The increase in digital technology has caused customers to seek experiences available at any time, at any place and in every way. We deep dive into how customer expectations have changed, and what banking sector can do to retain, delight, and gain new customers.

How technology can help drive innovation

The real impact comes when you use technology to emphasise the following three areas:

• Customer insights: Produce correlations from dispensed internal data such as CRM, transactions, and investment stats.
• Intelligence: Merge customer insights with external data related to economic trends and behaviour.
• Customer engagement: Leverage data from customer insights and intelligence to deliver personalised customer experiences at the right time, through the right channel.

Following are three ways where financial organisations can use technology to drive innovation, build resilience, and be truly customer-focused. 

1. Public cloud infrastructure

If you’re looking to innovate into a digital-first model, you need strong cloud foundations. Public clouds can be deployed faster than on-premise infrastructures and there’s no extra cost of purchasing, managing, and maintaining on-premise infrastructures. Every employee can use the same application from any device, securely over the internet.

For finance organisations, compliance and security is very important. Microsoft Azure is built with a multi-layered security approach, with physical data centres, infrastructure and operations. There are 3,500 cyber security experts actively monitoring to protect your business assets and data. With over 90 compliance offerings, you can ensure valuable data is correctly safeguarded, and AI-driven security signals can also help modernise your security operations.

2. AI

Another way for organisations to empower employees is by using AI. AI-powered chatbots are ideal as a first point of contact, and can answer frequently asked questions. If customers need more help, they can move them onto customer service representatives. AI can also be leveraged for knowledge mining and machine learning. This uncovers insights and analytics that can enable more informed business decisions. AI can test millions of ideas/scenarios per minute, uncovering insights and information such as credit risk scoring, identifying vulnerable customers, and interest rate changes. You can also test new business models rapidly. In the new normal, the ability to enrich existing data with external data will help build resilience within the organisation.

3. User experience

As customers are more used to digital ways of interacting, they expect financial institutions to adapt and innovate alongside them. Moving to mobile and web banking apps and leveraging new ways of delivering augmented experiences such as video conferencing, virtual reality, and augmented reality are key new business model enablers.

The new normal

In the new typical, competition will occur between business models rather than product and process innovations. Financial leaders should adjust their digital strategy to focus on supporting their customers with innovative ideas and empowering employees with new skills.

Source: https://cloudblogs.microsoft.com/dynamics365

Global iTS a leader in business applications on Microsoft technology, driving digital transformation for enterprise clients including BFSI, Government, Energy & Utilities for two decades now. We enable next-generation digital services for our clients across multiple channels and deliver them on the platform of customer choice. Headquartered in the United Kingdom, we are present across GCC countries with a team of 200+ professionals. We have our core expertise in the banking industry across corporate, retail, investment, and compliance. We enable customer digital journeys bringing unprecedented levels of customer delight, helping FSI adapts to change, and improving their decision-making process.