Though personalization is by no means a new kind of business strategy, it’s one that’s become more popular in recent years. Whether customization is applied to products and services for the foodservice, fashion, travel, wealth management, or any other industry, , customers of today tend to look for things that are specifically tailored to their desired experiences.
This principle definitely applies when it comes to retail banking in the 21st century. Indeed, it’s time for banks to veer away from generic and catch-all strategies for their retail banking services and take on a more personalized approach to customer experience (CX) instead. In this regard, here’s a short guide on the benefits of tailored retail banking experiences and how a new digital banking solution can help your bank engineer the most pleasant, memorable, and value-generating customer experiences.
The Power of Personalized Banking
Modern life is characterized by its fast pace and wealth of innovative solutions. It makes perfect sense for customers to want to patronize retail banking services that reflect these trends in their lifestyles. If banks want to engage the current generation of customers, they won’t be able to do so with just generic financial products and one-size-fits-all methodologies for customer care. Their retail banking system has to be dependable, convenient, and capable of meeting the demands of customers of all types exactly where they are.
There’s growing evidence that modern-day banking solutions can serve as an effective bridge between banks and their most exacting retail customers. Thanks to sophisticated data management features, a digital experience solution may allow your bank to entertain the needs of your retail banking customers across multiple channels and using multiple touchpoints—from customers’ computers and smartphones to wearables like their smartwatches. Though its workings on the backend will be largely invisible to your customers, a powerful and versatile solution will make a huge difference on their banking experiences.
To further illustrate how a digital experience solution can unlock new possibilities in personalized banking, here are some features and services that you can look forward to rolling out once you acquire one:
A Personalized Customer Dashboard
First, you’ll be able to launch highly personalized dashboards that reflect each retail customer’s banking journey at a glance. They’ll be privy to snapshots of the accounts they hold with your bank, plus personalized widgets, alerts, and push notifications that can be easily configured whenever they like.
Fully Integrated Account Opening Services
Next, you can provide your retail customers with convenient new ways to open bank accounts using little more than their mobile devices. You can also oversee identity verification, login, and know your customer (KYC) processes that are fully integrated with each customer’s smartphone operating system. If they can swiftly and safely open a bank account that serves their individual needs, your customers will be likely to spread the word about you and extend your reach in your desired market.
Intelligent Chatbots and Personal Assistants
On a capable digital experience solution, you’ll also have the opportunity to use innovative customer service features like chatbots and personal assistants that are driven by artificial intelligence (AI). With extensive use, these bots can “learn” about your retail customers’ needs and become context-aware of the various concerns that are brought to them.
As a result, the bots will be able to provide your customers with immediate resolutions for simple banking-related problems. For more complex issues, customers can rely on these bots to endorse them to the right authority.
Live Video Banking
Thanks to a digital experience solution, it may not be as novel as you may have thought it to be for your bank to deploy live bank teller services through online video. In the near future, you may be able to facilitate video interactions between customers and your banking staff that retain all the efficiency, focus, and warmth of face-to-face engagements, even if customers are far away from their nearest branch.
Integrated Personal Finance and Wealth Management
With a new digital experience solution at your disposal, your bank can work its way towards being more than just a passive repository for your retail customers’ money. You may be able to inhabit the role of facilitator for your customers’ forays into loans, investments, and wealth management.
Your customers may appreciate having access to personalized insight and financial advice from the experts within your organization. Moreover, perks like these may encourage them to choose your banking brand over the brands of your competitors.
Sharia-Compliant Finance and Other Culturally Relevant Banking Solutions
Modern digital experience solutions can even deliver personalized banking experiences to customers from particular cultural demographics. One relevant example is the implementation of Islamic banking, or banking that adheres to the Islamic faith’s Sharia law.
Your solution can accommodate Muslim customers and allow them to observe the Sharia’s rules on profit and loss sharing, among other directives. You can try this framework for other faith-based banking initiatives that your customers may be interested in, like payment for church tithes.
Final Words
All these being said, not all solutions that you see advertised on the market may give your bank the CX revamp that it needs. On top of the features listed above, you’ll want to look for excellent analytics performance, disaster recovery, and scalability from your new digital banking software. These attributes will ensure the best CX delivery and, as a whole, allow your bank to future-proof its retail banking system. Give your new generation of customers—as well as the generations that will follow them—the very best retail banking experiences with a responsive new solution.
