Who is the digitally empowered banking customer? In the near future, the most potential market segment will mainly comprise of ‘millennials on the move’.
Resonating with millennials is as much an art as a science. It no longer is about capturing their attention, it is about engaging them meaningfully, understanding their specific needs and instilling conviction that you will be able to provide them with the service they expect.
Know Your Digitally Empowered Customer
Provide an ‘Omni-Digital’ Experience Using AI Assisted Banking Solutions
While viral marketing content, leveraging social media influencers or high ad budgets may produce great traction, in some way it still does not address the individual customers’ expectations. As financial marketers, one way to know your customer is through empathy. Using AI assisted banking technology and understanding their ‘what, when, where and how’ of their needs, their expectations can be exceeded and an outstanding customer experience (CX) can be materialized.
What Ticks and Clicks with The Digitally Empowered Banking Customer
1. Tune into devices they use the most – Millennials have their smartphones as their digital companions. They use their phones for basically every task on hand, to communicate, access information, chat, shop, and bank, among other things. It makes them who they are and drives their decisions.**
What Clicks – Whether it is opening a bank account, making a transfer, applying for a loan or asking for assistance, their smartphones serve every purpose. Nothing can be more convenient for customers than to have access to banking and financial services on their smartphones or the convenience of using an omnichannel chatbot, which AI assisted banking technology makes possible.
What Ticks – What becomes frustrating for banking customers are having to change channels. For instance, if customers are talking to an AI voice bot through their phone, it is a bother for them to switch to texting.
2. ‘Quid Pro Quo’ – They expect quality service in exchange for commitment – It is a myth that the millennial customer segment are not brand-loyal customers, it is only that their definition of loyalty has evolved. Loyalty for them is based on personalization, especially when it is related to something as serious as banking and financial planning.
What Clicks – Customersexpect their banks to know their history, understand their financial needs, how they want to be engaged based on past interactions, to provide speedy solutions to their queries and offer services that they want. AI assisted banking technology not only augments customer service (CS), it enhances customer experience (CX) as well.
What Ticks – Nothing is more disconcerting for the customer than to have their banks or financial advisors to be clueless about their profiles. FIs and banks must ensure that they a comprehensive profile of their customers including interaction history, financial needs, banking preferences, future planning requirements, etc.
3. “Data! data! data! I can’t make bricks without clay.” Today, everyone has a bit of Sherlock in them. They need to dissect, analyze, assess, review and access information from multiple sources and channels before making a purchase decision.
What Clicks – Publishing relevant content about what is trending in the banking industry, and information about new products and services, on multiple online sources, would not only help to stand out in all that noise, you could position your brand as an industry expert too.
What Ticks – Publishing too much content which is not relevant reduces the credibility and tends to make the customer disinterested in the brand. Make sure you understand your customer and create content that revolves around their challenges, needs and wants. Nothing works better being relevant.
4. Global customers, citizens of the world – Customers today live, work, shop, and bank across borders. When connecting with the digitally empowered banking customer, remember you are connecting to a global audience, your customer could be located anywhere in the world.
What Clicks – The tone of your marketing messages must resonate to a global audience. Digitally empowered banking customers tend to have a global outlook. While a regional context may work with a highly targeted customer segment, a global tone in your communication can widen the scope of your market reach.
What Ticks – When implementing personalization ensure you have the context right. It is better not to personalize messages than to have an incorrect intonation. Customers expect personalization to be meaningful and to go beyond salutation on a first name basis.
The Road Ahead – How AI Assisted Banking Technology Enhances CX of The Digitally Empowered Customer
Artificial Intelligence in banking has revolutionized customer experience. AI banking technology has enabled FIs and banks to provide a seamless customer experience. AI tech helps to provide customers with an ‘omni-digital’ experience.
The way ahead is collaboration. FIs and banks can collaborate with FinTechs that deliver innovative B2B tech solutions to enhance digital capabilities. To stay ahead of the curve, disruptive technologies need to be adopted to create more value for the customer. Ultimately, ‘connected customers are empowered customers’ and providing power to them translates to more power to you. Join the bandwagon, adopt AI banking technology!
Read our blog on: Enabling Financial Inclusion Using Artificial Intelligence in Banking