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Perfecting the Customer Experience in Banking

It is widely acknowledged that customer experience has become the key to success in banking. 85% of banking professionals believe that responding to customer expectations faster is an urgent need for the business, according to our research. 

Today’s consumers compare their banking experiences not only to those delivered by rival banks, but also to other services offered by the world’s most disruptive companies, including consumer tech giants like Google and global online retailers like Amazon.

If banks want to retain and attract customers, they have to find a way to keep pace with increasing customer expectations.

 

What constitutes good customer service in banking?

Customer experience in financial services is fast becoming the best way to differentiate yourself from the competition. However, research from the Digital Banking Report, Improving the Customer Experience, found that only 37% of organizations have a formal CX plan in place. Yet good customer service is the most highly valued attribute at banks according to a survey by Forrester Research of more than 110,000 consumers.

Customer experience objectives at most financial services organizations focus on internal benefits, according to the Improving the Customer Experience report.

This includes selling and cost-cutting, rather than customer benefits like simplicity, ease, and responsiveness.  This proves that they are not grasping the essence of customer experience: the way in which banks engage and interact with their customers. Or according to Forrester: “How customers perceive their interactions with your company.”

Consistency is the key word here as it’s delivering the same high service day in day out that will turn those few advocates in to a group and then a community of loyal fans for your company. Before too long net promoter scores and revenues will be on the rise as you will hang on to those hard fought for customers.

Banks need to enhance the customer journey so that every touchpoint with the customer delivers a valuable interaction. This means connecting information from back-end legacy systems and collaborating with front-end systems in a cohesive manner.

 

Get a connected view of your customer

61% of financial services firms feel that they neglect the implications of systems change when trying to build engaging customer experiences, according to our research. 

The biggest challenge banks face in customer experience efforts are with data analytics, technology and getting a complete customer view, according to The Financial Brand.

This is unsurprising when you consider the complex IT infrastructure of most banking and financial businesses. Their inflexible legacy systems are often a major hurdle when it comes to creating an automated and engaging customer experience (not to mention a nightmare for compliance and fraud prevention).

Indeed, Accenture found that banks’ greatest barrier to driving digital transformation was the complexity of the current state of their legacy environment.

A low-code automation platform can be transformational to an IT infrastructure, acting as an orchestrator to connect rigid, but reliable, legacy systems to new applications. 

 

Benefits of using a low-code automation platform in banking

A low-code automation platform can help enhance your bank’s transformation in multiple ways: 

Agile digital transformation - Accelerate transformation by leveraging the power of low-code to rapidly develop new applications and introduce new capabilities to your legacy system. 

System orchestration – Connect legacy systems and new applications for a 360-degree view of all information to empower employees and enhance customer experience.

Assured compliance - Model and automate the processes to ensure they always meet the regulation requirements, in areas such as data privacy and reporting.

Collaboration across the enterprise - Allow IT and business teams to effectively collaborate using the common language of process. Using a low-code platform enables banks’ IT and business teams to co-document, curate, and share processes, automate them, and turn them into applications. 
 


Low-code automation in action at Old Mutual

A FTSE 100 company with more than 16 million customers, Old Mutual is an international investment, savings, insurance and banking group, and the largest insurer in South Africa. Its decision to invest in an automation platform was part of an organization-wide business transformation program to accelerate a step change towards a customer-centric operation.

Old Mutual wanted to achieve a 360-degree view of all customer interactions across all channels – a single view of the truth. Tight integration with back-office systems provides advisors with all the relevant information to make quality decisions, enabling customers to be served instantly.

Initially, the firm wanted to reduce customer waiting times across branches and enable sales advisers to provide consistent service and advice on the spot. Automated and streamlined customer engagement processes now manage customer authentication and present customers. Wide-ranging services include funds withdrawals, loan applications through to reporting identity theft or initiating claims.

Using a low-code automation platform, Old Mutual has been able to leverage customer insight and data analytics, providing more relevant products and services to customers, and improving retention and revenues from cross-sales and leads.

The result for Old Mutual was a reduced number of escalations to the back-office related to incorrect customer data. Experienced front-desk advisors were redeployed elsewhere as integrated digital process automation systems support intelligent decision-making. Consistent and improved customer experience was delivered across all channels.
 
 

Transform your operations with low-code automation

If would like to learn more about how automation can accelerate your bank’s transformation efforts, download our free ebook, The Essential Guide to Modernizing Banking Operations. 

In addition to insight on how to offer innovative employee experiences, you will also learn how to:

- Create frictionless customer experiences
- Respond to regulatory pressures
- Bridge gaps in your system with automation
 

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