WEBINAR WRITE-UP
Redefining Banking CX
Customer expectations are higher than ever, and incumbent banks are embracing digital solutions to rise to the challenge
Banks in North America are in a digital race to capture the loyalty and engagement of customers who almost daily have their expectations reset. Whether it’s Amazon or Uber, Netflix or DoorDash, customers know what great customer experience feels like – and are disappointed and frustrated when trusted brands let them down. This includes their primary bank.
As panelists on the recent MoneyLIVE webinar, Redefining banking CX, agreed, it’s imperative that incumbent banks embrace digital transformation to not only compete effectively with digital-first challengers and Big Tech, but also to safeguard the trust placed in them.
Demographics are adding to this pressure. A new generation of customers, Gen Z and Gen Alpha, have grown up in a fully digital age and have expectations that reflect this. To stay relevant, incumbent banks must meet these new customers where they are: on their smartphones.
Shashank Saurabh, Head of Identity & Access at Scotiabank, identified six key features that this generation looks for in their bank: a seamless digital experience, hyper-personalization, financial wellness education, socially ethical, instant payments and customer support ‘on their own terms’.
Given the competitive and margin pressures banks are under, this may seem like a lot to deliver while also keeping the bank operations running, protecting against fraud and ensuring compliance with evolving regulations. For banks wondering where to start on this transformation journey, Lei Han, Managing Director of the Digital Experience Strategy at First Citizens Bank, had a list of four points to consider in order to ensure CX transformation delivers meaningful value to both the customer and the bank.
‘Ask yourself, is this a big pain for the customer now?’ said Han. ‘Is the technology there to solve this issue? Is this a way for the bank to differentiate itself? Is it compliant?’
Using this questioning, Lei Han came up with two small wins that nevertheless would add real value to customers: subscription management to help consumers save money on redundant subscriptions, which can be about 40% of their annual spend on subscriptions, and secure authentication to keep their data and money safe.
‘Fraud is accelerating, even without AI, because there’s so much free money in banking for the morally flexible,’ she said. ‘So if we can help customers be safe and secure, and ensure we do that in a way that’s understandable and in plain English, then that’s really valuable.’
‘Onboarding is one area where there’s a lot of opportunity to improve things from a UX standpoint’
Shashank Saurabh at Scotiabank agreed that small tweaks can add up to a big impact when it comes to CX. ‘Onboarding is one area where there’s a lot of opportunity to improve things from a UX standpoint,’ he said.
Sign up now to access the full write-up.
Stay in the loop with MoneyLIVE
Subscribe to our newsletter to receive news, insights and special offers.