Customer experience strategy is key to contextual banking

Publication Date
22 August 2022

Customer experience strategy is key to contextual banking

Our Fintech Finance virtual arena reveals how to create delightful customer experiences by leveraging data.

Every conversation about customer data in the digital space revolves around two ugly words none of us want anywhere near our name - Big Brother.

Data is a double-edged sword. The more information we have about customers, the more value we can provide them. On the other hand, when we use that information to push offers they don’t want, the whole interaction feels intrusive or worse, creepy.

In digital banking, nothing is more important than trust. If a customer loses trust in their bank, that bank loses a customer.

What is a contextual banking experience?

Customer expectations of digital experiences have never been higher. Meeting those expectations drives loyalty. Falling short drives customers away.

For banking apps, transactional interactions like checking balances and making payments simply aren’t enough for today’s consumers. Fortunately, digital banks have enough information to add value beyond these basic expectations.

Unfortunately, they also have enough information to get it very wrong if they only think in terms of “leveraging customer data.”

The goal should be to create a contextual banking experience, a relationship with your customer based on transparency, buy-in, and ensuring you only enhance the customers experience with the right offer, at the right time, in the right place.

In short, contextual banking experience involves doing all the work necessary to deliver tangible value in real time.

And what, exactly, is the necessary work?

Focus on customer experience strategy

If your brainstorm starts with thinking about the most profitable offers you can serve to your customers, you’re in serious danger of re-enforcing an unpleasant “Big Brother” experience. Focusing on technology for the sake of technology, or offers that benefit your company more than your customers, invites the worst interpretations of your actions. Banks simply can’t afford that.

Instead, those early conversations should be focused on user experience, understanding your customers' lives and how you can make them better or easier. A detailed customer experience strategy enables fair trade of value - when you consistently add value for your customers, they are more willing to share information, like opting in to location services.

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