Customer Experience Should be the Central Force Behind Banks Digital Transformation

The current climate in the banking sector suggests the need for an upgraded credit experience that will be characterized by the ability of banks to predict daily credit requirements of individuals and assist them, relying on Open Banking to bring all the pieces of the puzzle together. Below we will discuss the major trends that characterize the matter.

Artificial intelligence, voice-based artificial intelligence, smart glasses and machine learning – are significantly contributing to the changing dynamics of the ecosystem. The higher the importance of the latter, the bigger the need to integrate them into the experience of users in the field of banking, telecom, retail etc. Another important place to start is building an intelligent, immersive, integrated and invisible core that will increase the level of personalization, which is fundamental. Now, when staying ahead of the digital curve is critically important, technological transformation and the opportunities it presents is gaining priority for companies all around the world. Banks have to go beyond simply offering a product or a solution by focusing on the creation of a holistic journey that will keep users’ needs satisfied. It is the experience that must become a characteristic feature of the particular institution and help it reach out to new potential customers.

There is, therefore, a growing need for organizations to concentrate on the user experience part of their digital transformation agenda. Simple mechanic changing of the core will not be sufficient for the majority of banks, as the customer journey is what they need to bear in mind throughout the process. However, ‘hollowing the core’ can help the providers of IT technology diversify for higher flexibility and innovation integration. This idea suggests that the traditional core banking platforms act solely as systems of record, securely holding customers’ transactions data. This strategy is simple, but do not diminish its effectiveness in terms of influence on the customer experience. Many claim that embracing the basic human needs-driven approach is the key to successful operation in today’s digital environment. Cooperation among actors is also a powerful catalyst of movement forward.

So, summing up, we should probably expect banks to be launching legacy transformation journeys by creating a truly digital core with a strong focus on customer experience.