Building digital banking products for the modern?customer

The modern customer is at the centre of banking today. They have a lot of banking options to choose from, and if they aren’t happy with your bank, they can quit in an instant.

But one of the fastest ways to become a leader in digital banking is to please and build a strong relationship with this customer.

In this article, we look at the top 7 things that customers want today.

1. Omni-channel experience

Customers expect a seamless, consistent banking experience, whether they use a website, a mobile app, a call centre, or a bank’s branch.

Omnichannel banking platforms are central hubs from which, and to which data flows. They follow the principle of create once — distribute anywhere.

A true omnichannel banking platform provides a 360° view of the customer and lets different channels share data in real time.

For example, the customer can start the onboarding process on their phone and finish it on their computer without having to give the same information over and over again.

This approach to banking fits seamlessly into the device-agnostic lifestyle of the modern bank customer.

2. Personalized services

Customers want a bank that understands them and genuinely cares about their needs.

A highly personalised banking relationship is about delivering valuable banking services and products to the customer based on personal experiences and historical customer data. It builds a deep level of trust.

In fact, personalization helps banks solve their customers’ problems before they even realize they have a problem.

Using historical user data, banks can deliver content that resonates deeply with the customer, and promote a banking service based on the customer’s stage in the purchasing cycle.

3. Seamless integration across?services

Customers want banking services embedded into their everyday lives, in a way that makes life easier.

This is possible because of open banking. It lets non-bank businesses offer banking services to customers in a way that enriches their daily life.

Open banking makes it easier for customers to understand their finanes. It lets them see all their finances in one place.

Some third-party apps help customers people set a budget, find the best deals and buy the best products and services for them.

It lets customers make quick, easy, and direct payments that fit their lifestyles. It also gives them the power to take control of their finances and make smart financial decisions.

The bank is not the focus of open banking. The customer comes first. But a customer who is happy will stick with you. So, it’s a good deal for both sides.

4. Transparency

Customers are willing to give out personal information if they know they will get something valuable in return.

People look out for honesty and transparency about how their personal data is used.

In a survey done by Accenture, customers said that they would be willing to share their information with financial service providers in exchange for valuable benefits like personalized offers, more efficient and user-friendly services, and lower prices.

In fact, they are willing to share more personal information if the financial service provider is clear about what will be done with their data.

Customers today are more tech-savvy and data-aware than ever. So, it’s important for banks to make it clear that they follow data regulations, or else people might not trust them.

5. Cybersecurity

Customers want a bank that keeps their information safe from hacks and other security problems.

Banks keep a lot of private information about their customers, and if that information gets out, it can cause problems, like fraud against customers.

Cyber attacks can happen to any customer, but it’s mostly the bank’s job to keep that risk as low as possible.

Users can now use biometrics to log in to their mobile banking apps. Some banks let you log in using your fingerprint, your voiceprint, or your face.

Banking apps also automatically check for certain risks and ask for more verification if they see a login from a device they don’t know.

6. Convenience

Consumers only enjoy banking when they can do it wherever and however they want.

People in every part of the world have learned to get by without cash. People can get to their accounts and do banking tasks quickly with the help of computers and smartphones.

With mobile banking apps, for example, a customer can get paid, check their balance, transfer money, and pay bills without getting out of bed.

As more new ideas come out, people will expect banks to make their lives even easier.

7. Live assistance

Customers want their bank to be there for them whenever they need help or advice.

People don’t have to go to their branch to get expert advice anymore. They can get it all online. With live chat, the bank and the customer can talk and make financial decisions without having to be in the same place.

Chatbots make customer service available on all kinds of devices. And if a routine conversation with a chatbot isn’t giving the right answers, the conversation can be sent to a customer service representative.