Posted On: July 31, 2019
Still, BFSI sector has a long way to go for achieving digital transformation goals. New competitors, ultra-modern technology and ever-changing consumer expectations are impacting the banking industry faster than ever before. As digital transformation offers enhanced visibility into consumer behavior through advanced techniques, it also enables organizations to find or create the most suited products for their customers. The traditional banking systems continue to explore digital solutions as a means to bring changes in customer service. However, many banks still believe that digital transformation is only about work-flows transformation rather than emphasizing how it can do wonders in customer service processes.
Several factors that encourage digital transformation scenario and CX in banking are as follows :
Banks sometimes lack the agility to make far-reaching changes in their process culture and operations. Being agile does not only mean adopting new methods but demonstrating quicker delivery by support representatives. Financial institutions can leverage digital transformation to better serve their clients and for curbing issues like longer response and handle time. Digital transformation help banks to initiate self-service options for interacting with customers effectively.
BFSI sector is constantly pushing itself towards the latest automation technologies in the hope of delivering enhanced productivity and improvement in CX. McKinsey sees the second wave of automation and AI emerging in the next few years, indicating 10-25 percent of work across bank functions and freeing employees to focus on higher-value tasks. This means that banks should grasp this opportunity for optimizing and designing new processes to quicken up customer service.
In this age of personalized services, customers expect bank officials to visit their home, or rather get service through cellphone or a wearable device. That’s where vigorous technology like artificial intelligence (AI) steps in for making every service effective and convenient. AI-enabled chatbots can handle simple queries and perform tasks in no time; especially when deployed over website and app. Chatbots, no doubt enable answers typically faster than humans and AI helps it in every way while doing so. In order to understand customer preferences, chatbots backed by artificial intelligence are the perfect solution.
Finding the right assets and tech to transform banking services potentially and digitally still remains a challenge. With ever-evolving and so many similar services in competition, banks need exceptional technological expertise that can provide customized solutions. Also, the scope of self-care platform adoption is getting drastically higher in the industries. Undoubtedly, banks are more likely to grab this opportunity for getting more closer towards customers. So for simplifying and accelerating the adoption process of digital systems, a knowledge base software proves to be fruitful. A knowledge management system helps in discovering and curating the bulk of information and make answers precise in resolution delivery.
In order to understand and predict the requirements of customers, organizations are going to need a new medium of data collection and sharing. This can take the form of real-time data and a unified repository that multiple employees would be capable of accessing at any given time. If teams can share information across departments for interacting with customers on time, it will drastically improve the overall process efficiency.
It is safe to say that the time has come for banks to act and leverage digital transformation for allowing users to get the best services.