As time progresses, the challenges faced by the economy are rising at an alarming rate, as an event like was never predicted, no contingency plans could be set beforehand. One of the most hardest hit are the banking services. As lockdowns and social distancing have been implemented, customers have turned their interest towards digital transactions.
Guided conversation systems that maintain communication between bankers and the customers are now one of the most important aspects of many banking operations, this ensures that financial institutions can supply customers with the services they require. Also, banks have given far greater importance to data analytics, this enables banks to acquire intel and provide/market targeted financial product and service recommendations.
Understanding the Customers
Guided conversation systems are great in utilising various data sources to easily recommend products or services based on their financial needs and lifestyle of the customers. These programs take data, like demographic and economic info, from customers and other third-party sources, and then analyse them to fine-tune recommendations.
Adapting to the lock down
The COVID-19 outbreak has posed a major challenge for financial institutions as consumers adhere to lock down orders. But the good part is that banks have been working on this for a long time now as work done in improving the digital experience has payed off during these troubling times.Also, ATMS have been kept functional during the lockdown so that those who have no access to the internet can still have access to finance.
What lies Beyond the Outbreak?
Competition arising from technological companies like Apple in the form Apple Pay, Google in the form of google pay and even Samsung in the form of Samsung Pay are just many of the myriad of companies now splurging their investments in banking services.
Banks can handle this challenge by designing easy to use services for good digital banking experiences, if it’s too complicated, then it will be avoided by customers. Not all customers are tech-savvy, even some of the richest men in the world like Warren Buffet has a difficult time in handling technology, so its best to take the interest of all the potential customers and design an easy to use experience.
Digital transaction has proven to be a great asset during these troubling times and more emphasis should be given as the world slowly transitions more and more to a digital economy.
