Page 24 - BF Cover January 2021.cdr

COVER STORY
TECH REVOLUTION

IN BANKING -

IMPACT ON

CUSTOMER

EXPERIENCE

Introduction: the industry but across sectors. A 2018 Capgemini report
says that 71% of bankers think that positive experiences in
Nowadays we are asked to share our feedbacks for almost
all products and services we avail, be it retail store, hotel, other sectors now drive customers to expect more from the
bank, everywhere. The feedback reflects our overall banking sector. The time taken for online application of loan
experience with the business entity. The endeavour to to the credit of loan amount in the account is compared
with the convenience of ordering and paying for daily needs
improve the customer experience (CX) in the banking
online. Balance enquiry, mini statement, and fund transfer
industry is remarkable for the past few years. Competition
is expected to be done with one or two clicks in place of
is now own not by pricing and product features but with the
degree of ease of availing the products and services. Ease more than eight clicks traditionally. Bank of America allows
of doing banking implies 24*7 availability of banking services balance enquiry without even signing in. A PwC 2018 report
in smart phones and other electronic devices and with simple shows that positive customer experiences influence 75% of
processes and navigations. customer decisions in banking.
Continuous innovations in technology like machine learning,
The challenge lies in the fact that the customers now
compare the products not only across the institutions within artificial intelligence, blockchain, virtual reality, etc.and its
adaption in the banking sector is aimed at enhancing the

About the author experience of the customers banking with them. Banks are
involved in the relentless process of reimagining their
business process in today's hyper-connected world. Banks
Sangeeta Saha are increasingly deploying User Experience (UX)
Chief Manager Research
State Bank Institute of Consumer professionals to create smart products. The study of human
Banking, Hyderabad psychology is done to understand the financial behavior of
the customer to come out with customised solution for each

24 | 2021 | JANUARY | BANKING FINANCE