Banking on a better customer experience
By Ashley Thomas - Enterprise Customer Success Manager EMEA at DocuSign
By 2020, 60% of businesses will have a fully articulated digital transformation policy in place. Going digital is no longer just a ‘nice to have’, or something to save for next year’s planning cycle. It’s quickly becoming a matter of survival, especially in traditional industries like banking.
Whether you are a traditional bank or a new entrant on the scene, your digital transformation strategy should focus on improving the customer experience and satisfaction. Today’s customers are looking for personalised interactions, simplified banking and access to their accounts through technology.
Let’s take a look at some of the key digital trends today.
The future of mobile payments
UK Finance is forecasting that cash will be used for just 21% of transactions by 2026.
With today’s consumers living on their mobile devices, it’s not surprising that mobile payments are on the rise. Looking to improve invisible payments beyond the widely used Apple and Google Pay, credit card and payment services provider Barclaycard actually developed a ‘queue-less’ checkout concept at their staff canteen.
They’ve since expanded the pilot to include public restaurants in London where diners can opt to pay with their mobile device and leave after their meal without having to wait for the bill to arrive. The innovative idea not only seeks to improve the bank’s own direct client experience but also to tackle a common frustration when eating out.
Using data to improve mobile banking
According to a study by Juniper research, mobile banking users now represent 50% of the global banked population. These users of course want access to traditional core banking features such as viewing balances, making transfers, paying bills and more.
But to really stand out, banks also need to take it one step further to make mobile banking a valuable activity. Chip Savings, for example, uses AI to calculate what its customers can afford to save and automates the process.
More traditional banks are taking note as well, by analysing past spending trends to incorporate predictions into their mobile banking apps. They predict a user’s financial health and provide real time recommendations for improvement.
Enhancing customer service with chatbots
Banks traditionally haven’t been known for their service, but the digital shift is starting to change that. One of the ways banks are evolving to improve customer experience is through the use of chatbots. These digital, intelligent assistants enable the bank to have meaningful conversations with millions of their customers.
Bank of America’s Erica bot is voice, text or tap activated and she can help you transfer funds, view balances, schedule meetings, and get some general account-related support. To date, she has surpassed 6 million users and responded to over 35 million customer requests.
Each interaction to onboard, engage or upsell a customer provides an opportunity to enhance the customer experience, and agreements underpin many of these moments. Those agreement processes need to be just as personal, simple and accessible to meet customer expectations.
The DocuSign Agreement Cloud™ makes it easy to keep customer confidence and sentiment high during those key agreement processes while simultaneously improving completion times, reducing costs and errors, and improving regulatory and legal compliance for the bank.