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Digital Banking – Enhancing Customer Experience With Customer 360°

In a digital world with utmost emphasis on customer experience, banks today need to take a 360-degree or a holistic view when it comes to enhancing customer experience. It would simply be bad business sense if banks today don’t focus on adopting a customer centric business model that optimally utilizes digital technology leading to increased efficiency and productivity.

Although over the past few years, the banking industry has made significant efforts to shift to digital channels, yet such efforts can simply be summarized as inconsistent at best — a business unit here, an upstart department there. But given the industry’s financial pressures and global economic uncertainties (which are ever present now, owing to trade wars, anti-globalization sentiments in many major markets etc.), no doubt there’s an increased urgency — and opportunity — to adopt a holistic approach to going digital and integrating that strategy across the banking ecosystem.

Why Focusing on Improving Customer Experience is Important for Banks

During the pre-financial crisis of 2008-2009 era, the banking industry created shareholder value majorly through financial leveraging. After the financial crisis, customer trust vanished from the banking system. Deeply hurt by large banks, customers turned to smaller banks and credit unions to manage their personal finances. Use of non-bank lenders, payment processors and financial information sources (both personal and general) increased as never before.

Moreover, owing to increased highlight on business practices of banks and enhanced regulatory oversight has led to increased regulations and competitive challenges for banks today.  All of this has left banks with no option but to deleverage and identify alternative sources of value. To sum it up, it won’t be an exaggeration to state that even though it’s been more than a decade since the last financial crisis, banks still don’t have that level of customer trust which they used to have before the financial crisis. Enhancing customer experience is one of the primary ways through which banks can gain the trust of customers again.  

How Digital Modernization Helps Traditional Banks

Banks often have problems in enhancing customer experience. That is primarily because the banking system has an inherent difficulty in adopting innovation owing to regulatory and compliance issues. Digital modernization gives traditional banks an opportunity to gain market share and appeal to more prospective customers, more so technology obsessed millennials who are and will be one of the largest customer segments in the coming years. A smart enterprise-wide approach positions these traditional banks to deepen customer satisfaction and loyalty, driving long-term relationships and profitability.

Let’s have a look at some specific points about how digital modernization can help traditional banks.

  • Digital modernization can ensure banks have the ability to act strategically, i.e. – providing the customer a cross channel or omni channel experience.
  • Going digital can also help banks reach every nook and corner of the market they are operating in and offer localized and thus more potent solutions.
  • Digital modernization will help traditional banks in smart management of information through effectively managing online data.
  • New digital models steer banks in the direction of customer relationships that present new sources of value. Digital banking can help banks in various aspects such as engaging customers and building trust, marketing and sales; customer onboarding, account opening and servicing and many more.
  • Embracing digital banking also helps traditional banks in better management of key verticals such as new customer growth, product sales and overall market expansion, risk mitigation and many more.

Customer 360 Degree – Streamlines Banking Operations and Enhances Customer Experience

Developed by SimpleCRM, Customer-360 degree is a module that is suitable for streamlining banking operations. It’s simply a one stop solution that will take care of every aspect of digital banking, thus ensuring seamless transition for banks towards the digital age. Customer 360 degree is perfectly suited for every bank, irrespective of the bank’s size, target market, business model etc.

Customer 360 degree automatically pops up when a customer calls and even before a support team member picks up the call. This intuitive interface displays entire customer details including personal information, product holdings, interaction through all channels, complaints and many more types of information that would be beneficial to a customer and also to the support personnel. Customer 360 degree thus ensures multiple advantages for banks, such as saving a lot of time and manhours as compared to what is normally spent in switching from one window to another pulling out the individual reports, thus increasing overall efficiency and reducing downtimes.

Features of Customer 360 Degree

As mentioned in the previous paragraph, the feature rich customer 360 provides banks with benefits that are simply unmatchable, making customer 360 one of the best digital solutions available today. Let’s look at some features in detail.

  • Knowing Your Customer Better – Customer 360-degree provides a pop-up option where personal details like pan card, Aadhar card, voter Id card etc. can be easily viewed. This is very useful during interaction with customers, since it ensures no need for the support team personnel to put the call on- hold, since they can immediately validate the details with the customer.
  • Omni Channel Interaction in a Singular Interface – Through this feature, all inquiries, service requests, complaints and general feedback is consolidated in a single interface. This helps the customer support agent to not only know about the customer’s existing complaints and their statuses but also know about the customer’s previous interactions with the bank across all the channels, including social media.
  • An Insight on Customer Experience – It is essential for any bank to act upon a customer’s feedback. This process involves analyzing whether the customer is happy, satisfied or disappointed with the service. Customer 360-degree view helps the support team or sales representatives stay updated about customer feedback and thus the overall customer experience. Moreover, the Customer 360 degree pop-up leverages Sentiment Analysis tool to determine the sentiment score and magnitude of an individual customer. Furthermore, it also recognizes the subjective words such as ‘not’, ‘never’, ‘worst’, ‘good’, ‘great’ etc. and categorizes them into sentiments such as clearly positive, clearly negative etc.  
  • More Sales Opportunities – It’s an old adage that a happycustomer keeps trying out new products and services. Through Customer 360, the sales representative can pitch into cross-selling and upselling of products and services based on interests, demographics, purchase behavioral pattern and the eligibility. Customer 360 degree’s AI-based offers engine suggests available offers for the customer such as discount offers, coupons that are applicable and their validity. Moreover, the AI system can be trained on past and present data of existing customers to predict probable future needs, for instance, the need for an education loan or a home loan. This cognitive technology helps to reduce customer attrition. In simple words, customer 360-degree serves the sales agent and call-center personnel with all the needed information thereby giving enough time for customer engagement.

Case in Point: Customer 360 Degree for a Hyderabad, India Headquartered PSB

The Bank uses SimpleCRM’s customer support automation solution along with Customer360 & Branch360 modules for providing consistently highly quality support services to its 10 million+ customers. The bank uses Customer 360-degree module for:

  • Getting a consolidated view of the customer through integration with call center system, core banking system, ATM switch, grievances redressal form, SMSs, emails, social media platforms and others.
  • End to end customer service and ticketing with automatic request routing based on ticket type and subtype.
  • Scheduling meetings, SMSs, emails, tasks, to-do reminders and social listening.
  • Lead generation through cross-sell/up-sell capabilities.
  • Reports, schedulers and dashboard for better visibility and control.