Trends that will Redefine Digital Banking in 2023

Banks that consistently optimise the customer experience grow faster than competitors that don’t. With over 50 per cent of consumers reporting that they’d switch to a competitor after a single unsatisfactory interaction, customer experience has never been more important for any industry.

FREMONT, CA: In the banking industry, customer experience (CX) refers to how customers feel about each engagement with any financial service at all customer lifecycle stages. Each interaction, whether it's moving money on the mobile app, calling the contact centre, or paying a bill, impacts their perception of the bank. Regardless of the industry, customers expect a great customer experience. They are comparing it to the last great experience they had, not to their experiences with one bank to those with another, or even with one channel to another.

Customers are Eager For Better Online and Mobile Customer Service

Banks have always been sluggish to adopt new technologies. However, 72 per cent of consumers use mobile apps to access their primary bank and 84 per cent of customers utilise online banking. Additionally, clients of all ages and from all nations utilise digital channels more frequently than stores and ATMs. Mobile banking applications are now a need rather than a nice-to-have in the market, and banks without them are at a significant disadvantage because users have grown accustomed to the unequalled ease a mobile app offers. The good news is that these apps may be made quite quickly by working with a vendor or using a low-code development platform.

The Branch of the Future

Brick-and-mortar banks have been forced to rethink what a physical branch may be and what the "branch of the future" should look like to compete with digital banks and improve the client experience in banking. With rows of smartphones and other mobile devices loaded up with their banking software on display, some banks have experimented with a showroom-style layout similar to that found at Apple Stores so that consumers can see the app in action.

Others have benefited from the advantages of one-on-one, face-to-face contact by converting their physical branches into customer training locations where clients may obtain consultation services and learn how to use technology to stretch their dollars further. The branch of the future should ideally provide both of these features, as well as self-service choices, community areas, and cutting-edge technology, to enable each client to have a highly customised banking experience that is tailored to their particular requirements.

Advising Services

When searching online for help, many bank customers are likely to find that financial websites' advice is beneficial although too general to be of much use. By connecting customers with internal financial advisors who can offer guidance specific to each client's needs, banks have the ideal chance to enhance the financial services customer experience.

With the use of customer relationship management (CRM) technology, it is simple to gather, analyse, and create thorough client profiles. These profiles can then be used by internal advisers to get a 360-degree perspective of the customer and their particular circumstances. This degree of knowledge is priceless because it enables advisors to provide clients with tailored counsel at every point of their financial journey, foster deeper client connections, and guarantee client loyalty.