Customers need frictionless digital services to recover from the crisis, whether it's providing digital identity and authentication for quicker onboarding or increasing overdrafts to those who need it most in the right channel.
Fremont, CA: Providing a positive customer experience is no longer a luxury; it is becoming the most valuable competitive advantage a business can have. Customer relationship management is especially relevant now that consumers can easily analyze and move to a competitor's service given the popularity of digital channels.
Since the beginning of COVID-19, several customer-facing teams have been busy assisting SMEs in navigating the financial repercussions of the pandemic, managing their cash flow, and providing guidance on available stimulus packages, all while transitioning from primarily in-person to virtual engagements. This has not been a simple task. Here are four drivers of change in the banking sector:
Digital Disrupters
Given the growing difficulty of onboarding, it's no wonder that a large number of financial institutions around the world are losing ground to these digital-first disruptors. Customers would naturally gravitate toward financial services providers that have the same high-tech, low-touch interface as the consumer digital services with which they are comfortable with.
COVID-19
The pandemic has led many businesses to adopt a new hybrid approach to customer service that combines conventional customer-facing interaction with digital platforms. Customers need frictionless digital services to recover from the crisis, whether it's providing digital identity and authentication for quicker onboarding or increasing overdrafts to those who need it most in the right channel. To do so, banks must be able to provide more value to customers digitally while also increasing operational efficiencies by process automation.
Cost Pressures
It is undeniable that Covid-19 has served as a significant driver for digitalization. Banks are gradually focusing on digitizing customer-facing operations to improve customer loyalty while lowering costs.
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