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5 trends transforming customer experience in digital banking

By Javier Puga, VP Marketing at Unblu

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The Unblu Conversational Engagement Platform empowers wealth managers and advisors to deliver a human-driven advisory experience over convenient digital channels. By striking a balance between convenience and compliance, Unblu offers a secure and efficient solution for enhanced interaction and collaboration that is embedded into existing channels like a client portal or...

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by Unblu
| 15/07/2020 12:00:00

Digital banking is not just convenient. It also offers a safety net for times when physical interaction becomes difficult. Video calls, for one, are increasingly popular. Business video conferencing apps saw their biggest ever number of downloads in March 2020. However, the option to video call alone is not enough. Customers require different digital tools at different times to fulfill diverse needs. By combining the best of human and high-tech, banks can create a hybrid customer journey, offering both the convenience of digital channels and the reassurance of person-to-person exchange.

#1: Going hybrid
Customers want to communicate with their banks digitally, at their own convenience, but also have the option to speak to a real person at times, for added reassurance. More than half of those surveyed by Accenture expressed a desire for omnichannel banking and the ability to switch seamlessly between digital channels and speaking to a human advisor. For financial and insurance services, this means taking advantage of digital self-service to streamline operations, but also providing communication and collaboration tools to build relationships between customers and advisors.

#2: Growing trust
We are witnessing a crisis of trust in banks. Young people, especially, don’t have confidence that their financial provider puts their needs first. Indeed, only 28% of 30,000 millennials surveyed said they trusted banks to be honest. That means less than a third of young consumers have faith in their financial providers. To regain and rebuild this trust, banks have to focus on establishing meaningful relationships with customers via tools that prioritize productive conversation and where customer needs are paramount.

#3: Customer comes first
In the race to embrace digital tools, it’s easy to forget that what customers value above all else is relevant advice, specific to their unique problem. 33% of customers who abandoned a business relationship in 2016 did so because personalization was lacking. Companies failed to provide a service tailored to the customer’s unique needs. Digital tools allow for increased flexibility and a more customer-centric experience as banks re-configure their service on a case-by-case basis to resolve specific customer pain points at specific times.

#4: Working together
Banks are connecting with fintech companies and other third parties via APIs, building additional offerings on top of their existing infrastructure. This is a smart and increasingly popular business move. A 2019 PwC survey showed that out of those financial service companies considering third party collaboration, 47% wanted to collaborate with a fintech firm. By collaborating rather than competing with fintechs, financial service providers can get ahead in the open banking game, build productive relationships with fintech companies, and boost business.

#5: Automated business
Automation is now charging full steam ahead and is being implemented in diverse business sectors. To keep up with changing consumer demands and expectations, banks need to embrace chatbot technology. Most customers are already familiar with chatbots by now. Even by 2016, 60% of Generation Xers in the US were reported to have interacted with chatbots. Chatbot technology can help banks streamline their operations. Customer service advisors can delegate a portion of their workload to chatbots, freeing up time to focus on more complex queries.

Conversational banking & Unblu
Get started on the road to digital banking success with Unblu’s set of digital banking tools. Discover how you can make every conversation count and develop a more personalized and efficient customer service. Learn more about how Unblu can help you to take advantage of changing digital banking trends by booking a demo today.

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