Skip to main content

Customer Experience in Banking: 5 Keys to Transformation

Victoria Ebel, Appian
March 22, 2023

The banking and financial services industry is evolving rapidly with the advent of new technologies and digital platforms. To stay competitive, banks need to focus on providing superior customer experience to their institutional and retail customers. This should start with the initial Know Your Customer (KYC) process and continue through the entire customer lifecycle. Here are five keys to transforming practices for heightened customer experience in banking and finance.

[ For more information on how to enhance the customer journey, view the webinar Accenture and Appian: Keeping it human while transforming the financial services industry with automation. ]

1. Personalized customer experience in banking.

Personalization is a critical component of the banking customer experience. Customers expect banks to understand their needs and provide tailored solutions.

With the help of data analytics and artificial intelligence (AI), banks can collect and analyze customer feedback and data to gain insights into their behavior and preferences. By analyzing this data, financial services organizations can identify patterns and trends. They can then use this data to offer customized experiences and tailored financial advice, identify customer needs, and predict future financial behavior, leading to increased customer satisfaction and loyalty.

2. Improved speed and efficiency.

In today's fast-paced world, customers value speed and efficiency. They don't want to wait in long queues or go through multiple steps to complete a transaction. Financial services organizations need to ensure that they can provide fast and efficient services to meet customer expectations.

One automation technology for streamlining banking operations is robotic process automation (RPA). RPA enables banks to automate repetitive tasks, reduce human error, and improve process efficiency. By doing so, they can allocate their resources more effectively, allowing customer service representatives to focus on complex tasks and personalized interactions with customers. As a result, customers can enjoy faster response times and superior customer service.

But RPA alone is not enough to automate complex banking processes from end to end, which is why leading banks turn to process automation.

[ Want to learn more about how top banks use process automation? Read also: KYC Verification Process and Requirements: 3 Tips to Improve. ]

3. Enhanced security.

Security is a critical aspect of the customer journey in banking. Customers need to be assured that their personal and financial information is safe and secure. Therefore, financial institutions must ensure that they are providing robust security measures to protect customer data.

Process automation can help banks in this regard by automating security processes, such as authentication and verification. Financial services organizations can use automation tools to implement multi-factor authentication and other security measures to protect customer data. Additionally, solutions with advanced analytics capabilities can help banks identify potential fraud and security risks, leading to enhanced customer trust and confidence in their banking services. This contributes to a positive customer experience.

4. Omnichannel experiences and digital interactions.

Today's customers expect a seamless experience across multiple channels—whether online, mobile, or in-branch. Financial services organizations must invest in developing an integrated omnichannel strategy that offers a cohesive customer experience across all touchpoints.

By creating a unified platform that consolidates customer data, banks can ensure that their customers receive personalized and contextualized interactions, regardless of the channel they choose. Automating processes such as mobile banking, account opening, loan application, and customer service provides a consistent and seamless customer journey across all channels. This approach can lead to higher customer satisfaction and increased loyalty.

[ Does your organization know how to connect disparate data sets? Learn how data fabric technology creates a unified view and eliminates data silo headaches.] 

5. Innovative solutions.

Innovation is a key driver of gaining customer loyalty in the banking industry. Customers expect banks to provide innovative solutions that meet their evolving needs. Financial institutions need to ensure that they stay ahead of the curve by continuously innovating and introducing advanced technologies and services that promote excellent experiences.

Digital transformation can help by enabling banks to experiment and innovate quickly. By automating processes such as financial product development, banks can reduce the time it takes to bring new financial products and services to market. This lets them stay ahead of the curve and provide innovative solutions that enhance digital customer experience.

By implementing process automation and advanced analytics and focusing on the omnichannel experience, banks can deliver a superior customer experience that meets and exceeds expectations. In doing so, they will foster long-lasting customer relationships and drive business growth.

To learn more about the role of innovation in customer experience, view the webinar, Accenture and Appian: Keeping it human while transforming the financial services industry with automation