Page 27 - Banking Finance December 2023

ARTICLE

REBOOT OF

CUSTOMER

EXPERIENCE TRENDS

IN THE BANKING

INDUSTRY 2023

T he COVID-19 pandemic created a mega shift The standard set by end-users for digital banking customer

from physical to digital, acting as the catalyst for
experience is very high, and the digital transformation efforts
digital progress multiple times over. People have
by banks are quite evident in matching those standards.
adopted digital behaviours that have become
habits. In today's world, a bank cannot be fully developed According to McKinsey research, seventy-five percent of
customers have tried different brands since the pandemic
digitally without focusing on customer-centricity. It is started, and sixty percent of those consumers expect to
becoming a necessity to survive in the post-pandemic era. adopt new brands and stores in their post-pandemic lives
and routines.
"You've got to start with the customer experience and
work back toward the technology - not the other way For any bank, the three pillars of loyalty, empathy, and
around." - Steve Jobs emotional connection are helpful in bonding with their
customers. Today's generation of customers feels that now
During the pandemic, almost every customer expected is the time for businesses to update and upgrade how they
banks to enhance and accelerate their digital initiatives. operate, engage, and contribute to society across various
fronts.
Financially literate customers emphasized that this pandemic
increased their expectations of a bank's digital capabilities.
In this article, we will explore how various strategies of
customer experience design can help banks transform and
adapt to the wave of digital transformation in the post-
COVID era.

1. The Digital Perspective
Digital technologies have opened brand new possibilities, but
there are still opportunities yet to be discovered and utilized

24 | 2023 | DECEMBER | BANKING FINANCE