The days of standard, restrictive banking services are over. Digital technologies, changes in consumer preferences and increasing competition all create formidable challenges for banks. Consumers are coming to expect convenient, multi-functional digital tools in all areas of life, including banking.
Our days are filled with on-demand apps, social media and websites to help us in every aspect of life. When I want to meditate, exercise or find a great movie to watch, there is a website or an app to meet my needs. I can even track my eating and sleeping habits with a few clicks of my mouse or swipes on my smartphone. We want the same flexibility and convenience with banking.
Maxim Bederov – IT specialist and digitization strategist
Banks are trying to respond to this demand in order to secure customer loyalty, but many consumers believe they are falling short of the mark. A study shows that customers feel the banking apps and websites are difficult to navigate, don’t provide the convenience they expect and are not multi-functional enough to handle all of their banking needs. Mobile apps rated even lower than the websites.
The problem is that certain aspects of the experience were not addressed properly. Success depends on more than digitization. Focus must be on the consumer. People want real added value with every interaction. Customer service means there needs to be a balance between meeting the needs of the customer and tech innovations that improve processes and experiences.
Maxim Bederov and the bank of the future
So, what will we see in future banks? Voice control, for starters. There are many technologies banks have barely touched upon. Voice-assistants are just one example.
Advances in self-learning machines and artificial intelligence (AI) have opened the doors for the implementation of chatbot solutions. Chatbots reduce costs and serve increasingly tech-savvy consumers the way they have become accustomed to be served. The two-way, almost human like communication, is rapidly replacing the need for phones, email messaging or texts. Customers are able to ask questions or request services using natural language. Once this technology is fully tapped, chatbots may become real financial advisors.
This technology is currently used mainly to provide customers with quick service and easy support, handling simple tasks such as account details, balance inquiries and loan status. This allows customer service representatives the time they need to focus on more complex issues.
As AI continues to develop, chatbots will be transformed from simple customer service support tools to invaluable members of the team. Once integrated with all of the necessary historical data of the consumer, predictive behavior software and other intelligent analysis platforms can be initiated so that the chatbots will understand the customer’s spending habits and create tailored financial tips that will help them manage and save money.