6 Innovation Strategies For Retail Banking
PSFK’s Digital Banking Playbook with Microsoft defines strategies for retail banks to become more efficient, trustworthy and effective
Financial institutions can benefit from implementing strategies to help keep customers feeling taken care of and protected. For PSFK’s Digital Banking Playbook in partnership with Microsoft, we devised six strategies for retail banks to use in catering to the needs of their clients.
Develop conversational interfaces
Financial institutions can deploy digital assistants to convey crucial financial information in natural, conversational language to consumers who need quick resolutions to common problems or requests. These services, often integrated into existing digital platforms, help customers make financial decisions more easily and are able to adapt to their real-time contextual needs. Conversational tools can also solve menial customer requests and liberate human counterparts to take on a more personalized, active role in customer service.
Enable omnichannel payment experiences
Customers are seeking cross-channel access to their finances based on their unique preferences or circumstantial conditions. To empower customers to choose their preferred channel, banks can use APIs to integrate financial tools into partnering platforms, which allow users to complete a payment experience without leaving a provider or losing data. Untethered and unrestricted engagement leads to increased customer satisfaction and positions the bank as a lifestyle partner.
Offer holistic credit evaluation
AI-enabled tools and services can help banks provide a more behavioral-based assessment of the creditworthiness of potential customers. By augmenting traditional credit evaluation methodologies with additional indicators of reliability, financial advisors can grow the list of customers they are able to serve. While AI-assistants can forge predictive and preventative solutions for instant credit scoring services, clients can receive tailored service and recommended products from human banking associates.
Provide biometric authentication
With today’s uninhibited, always-accessible digitization, a complex password or code doesn’t always ensure security. To better protect investments and financial portfolios, banking institutions are employing security features that leverage personal biometric characteristics to authenticate access to financial information. Financial systems are verifying customer identity through voice activation, fingerprints and other visual cues to provide better security measures, with an added convenience for the consumer.
Create an operational ecosystem
As consumers grow more comfortable with ambient technologies within their homes, automobiles and daily routines, banks must partner with third-parties to integrate financial processes, services, content and data into the consumer ecosystem in a secure and reliable way. By assuming a role in a user’s connected routine, a financial institution can securely communicate and learn from consumers in their most natural environments.
Deliver progressive transparency
Financial services can build trust and gain consumer loyalty by inviting consumers to take a look at their internal operational structures and fee litigation. By using clearer messaging, visible fee structures and even allowing client input into product and service development, customers will feel more comfortable relying on a bank to handle all their financial needs.
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.
Lead Image: Young woman withdrawing money via Shutterstock
Before you start filling up your calendars with conferences to spark your business innovation and personal growth this year, add CXI 2018 conference to your wish list! For its 12th year running, PSFK is hosting an intimate conference where emerging pioneers and established experts will take the stage to discuss all things innovation around the new consumer experience.
Jonathan is the CEO of Wire, a modern communication network that weaves together text, talk, pictures, video and music into beautiful conversations. He has two decades of experience shipping products in startups and more established enterprises such as Time Warner Communications, Camino Networks, Skype and Microsoft. He was a pioneer in the earliest consumer broadband services, the industry’s first mass market commercial SIP products, and the advanced internet audio and video signal processing stack’s included in Skype and webRTC. Jonathan graduated with a Master of Business Administration from the University of Hawaii at Manoa and a Bachelor of Arts in Law and Society from the University of California at Santa Barbara.