cft

AUTOMATION IN BANKING

. New FinTech businesses, are already demonstrating successful examples of comprehensive customer interactions although the FinTech industry's enthusiasm has died down and no one expects Fintech to entirely replace traditional banking. These new companies provide customers with the same products as traditional banks, but through a completely integrated procedure that is faster and/or less expensive.


user

PALLUCK MANOCHA

a year ago | 15 min read



AUTOMATION IN BANKING

Impact of Automation on Digital Customer Experience

The
integration of digital technology into corporate operations and organisational
culture has had a tremendous impact on the customer experience. Digital
transformation is inspiring and influencing businesses all over the world to
improve their business models and adapt to the digital transformation route. Every
company and sector are employing some type of AI and automation to speed up
operations and boost efficiency inside their systems as a result of the digital
revolution. Digital service providers employ AI extensively to customise user
experiences and build a feedback-focused atmosphere. Across industries, the
data generated is effectively leveraged to drive innovation and improve the
consumer experience.

What has Driven Digital Banking Innovation?

Banks have been doing things the old way for a long time, only adding digital
technologies in the 1990s to ensure they didn't fall behind in processing
capabilities. For so long, the status quo has stayed unchanged, and banks have
had no real incentive to innovate other than to avoid being threatened by
fintech Startups and the advances they bring to the table. Banks risk losing
market solutions when it comes to banking solutions and financial management
due to the rapid growth of some fintech Startups.



As a
result, banks are becoming aware that they are slipping behind their
competitors due to antiquated technology that is neither scalable nor safe for
the digital age. Banking institutions are seeking for solutions to modernise
their historical systems and infrastructure to meet modern standards. Banks
must concentrate their efforts on developing services and processes that reduce
the time for clients while also adding value to those offerings. Banks might
look into partnering with e-commerce platforms through integration platforms.
Customers will benefit from a more simplified online experience as a result of
this. It's no longer only about reforming the financial system within the
banks; it's also about transforming the client experience.





Image 1
shows key characteristics of instant payments




AUTOMATION
IN BANKING



Impact
of Automation on Digital Customer Experience



The
integration of digital technology into corporate operations and organisational
culture has had a tremendous impact on the customer experience. Digital
transformation is inspiring and influencing businesses all over the world to
improve their business models and adapt to the digital transformation route. Every
company and sector are employing some type of AI and automation to speed up
operations and boost efficiency inside their systems as a result of the digital
revolution. Digital service providers employ AI extensively to customise user
experiences and build a feedback-focused atmosphere. Across industries, the
data generated is effectively leveraged to drive innovation and improve the
consumer experience.



What has Driven Digital
Banking Innovation?



Banks
have been doing things the old way for a long time, only adding digital
technologies in the 1990s to ensure they didn't fall behind in processing
capabilities. For so long, the status quo has stayed unchanged, and banks have
had no real incentive to innovate other than to avoid being threatened by
fintech Startups and the advances they bring to the table. Banks risk losing
market solutions when it comes to banking solutions and financial management
due to the rapid growth of some fintech Startups.



As a
result, banks are becoming aware that they are slipping behind their
competitors due to antiquated technology that is neither scalable nor safe for
the digital age. Banking institutions are seeking for solutions to modernise
their historical systems and infrastructure to meet modern standards. Banks
must concentrate their efforts on developing services and processes that reduce
the time for clients while also adding value to those offerings. Banks might
look into partnering with e-commerce platforms through integration platforms.
Customers will benefit from a more simplified online experience as a result of
this. It's no longer only about reforming the financial system within the
banks; it's also about transforming the client experience.





Image 1
shows key characteristics of instant payments



The Banking Sector's
Digitization and Customer Journey



In the
financial sector, digitization is having a considerable impact on the creation
of business models and services. FinTech firms, for example, have been
increasing their market share in the traditional banking sector for several
years. FinTech firms are modern technology firms that specialise in financial
services. Fintech provides advanced digital services, establishes new client
expectations, and alters existing service revenue and cost dynamics.



Despite
this rapid evolution, only a small number of financial service companies have
fully embraced the digital trend. While most banks now offer online and mobile
banking, many service functionalities are not always effectively organised and
are limited to specific customer applications. A customer, for example, can
apply for a loan using a simple online interface. Following that, he discovers
that all subsequent steps from credit checks to loan approval still necessitate
his presence at the bank branch, additional "paperwork," and a
significant amount of time. The customer is irritated by this inconsistency.
You can get a new cell phone and select a tariff in under ten minutes. Purchasing
financial items, on the other hand, can take several days or even weeks on
average, except for checking account balances, withdrawing cash, and other
essential services. Banks are fully aware of this and are attempting to reduce
service cycles, but consumer demands continue to climb, and real-time service
is becoming increasingly important.





Image 2
shows a contrast between traditional and digital customer journey



 



 



 



Customer Expectations from
Digital Banking Experience



In
recent years, customer experience has risen to a new level of prominence, and
customers no longer evaluate their experiences through the lens of a single
industry. They expect banks to concentrate on developing an experience culture
that caters to customer requirements, establishes trust, is personalised, and
surpasses their expectations.



When
it comes to a digitised banking experience, the following are the most
important client expectations:



·       Easily
accessible: Banks and financial institutions must develop
easy-to-use digital platforms that can be accessed from a variety of devices,
namely smartphones. Customers typically seek a diverse set of services, a
high-quality banking experience, and a simple way to engage directly.



·       Assist
in real-time: Banks can use live help solutions like
co-browsing and video chat to give real-time support and grow their service
with chatbots.



·       Services
tailored to your needs: Customers are continuously on the lookout
for individualised services and content that is relevant to them. They look for
products and services that are tailored to their specific requirements. Banks
can identify critical business drivers and provide specialised assistance to
help define the banking customer experience.



·       Data
Security: In banking and financial services, data security has always
been a top priority. Customers want to feel safe sharing all of their data and
information with the bank. To maintain a good connection with clients, banks
must be able to create trust.



 



How Banks can enhance the Digital
Customer Experience:



 



Improved
financial management through proactive engagement: Financial
institutions have been able to broaden their means of engaging clients,
developing better relationships through real-time help, thanks to innovations
in data gathering, analytics, and channel strategies. Instead of relying on
location-based offers, banks and financial service providers will be able to
deliver useful insights, allowing customers to take advantage of possibilities
faster than ever before while limiting their risks.



Offer
live assistance: Mapping your banking customer journey is a
great method to have a better knowledge of what your customers are going
through. It can help banks learn about the most typical customer concerns, find
out how you can improve the customer experience, determine the various points
of contact your consumers have with your bank and improve your understanding of
client expectations.



 



Make a
smooth omnichannel customer experience a top priority: Customers
nowadays expect to interact with brands across several platforms. Consumers can
carry out the same banking procedures whether they use a website, a smartphone
app, a contact centre, a bank branch, or another media.



Use
big data and analytics to your advantage: Big data analytics is
an effective way to improve financial services and make key business decisions.
It has never been more crucial to use big data analytics to gain deep insights
into evolving client needs. Banks can use analytics to categorise clients, analyse
prospects, and predict models to improve engagement and the customer experience
of digitalized financial services.



 



Conclusion:



In the
past few years, the topic of banking digitalization has received a lot of
attention around the world. However, it is the old banking culture, not
technology, that slows down the digitization process, which is why many
financial institutions are late in embracing revolutionary digital
technologies. In this view, one of the most crucial linkages for a bank's
digital optimization is the process of client interaction or the customer
journey. The modern customer expects a digital bank to offer comprehensive,
personalised, and interactive services that enable them to manage their
accounts quickly, effortlessly, and conveniently. New FinTech businesses, on
the other hand, are already demonstrating successful examples of comprehensive
customer interactions although the FinTech industry's enthusiasm has died down
and no one expects Fintech to entirely replace traditional banking. These new
companies provide customers with the same products as traditional banks, but
through a completely integrated procedure that is faster and/or less expensive.






 



References



 



Bornet,
P. (2021, April 7). How Intelligent Automation Boosts Customer Experience.
Forbes Technology Council. Retrieved from:
https://www.forbes.com/sites/forbestechcouncil/2021/04/07/how-intelligent-automation-boosts-customer-experience/?sh=7f7d814416b3.



Dodda,
R. (2021, September 23). How Digitalized Banks can take Customer Experience to
a New Level.
CXOtoday.com. Retrieved from: https://www.cxotoday.com/ai/how-digitalized-banks-can-take-customer-experience-to-a-new-level/.



Patel,
S. (2022, April 26). 8 Trends Transforming Digital Customer Experience in
Banking.
REVE Chat. Retrieved from: https://www.revechat.com/blog/customer-experience-in-banking/.



Schmidt,
Inga. (2022, February 9). Digitization and Customer Journey in Banking Sector.
More
Than Digital
. Retrieved from: https://morethandigital.info/en/digitization-and-customer-journey-in-the-banking-sector/.



Singh,
S. (2022, February 28). How is Digital Transformation Shaping Customer
Experience.
Appinventiv. Retrieved from: https://appinventiv.com/blog/digital-transformation-driving-customer-experience/.



Sourav,
K. (2021, July 19). How AI and Customer Experience are Reshaping Banking
Industry.
Zyxware Technologies. Retrieved from: https://www.zyxware.com/articles/6055/how-ai-customer-experience-are-reshaping-banking-industry.



 



 



 



 



 



 



 



 









AUTOMATION
IN BANKING



Impact
of Automation on Digital Customer Experience



The
integration of digital technology into corporate operations and organisational
culture has had a tremendous impact on the customer experience. Digital
transformation is inspiring and influencing businesses all over the world to
improve their business models and adapt to the digital transformation route. Every
company and sector are employing some type of AI and automation to speed up
operations and boost efficiency inside their systems as a result of the digital
revolution. Digital service providers employ AI extensively to customise user
experiences and build a feedback-focused atmosphere. Across industries, the
data generated is effectively leveraged to drive innovation and improve the
consumer experience.



What has Driven Digital
Banking Innovation?



Banks
have been doing things the old way for a long time, only adding digital
technologies in the 1990s to ensure they didn't fall behind in processing
capabilities. For so long, the status quo has stayed unchanged, and banks have
had no real incentive to innovate other than to avoid being threatened by
fintech Startups and the advances they bring to the table. Banks risk losing
market solutions when it comes to banking solutions and financial management
due to the rapid growth of some fintech Startups.



As a
result, banks are becoming aware that they are slipping behind their
competitors due to antiquated technology that is neither scalable nor safe for
the digital age. Banking institutions are seeking for solutions to modernise
their historical systems and infrastructure to meet modern standards. Banks
must concentrate their efforts on developing services and processes that reduce
the time for clients while also adding value to those offerings. Banks might
look into partnering with e-commerce platforms through integration platforms.
Customers will benefit from a more simplified online experience as a result of
this. It's no longer only about reforming the financial system within the
banks; it's also about transforming the client experience.





Image 1
shows key characteristics of instant payments



The Banking Sector's
Digitization and Customer Journey



In the
financial sector, digitization is having a considerable impact on the creation
of business models and services. FinTech firms, for example, have been
increasing their market share in the traditional banking sector for several
years. FinTech firms are modern technology firms that specialise in financial
services. Fintech provides advanced digital services, establishes new client
expectations, and alters existing service revenue and cost dynamics.



Despite
this rapid evolution, only a small number of financial service companies have
fully embraced the digital trend. While most banks now offer online and mobile
banking, many service functionalities are not always effectively organised and
are limited to specific customer applications. A customer, for example, can
apply for a loan using a simple online interface. Following that, he discovers
that all subsequent steps from credit checks to loan approval still necessitate
his presence at the bank branch, additional "paperwork," and a
significant amount of time. The customer is irritated by this inconsistency.
You can get a new cell phone and select a tariff in under ten minutes. Purchasing
financial items, on the other hand, can take several days or even weeks on
average, except for checking account balances, withdrawing cash, and other
essential services. Banks are fully aware of this and are attempting to reduce
service cycles, but consumer demands continue to climb, and real-time service
is becoming increasingly important.





Image 2
shows a contrast between traditional and digital customer journey



 



 



 



Customer Expectations from
Digital Banking Experience



In
recent years, customer experience has risen to a new level of prominence, and
customers no longer evaluate their experiences through the lens of a single
industry. They expect banks to concentrate on developing an experience culture
that caters to customer requirements, establishes trust, is personalised, and
surpasses their expectations.



When
it comes to a digitised banking experience, the following are the most
important client expectations:



·       Easily
accessible: Banks and financial institutions must develop
easy-to-use digital platforms that can be accessed from a variety of devices,
namely smartphones. Customers typically seek a diverse set of services, a
high-quality banking experience, and a simple way to engage directly.



·       Assist
in real-time: Banks can use live help solutions like
co-browsing and video chat to give real-time support and grow their service
with chatbots.



·       Services
tailored to your needs: Customers are continuously on the lookout
for individualised services and content that is relevant to them. They look for
products and services that are tailored to their specific requirements. Banks
can identify critical business drivers and provide specialised assistance to
help define the banking customer experience.



·       Data
Security: In banking and financial services, data security has always
been a top priority. Customers want to feel safe sharing all of their data and
information with the bank. To maintain a good connection with clients, banks
must be able to create trust.



 



How Banks can enhance the Digital
Customer Experience:



 



Improved
financial management through proactive engagement: Financial
institutions have been able to broaden their means of engaging clients,
developing better relationships through real-time help, thanks to innovations
in data gathering, analytics, and channel strategies. Instead of relying on
location-based offers, banks and financial service providers will be able to
deliver useful insights, allowing customers to take advantage of possibilities
faster than ever before while limiting their risks.



Offer
live assistance: Mapping your banking customer journey is a
great method to have a better knowledge of what your customers are going
through. It can help banks learn about the most typical customer concerns, find
out how you can improve the customer experience, determine the various points
of contact your consumers have with your bank and improve your understanding of
client expectations.



 



Make a
smooth omnichannel customer experience a top priority: Customers
nowadays expect to interact with brands across several platforms. Consumers can
carry out the same banking procedures whether they use a website, a smartphone
app, a contact centre, a bank branch, or another media.



Use
big data and analytics to your advantage: Big data analytics is
an effective way to improve financial services and make key business decisions.
It has never been more crucial to use big data analytics to gain deep insights
into evolving client needs. Banks can use analytics to categorise clients, analyse
prospects, and predict models to improve engagement and the customer experience
of digitalized financial services.



 



Conclusion:



In the
past few years, the topic of banking digitalization has received a lot of
attention around the world. However, it is the old banking culture, not
technology, that slows down the digitization process, which is why many
financial institutions are late in embracing revolutionary digital
technologies. In this view, one of the most crucial linkages for a bank's
digital optimization is the process of client interaction or the customer
journey. The modern customer expects a digital bank to offer comprehensive,
personalised, and interactive services that enable them to manage their
accounts quickly, effortlessly, and conveniently. New FinTech businesses, on
the other hand, are already demonstrating successful examples of comprehensive
customer interactions although the FinTech industry's enthusiasm has died down
and no one expects Fintech to entirely replace traditional banking. These new
companies provide customers with the same products as traditional banks, but
through a completely integrated procedure that is faster and/or less expensive.






 



References



 



Bornet,
P. (2021, April 7). How Intelligent Automation Boosts Customer Experience.
Forbes Technology Council. Retrieved from:
https://www.forbes.com/sites/forbestechcouncil/2021/04/07/how-intelligent-automation-boosts-customer-experience/?sh=7f7d814416b3.



Dodda,
R. (2021, September 23). How Digitalized Banks can take Customer Experience to
a New Level.
CXOtoday.com. Retrieved from: https://www.cxotoday.com/ai/how-digitalized-banks-can-take-customer-experience-to-a-new-level/.



Patel,
S. (2022, April 26). 8 Trends Transforming Digital Customer Experience in
Banking.
REVE Chat. Retrieved from: https://www.revechat.com/blog/customer-experience-in-banking/.



Schmidt,
Inga. (2022, February 9). Digitization and Customer Journey in Banking Sector.
More
Than Digital
. Retrieved from: https://morethandigital.info/en/digitization-and-customer-journey-in-the-banking-sector/.



Singh,
S. (2022, February 28). How is Digital Transformation Shaping Customer
Experience.
Appinventiv. Retrieved from: https://appinventiv.com/blog/digital-transformation-driving-customer-experience/.



Sourav,
K. (2021, July 19). How AI and Customer Experience are Reshaping Banking
Industry.
Zyxware Technologies. Retrieved from: https://www.zyxware.com/articles/6055/how-ai-customer-experience-are-reshaping-banking-industry.



 



 



 



 



 



 



 



 








The Banking Sector's
Digitization and Customer Journey



In the
financial sector, digitization is having a considerable impact on the creation
of business models and services. FinTech firms, for example, have been
increasing their market share in the traditional banking sector for several
years. FinTech firms are modern technology firms that specialise in financial
services. Fintech provides advanced digital services, establishes new client
expectations, and alters existing service revenue and cost dynamics.



Despite
this rapid evolution, only a small number of financial service companies have
fully embraced the digital trend. While most banks now offer online and mobile
banking, many service functionalities are not always effectively organised and
are limited to specific customer applications. A customer, for example, can
apply for a loan using a simple online interface. Following that, he discovers
that all subsequent steps from credit checks to loan approval still necessitate
his presence at the bank branch, additional "paperwork," and a
significant amount of time. The customer is irritated by this inconsistency.
You can get a new cell phone and select a tariff in under ten minutes. Purchasing
financial items, on the other hand, can take several days or even weeks on
average, except for checking account balances, withdrawing cash, and other
essential services. Banks are fully aware of this and are attempting to reduce
service cycles, but consumer demands continue to climb, and real-time service
is becoming increasingly important.





Image 2
shows a contrast between traditional and digital customer journey



 



 



 



Customer Expectations from
Digital Banking Experience



In
recent years, customer experience has risen to a new level of prominence, and
customers no longer evaluate their experiences through the lens of a single
industry. They expect banks to concentrate on developing an experience culture
that caters to customer requirements, establishes trust, is personalised, and
surpasses their expectations.



When
it comes to a digitised banking experience, the following are the most
important client expectations:



·       Easily
accessible: Banks and financial institutions must develop
easy-to-use digital platforms that can be accessed from a variety of devices,
namely smartphones. Customers typically seek a diverse set of services, a
high-quality banking experience, and a simple way to engage directly.



·       Assist
in real-time: Banks can use live help solutions like
co-browsing and video chat to give real-time support and grow their service
with chatbots.



·       Services
tailored to your needs: Customers are continuously on the lookout
for individualised services and content that is relevant to them. They look for
products and services that are tailored to their specific requirements. Banks
can identify critical business drivers and provide specialised assistance to
help define the banking customer experience.



·       Data
Security: In banking and financial services, data security has always
been a top priority. Customers want to feel safe sharing all of their data and
information with the bank. To maintain a good connection with clients, banks
must be able to create trust.



 



How Banks can enhance the Digital
Customer Experience:



 



Improved
financial management through proactive engagement: Financial
institutions have been able to broaden their means of engaging clients,
developing better relationships through real-time help, thanks to innovations
in data gathering, analytics, and channel strategies. Instead of relying on
location-based offers, banks and financial service providers will be able to
deliver useful insights, allowing customers to take advantage of possibilities
faster than ever before while limiting their risks.



Offer
live assistance: Mapping your banking customer journey is a
great method to have a better knowledge of what your customers are going
through. It can help banks learn about the most typical customer concerns, find
out how you can improve the customer experience, determine the various points
of contact your consumers have with your bank and improve your understanding of
client expectations.



 



Make a
smooth omnichannel customer experience a top priority: Customers
nowadays expect to interact with brands across several platforms. Consumers can
carry out the same banking procedures whether they use a website, a smartphone
app, a contact centre, a bank branch, or another media.



Use
big data and analytics to your advantage: Big data analytics is
an effective way to improve financial services and make key business decisions.
It has never been more crucial to use big data analytics to gain deep insights
into evolving client needs. Banks can use analytics to categorise clients, analyse
prospects, and predict models to improve engagement and the customer experience
of digitalized financial services.



 



Conclusion:



In the
past few years, the topic of banking digitalization has received a lot of
attention around the world. However, it is the old banking culture, not
technology, that slows down the digitization process, which is why many
financial institutions are late in embracing revolutionary digital
technologies. In this view, one of the most crucial linkages for a bank's
digital optimization is the process of client interaction or the customer
journey. The modern customer expects a digital bank to offer comprehensive,
personalised, and interactive services that enable them to manage their
accounts quickly, effortlessly, and conveniently. New FinTech businesses, on
the other hand, are already demonstrating successful examples of comprehensive
customer interactions although the FinTech industry's enthusiasm has died down
and no one expects Fintech to entirely replace traditional banking. These new
companies provide customers with the same products as traditional banks, but
through a completely integrated procedure that is faster and/or less expensive.






 



References



 



Bornet,
P. (2021, April 7). How Intelligent Automation Boosts Customer Experience.
Forbes Technology Council. Retrieved from:
https://www.forbes.com/sites/forbestechcouncil/2021/04/07/how-intelligent-automation-boosts-customer-experience/?sh=7f7d814416b3.



Dodda,
R. (2021, September 23). How Digitalized Banks can take Customer Experience to
a New Level.
CXOtoday.com. Retrieved from: https://www.cxotoday.com/ai/how-digitalized-banks-can-take-customer-experience-to-a-new-level/.



Patel,
S. (2022, April 26). 8 Trends Transforming Digital Customer Experience in
Banking.
REVE Chat. Retrieved from: https://www.revechat.com/blog/customer-experience-in-banking/.



Schmidt,
Inga. (2022, February 9). Digitization and Customer Journey in Banking Sector.
More
Than Digital
. Retrieved from: https://morethandigital.info/en/digitization-and-customer-journey-in-the-banking-sector/.



Singh,
S. (2022, February 28). How is Digital Transformation Shaping Customer
Experience.
Appinventiv. Retrieved from: https://appinventiv.com/blog/digital-transformation-driving-customer-experience/.



Sourav,
K. (2021, July 19). How AI and Customer Experience are Reshaping Banking
Industry.
Zyxware Technologies. Retrieved from: https://www.zyxware.com/articles/6055/how-ai-customer-experience-are-reshaping-banking-industry.



 



 



 



 



 



 



 



 







Upvote


user
Created by

PALLUCK MANOCHA


people
Post

Upvote

Downvote

Comment

Bookmark

Share


Related Articles