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Customer-Centric Digital Financial Services

July 26, 2022

Due to the pandemic, we have witnessed the significant boost digital tools have given banks and financial service providers in understanding the customer experience and journey. Financial institutions have realized that their customers expect the same online experience as other online retailers. In addition, these customers expect more than just an online version of visiting a bank branch.

Financial institutions need to offer customer-centric digital financial services. Apps must be simple in design, respond well to individual needs, be easy to use, interactive and accessible where consumers are used to finding them.

Developing such services requires a comprehensive understanding of the customer. For example, what does their current living situation look like? What are their values and pain points? What are their financial goals? And what information do they need to make informed investment decisions?

Banks and other financial institutions still struggle to use customer data to identify personas and map the customer journey. Success in this endeavor improves the customer experience.

Providing customers relevant, personalized services can give financial services marketplace providers a huge competitive advantage. At the heart of every personalized offering is personal data. While customers are often willing to share their personal financial information in exchange for a relevant customer experience, they also want to understand how that information is used and its value across all channels.

This willingness to share data can pave the way for a seamless omnichannel experience that allows the customer to complete the advisory process begun on a home computer, in person at a bank branch or on a smartphone without having to re-enter data. As mobile channels have multiplied, the focus must be on customers.

The digital banking user experience needs to become personal

People are increasingly turning to self-service apps. However, there is a great need for improvement in this area. Customers are forced to use one-size-fits-all websites, and the choice of digital tools for financial services products is too complex for many and may not be detailed enough for others. 

The information offered in many customer journeys often lacks personal context because unstructured data from various sources is not integrated into the customer’s gold record.

When banks interact with their customers, the situation doesn’t look much better. The product range is often not based on previous transactions or current life events. Information about last customer contacts and interactions is not communicated internally because data sources are not integrated. Thus, the profitability of the individual customer remains unknown, which closes the door to “know your customer” solutions with customized offers.

How banks and financial service providers can improve customer satisfaction

Technology shouldn’t be the end goal; it should provide added value. With an integrated cloud ecosystem, Big Data can be combined with applications that interact with each other on a single platform, along with the proper data model for effective interaction.

The result will be a seamless interaction of self-service and consulting and expert evaluations with automated notifications without cumbersome configuration. This is already common practice in other industries, such as e-commerce, but it’s still sorely lacking for financial clients. Alternative financial product options based on personal preferences, financial goals and risk tolerance can be offered. Topics of interest and optimal next steps are automatically displayed, along with updates on what’s new since the customer last logged in.

Those financial institutions that know their customers well and have a 360° view of their wants and needs will have a distinct advantage over those that don’t. As a result, such institutions can create customized offers based on previous customer interactions, transactions, and life events.

Having a clear view of the customer experience and integrating it deeply with a company’s technology ecosystem and core business model can also be critical for those financial institutions that want to be at the top of their customer journey.

Overall, a holistic customer experience with a user-centric design that empowers customers can make a difference. To meet the needs of this emerging market, Bragona Technology can be a good partner as financial services companies work to turn passive customers into active ones.

Let’s talk about leveraging Bragona Technology’s extensive domain expertise and technical knowledge to help you achieve your business goals and strengthen your market position.

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