How digital assistants differentiate financial institutions has been saved
How digital assistants differentiate financial institutions
Moving the needle from reactive to proactive customer engagement with a fast and frictionless experience across channels
As more consumers move to digital channels, financial institutions are realising how investing in digital technologies benefit customer acquisition and satisfaction. Digital assistants are likely to become the next battleground.
The increasing need for customer intimacy in digital financial services
Customers are increasingly interacting digitally with their financial services providers. The shift to digital channels and digital interactions has been ongoing. COVID-19 has just accelerated this evolution. For example, 35 percent of customers have increased their online banking usage since the start of the pandemic.
With this evolution, customers’ expectations have shifted as well. They now expect a seamless, fast and personalised experience across channels. Leading tech companies, such as Apple, Google, Amazon and Microsoft, have become the gold standard for digital engagement. Moreover, we see industry boundaries blur as big tech companies are moving into the financial space, a trend that has already impacted traditional financial players in China.
Financial institutions need to up their game to attract and retain their customers. Many are looking to digital technologies to meet the need for new ways to create customer intimacy and to leverage the existing trusted relationship with their customers. Needless to say, customer experience is becoming a true differentiator in financial services.
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Digital assistants are the next battleground
While many financial organisations develop chatbots to meet customer expectations, we see that forward-thinking organisations are taking the next step by creating their own digital assistants. Just take a look at KBC’s Kate and Bank of America’s Erica.
Digital assistants go beyond chatbot capabilities. They move the needle from reactive to proactive customer assistance and allow for more personalisation and human-like interactions.
In addition to the enhanced customer intimacy, digital assistants also bring cost and revenue benefits. Cost benefits are brought on by reduced pressure on customer support and call centres and automated sales and advisory. Revenue opportunities lie in the enhanced customer relationship, resulting in higher online conversions and up- and cross-selling through proactive advisory by digital assistants.
Take action now
We invite you to read our article on digital assistants in financial services to learn more about this exciting topic.
To explore the concrete opportunities for your company, our Digital Assistant Lab offers a structured approach to imagine what is your possible. The lab is facilitated by Deloitte and supported by its alliance partners, bringing together deep business and technology understanding.
We look forward to discussing with you the exciting opportunities that digital assistants offer.