Being digital doesn’t stop with customer experience. It’s just a beginning. True digital banks leverage new tech for superior customer outcomes

Customers no longer base their experience perceptions solely on price, product, or convenience. Instead, expectations will be based on how they are receiving the services, in terms of response times, personalized advice and intuitive and easy next steps. Having become used to the services by BigTech like Amazon, Netflix, Google along with a host of FinTechs, they expect the same from their banks.

Responding to the fast-changing customer needs and expectations as well as threats from FinTechs and BigTechs mean that banks need to have digital operations platforms which can convert service concepts to customer outcomes much faster.

According to a leading survey, 81% of companies compete mostly or completely based on customer experience, making it a key competitive differentiator for financial institutions in 2021 and beyond. While banks will have to compete to provide the smooth experience for its customers on all channels, migrating their decades of banking knowledge to easy to use digital processes can be the secret ingredient for competitive advantage. Be it ease of onboarding customers, continued customer conversations on multiple channels, devices and locations, extremely personalized offers or new product launches, the traditional ways of doing banking (including digital banking) must change.