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Customer Experience will make Winners and Laggards

Posted by Puneet Chhahira (View Profile | View All Posts) at 3:12 AM

Customer experience has been the talking point whenever trends forecast for any industry come up. The fate of any banking institution largely depends on the quality of customer experience it provides and the year 2017 is no different. In the Infosys Finacle - Efma report on emerging banking business models, more than 70% banks mentioned that creating a customer centric organization and enhancing channels to give an omnichannel digital experience were top priorities in the coming year. However, it seems that banks are falling short on this objective; in a recent survey of about 700 millennials, 75% said that they were dissatisfied with their banking experience.

The current customer experience conversation has moved on from enabling a 360-degree view to figuring out where the customer is in their journey and then providing contextual and relevant services/product offerings aligned with their journey. There is a certain shift in the dynamic between technology and consumer, and now technology is adapting to consumer needs rather than the other way around. Banks are reimagining their banking processes to align with the customer journey and create inspiring experiences. Banks are also getting a helping hand from technology - artificial intelligence, machine learning, augmented & virtual reality, and analytics - in creating contextual, personalized, and unforgettable customer experiences.

In the coming year, customer experience will revolve around conversations between humans and self-learning machines; these machines will interact with customers and learn from them to provide a better quality, consistent, and efficient experience. Banks will have to take into account that there are various customer segments and one size does not fit all - this will be the year of marketing for the segment of one. With the emergence of sharing economy and new technologies banks will be looking to become the next generation of platform providers to delight their customers with unforgettable    experiences and convenience.

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