The products and services offered by various banks aren’t much different from each other. Therefore, the biggest differentiator that they can provide is the experience that they deliver to their customers. The bank that delivers a superior customer experience has a competitive edge over its peers and gets a bigger slice of the market share.If a brand can meet the expectations of a customer, it will succeed in increasing his/her brand loyalty. This will also result in increased customer advocacy wherein the customer brings in new customers.
Personalization is a means of providing a superior customer experience. And it is not just digital alone, offline personalization is also done in banks where customers often conduct in-person visits.
How do you use technology to transform customer experience?
There are 4 strategic technology pillars for providing a great customer experience:
Hyper-Personalization – Provide customers with the right product/service at the right place and at the right time.Providing an Omnichannel Experience – Give the same consistent experience to the customer across all channels and touchpoints.
self-Service – Enabling customers to avail brand services on their own without taking the help of a customer service representative or a call center.
AI & Machine Learning – The capabilities of AI & Machine Learning can be utilized to understand the problems/issues faced by the customer and have a feedback loop to improve their experience.A Customer Data Platform (CDP) is going to be the next biggest thing in providing a superior customer experience. A CDP helps brands in analyzing the insurmountable amounts of data that they have, creating proper customer segments, and enabling them to deliver personalized offers/services to customers.
A company’s leadership team should take the initiative of implementing a technology-driven digital transformation strategy. Functions/Teams within a company need to be created around this common goal. The implementation process can be enabled by the IT department.
The platforms and solutions implemented should have an open architecture instead of being closed and rigid. It’s not possible for an organization to build every single tool or solution. By making the tech architecture open, the organization can easily integrate innovative new tools and systems into its existing tech stack.