banking customer experience
POSTED : December 10, 2021
BY : Concentrix Catalyst

Accelerate customer acquisition with fast, simple applications built-to-purpose on the cloud

Here’s the riddle: If it takes one bank two minutes to perform a digital task for a customer, and another bank only 30 seconds to do the same thing, which bank wins the customer?

It’s not rocket science. The faster bank wins every time. So, where is your bank in the race to win more customers? Are you seeing competitors zip past you with faster, more efficient mobile apps? Are paper processes associated with online activities bogging you down? Is your core system able to link critical data in a quick, efficient way for an exceptional customer experience?

When it comes to modern-day banking customer experience, speed and simplicity matter.

“Speed and simplicity” is no easy feat

Banks, like customers, come in all shapes and sizes. The variables that go into developing a quick, simple customer experience—even if it’s limited to only a few basic tasks—can be very complex.
Before you look at a competitor’s mobile app and say, “I want one of those”, you may want to ask:

  • What does your customer want from the online experience?
  • What core customer needs are driving the experience?
  • What does the bank want to accomplish by making the experience faster and simpler?
  • How will the experience play out in the competitive arena?
  • What physical and psychological inputs might impact the performed activity?
  • How can it be performed more efficiently?
  • What data stores must be connected to perform the required transaction?
  • What underlying IT infrastructure is in place to make it happen?
  • How will you measure project success?

As you can see by this basic flyover of the journey to “fast and easy,” it is anything but “fast and easy.” However, getting there is certainly worth the time and effort. Why?

“Speed and simplicity” pays off big time

In today’s digital economy, where people have been conditioned across industries to expect immediate results, anything you can do to remove friction in a process will work to your advantage.

For instance, a loan application program that automatically retrieves an applicant’s tax and paystub information (with their permission) and fills all appropriate data fields automatically for the customer will add great value to the transaction.

The data already exists. Identify the linkages required, integrate the program, and simplify the process. Consumers will not only pledge loyalty to your brand, but they’ll also tell others. And, as your system collects more data on each customer, the next process becomes even faster and easier, as new insights (with a bit of analysis) reveal new opportunities going forward.

Remove enough friction and soon, the cost and penalty of switching to another bank increases to a point where it isn’t worth it to a customer to shop around. Their lifetime value to your enterprise skyrockets. Their cost to service plummets. Net promoter scores rise while cross-selling and upselling opportunities blossom and multiply.

What it takes to win the banking customer experience race

The fastest and easiest way to build speed and simplicity into your customer experience is to enable it on the cloud. Here, sharing data is inherent. Tools and talent are available to help you accelerate innovation, shorten adoption cycles, and keep the wheels of progress turning. Banks that operate on the cloud, or even partly on the cloud, gain four distinct CX advantages.

  1. Security: Cloud systems are arguably the most secure place to run sensitive banking and financial operations. The Federal Reserve runs its banking systems on the cloud. What better testimony is there than that?
  2. Reliability: The cloud is unmatched for reliability and disaster recovery. This was one of the earliest selling points of the cloud, and it still reigns supreme.
  3. 24/7/365 operations: The cloud operates perpetually. There are no “bankers hours” when it comes to the cloud. Neobanks and fintechs use this uptime to their advantage. Why shouldn’t you?
  4. Flexibility: The cloud is infinitely scalable and flexible. You can run just about anything as-a-service on the cloud and get all the computing power you need on demand swiftly and efficiently.

After that, all you need is a partner who knows what it takes to create an award-winning banking customer experience to cross the finish line.

Concentrix Catalyst can get your banking CX there fast

At Concentrix Catalyst, we specialize in building fast, simple customer experiences for banking and financial services firms. Our proven development framework incorporates a five-point review of operational excellence, security, reliability, performance enhancement, and cost optimization, all focused on the business case behind the banking experience.

We apply these findings to our infrastructure design, enabling the integrations needed to deliver a seamless, fluid banking customer experience—even if you are only performing an incremental migration to the cloud. Our specialists have experience with all variety of cloud, hybrid, and on-premise architectures. We know what it takes to get you there fast.

Learn more about how to create a personalized banking customer experience.

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