Humanizing The Digital Banking Experience: Strategies For Customer Success

Digital banking has changed the way customers access their money and interact with their financial institutions. With the current level of digital transformation, they can complete transactions without having to step into a branch or even talk to a bank representative. It’s already a huge step forward, but the technologies are still far from perfect.

Today, it’s not only about practical convenience but also about saving time and having all of the data at your fingertips. The demand has expanded, and now people strive for more personalized experiences tailored to their specific needs and preferences. At the same time, customers are becoming more tech-savvy and expect a seamless and convenient experience across all channels.

What are these needs and expectations? Which relevant trends are moving the digital banking niche today? How can humanizing digital banking help you make your own product more successful?

In this article, we’ll give you a brief yet comprehensive overview of all these points with specific examples.

In This Article:

1. From Transactions to Relationships
2. 8 Ways Digital Banks Can Humanize Their Customer Experience
3. Looking to Implement Customer Experience Trends?
4. Humanizing Digital Banking—Conclusion

From Transactions To Relationships

The increasing use of smartphones, the rise of new FinTechs, and the overall trend toward personalization and a smoother user experience—it’s today’s reality that touches all business niches, including digital banking.

As a result, contemporary banks are under pressure to adapt to this change. And here are several examples of how they respond to this challenge:

• Capital One 360 is a US-based bank that has taken a human-centered approach. Their customers can access personalized spending insights, manage their accounts and transactions, and even apply for loans, all from their mobile devices.
• BBVA is a Spanish multinational bank that has also placed a strong focus on humanizing its digital experience. They offer 24/7 customer support through multiple channels, including chat, phone, and email. In addition, the bank’s website and mobile app are designed to be easy to use and intuitive, making it simple for customers to manage their finances.
• N26 is a fully digital German bank that provides a seamless experience through its intuitive mobile app with customizable features, innovative products, a strong focus on security, and multi-channel AI-powered customer support.
• DBS Bank is a leading Asian bank that has adopted a human-centered approach by offering personalized financial advice and tailored investment solutions through its DBS Digibank app. This app allows customers to manage their finances, access investment opportunities, and receive financial advice all in one place, making banking easier and more accessible.

As we can see, there are different ways for humanizing digital banking products, so let’s go through the main strategies to consider.

8 Ways Digital Banks Can Humanize Their Customer Experience

#1. Expanding The Perspective Of The Digital Transformation For Financial Institutions

Customer loyalty is a valuable yet unreliable resource. According to Emplifi, 86% of people will leave a brand they’ve been loyal to after just a few bad customer experiences.

This means, to beat the competition, successfully attract customers, and retain them, you should track, follow, and even get ahead of all the major digital trends.

People who use financial products and services are the same people who shop online, surf social media, and play mobile games. And if they see Virtual Reality (VR) technology being used when they hunt for property, sooner or later, they will expect some sort of VR integration while checking their credit score.

The following trends are currently ruling the day:

• artificial intelligence (AI), big data, and machine learning (ML);
• chatbots and banking virtual assistant solutions;
• personalized investment advice;
• gamification;
• augmented reality (AR) and virtual reality (VR);
• wearables and internet of things (IoT) integration.

The key question financial brands should answer is what can we do today to offer our customers the best experience that aligns with the latest trends?

#2. Empowering An Experience-Based Inner Culture

What does it mean to adopt a customer-centric mindset within your organization? First of all, it means putting the customer’s needs, wants, and expectations at the center of all business operations, decision-making processes, and your users’ digital experiences.

In practice, it means:

• making a customer-centric culture a core part of your mission, values, and goals;
• constantly encouraging customer feedback;
• empowering employees with the necessary tools, resources, and autonomy they need to make decisions that will improve the customer experience as well as customer lifetime value;
• measuring success by regularly assessing customer satisfaction, loyalty, and engagement.

Customer centricity requires a shift in company strategy and processes to prioritize the customer experience in all aspects of the business.