Banking Experience Transformation: Rewriting the Rules in Retail Banking

Bank in-branch digital signage with retirement banking content
Proactive services, right timing, full agility. Rewriting the rules in retail banking with banking experience transformation.

Modernity has given way to technological advances, especially in the retail world. In the retail sector, customer experience is perhaps one of the most important aspects to consider when starting any venture. Meanwhile, customer experience in banking was limited to offering the best digital banking experience. However, the retail industry has created a competitive battleground with technological development. Customers are now comparing their experience at banks with other financial institutions. Another benchmark is successful online retailers like Amazon and Zappos.

It is a sad reality that retail banks haven’t been able to keep a steady pace with the improvements in customer experience seen in other consumer-centric industries. There are very few banks that stand as useful models of innovative customer interactions. Traditional marketing strategies by retail banks hardly focus on reshaping or improving user experience. Instead, they restrict themselves to increasing loyalty, building trust, and enhancing security.

Retail banking, unlike its competitors, has not focused enough on digital transformation. In contrast, it should be an urgent priority to compete and win at this point. Fortunately, for retail banking, building a differentiated customer experience is well within traditional banks’ reach. It means that they have already worked in this regard and are likely to not require a significant overhaul to existing processes. However, it does need bank leaders to rewrite rules for a much-needed digital transformation.

1. Proactive Service

Improving customer experience in retail banking means you make engagement proactive and personal. This implies asking customers what is vital for you to win their loyalty. Most likely, the answer you’re going to get in the banking world is ease. Perhaps a simple request. There are multiple ways banks are already trying to do that.

Banks’ current customer experience models are heavily reliant on self-service. Further, customers are bombarded with too many messages to keep up with information and updates. The mobile apps, portals, community forums are great for user engagement and those seeking answers. However, customers are still having to do most of the work when reaching out to banks and asking the right questions.

Even then, there is a lot of information to process to reach what is relevant to their query. Thus, if easy experiences are to become a baseline expectation for customer loyalty, companies will have to switch to guiding customers with a proactive customer experience.

Proactive service entails taking the weight off of customers. One can achieve it by doing the bulk of their work and eliminating the search for answers. It helps predict the information that customers are looking for based on where they are in their journey. And delivering content that meets the personalized needs of each user adequately. In essence, providing answers to questions that they need before they even have to ask.

To make this transformation convenient for you, you can consult professionals. Please use their experience developing software from the ground up to provide a highly integrated and flexible digital signage solution for your bank.

2. Right Timing

Understanding the right timing for banks to improve customer service will require a thorough research before digital signage solutions. Thus, you ought to begin identifying the moments in the customer lifecycle that are causing most problems. This can be done through call logs, the most visited webpage on the bank’s website, and commonly asked questions over the chat. This is important and relevant information that will help you map out these interactions and reduce unnecessary complications.

Guide customers through each step by delivering timely information with the right context. If your retail banking focuses on all users’ common problems, it can automate proactive, individualized service that empowers its customers.

You can create a negative customer experience if a specific service requires a lot of back-and-forth communication to collect the necessary information. Deploy automated mobile messages that know where the customers are in the application process. An automatic method of delivering relevant information with reminders will engage the customers at every stage. Additionally, Banks will be able to engage customers in more products and services.

To succeed in the new digital era with enhanced customer experience, banks should invest in channels that enable relevant, personalized, and proactive customer engagement. Ultimately, it makes it easy for the consumer to navigate your bank website and other digital media. They can go for what they need at the right time. Your bank can become their go-to option when it comes to online banking with digital signage solutions.

Some firms have taken bold and decisive actions within the retail banking world to capitalize on shifts that will digitally transform the banking industry. In the next few years, you will likely see institutions that will be refreshing additions to the banking industry and use their strategic aggressiveness and agility to attract customers.

3. Agility in Banking Experience Transformation

What does this agility mean in digital transformation for financial services?

Agility has a direct correlation with a company undergoing digital transformation. Many industries that did not have the right data foundation in place had low agility to deal with the continually changing scenario in the wake of COVID-19.

Agility requires three digital transformation things for financial services to remain competitive against natively digital fintech competitors and alternative currencies like bitcoin.

a) Accessibility

It would help if you were readily accessible so that the information you have at hand is ready to be acted on. With the global pandemic insight, there have been massive rewrites of business needs within a short amount of time. The organizations with the ability to make data-driven decisions were able to solve new problems and create strategies.

With recent developments in the overall banking systems, there is more request for data. Thus, prioritizing data accessibility makes it easier for groups to understand and act on it, so it is easier to adapt to new challenges.

b) Efficiency

There is very little available to financial institutions in terms of data. However, they require digital innovators that have the technology to transform data into insight efficiently and inevitably action.

You can achieve efficiency if you have an integrated customer data supply chain and AI. The machine learning capabilities can help you take the right action more quickly.

c) Urgency

While a harder pill to swallow, but COVID-19 jogged many industries into action. According to PwC, 81% of banking CEOs are now concerned about technological change more than any other sector. If there isn’t a sense of urgency attached to transforming digital solutions, there is a likelihood that the financial companies will lag behind their competitors once again.

Digital transformation for the win

Digital transformation for financial institutions is neither easily achievable nor free of cost. But it is essential to understand that the data foundation for a seamless digital transformation will be a discussion about the value, not cost.

It will be an interdisciplinary approach to banking. Several groups from marketing to legal and IT come together to learn about and buy customer data platforms because there is a silent agreement about the potential of a real-time, single customer view. More than anything else, it is like hitting a goldmine that will make customer conversations more customized and well-populated with relevant information.

If you’re looking for services to help you improve your digital footprint in an ever-growing retail industry, contract NexSigns right away. It is a trusted resource with experts that can help you with the most effective digital signage solutions for retail banking.

You can learn more about NexSigns’ Digital Signage solution here. Connect with us on FacebookLinkedInTwitter, and YouTube to get the latest info on digital signage!

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