction and deliver a better experience by making them simpler and more digital.
- #3 AI will not be the holy grail: Those viewing AI as the ultimate means of serving customers will be disappointed, as customers will instead begin to migrate to digital channels that offer a human component, especially when there’s more at stake – for example in high value or high touch journeys, or where there is an elevated level of complexity.
- #4 The ‘bionic agent’ will bring human connection: Banks that utilise the power of technology will make their call centre agents even more effective. Call centre agents that are able to digitally share screens, display information, exchange documents and data, and sign agreements remotely have already seen a 20%+ improvement in customer satisfaction, conversion rates of over 25%, and 50% reduction in transaction times. These results bode well for digital banking with a human touch in 2019.
- #5 Banks that innovate will prosper: According to the McKinsey 2016 Retail Banking Multichannel Survey, which involved input from 20,000 customers in 10 countries, “Almost all banks are getting their digital act together; but evidence shows that those that did it first, and continue to push hard on their efforts, are getting much bigger rewards.” The new year will see increased investment in Customer Experience technology, which has been proven to enable banks with a digital-focused strategy to achieve 20% increase in revenue and a 30% decline in expenditures according to a recent study by BCG.