We’re in the midst of a digital transformation for banking. This transformation was greatly accelerated by the pandemic, as brick-and-mortar stores were forced to shut their doors during quarantine.
Now, as we settle into this post-pandemic era, it’s clear that customer expectations have changed. Many pandemic-born changes have staying power, and banks and financial institutions that put CX at the heart of their digital transformation could see tremendous success.
Digital transformation means widespread adoption of digital technology throughout the business. The digital transformation for banking is optimizing operations, adding more value to customers, and improving the customer experience.
According to a report by the Economist Intelligence Unit (EIU), the changes are significant:
of change for the next four years
“Transformation” is a weighty word, but appropriately used to describe the change taking place. We’re not just talking about a few apps and websites. We’re talking about a cultural shift — a digital-first approach to banking that radically changes the front and backend of financial institutions. It changes how customers perceive, interact with, and use financial institutions. It changes how teams are organized and the technologies they use. It changes how the business itself operates. It’s even changing the purpose and function of physical branches.
So yeah, it’s kind of a big deal, and it’s important to be intentional about how and why a business chooses its path forward.
Sometimes in a scramble to “catch up” to competition, businesses haphazardly throw pixels around. Several digital initiatives may be taking place at the same time, but without a cohesive, holistic strategy in place, all that time and effort will yield minimal results.
“Look at our shiny new app!” they seem to shout. But the short-term appeal of that shiny new app will soon wear off to reveal a disconnected and poor experience if it’s not grounded in sound strategy.
There’s one key to ensuring all digital efforts work together to maximize results: customer-centricity.
Customer-centricity can drive positive, meaningful digital transformation. It ensures that tech isn’t adopted just for the sake of innovation, and that all efforts work together to provide a winning customer experience.
The customer experience encompasses absolutely any interaction customers have with your institution. To improve that experience you need to be looking to instill a CX focus in every part of your business, including the parts that are less obviously customer-facing.
Read: A 5-step action plan to improve your CX
Some examples of CX-centered technology in banking include:
Want more examples? Read three best-in-class use cases of visual engagement from a financial services company.
Before embarking on any new technology, it’s important to ensure it’s centered around the customer’s wants, needs, or expectations. Banking is an especially personal industry, making trust paramount. Customers want to trust that you have their best interests in mind, and that they’re in good hands during every transaction and interaction.
Human-guided experiences are still going to be important (at the right time) in a digitally optimized banking experience.
Enter Guided CX and visual engagement. By creating stand-out customer experiences with Glance Guided CX solutions, top financial institutions are improving customer confidence, building trust, and fostering valuable life-long relationships with their customers. Ready to see how it works? Request a free demo here.