Superior customer experiences drive brand loyalty and retention
Customers no longer base their experience perceptions solely on price, product, or convenience. Instead, expectations are based on how they feel receiving the services.

In this context, digital speed, simplicity and contextuality become the key. Having become used to the experience provided by tech firms like Amazon, Netflix, Google along with a host of FinTechs, customers expect the same from their banks. Banks, both traditional and FinTechs, are adapting to provide a superior digital customer experience from the first interaction till the end of the session.

According to a leading survey, 81% of companies in 2021 and beyond, compete mostly on customer experience, making it a key competitive differentiator for financial institutions. Greater product choices, ease of onboarding, seamless access and continuity across channels, devices and locations, along with personalized set of recommendations will replicate the ‘Netflix experience’ that banking customers now come to expect.

Steps to experience centric banking
Banks understand they are not fighting FinTechs, regulatory start-ups or financial institutions for new customers. They understand that onboarding a customer, making them familiar with the bank, and retaining a customer is largely dependent on their ability to create superior experiences by leveraging the ecosystem.