April 21, 2017 12:00 AM
Delivering excellent service has always been a fundamental objective for banks striving to retain relationships with customers. However, the emergence of digital banking seems to have complicated this ambitious goal.
As statistics show, achieving excellence is easier said than done. For example, according to Accenture research, nearly 80% of customers define their relationship with banking providers just as “transactional.”
The main reason for such thinking lies in a growing number of customers’ digital devices being used for banking purposes.
Banking is becoming more technologically oriented and now can be done by pushing a button in an online banking app. In these circumstances, mobile banking can become a tool to build up competitiveness in delivering extra value for customers.
Delivering excellent service with a mobile banking app means delivering fast, convenient and personalized transactions that match customers’ pace of life. The following mobile banking enhancements can help banks to pave a smoother path towards intuitive and slick customer experience.
This functionality can be further extended to using chatbots and artificial intelligence (AI) to handle context-driven interactions. For example, RBS has introduced a mobile chat feature for business customers to reduce both call- and in-branch waiting. And in 2016, they enhanced this function with “human” AI to streamline customer query resolution.
For banks that strive to become leaders in the market, delivering excellent service is one of the main priorities, as it provides an incentive for customers to come back. A great service makes customers feel that their bank really cares about establishing and nurturing a long-term relationship that goes beyond the ordinary transactional service. Such attitude implies constantly raising the bar to outshine all previous achievements. The proposed features can help banks to improve the level of their service, but they should be aware that the quest for excellence is a perpetual process, not a destination. That is why those banks that strive for service excellence should opt for ongoing improvements.