GDPR’s first anniversary is coming up. Read about the effects GDPR has had on businesses and consumers during the first year.
It’s clear that financial services industry faces several obstacles nowadays, with many banks proactively seeking to differentiate their offerings by utilising innovative technology to deliver scalable, secure and seamless cross-channel experience to millions of mobile-savvy customers. Nowadays, digital banking is much more than just launching a new app or supporting a new device – financial institutions must fundamentally change their attitude towards service delivery to meet evolving customer needs and become the bank of choice.
There are three principal ways in which banks can compete effectively to deliver the unparalleled experience customers now expect:
Banks are uniquely placed to understand their customers better than other sectors because they see contact, spending, income and savings patterns. By integrating technology that leverages this data, it’s much easier for banks to craft a detailed view of each customer.
Having this joined-up, 360-degree of the customer empowers digital teams to finally deliver personalised customer experiences that serve relevant information about products and services, prevent fraud more effectively, increase customer loyalty and ultimately drive higher revenues.
Deliver on mobile
As international banks intensify their digital offerings, it’s crucial that UK banks remain competitive by sending contextually relevant, personalised communications via mobile such as SMS, email or even Facebook Messenger. From delivering time critical fraud alerts, to updates on account balances and promotional offers with the aim of up and cross selling, sending messages to a customer’s mobile will ensure they’re always read, no matter when or where they are. Delivering consistent real-time, personalised mobile communications will not only improve customer communication, but it’s also a cost-effective way to drive engagement and increase operational efficiency.
Achieve the cross-channel goal
Utilising leading mobile engagement solutions to integrate disparate digital and physical channels into a single, seamless experience has to be a priority. By analysing the data and behaviour of customers, banks can personalise their offerings, prevent fraud and keep ahead of the curve by addressing the priorities of each customer. Operational efficiency can also be improved across the sectors of business platform. High volume, low profit sectors of the business can be managed separate from high margin services and clientele. To attract and retain customers, banks must utilise these technologies to integrate disparate activity across digital and physical channels, delivering a seamless and tailored customer experience. SMS alerts, voice calls, email, push notifications and social media can all be used to automate communications to prevent fraud, improve the customer experience and increase retention rates.
Streamlined, integrated systems, a single customer view point and optimal customer experience are all key objectives to work towards. And banks utilising cross-channel technologies will remain ahead of the curve – delivering much-needed bottom line benefits, drastically improve customer satisfaction to ultimately drive profits.
To find out more on mobile banking and the vital role of cross-channel communication, download our latest whitepaper to discover how you can use innovative technology to differentiate your digital offering and create a truly competitive advantage.