Many banks were forced to transform their systems when branches closed and most banking went digital. While most financial institutions responded to the pandemic lockdown with admirable passion by providing customers with the digital means (they have) to do traditionally in-branch tasks, consumers may continue to prefer online over in-person banking for these traditional banking needs they have (become accustomed to ) over the past few months. What does this mean for you, as a financial institution?
It’s time to think bigger and move faster about digital banking.
Think Big
The world is slowly reopening, and though your branches are opening with restrictions along with restaurants and schools, most people aren’t comfortable visiting a branch or even attend school in person. According to a recent article by The Financial Brand, “up to 40% of consumers expect to visit branches less in the future… after years of relative complacency, financial institutions are being forced beyond their comfort zones…advanced technology must be embraced across the organization to meet performance objectives in the future.”
You may be thinking, I know I need to change, but I just don’t know how or where to start!
The answer is as simple as thinking of your digital strategy as if you were a tech company and Think BIG: mimic the seamless ease of buying products on Amazon with the intuitiveness of Google and personalization of Netflix and Spotify. Meet customers and member where they are today and keep it easy, personal and frictionless.
Create a Frictionless Experience
“It’s important to realize that customers aren’t measuring your experience against your competitors,” states Roger Dooley, author of the new book Friction: The Untapped Force That Can Be Your Most Powerful Advantage. He continues, “Rather, they are comparing your customer experience to what they find on Amazon, Uber, and other low-friction pioneers.”
The secret to a “frictionless experience” is personalization and engagement. A solution that can intuitively guide customers to the right products for there needs by using things like machine learning and AI is the perfect example.. Most people walk into a branch because they don’t know what service is right for them. What if you could give them access to a banker’s knowledge without burdening the employee or customer, and it’s easily accessible, right at their fingertips and in today’s world from home? Should they need a specialist’s help, provide a means of connecting with an expert via chat, a phone call or scheduling an in-person meeting.
The needs of your customers are the centerpiece of the customer journey. By unifying all channels and providing consistent and personalized experiences, disruptive technologies in other industries stand out amongst a sea of competitors. This is how they became the Ubers and Amazon’s of the world.
Be relevant when engaging by adding AI
What if we told you that there is a way to marry the best aspects of in-branch customer experience with the access and simplicity of the digital world? Using AI to create meaningful conversations without losing that personal touch is what will help bridge the gap in a world where people are used to real-time access and digital simplicity.
Most of your customers want to do things at their own pace, especially when it comes to financial decisions and transactions. They want to have access to your expertise when they need it and get that coveted real-time access to personalized experiences.
While you may currently have an AI solution in place to support things like the easy-answer chatbot on your site, your members and customers may be looking for something with a personal touch. According to a recent Forbes article on why AI is transforming the banking industry, “The hyper-personalization pattern of AI is where you want to treat each individual as an individual, not as a member of some grouping or bucketing into a broad category or classification.”
With the right solution in place, you’ll have what you need to give your members and customers the frictionless experience that keeps them going back to their favorite apps.
Disrupt, Transform, Retain
When we look at the most successful digital businesses, the thing that pulls them apart from the rest has been their fearless ability to disrupt and transform along with the times. Financial Institutions that will stand out will be those that implement intuitive, personalized digital engagement solutions for their customers.
Transform as fast as the world is changing and retain loyalty while increasing wallet share. The time is now.
Ignite Sales is an AI-driven banking experience technology that changes the way financial institutions service consumers. We help you discover the needs of your customers as the centerpiece of the customer journey. Contact us for a free consultation!
