Bahaa Abdul Hussein is a Fintech expert and shares his experiences with his audience through his blogs. He speaks about CX trends in banking this time.
The customer experience is a key factor in the success of any business. With so many options, customers can transfer brands if their wants aren’t met. As a result, it has become increasingly important for businesses to focus on the customer experience observed Bahaa Abdul Hussein.
Digital banking is one of the fastest-growing sectors in the financial services industry today. With its high level of convenience and ease of access, it has become an important part of everyday life for consumers worldwide. However, despite its popularity and growth potential, digital banking still faces some challenges when it comes to delivering an excellent customer experience (CX).
Enhancing Products & Services
One of the most rapidly expanding areas of focus in the banking industry is the customer’s ability to complete their own transactions. Mobility has made what was once unimaginable a reality by giving consumers everywhere in the range of Wi-Fi access to their bank’s resources from any device.
The Branch of the Future
Although customers aren’t as likely to visit branches as they once were, financial institutions nevertheless can’t afford to ignore physical locations. Traditional banks have long known the dangers posed by online banking. They know that free coffee and Wi-Fi aren’t enough to attract today’s consumers and that their brick-and-mortar locations will close if they lose money.
Advising Services
Most banking clients want to improve their wealth but don’t know where to start. Those who turn to the internet for advice will find broad information that isn’t helpful. This is a great chance for banks to enhance their clients’ experiences with financial services by matching them with in-house financial advisors.
Artificial Intelligence
Calling the bank’s customer service line only to be placed on hold is one of the most infuriating experiences a customer can have. Call centers at banks are under increasing pressure as customer inquiries rise and fewer agents are available to take their calls.
Automated Onboarding
The onboarding process is the first opportunity a bank has to make a lasting impression on a new customer.
Customer patience is put to the test when new customers are required to fill out reams of paper throughout the onboarding process. This adds work for the onboarding staff and raises the likelihood of delays.
Banks make it convenient for clients to give necessary onboarding information without leaving the comfort of their own homes by switching to an electronic onboarding procedure rather than a manual, paper-based one.
Banks may automate essential procedures to speed up account opening, boosting CX overall.
Hyper-personalization
It’s no secret that customers place a premium on a personalized banking experience; after all, it’s been at the top of CX trends lists for years.
The financial institutions also gain: Boston Consulting Group found that successful large-scale customization can increase annual revenue by 10% if executed properly.
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