How banks can create a truly stellar digital experience




Wissen Team


April 28, 2023

Adapting to the fast-paced digital world can be a real challenge for banks – more so when it’s not just about success in the future but survival in the present. Although many banks are struggling to reinvent themselves to maintain a competitive edge, many others are achieving extraordinary results. 

Digital technology adoption is revolutionizing the banking landscape, opening up several opportunities – despite an environment that is extremely volatile and constantly plagued by significant regulatory oversight. The only way banks can survive and thrive is by embracing modern technology to offer stellar digital experiences. 

The road to digital success 

For banks looking to translate emerging imperatives to competitive advantage, technology adoption is the only way to wade through the hype and implement tangible solutions that provide enormous business value. 

Advancements in AI and machine learning, big data analytics, natural language processing, cloud, and more are enabling banks to completely revamp their front-end and back-end operations while ensuring the highest levels of regulatory compliance. 

Here’s how banks can fast-track their Digital Transformation journey and create truly stellar digital experiences: 

  • Recognize customer needs with AI: Modern digital banking customers are no longer content with a rich portfolio of modern products and services. What they want is for banks to proactively understand their needs – even before they realize it themselves. With access to powerful computing power and advances in big data analytics and AI technology, banks can easily and economically turn the growing volume of unstructured customer data into actionable sources of insight. By extracting value from millions of customer data points – including audio logs, emails, social media interactions, etc., – at high speed and assessing it in visually interactive formats, banks can stay abreast with trends, understand customer buying behavior, make predictions about future needs and offer experiences that meet those needs. 
  • Offer quick and accurate responses with Natural Language Processing: Digital banking customers who reach out to customer service executives demand quick and accurate answers to their growing list of queries. Thankfully, past interactions provide a tremendous source of untapped value that can be gleaned and acted upon. Natural Language Processing or NLP makes it possible for banks to identify correlations in vast amounts of unstructured data and create learning models using cutting-edge technology stack and research. By processing text and audio conversations, banks can carry out an array of tasks across linguistic analysis, statistical modeling, sentiment analysis, keyword extraction, and more. Such analysis can help banks improve their customer service responses while constantly learning through experience. 
  • Personalize interactions and experiences with UX design: Modern banks can no longer focus on the functional coverage of their products and applications; they need to be just as particular about the experiences they provide. With banking customers expecting the same level of sophistication in the banking apps as they enjoy on their devices, personalizing interactions, and experiences based on user needs is critical. Using modern UX technology, banks can design efficient and highly optimized interactions, and offer experiences through top-class visual design. 
  • Enable unified omnichannel experiences with mobility: With more and more devices and applications being used by customers, anytime, anywhere access has become a requisite. The explosive growth of customer touchpoints has blurred the lines between channels, compelling banks to enable unified omnichannel experiences. With advances in mobility, banks can integrate many new-age features such as in-app messaging, chat and voice bots, payment gateways, and more into banking applications. Such features can help banks drive targeted sales while enabling precise and powerful interactions and improving customer engagement – all along the journey. 

Transform banking customer experience 

Digital technologies are dramatically changing the way banks are delivering services (and value) to customers. Developments across AI, NLP, RPA, UX design, and mobility have opened up a world of new opportunities for banks. Embracing advancements in these avenues can allow banks to accelerate their Digital banking Transformation journey while keeping up with the pace of continuous innovation.