Do you have (just) online channels or truly intelligent digital banking?
Build AI-powered UX that ensures banking market leadership for the next-gen users
June 24, 2020
Online banking is not new anymore, but almost a traditional channel that all the banks have. And yet, more often than one might think, it doesn’t deliver on the growing expectation to be personalized, simple and quick for the customer, while smooth and flexible “under the hood”.
With new regulations in place, Fintechs are putting a foot in the (traditional banks’) door with clever and user-friendly IT banking offer, increasing pressure to improve digital banking channels to enable quick and seamless onboarding and sales with a personalized experience across the board.
The process is hard, especially for legacy banks, with a lot of procedures in place and many different, often inflexible IT solutions in place. Yet, lagging behind will hurt the sales.
So, what should banks be aiming for?
According to the Boston Consulting Group, digital sales are a crucial new benchmark for banks — and a logical next step in the race to digitization. For every one time that customers visit a branch, they now access their banking apps between 50 and 80 times. What would definitely differentiate you from other banks that score low on digital experience, sales and personalized marketing, is having an engine in place that addresses various business layers – data, analytics, marketing operations, interaction, sales fulfillment. Leading banks are also aware that personalized customer experiences and extensive use of AI are key to their success.
AI brings some very tangible benefits for banks, while simultaneously enabling banks’ offering to be more relevant for the clients.
For one, AI can analyze customer behavior and form insights to predict churn and/or clients who may be motivated to buy a certain product. With AI, banks can recommend products based on the client’s status and behavior automatically, like an informed little helper that would suggest whether to offer an overdraft, a credit card or a bundle of products to your specific customer. Furthermore, AI allows a higher level of personalization and timely fulfillment of customer expectations in the blink of an eye. On the business side, banks often benefit from using AI in anomaly detection to prevent fraud, money laundering, and many more.
Make it clever and smooth at the same time: Omnichannel banking with AI capability
You must have asked yourself these questions at least once in a while:
- How many groups of customers are there based on their behavior?
- What are their characteristics?
- Who are the champion customers and for which ones can we do more?
- What is the likelihood that the customer will apply for and use a certain banking product in the following period?
- Which customers might leave…
By getting to know, rather than assuming your customers’ behavior, you can boost your sales and marketing efforts in a proper way. Instead of overwhelming your customers with generic or irrelevant offering that yields poor customer satisfaction and customer churn, you can determine which customers are likely to be interested in your current offer and target only the relevant segment. This is achievable through behavioral segmentation and recommendation system that is integrated into the omnichannel banking solutions from Asseco SEE digital portfolio – Digital Edge and Digital Origination.
Powered by artificial intelligence, these digital banking solutions bring excellent and unified experience across all channels with a smart product catalog powered by AI and a variety of self-servicing functions. With a powerful feature that recommends the next best offer specifically tailored for your individual customer, your bank will be more successful in upselling products and services by leveraging actionable data-driven insights.
You will be able to group similar customers based on their behavior to facilitate better campaign management, identification of the group of customers interested in a specific product, creation of segments from those most active to those who are hibernating and need a bit of an incentive to act. Based on historical behavior and similar customers, as well as on the frequency of product/service usage on a customer level, you can also predict the customer future interaction with your bank in terms of products and services they are likely to use. The advanced targeting approach allows you to place the right offer at the right time for your customers, which results in higher conversion rates and higher revenues.
A better understanding of your customers eventually leads to identifying opportunities for your business growth.
Superb digital banking experience across all channels
If you want to overcome the digital challenge and stay on top of the banking industry, it is necessary to provide your customers with a consistent digital experience with the same UI and UX – regardless of which channel they use for their banking. With Digital Edge and Digital Origination by Asseco in place, you will have brand new possibilities to operate in a completely reinvented way, thanks to the comprehensive set of touchpoint applications (WEB, mobile, ATM, Assistant, etc.) and ample digital engagement capabilities, all supported and connected with one hub. On top of that, these products also empower your digital sales with user-friendly, automated and fast process completion. With a sales and underwriting product specially designed for outstanding online sales of banking products, it has never been easier to acquire new customers and boost your sales with a simplified process and enhanced user experience offered by the technology that is already available and up-and-running.
Ready to kick off and spur your digitalization journey powered by AI? Schedule a free session to learn more about our digital banking offering.