As we mentioned in the previous blog about digitalization in times of COVID-19, customers are becoming more critical of their banks’ services – especially when it comes to digitalization and personalization. Challenger banks remain a threat largely due to their strong focus on customer experience.
Therefore, banks should integrate internal and external data sources and leverage enablers like Artifical Intelligence and Internet of Things, to improve Know Your Customer processes. In addition, front, mid and back office should be connected to deliver seamless customer journeys through all available channels.
Converting insights from customer experiences and data into actions is crucial. Banks should use data to improve customer processes, offer personalized service, and place financials services in a wider customer-orientated context.