Managing a customer experience transformation in banking with Infobip

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Customer experience has become a focus point for many organizations over the years, especially since the pandemic. Banks, specifically, have seen fintechs and other digital-savvy competitors enter the market – delivering seamless experiences in the palm of every tech-savvy customer’s hand. To stay competitive and retain customers in the long term, traditional banks need to digitally transform their customer experience – shifting to a conversational banking future.

Here we outline how Infobip helps banks manage a customer experience transformation with the right tools and technology.

Why digital customer experience in banking matters
Before we dive into the challenges and solutions outlined below, let’s go over what digital transformation in banking really is and why it matters in an online world.

To start, digital transformation happens when a business integrates technology into all areas of operation. For banks, this means providing:

Intelligent customer engagement
Improved customer experience
Open banking
Digital account insights
Analytics
Compliance
But why does it matter if a bank is technologically advanced or not? Well, because customers care.

In a recent survey, millennials (24 – 40-year-olds) said they don’t want to wait for a reply for longer than 10 minutes. In the same survey, 71% of customers said they get frustrated if their banking experience is impersonal – and 72% said they would tell 6 or more people when they have a positive experience.

Statistics demonstrating the importance of customer overseas chinese in worldwide data experience transformation in banking
In other words, if banks don’t have the right tools and technology to keep up with digital-savvy competitors, chances are they won’t be able to deliver the digital banking experience customers now expect (and demand) – resulting in high churn rates and low retention.




When it comes to the customer experience, traditional banks have a much broader demographic than fintechs, and therefore support a greater range of communication requirements; from accessibility support, to printed materials, relying on email, and investing significantly in voice-based call centers. Fintechs, on the other hand, are built for purpose in the digital domain, meaning they can focus on delivering much of their customer experience via their applications. This concentration of effort is a clear advantage for fintechs who can release new features and services with comparative ease.