Banks have realized that they must offer hyper-personalized, digitally-enabled customer experiences. Which steps can banks take to transform their Customer Experience capabilities?
Increased competition in the banking sector is driving customer experience evolution. Newly emerged ‘Fintech’ competitors are disrupting the industry with digital business models and compelling customer interfaces. Banks could lose fortunes to companies that are using their wealth of customer data to create winning experiences.
Research has shown that today’s digitally empowered customer wants a more individualized experience in terms of products and services, and that positive customer experiences correlate with growth. Therefore, banks are rebuilding customer experiences to defend a competitive threat. In evolving the customer experience, the focus has to lie on digital, not branch. Whereas digital has become an important element to customers: omni-channel, digital payments and leading-edge products are amongst the top attributes people look for in a bank.
How well prepared are banks to meet the hyper-personalisation agenda?
With the economic potential of individualization so clear, there’s an opportunity for banks to push ahead with hyper-personalized services to enable rapid growth. Oracle’s view is that it’s now essential that banks utilize digital technologies including cloud-based applications, platforms and infrastructure, mobile devices and data analytics to create the hyper-personalized customer experiences people demand.
Banks need to ensure they invest in digital technologies
Oracle recommends banks focus on flexibility and agility, building a customer experience based on insights from customer, product and operational data. To meet this need, the cloud is a must as it simplifies IT, reduces costs and drives innovation. By becoming a cloud leader, businesses will find they have the scalability and agility needed to deliver transformational hyper-personalised customer experiences.
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Forrester notes that Oracle “delivers leading capabilities across the board in terms of depth and breadth,” as well as its well-defined user experience. Oracle received the highest scores in the current offering category, as well as the sales force automation and ecommerce criteria.
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