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How Technology can Dramatically Improve Customer Services in the Banking Industry

By Special Guest
Fawad Malik
October 09, 2020



Customer experience is a key to success and competitive differentiator not only for banking but across all industries. In this digital era of life, opportunities for banking and financial services providers to modernize and improve the customer experience by offering them exceptional customer services. It is one of the most vital aspects of every business as it can have a significant impact on how your customers connect and engage with your company.

Today’s tech-savvy consumers who are also referred to as the FANG (Facebook, Amazon, Netflix, and Google) generation, have been deeply habituated to expect ultra-responsive service in their digital interactions. The 21st generation not only using their smartphones for making phone calls but to do everything in day to day life from online shopping to make payments via online banking. That’s why banks must embrace innovative technologies into their business operations especially in customer services.

If you need some more info and references regarding how technology can improve customer services, here are ways your customers will have an excellent experience at your bank after you integrate the latest tech in your operations and processes.

Seamless Online Experience

Almost 64% of Americans own smartphones and use them for more than making phone calls. In this modern world where high-tech features like fingerprint readers are added to mobile devices, banks must also be investing in the latest tech with online & mobile banking tools and solutions to make things easier for their customers by providing them with the utmost and seamless online experience. by doing so, financial services organizations and banks can make it easier for customers to connect and communicate with tellers and eliminate the barriers of time and location when they need to get something most important done in real-time.

Personalization at Scale

In this modern marketplace, ‘One size fits all’ doesn’t work any longer when it comes to provide excellent banking customer services. tech-savvy consumers expect notifications, offers, and messages that are most relevant to their banking needs and financial transactions. According to research, banks and other financial services providing organizations can enjoy an incredible 30-40% lift in sales just by sending messages and ads that are relevant to customers’ objectives, rather than a one-sided burst of advertising. Thankfully, technology can lend a hand to banks by offering features like automation, AI, and big data to deliver their customers with highly personalized messaging at scale. That is the reason, banks must integrate appropriate tech solutions when setting up customer service processes to provide their customers with a better experience.

Real-Time Response to Customer Queries

AI (Artificial Intelligence) is one of the awesome innovations and its potential is honestly exciting. As customers expect a fast response to their queries with great services offered, AI chatbot integration in banking websites and social media profiles would be a great way to listen to your customers immediately and resolve their queries in real-time. It can free up your staff from time taking and repetitive tasks so they can spend time on things that required more personal interaction. Chatbots also make your business available and accessible 24/7 so customers can get the required information or details quickly without facing barriers of time and location.

High-End Security

As we all know that modern customers are happy and convenient to carry out a lot of their tasks online, it doesn’t really mean that they can afford to compromise on security, especially when it comes to submit or transfer confidential and sensitive details. That’s why, any alteration you make in your offerings or use a tech solution to handle and process customer data, the security of customer data and information should be your major concern. Thanks to cloud computing and advanced encryption technologies, banks can keep customer data and information protected from any third parties and malicious people to provide customers with extreme security and data privacy.

Same Opportunities & Features Irrespective of Distance

A seamless online experience is more than offering your customers with a responsive website and high-speed mobile banking app. All this is not considered enough for the banking industry. Banks should be using modern technologies and tech solutions to authorize their customers remotely and sign contracts or approve loan agreements online. Fortunately, facial recognition, artificial intelligence, and e-signature solutions are some of the innovative technological advances that help banks and financial service providers make anything readily available and accessible across multiple digital channels.



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