Five banking customer experience trends in 2022 and beyond

Five banking customer experience trends in 2022 and beyond

According to a Gartner report, 81% of organizations compete mostly or entirely on the basis of customer experience, making CX a critical differentiator for financial institutions in 2021 and beyond. Owing to the wide-ranging impact of the pandemic on how businesses is conducted across sectors, banking CX will likely undergo even more major changes in the near future.

In this article, we take a look at a few key trends worth the attention of banking business leaders trying to reconstruct their banking CX.

Artificial intelligence and machine learning take center stage

No longer mere baubles in a company’s claim of “advanced technology in CX” with little substance, AI has seen wide-spread practical applications in all stages of the banking consumer lifecycle, a development accelerated by the social distancing measures during the pandemic. The sheer variety is impressive, ranging from 24/7 chatbots to AI-driven mobile messaging responses to predictive marketing analytics to backend algorithms that optimize entire processes.

The rewards that AI will bring are many. Banking organizations will see their staff freed up by AI-automated processes and technologies, resulting in greater efficiency, more clients that can be serviced, and very likely a stimulus to the top-line growth. And, prefiguring another trend, AI will give organizations the space and resources to design and maintain interactions that convey a personal touch.

Making the banking experience minimally manual

Being stuck inside for extended periods of time and abiding by pandemic prevention policies have made people accustomed to handling things online or with minimal contact. For banks, this means tight hygiene measures as always.

More importantly, these new habits should drive banks to examine their various processes, customer journeys, and touchpoints with the goal of digitizing manual interactions as much as possible. The bank can, for instance, implement technologies that pre-fill forms or auto-suggest personalized next steps for online visitors to eliminate unnecessary queries. It can identify applications and programs that can be completed from the client’s home.

Now, what happens to the physical branch itself after all these digitization efforts?

Reimagining the brick-and-mortar bank branch

With more and more functions moving online, banks across regions have started exploring the new shape the brick-and-mortar branch itself should take.

While still largely experimental at this stage, it might be time to how face-to-face interactions, in-depth consultations, and immersive experiences can be weaved into the new banking customer journey when more quotidian processes become digitized. All of these new components will entail a keen and always up-to-date understanding of the individual client, one made possible by unifying data sitting in multiple systems and sources.

Understand the new banking customer

The digital future is fueled by data. If siloed, disorganized, and of subpar quality, customer data will slow down banking operations, hamper customer journeys, and cause the loss of valuable prospects. When designing the CX transformation roadmap for the bank, business leaders need to lay out a plan for unifying all the data at their disposal and studying it to gain a reliable idea what all the new segments emerging after COVID-19 want.

Ensure digital literacy for all consumer groups

Not every consumer has made the digital leap, or at least with the same comfort. While certain markets have seen considerable strides in digital adoption, it doesn’t mean that people can all navigate digital devices and engage brands digitally without issue. Add to this the varying degrees of skepticism towards digital expressed by elders.

Leaving these segments behind would be far from wise. The bank, then, has to create use cases and content for bringing them into the digital fold. Can we use SMS messages, which elders do use, as a starting point in a multi-step process where they can be directed to opt into digital bank touchpoints? Can reinvented branches offer digital adoption resources and long-term online finance support?

The future of banking CX in the post-pandemic era will take on a shape quite distinct from the one before. With the right technologies, strategies, and intelligence on today’s customers, banks can secure an edge over competition and turn digital upheavals into sustainable growth opportunities.

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