How to automate with the banking customer in mind—and create a smoother CX

With digital services and automation tools increasingly centering the banking experience, today's customers seek a certain level of instant gratification. In order to keep customers engaged, financial institutions need to build journeys centered around efficiency and great service. Here's how — and why.

Today’s customers are used to getting what they want, when they want it — with just a few clicks. But the banking industry still comes with a customer journey that can be cumbersome because of delays, errors, hidden fees and fund-accessibility issues. When was the last time you told someone about the great service you received from your bank, insurance company or tax office?

Whether it’s a car or house purchase, investment fund transfer, or simply renewing a bankcard, financial institutions do not generally have the best track record when it comes to customer satisfaction or net promoter scores (NPS). Customers rank their streaming and parcel delivery service higher in terms of satisfaction. The effectiveness of a bank’s digital services, or the TrueDigital Quotient, comes in at a mere 25%, reflecting the dissatisfaction customers feel when completing transactions solely through digital channels.

Many big-name banks and financial institutions are exploring ways they can increase customer satisfaction, reduce operational costs and drive revenue growth by using artificially intelligent (AI) technologies in the future. But why reinvent the wheel?

Doesn’t investing in existing intelligent automation (IA) to manage digital tasks make more sense? IA utilizes robotic process automation (RPA), AI, machine learning, no-code development, natural language processing and other cognitive technologies to optimize workflows and boost efficiency. But IA can do more than that — because end-to-end process automation can have a real impact on boosting customer satisfaction.


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