Building a Successful Customer Experience in Today’s Banking

Delivering similar experiences to Neobanks and Fintechs is not as challenging for traditional banks as some in the industry believe.

The race is intensifying between Banks, Neos, and Fintechs vying for the customer’s attention and wallet!

I’ve always been passionate about leveraging technology in building better products and witnessing how more and more financial brands are using technology today to carve their own digital journeys and enrich their customers’ experiences.

Conducting Financial Transactions with Unprecedented Ease and Speed

My enterprise sales career in Fintech and Digital Banking is mainly fueled by a desire to impact both consumers’ and businesses’ approach to banking and how so many of us in this industry are making it safer, clearer, faster, and easier to conduct financial transactions today.

Selling across the financial verticals, I’ve had both the pleasure and honor to interact with some of the most fascinating and bold decision-makers who are shaping tomorrow’s financial services industry as we know it.

Meeting the Expectation of the Digital Customer: Now And in the Future

Recently, while reading through what some of our favorite Neobanks are up to these days, I came across a phrase that I often hear but sometimes don’t really attribute the focus and truth that stands behind that simple statement…

“The priority is to build a successful customer service brand that offers banking and financial services, then the other way around.”

I couldn’t agree more. And the current pandemic, still surging amongst so many of us only strengthens the notion where we must accelerate within our digital transformation process to achieve those journeys that our customers so much rely on.

As many of us in the financial services sector are focused on mapping our digital journeys, some believe that those who are “digital to the core” have been able to successfully carve their own winning strategies and steadily acquire an increasing market share.

And then there are the non-digital at the core. The overwhelming majority, from community-focused to household brands, most of these banks and credit unions share one commonality between them.

Being around for much longer and focusing on both their physical and digital consumer experiences, they all gained, over time, the ultimate trust and confidence of the customer.

But if we break it down, being “digital to the core” simply means having access to all the building blocks that help create offerings that are fundamentally digital, faster to market, and provide an engaging, yet the simplified journey to our customers.

Breaking it down even further, it is not extremely challenging for a traditional bank to create digital products and journeys. An example where banks of all sizes and budgets can launch new products and experiences would be to implement the following strategy.

1.  Launch a DAO (digital account opening) process through automation, where new accounts can be launched within minutes without manual review.

2. But don’t stop there. The next natural step is the implementation of DLO (digital lending origination) process, allowing banks to digitize current lending programs and launch profitable products such as instant, unsecured small personal, and SME loans.

3. Third-party integration – the essential plugin that most Neobanks rely on to extend third-party Fintechs into their own platform as part of their digital value proposition. It is a lot less cumbersome than many believe for traditional banks to emulate a similar experience.

4. Integration with the core of choice and existing third-party service providers who providing essential banking services to-date. Choosing an off-the-shelf tech stack will not deliver the transformation banks expect, may delay launch deadlines, and increase the initially forecasted budget.

What Next?

To make this work, banks should consider choosing those technology partners who can add professional services to their product stack offerings. A consultative approach combining product stacks with the outsourced talent to digital transformation is a must for any bank when considering a cost-conscious approach and time to market.

At Tavant, we focus on helping traditional banks carve their own digital journeys and enrich the experiences offered to their consumer-facing channels by implementing the technology mentioned above stacks while adding a consultative approach strategy.

Our partners at Tavant happen to be some of the most renowned brands in financial services and small banks who are quietly enabling their digital transformation. We take pride in being a mid-size and super-focused technology provider by approaching transformation projects; we have in-depth knowledge, passion, and proven industry results.

To learn more, reach out to us at [email protected] or visit us at www.tavant.com.

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