The New Phase of Customer Experience in Digital Banking
The reality of our current economy is such that customer experience and the customer decision journey have become a business in itself and a deciding factor in the success or failure of an organisation.
The user experience throughout the course of any service rendered is the key to the growth and sort after customer loyalty that all organisations require.
The advent of digital banking has completely revolutionized banking in Africa. As studies show that 50 – 70 percent of customer transactions have moved to digital over past 5 years and even more so, a survey on African executives have shown that 67 percent of customers are less loyal than before and are likely to leave if their specific needs aren’t met.
There is a need for speedy transactions, as today’s customers want instant services and answers as well as a personalized relationship with their financial institution.
Most customers today demand instant responses and would rather engage with their banks through a responsive chat interface than a call centre. Coupled with the long wait time on these calls and the voice charges, customers leave the situation more frustrated than satisfied. This need for a more instant ease of access has made customers turn their attentions to new Fintech start-ups that have the luxury of personalizing the experience of its individual customer.
Understanding the importance of the customer’s experience and knowing it risks of losing old and new customers, a number of financial institutions have made significant strides to provide a more personalized relationship with their customers by partnering with start-ups like Clickatell.
Clickatell is a start-up based in California, USA that offers a banking solution that allows customers access financial services through SMS, WhatsApp or social media 24/7.
Banks like Absa, UBA, Firstbank and GTB have already implemented this solution and is steadily providing banking services directly to their customer’s WhatsApp messenger.
UBA’s “Chat with Leo” and GTB have also included banking services on Facebook messenger to create ease of access for their customers.
MTN has also partnered with GTBank to provide a mobile money service that allows customers to create E-wallets with their mobile numbers to send and receive funds.
Although these are notable improvements, there’s still a long way to go in ensuring that the customer experience in digital banking is at optimum levels, which is why MJDvent International is organizing the Digital Customer Experience Forum 2020.
A gathering of industry professionals and leading experts to discuss new ways to improve the customer experience in banking as well as using customer data to predict their future needs.
Join in the discussion and learn about the possible future of digital banking in relation to customer experience, ranging from innovations like remote video chat support and new fintech softwares that will take banking to a new era.