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Digital Banking Customer Journeys: 5 Strategies for Big Payoffs in Digital Engagement

People don’t usually relate banking transactions to warm, delightful or intimate feelings. Banks, on the other hand, depend on meeting banking personal to customers for growth. True digital banking bridges the chasm between the two viewpoints by recognizing the complexities of engagement and managing the cross-functional, end to end nature of customer needs by designing digital customer journeys.

Large banks, unfortunately, are suffering from the agony of choice in offerings related to digital servicing. This leaves the stakeholders confused skewing their priorities. Only a platform that offers true digital customer journey capabilities and empowers bankers to pursue bold customer engagement strategies can build customer loyalty.

The five most effective digital banking strategies to design customizable journeys for enhanced digital engagement are-

1. Targeted digital campaigns-

Customers demand personalization in the form of customizable journeys, speed and flexibility while buying banking products. Designing and executing multiwave, multi-regional targeted campaigns with accurate customer segmentation will help drive engagement numbers translating into higher conversions.

2. Self-service solutions-

As there is a push towards digital banking, transactions are increasingly migrating from branches to self-service channels. Deeper digital engagement with customizable journeys not only increases online purchase activities but also helps in creating value for banks through behavioral pattern analysis. Banks are also employing cognitive agents to meet customers in their self-service journeys. Self-served channels help digitally active customers with quicker processes by straight through processes thus proving to be more cost effective compared to traditional touchpoints.

3. AI-driven customer intelligence-

Maintaining a track of customer’s regular transactions & purchase pattern through digital servicing helps in assisting them with tailor made solutions & promoting new banking products along with digital customer journeys. AI-powered customer data analytics can give bankers useful insights much faster than a human analyst. AI can also empower bankers to be nimble in customer acquisition and delivering proactive fulfillment.

Digital banking customer journeys
4. Contextual engagement-

Banks can achieve digital engagement only if they can pitch the right content to the right bunch of audiences through seamless digital customer journeys. Contextual engagement uses the power of a unified digital servicing platform to craft engagement strategies that are more anticipated, personal or relevant for the customers. A great digital banking platform will include all the elements of LEAP – Listening, Empathizing, Analyzing and Propelling.

5. Ensuring scalability with agility-

While providing digital servicing, banks often struggle to define customer journeys at various stages. For instance, marketing executives will view macro life events, while product owners will view the customer experience through the lens of purchasing products. Collaboratively coming together to scale customer experience transformation will result in optimum use of resources for jointly identifying and resolving customer experience pain points. Defining a simple and pragmatic approach will boost customer experience delivery.

Banks should prioritize secured online transactions to build customer trust on all platforms of digital banking.

To survive in the fast-moving and dynamic world of digital servicing, bankers need to stay at the forefront of new digital strategies and their implementation through customizable journeys.  Consistent efforts need to be taken by all the financial institutions towards providing satisfactory digital journeys to top the customer’s satisfaction charts.