Increase Engagement and Revenue with Personalized Digital Banking
Today’s customers have high expectations for their digital banking experience—in addition to performing everyday financial transactions, they often expect their banks to handle a variety of web services as well. Financial institutions that want to give their customers the best possible digital banking experience have a challenge—how to help customers handle these transactions and meet their financial goals in the simplest ways possible.
An Evolution of Customer Expectations
As digital expectations help color the choices made by consumers as to which financial institutions they use most often, executives find themselves in a difficult position: adapt to these market demands or watch competitors get there first. Nowhere is this clearer than in the world of retail banking, where younger consumers know they no longer have to visit brick-and-mortar locations in order to achieve most of their daily financial goals.
Some 10 years into mobile banking, consumers know how much can be accomplished with a smart phone—and they’re willing to switch accounts in order to find a bank that will meet those expectations. That’s the environment in which today’s financial institutions find themselves, and it requires attention.
Mobile vs. Online: Where the Trendlines are Heading
As anyone in the past years can attest, the digital experience is no longer limited to home computing. A Federal Reserve study found that mobile users viewed their phone as a vital part of their regular banking experience. Branch and teller usage was down to 84%. And now, 38% of mobile phone users with a bank account have reported they’ve used the mobile banking features offered by their financial institution.
This requires today’s financial companies to look at users from a new perspective. The user experience is not only about great customer service on the phone, or even in person. It boils down to effectiveness and utility on the smart phone. Any issue in logging in, using payment options, or even depositing checks can be perceived as a poor customer experience—because it is.
Building Digital Competence Through Personalization
Since today’s consumer expects a high degree of ease and personalization, banking institutions need the infrastructure in place to achieve that on a consistent basis. NIIT Technologies’ Digital Foresight advanced predictive analytics solution helps build the data tables necessary to properly diagnose customer behavior and understand the key points at which the digital banking experience will need to excel the most.
Demographics, lifestyle, behavior, interests—all of these variables impact what each customer is looking to get out of their experience. There is no “one size fits all” solution in the digital age, which is why it’s so critical that executives in the financial industry understand that they need the technology solutions in place to diagnose what it is that their specific customer segments want—and better understand how to deliver these solutions. With some 65% of customers on a multi-device path to purchase starting the journey on their smart phone, doing so won’t only increase the customer experience, but will increase the marketability of the financial institution’s products themselves.
Banks must build customer-centric digital ecosystems to ensure a premium banking experience. With NIIT Technologies, banks can accelerate organic growth and increase customer loyalty. Learn how you can meet customer expectations with the right digital strategy.