Why Banks need to ensure millennials think they are 'on fleek'

Jessica Headshot
Jess Bromley
Sales Executive

Customer Experience is the new in thing and it’s entirely unavoidable.

Customer centricity is the hot new topic and its measure no longer falls solely on the Marketing Departments lap! As Jerry Gregoire (Dell CIO) says “Client experience is the new competitive battleground”. Indeed, customer experience is now being seen as a core differentiator when it comes to you and your competition. The challenge facing businesses looking to adopt a ‘customer centric’ approach lies in the blend of customers that are interacting with their products and services, and the individual (sometimes conflicting) expectations of each – how do you personalise the typically impersonal?

If you look at the banking industry and the variety of interactions a customer has with one bank for example:, from opening accounts, through to loan, mortgage and insurance applications, each experience is typically siloed. There is limited unification across the channels of a business which can become frustrating for the customers they are serving and ultimately wanting to win the business of. Take address history as an example, how many times are we, as consumers of the bank’s products, required to supply our address history to the same bank? Commonly paralysed by strict legislation around the managing and holding of customer data, Banks must still find a way to service the ever-increasing customer demand for simple, intuitive experiences.

A key challenge facing banks is that customers are engaging with them through a multitude of devices, and the requirement to intelligently orchestrate each interaction across every touchpoint to provide “one truth” to both the customer and business. The experience offered needs to be seamless across every device. Expectations are higher than ever as the “clients of tomorrow” are being influenced more and more by their peers and the interactions that they have with other digital services (like Uber and Airbnb). They want everything available at the touch of a button (or, more appropriately, the touch of a screen) and the digital savvy generation – no longer influenced by the proximity of a Bank’s branch to their house or workplace but the quality of its mobile banking app -  have no qualms about moving away from an institution that doesn’t service their requirements.

Know your Customer

The key to managing this challenge lies in consistency and knowing your customer.

Tailoring experiences and fully understanding the individual needs and behaviours of customers are going to be the key to gaining that ever-elusive competitive advantage. Every unique interaction a customer engages in needs to be taken into account throughout the course of their journey. Over time, patterns can be identified and these patterns can be used to enhance the journey of the customer.

While there is no silver bullet for customer experience (given the wide demographic of customer), technology is the skeleton key to unlocking astounding customer experience. One technology proven to enhance customer experience is intelligent process automation. More and more banks are identifying that processes in the real world are not linear, just like the customer journey. Process automation can no longer be about automating a single element of the journey, it has to be about putting the customer at the centre of the process and working back from there. A process should work more like a football match rather than a bowling game. Banks can no longer just continue to run pre-determined processes from start to finish, with a wide demographic of people interacting with products through a screen at the speed of light. Banks need to look at each customer on an individual basis.

Adam, a 22 year old personal trainer, is going to interact very differently to how Laura, a 29 year old air hostess, would. Throw a 72 year old retiree into the mix and you have three entirely different individuals each wanting to have different experiences with a bank and it’s product. Wouldn’t it be great if your product could be programmed to respond in different ways to each of those people based on the data they provide? Responding, in real time to their suitability and demand for your products and your desire for their custom.

That no longer needs to be a utopian dream, it is entirely achievable with intelligent process automation. Multi-dependent, non-linear processes do not need to cause headaches for both customers and employees.

At Autologyx, we automate the real world, whether that’s a customer on-boarding process or a clown fish in a fish tank, we can automate any process from the repetitive to the insanely complex and provide you great ROI at the same time.

Our proprietary fabric automation® empowers organisations to embrace innovation to support customer centricity initiatives, empowering them to integrate next-generation technologies with legacy systems. Not many organisations – especially banks - benefit from the ‘clean-slate’ technology landscape as the aforementioned digital and customer experience masters Uber and Airbnb … but in the hearts and minds of the customer that will not matter and with Autologyx, nor should it!