Page 30 - Banking Finance May 2019 N

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expectation is that companies do something with what
they have to say.Companies need to respond to
feedback, act on it and let customers know what's been
done to make their experience better.

5. Giving front-liners more control- Customers now believe
they should have what they want the minute they
request it. That's why customers expect front-line
service and sales persons to be knowledgeable enough
to handle anything and have the authority to do what
needs to be done to satisfy customers.

6. Predictive Capabilities- Customers are exchanging their
data for intelligent analysis of their online behaviour to
make suggestions on savings goals or deliver warnings
on spending. In short, they are allowing banks to provide
end of each day to find those that were most
sound projections and advice on their future financial
important, say those that involved a long-time
status, to shape how they spend their money.
customer, a major problem or a unique request. Then
hand-deliver any issue that needs to be resolved over 7. Hassle-free Security - Convenience is the top priority for
to the proper person or department. It's a special touch consumers who opt for digital banking, and they want
customers don't expect and will be delighted. hassle-free access to banking without lengthy
authentication processes. Use of biometrics or mobile
2. More options- Customers want self-service, voice, digital
facial recognition technology for login may have solution
and social means to interact with a bank and its people
for that.
and they still expect each to deliver a personalized
experience. Robust Customer Relationship 8. More and Faster Payments- Consumers are ready to
Management (CRM) tool that can monitor and track go cashless and pay with their app as a debit/ credit
customer contacts across channels and will be able to card or wallet, but widespread use of UPI or Near
respond better in every situation. Information regarding Field Communication (NFC) is relatively slow, and
social media presence of customers can also be taken bank will need to stay ahead of the curve.Value added
while opening of account. Later on, apart from sending mobile commerce services also represent new revenue
SMS and email to the customer informing them about streams for banks. For instance, banking on mobile
presence in various platforms of social media sites, if further allows bank to adapt to the busy lifestyles of its
possible bank can send them direct request in their customers.
respective social media accounts.
Banks have made significant progress in shaping digital
3. Constant contact - Customers expect some follow-up banking services. They are moving from 'one size fits all'
efforts to fill in their customer experience. Keeping in digital banking to intelligent services.Consumers now expect
touch can deflect incoming contacts, which can boost more control over how and when they choose to access
customer satisfaction. The key is to give them the right banking services, including financial suggestions and
amount of information at the right time through the advice.Banks should start putting themselves in their
channel they prefer. Call centre should be able to customers' shoes and truly understanding the digital
connect the customer call related to digital banking to medium. It's time to act fast and smart.
the person having expertise in digital banking and
products. The said person will not only respond to the References
particular query of the customer but also he can give 1. News articles from e-papers/ various related articles on
overview of our other digital services. internet.
4. Listen closely, respond quickly- Customers' biggest 2. Various studies on the topic available in public domain.

30 | 2019 | MAY | BANKING FINANCE