Redefining Customer Experience: How Connected Banking Can Help

Ritesh Varma, Global Head & Vice President of Newgen

Customer experience is a priority for modern enterprises and the ability to respond rapidly to changing customer needs has become a key differentiator for businesses. Leading analyst firm, Gartner, has called out customer experience as the new marketing battlefront, stating that more than two-thirds of marketers say their companies compete mostly on the basis of customer experience, with the number only slated to increase further.

This holds true for the banking industry as well. Customer experience is one of the primary driving forces for financial institutions today. And with banks facing tough competition from new entrants, including fintechs and payment wallets, the industry needs to revamp its approach to banking and place the customer at the core of its strategy.

Bring Customer-centricity to Your Banking Operations with Connected Banking

Financial transactions are associated with complex operations, risk management, and regulatory compliances. Financial institutions, like yours, want customers to be able to seamlessly conduct their business and have a delightful overall experience. Connected banking is the key to achieving this and more.

Also Read: Newgen Secures a Patent for Online Collaborative Signing of Documents

A connected banking approach can help your bank optimize every customer touchpoint by enabling a smooth flow of information across your financial institution. Furthermore, it enables a boundaryless, extended ecosystem that brings together all your internal and external stakeholders to holistically serve your customers and generate a greater lifetime value.

How Can Your Bank Deliver a Superior Customer Experience?

Ensuring a superior customer experience is not a one-time affair. Rather, it is a culmination of various factors to deliver the best experience for your customers at every step of their journey. You have to achieve it consistently, over time, andacross touchpoints.

Connected banking can help you by:

1. Addressing the holistic customer journey
Connected banking enables you to efficiently map the customer journey across your products and services by cohesively integrating your functions, systems, processes, and people. Furthermore, you are able to deliver personalized and omnichannel interactions while keeping the customer at the heart of your strategies

2. Bridging silos
You can create an integrated banking environment to increase control and easily manage your processes and customer-centric initiatives. When operations are connected, all your functions are driven by agile processes, empowering you with end-to-end visibility without imposing standardized rigidity

Also Read: Business Growth in the BFSI Sector is Driven by Improved Digital Customer Experience

3. Accelerating digital
With connected banking, you can leverage advanced technologies, such as robotic process automation, artificial intelligence, contextual content services, and more, without losing your focus on customer outcomes

The Future of Banking is Connected

Adopting a connected banking paradigm can help you significantly impact your target audience and leverage customer-centric synergies across your strategy and operations. Furthermore, it helps you automate your banking processes for speed while providing the flexibility to perform contextually relevant actions and decisions.

While you address customer experience, you must also be mindful that it is just one of the four key drivers for successful banking today. The other three drivers include product innovation, operational efficiency, and security and compliance. Achieving all this in a sustainable manner requires you to create a connected bank—the one that canhelp you deliver disruptive and innovative offerings in an increasingly competitive landscape.

Views expressed in this article are the personal opinion of Ritesh Varma, Global Head & Vice President of Newgen.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.