From ATMs to self-checkout counter, the self-service revolution is sweeping the financial service space – with customers seeking electronic and mobile experiences more than ever before. This paradigm shift of financial industries has given rise to the fintech revolution. And when talking about the fintech revolution, how could somebody escape the mobility factor. Mobility plays an imperative role in this digital revolution; it has given customers more control over the service process and reduced manual efforts at the same time.
On the contrary, according to Accenture analysis – 52 percent of customers with smartphones are using mobile banking facilities, but only 27 percent have tried mobile deposits. The numbers indicate there is a lot of untapped digital potential.
But, the question remains, despite many significant investments, why is the finance sector still struggling to unleash the full potential of self-service? It could be that self-service is not entirely addressing the customers’ needs.
To remain competitive, financial institutions need to have a more innovative strategy, which bridges the gap between services offered to customers and their expectations. They also need to improve their digital channels and simplify the transaction process where customer barely needs any physical assistance. However, to execute a smart strategy, it should be backed up by the right set of technologies.
Let’s see how technology is going to shape the financial service space:
Having a Chatbot for Customer Service:
Today’s customer expects their questions and concerns to be handled anytime and anywhere. Bots have made this even easier for industries, especially the financial industry, where customer data and security remain challenging. Having a virtual bot enables your customer service team to provide in-person support to your customers by delivering faster and round-the-clock feedback without exposing financial information to one of the weaker points of data security, employees.
Enabling Omnichannel Banking:
Today’s digital customers initiate a transaction from one channel and complete it on the other. For this, they expect their experience to be seamless and in real-time. Omnichannel will help customers seamlessly switch their digital channels and enjoy the same experience. Omnichannel provides tangible benefits to both the top and bottom line. Banks that ensure their omnichannel online services are supported by their branches, ATMs, and call centers are lifting the bar for self-service banking. This integration of physical and digital channels allows customers to access banking services anytime, anywhere through any devices; seamlessly and securely.
Imagine when a customer’s request is answered before it has been placed. Having a robust AI presence helps monitor and analyze customer’s transactions and anticipate potential risks in advance- then providing information to customers on how to mitigate the risk. If that doesn’t sway your opinion, what if I told you that statistics suggest 88% of incoming requests can be resolved without human intervention with the execution of AI-powered self-service.
If traditional financial services do not show the skill required to replace their legacy business with new platforms, they might land themselves facing creative destruction.
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