Adjusting To The Convenience Needs Of Banking Clients
A scenario from PSFK’s Digital Banking Playbook, a collaboration with Microsoft, explores how digital access points enhance the customer experience
Mobile-first, global lifestyles and uncertainty toward financial institutions are causing consumers to seek alternatives to traditional banks. To change the relationship they have with their customers, banks are evolving to deliver greater transparency and offer services that align with current consumer behaviors and needs.
Mary currently uses a larger bank but wants to switch to a digital-only bank to have greater access to her financial assets. This new bank would allow Mary to access financial services through a range of platforms, in addition to partnering with frequently used commercial services and prioritizing transparent communication at every step.
- Mary submits an application to the digital-only bank. She is approved based on her employment history, patterns of transactions and social media activity.
- While shopping, Mary decides on a dress to purchase and is presented with a bill. Because Mary’s bank analyzes her purchase patterns, it recognizes that this transaction is atypical for her and alerts her via a mobile app.
- Mary is able to authorize the transaction through her bank by scanning her fingerprint.
- Afterwards, Mary goes out to dinner. She realizes that she forgot to transfer money to her daughter Patricia, who is in the U.K. for a semester abroad.
- She uses Facebook Messenger to ask her bank to initiate the transfer.
- The bank’s AI chatbot responds and asks Mary to authenticate her identity by sending a selfie.
- Once Mary sends a selfie, the AI chatbot approves the transaction.
- Mary asks for a check when she finishes dinner. The waiter sends the check to her phone and she approves the charge by scanning her fingerprint. The waiter receives a notification that the bill has been paid.
- While driving home, Mary’s AI assistant, which is integrated into her car system, reminds her of upcoming bill payments; she requests to pay them from her car. The in-vehicle AI assistant verifies her identity via her voice and the bank verifies her payment.
- At the end of the day, Mary is able to access a summary of the day’s transactions on her desktop, mobile devices and home voice assistants.
The Digital Banking Playbook, presented in partnership with Microsoft, highlights how digital tools can augment a financial institution’s ability to optimize operations and reinvigorate the client experience. Download the free report here.