What Are The Ways To Improve Customer Experience In Banking?
The digital disruption of banking has today revolutionized customer experience. Not only has it made the leap from conventional to convenient, but it’s also gone online and into your cellphones. New-age banking refers to this process– the digital transformation of traditional retail banking into one that gives more as demands are more.
One of the core focuses of digital transformations is to drastically improve customer service.
This is especially crucial in the light of fintech firms, online banks, and non-banking companies coming into the fray for payments and asset management. One of the highlights of traditional retail banks is the opportunity they have to meet, converse and maintain a relationship with clients in the flesh– something pure-play digital banking firms haven’t achieved yet.
That said, it takes a lot of time, effort and resources to begin a digital transformation, let alone complete it within a set span of time. New-age banking training is crucial for anyone looking to join the retail banking sector today, or even for those professionals wishing to retain their bank jobs and become future-proof.
How then, can conventional retail banks improve their customer experience through new-age banking training?
Enable digital on-boarding
New technologies allow banks to move verification of credentials online, using digital IDs, fingerprints and even voice recognition software. This is very helpful for clients, who till date have had to fish out credentials and IDs for every major banking transaction.
Through training, employees can learn how to manage this new technology without a hiccup, because a crucial part of bringing in new technology is ensuring there are people to effectively manage it. This improves customer experience and speeds up operations.
Automate or move basic processes online
The retail banking experience needs to be seamless to hold the fort against other online competitors. A good way to begin this is to automate or make mobile basic processes such as opening a new account and resolving issues. Relationship managers can be trained to operate front-line AI systems that carry out routine calls and checks on silent clients.
Hyper-personalisation is a benefit of digital transformations, especially in this age when clients expect to be treated on an individual basis rather than as part of a general segment. Through a new-age banking course that focuses on customer service, employees can understand how to target customers based on their individual data.
This could be in the form of relatable discounts based on spending categories or sending location-specific push offers. A banking course that covers personalization in customer service can make trainees more efficient at their job role and keeps clients happy as well.
Establish self-service areas
While this idea hasn’t caught on as much in India, it’s a viable option for banks that see a lot of footfall around basic processes that don't need too much human intervention. Interactive walls and digital terminals are just a couple of options to introduce new-age tech into banks.
Employees can then focus on assisting clients based on their response at digital terminals, or if there’s an extensive issue that the terminal can’t solve. This way, employees can focus more time and effort on actually providing help rather than going through the motions frustratingly.
Improve internal efficiency
When new technology is installed, there will always be a period of confusion. To minimize the damage caused by this period, employees must receive new-age banking training that not only helps them understand the technology that’s in use but also how to use it to leverage their performance. This could involve revamping structures, breaking down internal job silos, even bringing dedicated experience teams into the picture.
New-age banking is no longer a thing of the future, it’s a reality. To get with the times and future-proof themselves, employees must undergo training that exhaustively covers new technologies. Retails banks will only benefit from such an investment because tech-savvy employees mean satisfied customers.
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