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Linking the Human-Digital Divide in the Banking Sector

Today’s banking world is shouting aloud for innovation. And why not? People have realised the potential of digitisation as new capabilities are altering the way consumers have been interacting with their banks. A recent study has shown advances in tech capabilities along with analytics have paved the way for an improved customer-experience framework.

There is also a much bigger appetite to partner within the fintech ecosystem of client-vendor. These partnerships have led to data proliferation, with improved artificial intelligence (AI) as well as machine learning (ML). This way digital is shifting how the age-old channels had been laid out.

But even after such tech transformations, a survey has shown that even though consumers look forward to digital experiences, they still give a lot of importance to human interactions in branches or contact centers. That is why what is offered to the clients should be a digital experience, without compromising on the human equation. Let us see the ways to bridge this gaping human-digital division.

Digital deliverance with a personalised touch: The expectations of consumers are altering when it comes to the banking sector. Courtesy their experiences in other industries, they are looking for improved capabilities in digital banking. However, they are not yet ready to let go of personal interactions at the banks. The bar has been raised as they want the best of both the worlds. Whilst addressing specific problems, there needs to be a glitch-free integration between the three offices – front, middle, and back. This approach starts with a digital strategy that is customer-centered and stays on through capable engineering capabilities and experience designing.

The key to gain success is to move beyond the silos into definite multidisciplinary teams. It is all about using the power of real-time as well as relevant insights from customer journeys in a bid to drive in the transformation. This will involve using a digital dashboard, along with an analytical model that is underlying, for developing a data-driven transformational experience.

Getting everyone on the same digital page: Banks have had this prominent division between people who have been working on the journey mapping and the ops teams who are responsible for delivering on current requirements. This had been an age-old scenario. Now, these two groups must sync their operations for improved customer experience. Currently, the operations team does not own the full capability of the customer journey end-to-end. It can happen that the role may not be existent. So, everything must fall in place to ensure a seamless experience.

Changes can be introduced through a digitised hyper-personalisation across operations. The most desired scene would be bankers with tablets to connect digitally. Customers need to be able to preselect a banker, based on an online profile. Digital also has the potential to identify multiple life-event triggers for which a customer might have had to leave so that banks can respond to the situation proactively.

The goal is giving the customer the best possible experience: Even though digitisation takes the centerstage, human intervention will always be appreciated when it comes to handling certain issues. Structuring and managing a mix of digital and human capabilities is the key. Conversational AI could support the customer either before or maybe instead of a complete human intervention. It can also happen that AI could be supporting the bank agent as he or she aids the customer.

Multiple banking apps have been introduced, which are quite popular today. In the days to come, banks can curate that very experience while catering to individual customers as per the human-digital preferences and digitisation will seamlessly merge into the system to provide the very best customer service.

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