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89% OF GLOBAL BANKS ARE INVESTING IN INNOVATIVE CUSTOMER COM
Many financial institutions have invested heavily in digital and analytics transformations in recent years, intending to improve customer journeys across mobile and web channels. Despite these significant investments, most banks continue to lag far behind consumer-tech companies in their efforts to provide superior service and experiences to customers. Missed cues plague the current bank customer acquisition and service delivery models: firms frequently fail to recognize and comprehend the signals customers leave behind in their digital journeys.
However, leaders delivering positive experiences across sectors are making their journeys easy to access and use and personalizing core journeys to match an individual's current context and the direction of movement and aspiration.
Creating a superior experience has the potential to generate significant value. For example, according to a McKinsey survey of US retail banking customers, deposits grew 84% faster at banks with the highest reported customer satisfaction than at banks with the lowest satisfaction levels.
REDUCE OPERATIONAL COSTS
aiBank enables banks to manage requests quickly and efficiently while acting as a listening channel, allowing banks to understand user habits better, anticipate customer actions, and deliver personalized offers and services. As a result, banks increase customer loyalty and lifetime value by contextualizing products and services. Employees benefit from aiBank as well because it reduces operational costs, minimizes human error, and frees up human agents' time on repetitive queries, allowing them to focus on more complex issues or training to gain new knowledge and capabilities.
According to a new Juniper Research study, the global operational cost savings from using automation in banking will reach $7.3 billion by 2023, up from an estimated $209 million in 2019. The above equates to 862 million hours saved for banks in 2023, or nearly half a million working years.
Conversational ai integration in mobile banking apps will be the most popular channel for user experience customer communications in 2023, accounting for 79% of successful interactions. This dominance is due to several factors, the most important of which is an increase in user preference for app-based banking and the strong performance of early banking digital assistants.
A BROADER PERSPECTIVE VITAL TO THE MODERN BANKING INDUSTRY
A warning alert to traditional banks is the behaviour of younger customers. The most digital-centric clients are increasingly less comfortable with their primary banks and are conditioned to move their finances to another.
What can banks do to enhance client retention rates? Several studies have shown that improving communication is a crucial component-which also offers a number of growth channels. In the wealth management context, clients who communicate with their advisors more than four times a year are twice as likely to feel optimistic about their financial condition. This indicates wellness for enterprises. The same is true for customers at banks. By offering several effective channels to support and respond to customers, banks using AI were able to get up to 5 more meetings than they did in branches. In addition, by using collaboration tools such as real-time chats banks can craft more meaningful interactions with the customer. This approach also secures faster issue resolutions for contact centre calls suggesting that customers are at no risk of moving to another bank.
By using collaboration tools such as real-time chats banks can craft more meaningful interactions with the customer.
FROM TRADITIONAL SERVICE TO DIGITAL BANK
EVOLVE TO NEW TECHNOLOGIES
The modern age of technology has created a wide range of possibilities. Banking is a distinct process that has recently accelerated in its digital economy.
Banks are now going digital as well.
So, what is the difference between a digital and a traditional bank?
Big data and the cloud have proven to be extremely useful and potential threats to significant players in the financial industry. These potential opportunities or threats are referred to as 'fintech,' a combination of the words 'finance' and 'technology.' However, due to the changes brought about by new technologies, fintech has evolved to include, and perhaps even emphasize, a new user focus. Now, fintech provides a more user-friendly experience than traditional banking or financial services.
Not only has this resulted in many successful businesses, but it has also accelerated economic growth, as Small & Medium enterprises contribute significantly to the GDP of many countries and account for nearly 50% of the economy. Digital Banking has been able to do what traditional banks cannot because they are not bound by static business models, resulting in numerous business and economic benefits.