Due to the proliferation and accessibility of advanced digital technologies in recent years most of the younger people, especially in the developed world, have grown up to become digital natives. Younger generations are naturally fluent in the language of technology, while those belonging to older generations have also learned to navigate this new virtual landscape.
Many people can attest that digital platforms help them accomplish a variety of tasks more effectively. Whether it’s for work, school, communication, shopping, entertainment, digital technologies have become an essential part of human existence.
As a result of this digital age, many businesses have started offering goods and services through virtual platforms to gain more customer engagement. Even traditional banks have started incorporating digital solutions into their operations. Surveys have shown that most customers these days prefer to use digital channels to open a bank account, make payments, transfer money, and take up personal or mortgage loans.
With 56% of digital-savvy consumers willing to switch to Big Tech banking solutions like those offered by Google and Apple, traditional banks need to find a way to stand out from the competition.
In order to widen your bank’s customer base, you’ll need to be attentive to your customers’ modern needs and address them by providing an effective digital banking solution. To be a cut above the rest, your bank will need a digital software that not only looks good, but performs above and beyond user expectations. This means delivering digital banking that’s personalized, versatile, responsive, and efficient. Below is a short guide on what it takes to do this and to satisfy today’s digital natives.
Provide a Personalized Customer Experience
Clients want a customized digital experience that helps them save and develop their finances.
This is especially true for the tech-savvy youth. Studies have shown that younger generations—like millennials and those belonging to the generation Z demographic—have a strong desire to learn how to better manage their money. With that in mind, your bank should consider offering personalized financial advice to customers. You can make this process easier by leveraging both one-on-one consultations with bank personnel and AI technologies like chatbots and analytics tools.
Besides financial advice, digital natives are also seeking out budgeting tools that make money management easier. The best way to fulfill this need is to integrate digital tools like calculators and money trackers into your bank’s digital platforms. Additionally, one recent study found that 47% of consumers are drawn to banks that offer better plans to help them reach their savings goals.
For that reason, your bank should consider offering custom savings plans to your younger clients.
Remember, today’s consumers aren’t just looking for digital solutions. They’re also seeking quality service that can guide them in making more informed financial decisions.
Offer an Omnichannel Customer Experience
Most digital natives use more than one device in their day-to-day activities. Taking that into account, you’ll want to ensure that customers enjoy a smooth banking experience wherever they are, regardless of the type of gadgets they’re using.
This is why your digital solutions should offer clients a shrink-wrapped, omnichannel experience that allows them to access bank services through different devices and digital platforms.
These include smartphones, tablets, desktop computers, laptops, apps, and websites. Some digital solutions even give customers the ability to check their bank accounts and perform transactions through their smart watches.
However, the full omnichannel experience doesn’t stop at just devices and main web portals. There should also be various other customer touchpoints to make it easier for clients to get in touch with your bank.
These can include different digital channels such as SMS, e-mail, social media, chat messengers, digital personal assistants, and QR codes. A flexible omnichannel approach prioritizes accessibility, ensuring that customers experience convenient banking anywhere and anytime.
Leverage Artificial Intelligence Solutions to Level up Client Engagement
Make the most of cutting-edge technology by integrating artificial intelligence or AI into your digital solutions. Thanks to the natural language processing, voice recognition, and messaging features of AI and machine learning technologies, interacting with customers has never been easier.
These AI solutions can automatically perform basic customer support services and transactions, even without the presence of bank personnel.
With AI and machine learning, customers can analyze their spending, ask about bank products and process, and make account inquiries with just a few clicks. Studies have shown that both businesses and their customers save considerable amounts of time due to the promptness of chatbots and digital assistants.
By leveraging automated solutions, your bank can keep customers engaged while boosting your company’s overall productivity and reputation.
Use Technology to Provide Customer Assistance at Crucial Touchpoints
Digital natives are looking for banks that can readily provide them with real-time assistance during key financial decisions. While AI solutions are helpful for quick responses, some clients still prefer human interaction when discussing their concerns.
In light of this, your bank should provide a digital solution that also allows for streamlined communication across different channels, like text, voice, and video. This way, customers can directly connect with bank executives should they require guidance.
Using specially developed software, bank executives will be able to view any customer’s dashboard and annotate on it to help them with their concerns. Customer service representatives may also remotely assist customers in performing transactions and account modifications.
Additionally, your bank’s backend solution should make use of two-factor authentication and other safety protocols during these processes. This way, clients can be assured that their information and finances are properly secured.
The rapid development of technology continues to change consumer needs and expectations. In order to stay relevant in the modern world, your bank must keep up with the pace and focus on improving its digital banking solutions. By providing your customers with intuitive and efficient digital solutions your bank will be able to nurture new leads and flourish for many years to come.