Although the financial sector has added innovation in the goal of transformation and inclusion in recent years, new technology alone is not enough. How can you stand apart in an industry where everyone seems to have already developed everything?
When it comes to analyzing a product as universal as credit cards, estimates indicate that there are approximately 1,100 million in the United States today. According to Statista, there are approximately 221 million in Brazil, which leads this ranking in Latin America, and approximately 60 million in Argentina. Finally, by 2025, there will be more than 36 million people in Mexico. To summarize, there are numerous banking and financial products and services available.
However, whether the credit cards they offer are contactless or not, whether the bank’s mobile application allows its users to resolve this or that operation, or whether any traditional service offer is modernized, the difference does not occur simply by having functionalities that add value to customers.
The key to excelling is to provide enjoyable experiences that leave an indelible impression on customers’ thoughts. The benefit of being able to leave an emotional imprint is that it lasts for a long time, confirms the brand’s positioning, and establishes intangible but highly powerful relationships with each client.
In the aftermath of the pandemic, the banking industry is shifting toward more digital, mobile, simple, and personalized products and services.
Seven factors that will have an impact on future banking
Brands must define what they want customers to get out of their digital experience. Conversion takes place not only on a commercial level, but also on an emotional level. Banking clients’ growth in the future will ultimately be determined by two essential factors: value and experience..
What should firms consider in order to create memorable experiences for their customers?
1. Towards a solution based on the client’s daily needs
Users want to manage their money and daily finances using mobile devices in a more personalized and unique way. As a result, businesses must have scalable processes and more empathetic relational services tailored to each client’s stage of life.
2. Immediacy as a goal
Access to great products and services should be made easier. In today’s world, it’s much more natural to open a bank account in a completely digital manner. There will also be more banking goods on demand in the future, which will only be active or disabled when the user needs it. As a result, it will be necessary to get simple financial items. In this way, the consumer is delighted from the very beginning, and its worth is reflected in an unforgettable experience.
3. Simpler and more accessible processes
Managing money and finances is and should become easier. From making a transfer to paying or purchasing. The value relies in being in charge of everything that moves when money moves, resulting in increasingly intuitive experiences.
4. More proactive and timely
Clients will be encouraged to use dynamic technological tools. Financial advisers, for their part, will have access to more data on trends, behaviors, and customer information in order to provide more intelligent and proactive advice. The client will no longer approach the bank on their own, but will go to them with a relevant investment or financial management offer.
5. Increased automation
Commercial and operational workflows may be established in the future to anticipate commercial action plans and, above all, to eliminate manual actions. In this manner, each of the processes will achieve instantaneous and complete transparency. Furthermore, businesses will be able to tailor their products and services to the specific needs of each customer.
6. More predictive and personalized
The segmented experience enables the development of processes and services that understand the needs and unique characteristics of each individual. In the future, financial institutions will need to develop specific relationships with their clients, with tailored offers for each need, based on where they are in their life cycle. As a result, the bank will be able to anticipate with a relevant offer. Treating all users the same will become obsolete.
7. Becoming conversational
More conversational experiences, in which the user interacts with the brand in a more personal, friendly, and natural manner. This will allow for more friendly relationships rather than just transactional ones. In addition, the use of voice banking systems that guide, accompany, provide confidence, and help in any emergency will grow.
Benefits in banking customer experiences
Banking will become more of a partnership than a transactional service. It will be a more relevant, intelligent, and engaging participant in digital identity, eliciting positive emotions with each interaction. Regardless of the path that each brand chooses to create delightful experiences, the truth is that they all have three common benefits that customers will receive:
To be effective, they must have a purpose, with explicit goals to meet client wants, in advance and with maximum intelligence. Customer demands for future solutions will be quickly met with the integration of Fintech into their value offer.
The experience must socially «place» the person who is experiencing it in a context of shared values. The status retains a categorical importance in achieving the users’ sense of belonging to the brands and, as a result, bringing them closer to the construction of their own digital identity for each user. The challenge will be to maintain consistent content in each channel, touch point, and moment of the journey through a continuous marketing effort.
Making the experience entertaining is essential. Nobody loves to be bored, thus relating to fun, entertainment, or recreation is essential for success. In addition to being able to complete the transaction, if the banks are able to bond with their customers in an empathetic, lively, and pleasant manner, they will be able to provide an added value to the service aimed to conquer emotions.
In any case, it should be emphasized that the experiences provided to users are not sufficient on their own. Those who are memorable and will be remembered are those who will undoubtedly add differential value to people’s lives.
Do you want to learn more about Multiplica’s future plans? Contact David Boronat, the company’s Founder and President, to learn how we are assisting our clients in rethinking their company’s digitization with an eye toward the future.
You can also take a look at our Soft eBook The Future Day: Trends in Digital Experience 2021 is also available for download if you’d want to learn more about how digital trends are evolving in 2021.