4 ways to improve banking customer experience with digital innovation

Publication Date
2 May 2023

4 ways to improve banking customer experience with digital innovation

No matter where your financial institution operates, customers now expect a personalised, secure, and convenient experience via digital channels.

Once you have a clear and compelling digital banking strategy – and you’ve readied your business model – the real fun begins: exploring banking innovation and how to digitise products and services to create a competitive advantage. Here are some of the most exciting options to consider:

  1. Prime for payment innovation

Digital payments have risen significantly as customers now use these tools to buy everything from groceries and takeout, to prescriptions and telemedicine visits. As you implement your digital banking vision, consider your customer journey and integrations you can implement to enable easier digital payment for your customers.

As you’re making digital payments accessible, also consider digital wallets, or e-wallets, as part of your omnichannel strategy. Digital wallets offer another way to give your customers ubiquitous access to their debit and credit cards, with less chance of losing the card and a decreased risk of credit card fraud. Another plus: the environmental benefit of fewer plastic cards.

  1. Get personal with “safe to spend”

When customers use digital banking to manage their finances, you have a unique opportunity to strengthen your relationship by helping them achieve their financial goals with personalised services. One of the best ways is by leveraging artificial intelligence/machine learning (AI/ML).

Integrating AI/ML gives digital tools the ability to track how much money is coming in and how much is being spent. With those insights, you can help customers make sound financial decisions. For example, you can proactively inform customers what is safe to spend vs. when they should skip spending their money and instead save it. Beyond that, AI/ML can also help mitigate fraud risk by proactively identifying and alerting on suspicious activity. Mobiquity has helped large banks successfully integrate this kind of PFM (personal finance management) technology into their existing programs.

Want to understand how to leverage AI for your business? Discover multiple opportunities for new revenue streams and optimise your business processes. Get direct access to the latest practical insights and strategies that can keep you ahead of your competitors. Learn more about Mobiquity's Generative AI workshop.

  1. Find your voice

What if you could improve customer experience by allowing the use of voice to launch your app and conduct banking activity? Or interact with a chatbot on your website to reduce their wait time? This would be especially helpful for customers who want to quickly get support without needing to listen to a phone IVR (Interactive Voice Response) or taking the time (and potential risk) to visit a branch. As just one example, see how Fatema, a Gartner award-winning, in-app smart chat assistant, is helping customers at ila Bank.

  1. Make digital banking more rewarding

In this new age of digital adoption, companies are having to get creative to establish and strengthen customer loyalty. With customers increasingly expecting rewards in exchange for their loyalty, banks have a stake in this game. Consider how you could reward customers for choosing online banking with you. After all, digital banking is a win for them, with around-the-clock access and convenience. It’s also a win for you, thanks to potentially higher satisfaction and lower cost to serve.

Ready, set, innovate

Whether you’re starting from scratch or enhancing an existing program, consider downloading our Digital Banking Features Radar. It provides an overview of global mobile retail banking features, from over 80 banking and fintech apps worldwide, giving details on the most commonly used features, features that delight customers, and which features truly set you apart from the competition. 

Ready to get started with your digital banking strategy? Let’s talk.

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