Improving The Client Experience With Digital Banking Strategies
Three scenarios from PSFK’s Digital Banking Playbook, a collaboration with Microsoft, demonstrate how emerging tech helps financial institutions deliver more relevant services
Financial institutions depend on satisfied customers. In an increasingly competitive marketplace—populated by fintech startups engineered to keep pace with exacting consumer needs—banks and firms must adapt and upgrade by implementing technologies like artificial intelligence and cloud-based solutions to optimize their services.
PSFK’s Digital Banking Playbook, a collaboration with Microsoft, presents insights and strategies for three financial service sectors: retail banking, investment banking and wealth management. For each, PSFK Labs composed a scenario to highlight how cutting-edge technologies can benefit both institutions and clients by streamlining processes, maximizing the power of data and providing a seamless experience for customers across their preferred channels.
Mobile-first, global lifestyles and uncertainty towards 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.
By leveraging deep data insights and AI-powered advisory tools, banks can provide faster, more intelligent advice and execution capabilities to their clients. These intelligent digital tools improve accessibility for sophisticated investment management to allow users to deal with unexpected and volatile market events swiftly and effectively.
In order to grow their customer base, financial service firms must develop a range of differentiated packages to complement their clients’ budgets and levels of assumed risk. By matching offerings to a client’s needs and parameters, financial institutions can prevent customer attrition and optimize their return on each client relationship.
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.