Meeting Customer Expectations with Digital Innovation in Banking
Improving the customer experience in banking is one of the top priorities for banking institutions and financial service providers. There is a strong push from customers, who are now accustomed to digital banking and expect to have hassle-free digital transactions and experiences. In a survey conducted by Chase in 2021, 41% of respondents wished banks offered more personalized experiences to help them achieve their financial goals. Indian banks must accelerate their tech and digital banking initiatives as customers seek efficiency and convenience. It would not be a far-fetched statement to say traditional banking relies on the performance of digital banking.
Current challenges faced by financial institutions
- Bank KPIs focus on front-office and back-office instead of automating processes to serve customers better.
- The cost of debt collection is high as it is a labor-intensive approach. Without the availability of necessary resources or technological capabilities, the existing debt recovery process falls short in its delivering satisfactory outcomes.
- Although the Net Promoters Score (NPS) creates customer-centric service culture, it is only a metric. The score does not offer helpful insights that can be leveraged to improve pain points in customer service.
- Loan processing takes time as the lending process from an online application, onboarding, processing, underwriting, and funding is yet to be digitalized.
Digital trends in the banking sector
With the upward digital transformation trend across industries, customers expect a more omnichannel, real-time bank service. In recent years, with the pandemic and ‘Digital India,’ financial institutions have started to realign their priority toward digitalization. Here are some of the trends the banking sector is witnessing in recent times.
- Hyper-personalized experiences by integrating user experience across the entire customer journey to offer more integrated experiences for all customers
- Use customer data to improve customer experience across various banking services.
- Integrated services to ‘front-end banks’ and create new revenue sources from back-office capabilities.
- 24*7 financial services
- Value-added services to customers through integration with payment services and ERP systems.
Conneqt Digital BFSI offerings
Conneqt Digital offers a range of sector offerings such as strategic consulting, implementation, development, and managed services. We provide an omnichannel experience with a 360-degree view of various functionalities within the institution with—
- Digital automation service across enterprise applications and infrastructure landscape, ensuring optimized customer engagement and process excellence across the IT landscape.
- Data analytics, including data architecture, reporting and analytics, DataOps, and data science using AI and ML, helps interpret user data for better decision-making and creating a customer-centric service culture.
- Business process services such as customer and employee lifecycle management, back-office services, and digital business process services help create customized end-to-end user journeys.
- Digital lending service that transforms labor-intensive loan process into automated, technology-assisted service.
Conneqt Advantage
To meet customer expectations, Conneqt Digital offers a comprehensive range of digital transformation services with a technology-agnostic approach to help financial institutions in India with their digital transformation journey. With the collective experience of our leadership team in the banking sector, we have been instrumental in creating digital transformative journeys for our clients. Leveraging the power of digital platforms, Conneqt Digital has earned the reputation to deliver unparalleled results.
- Deep domain expertise in the field of loan modification and fraud detection
- Proven track record of integrating core-banking systems with other systems such as CRM and integration solutions
- Transformational solutions such as C360 CLM solution, User Acceptance Testing services, and more
Banks and other financial institutions must modernize core platforms, deploy analytics, automate processes with Artificial Intelligence (AI) to deliver digital services. As there is a shortage of skills, the BFSI sector needs a credible partner. Conneqt Digital, in its brand new avatar, is equipped to meet the demands of the industry. To know more about our services, visit our website www.conneqtcorp.com. For queries, please write to us at marketing@conneqtcorp.com
