Page 42 - Banking Finance September 2021

ARTICLE

Key characteristics of the evolving customer's needs:

1. Importance of convenience - Time and convenience is about their needs, not Bank's products. Banks need to
of essence for the working younger generation. Having consider how their products may serve their aspirations.
hassle-free and varied digital channels, collaborating Some ideas to consider:
with other market leaders and providing the digital X Keep it simple: Allow moments to happen smoothly,
solution is the best way to gain the trust of these young coexisting with third parties to make transactions
customers. as seamless as possible across a multitude of
2. Value delivered by the brand - These young customers platforms (e.g., mobile, online). Don't overstep; be
don't stick with brands. They search hundreds of the there only when they ask for help.
same offers online, evaluate them with ratings and X Address a pain point. Understand the life-need
reviews, and choose the most suitable one. journey from the customer's point of view and
Organisations that clearly define the source of their consider touch points as opportunities to solve
materials or establish work done for a specific cause issues and remove complications.
tend to strike a chord. X Help guide the journey. In most cases, there is lead
3. Need for personalization - Aesthetic aspects are being time between the identification of a need and its
given more importance than core functional aspect and actual fulfilment. We need to be with customers
hence personalization is gaining focus for these young along the way and help them focus on the goal.
customers.
Turn new age customers into lifelong
What they want from Banks? customers
Banks want to be active and adapt to their unique set of
1. By understanding the Trend, Behaviours and
preference as they change across offer, occasion and time.
For the finance industry to truly succeed and stay relevant Expectations
for these customers, they will need to tackle and own the A. The post-channel experience: Banks need to
following key themes: design customer experiences that are unleashed
Y They want some help, but banks are not top of mind: from channel thinking; what we know as "post-
When thinking about long-term goals, these customers channel" experiences. These experiences should be
might not have the knowledge to get where they want continuous and intuitively guided by the customer
to go. They would look to Banks/FIs to provide this across all endpoints of their journey.
support. But are we prepared? B. Allow customers to design their own journeys:
Y Focus on Perks: They want banking products and Provide flexible options so customers can drive their
services that offer a little extra bang for their buck. (e.g. own journeys. Leverage data intelligence to allow
Better rewards, higher interest rate on deposit customers to interact and fulfil their needs on their
accounts, cash-back on purchases and no-fee banking). own timeline in their own way.
Y It'snot about the Bank/Bank's product: They think C. Reinvent the Branch: They love experiences and

42 | 2021 | SEPTEMBER | BANKING FINANCE