Top Trends Revolutionizing the CX for Banking Industry

1. Top Trends Revolutionizing the CX for Banking Industry

2. Overview of the Current Scenario With the surging demand for implementing digital channels, customer communication is transitioning and has become mandatory for the leading sectors including banking & financial institutions to implement digital solutions to offer new-age CX. It has been identified that the majority of the customers prefer a mix of digital and traditional channels for banking needs and only 16% are interested in interacting personally at a branch. This is a significant reason why banking service providers have no option except to adopt new trends. Digital banking is accelerating and customer experience in the banking sector is digitally transforming to consistently utmost level of satisfaction.

3. Stay Ahead of Change in Contact Center Industry Today, around 50% of customers are of a view that instant support is a key to building loyalty and banks offering real time support by leveraging live assistance tools stay ahead in the competition. When Digital Banking Report asked financial institutions across the world about their top priorities in the year 2021, the answers were astonishing. The focus to enhance the CX was ranked second whereas, the topmost priority listed was digital transformation. This is sufficient to acknowledge that the immediate shift to digital channels is giving tremendous results.

4. Top Customer Experience Trends in Banking sector Live Assistance Analysing and understanding the banking customer journeys is requisite for a deeper understanding of customers’ expectations. It helps banks to discover common queries, gain better insights, and identify the touchpoints between customers and banks for offering the accurate solution. Proactive Personalization Required There is much more than just knowing about customers. Financial institutions need to map past interactions, internal and external insights to customize the customer experience. Adopting ML or AI is the perfect partner to help organizations grow. Use of chatbots Chatbots have direct impact on customer experience as they are available to assist in real time. They are considered as the best digital channel to automate regular tasks where human involvement can be avoided. Bots can be leveraged to handle multiple conversations in different languages and time zones.

5. Leverage big data and analytics Furthermore, mapping customers journey is a big advantage for staying competitive in the digital banking experience. Improving retail banking experience requires truly understanding of customers and relating to them in ways that they understand. Big data analytics is a vital aspect to enhancing operations of financial services and making better decisions. The rising fluctuations in customer needs bring in the vitality of leveraging big data analytics to gain deep insights into the same. Omnichannel customer experience Customers of modern times prefer multiple channels and platforms to connect their banks and financial institutions. They are likely to perform the same banking operations on websites, apps, or more. Hence, superior customer service is about consistently delivering omnichannel banking customer experience. The actual omnichannel banking service allows real-time data synchronization across the channels and customers can seamlessly perform multiple functions on their own.

6. Technology as an Enabler of Superior CX Today, technology is the most crucial element of customer service industry. According to PWC, “Customers expect technology to always work according to them. From website designs to the latest applications, they want to feel familiar.” Hence, banking sector needs to adopt new digital strategies for staying competitive and leading the industry by offering best-in-class support to its customers. Identity Verification Across Digital Channels With the surge in the number of customers interacting digitally, financial institutions are implementing stringent processes for data privacy and identity authentication. Maintaining the privacy and safety of data by ensuring a seamless digital customer journey is required. Considering the threats, biometric-based security solutions are being leveraged across the sector.

7. Well-Designed Agent Desktop brings drastic results Agent desktop is considered as a robust solution in today’s time allowing the banking sector to establish a centralized control over banking operations. Agent desktop for leading contact centers like Avaya improves agent productivity to serve multiple customers efficiently. NovelVox's Avaya Agent Desktop is a capable tool that can easily optimize data fetched from multiple third-party applications as per the business requirements. The customization can be done without running codes or performing complex data operations. Avaya Agent Desktop also offers industry-specific agent desktop templates optimized for businesses, dynamically populate relevant information for every call as per the IVR inputs, and displays the relevant customers details even before answering the call.

8. Close connection between customers & banks is Pivotal Today’s tech savvy customers look for real connections with their banks and credit unions. Customer experience in the Banking industry largely depends on efficient and prompt service. Dissatisfaction in this sector is not unknown as major turnoffs are related to delays in handling transactions, updates, password issues and more. Hence, generating a well-designed digital customer and AI-powered journey is vital for banks to get the best outcomes from their interactions.

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10. About NovelVox NovelVox is among the leading contact center solution provider in the world, having 5 global offices located in the United Kingdom, United States, United Arab Emirates, Kingdom of Saudi Arabia, and India. With more than a decade of hard work in providing best-in-class industry-specific solutions, we have made customers in 16+ countries with 150+ global deployments across many business verticals, including Banking, Telecoms, Logistics & Travel, Healthcare, Government, Education, and Retail. NovelVox creates industry-specific Agent Desktops with further optimization option to enable agents to offer personalized experience. The solution results in having meaningful conversations with the customers or citizens.

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