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Managing a customer experience transformation in banking with Infobip
Customer experience has become a focus point for many organizations over the years, especially since the pandemic. Banks, specifically, have seen fintechs and other digital-savvy competitors enter the market – delivering seamless experiences in the palm of every tech-savvy customer’s hand. To stay competitive and retain customers in the long term, traditional banks need to digitally transform their customer experience – shifting to a conversational banking future.
Here we outline how Infobip helps banks manage a customer experience transformation with the right tools and technology.
Why digital customer experience in banking matters
Before we dive into the challenges and solutions outlined below, let’s go over what digital transformation in banking really is and why it matters in an online world.
To start, digital transformation happens when a business integrates technology into all areas of operation. For banks, this means providing:
- Intelligent customer engagement
- Improved customer experience
- Open banking
- Digital account insights
- Analytics
- Compliance
But why does it matter if a bank is technologically advanced or not? Well, because customers care.
In a recent survey, millennials (24 – 40-year-olds) said they don’t want to wait for a reply for longer than 10 minutes. In the same survey, 71% of customers said they get frustrated if their banking experience is impersonal – and 72% said they would tell 6 or more people when they have a positive experience.
In other words, if banks don’t have the right tools and technology to keep up with digital-savvy competitors, chances are they won’t be able to deliver the digital banking experience customers now expect (and demand) – resulting in high churn rates and low retention.
When it comes to the customer experience, traditional banks have a much broader demographic than fintechs, and therefore support a greater range of communication requirements; from accessibility support, to printed materials, relying on email, and investing significantly in voice-based call centers. Fintechs, on the other hand, are built for purpose in the digital domain, meaning they can focus on delivering much of their customer experience via their applications. This concentration of effort is a clear advantage for fintechs who can release new features and services with comparative ease.
Miguel Turnbull
Director of Strategic Partnership Development at Infobip
In addition to the benefits digital transformation provides to banking customers, it also brings big business benefits too – including cost optimization, revenue generation, and market share.
How to improve customer experience in banking
Traditional banking leads to long customer journeys and low retention rates in today’s hyper-digital world. This often results in high operational costs and slower market penetration. Here are key challenges our innovative, customizable, and personalized communication tools have helped banks overcome:
Cost optimization
- Challenge: Improve branch performance and overall customer journey
- Solution: Implement two-way communication and chatbots to instantly share information with customers, including loan details and new offers, account balance, as well as ATM and branch locations, and minimize calls to the bank’s contact center.
- Challenge: Increase customer engagement and number of conversions
- Solution: Automate and customize on-demand campaigns and reports, improve customer behavior tracking, and reach out to customers on their preferred channels from a single workspace.
Revenue generation
- Challenge: Increase number of new clients
- Solution: Improve the onboarding experience by using automated, digital communication to reengage customers who start filling out a form but don’t complete or submit it.
- Challenge: Increase ROI
- Solution: Integrate a platform with advanced analytics and options for fine-tuning campaigns with a business analytics platform to improve digital campaign performance.
- Challenge: Improve efficiency and customer satisfaction
- Solution: Use over-the-top (OTT) channels, such as WhatsApp, Viber, and Messenger from Facebook, to improve responsiveness. Empower agents to handle more than one query at a time, enable e-banking, and implement a chatbot to answer frequently asked questions – all in one place.
Market share
- Challenge: Increase reach
- Solution: Ensure customers receive messages by implementing omnichannel communication with a failover approach.
- Challenge: Increase market share and enter new markets
- Solution: Partner with a global leader in the telecommunications industry that has extensive direct connections to telecom operators, globally – and that has experts in each market to help you navigate rules and regulations.
Examples of banks we’ve helped with customer experience transformation
Raiffeisenbank
One of Europe’s most trusted banks used a WhatsApp chatbot and reduced costs 10x while also increasing NPS by 19%.
Edenred UAE
This fast-growing payroll service provider used a cloud contact center and WhatsApp chatbot to decrease wait time by 96% and move 69% of chats from agent-serviced to self-serviced.
Let’s manage customer experience transformation in banking together
Transforming customer experience and internal processes and workflows can be a challenge, to say the least. But having a technology partner with the right tools, and experts all over the world, can help ease the transition.
We aim to help our partners overcome everyday challenges – from choosing the right channels to assessing a client’s pain points and providing tailored solutions to fit their needs. If you’re looking for a partner to help you guide your customers on their digital transformation journey – talk to us!
Partner with us
We want to help you meet customer needs with the right tools and technology. Connect with our experts to learn how we can work together.