Customer Experience in Digital Banking has been saved
Customer Experience in Digital Banking
A shift in focus
Yvonne Byrne, Partner, Consulting, Deloitte Ireland, advises that banks need to change their approach from looking at cost and efficiency to delivering true customer engagement if they want to take their digital efforts to the next level
Over the past year, many traditional banks have become increasingly concerned about digital challengers encroaching on their territory. As customers have flocked in their millions to apps and online channels providing easy-to-use digital services for many day-to-day transactions, there’s an understandable fear that less frequent contact with customers could cause the bonds of loyalty to fray.
But banks still have a critical advantage, and a window of opportunity to use it. Today, banks’ strength is in their deep relationship with customers for more complex services such as applying for mortgages or investments. Customers still need help and advice in these areas, and the nature of the transactions makes them ‘sticky’; that is, they provide more opportunities to engage with customers and therefore retain them.
Digital is a way for financial services firms to differentiate themselves by delivering positive, frictionless experiences that keep customers loyal and engaged.
Yvonne Byrne, Partner, Deloitte Ireland
Even as the new digital arrivals expand their own products and offerings, delivering an elevated user experience as they do so, there is still time for banks to get a step ahead in this space. The key battleground is in customer experience, which is where the digital challengers like Revolut, N26 and others are winning today. So, what do banks need to do to deliver a compelling experience for customers that will increase loyalty and ‘stickiness’?