Skip to content
Tiatra, LLCTiatra, LLC
Tiatra, LLC
Information Technology Solutions for Washington, DC Government Agencies
  • Home
  • About Us
  • Services
    • IT Engineering and Support
    • Software Development
    • Information Assurance and Testing
    • Project and Program Management
  • Clients & Partners
  • Careers
  • News
  • Contact
 
  • Home
  • About Us
  • Services
    • IT Engineering and Support
    • Software Development
    • Information Assurance and Testing
    • Project and Program Management
  • Clients & Partners
  • Careers
  • News
  • Contact

Making Banking a More Effortless Experience

Along with nearly every other industry, banking is facing greater competitive pressure than ever. The need for innovation is growing, along with the ability to deliver more effortless experiences for customers and employees. As banks continue to face this reality, they’re also tasked with addressing a variety of rapidly changing issues, including those surrounding data protection, adoption of cryptocurrency, and anonymizing data (AI models). 

While digital banking has been growing for years, the pandemic tipped the scale, forcing nearly every consumer to become part of the digital banking ecosystem. As the industry continues the shift from in-person services toward remote customer service and hybrid models, banks are focusing more than ever on how to support their customer’s experiences in a way that quickly answers inquiries and gives customers a more frictionless experience for loan applications and other financial services. 

Technology innovation is making a significant difference here. Flexible cloud-based solutions are enabling seismic improvements in customer service, especially as financial institutions place a greater focus on digital transformation and streamline their operations.

Cloud-based delivery models focus on improving communication channels to help deliver the omnichannel experiences that banking customers now expect. Banks can rapidly add a wide range of features to business applications, including voice, video, and SMS through communication APIs.

Let’s delve a little deeper into a few ways that banks can use these technologies to create a more effortless experience for their customers and for their customer-facing employees. 

Beyond Voice: Creating Effortless Customer Experiences 

Digital transformation for banking customer experiences is not just about the call center and phone calls anymore. Rather, it’s about a multiexperience approach. No matter what channel your customers choose to connect with your bank, or where they connect from, the bottom line is that the customer needs to have a great experience that exceeds their expectations

Think about how the work environment and the bank customer experience have evolved in recent years, beyond voice capabilities. It’s now about using email, mobile, web, chat, SMS, social and other channels to access the banking environment and quickly get things done. In addition to offering a multitude of channels, banks need to make the experience consistent across channels and seamlessly cross channels based on customer needs

Here are just some of the ways that customer experiences are evolving beyond traditional banking transactions and activities with the use of cloud-based solutions:

  • Leveraging biometric authentication to allow customers to verify their identity easily and quickly without having to remember PINs or passwords, allowing customers of banks to be authenticated based on who they are, not what they know.
  • Offering a variety of payment options through mobile payment apps.
  • Quickly provide access to a client manager if a customer can’t complete a task with self-service online. 
  • Creating a unified workflow for employees, so that employees have immediate access to whatever information they need to best help the customer. 
  • Enabling a customer to escalate their situation and migrate to a voice call or ask for a call back. The bank can keep the customer’s information front and center and avoid losing track of the customer’s details during these handoffs to different channels. 
  • Easily identifying opportunities for upsell, while solving a specific problem for the customer, the bank can more quickly notice situations where a customer might benefit from a different product or a higher-value service. 
  • Utilize advanced AI solutions to assist agents and supervisors with resolutions for negative interactions while it’s taking place, significantly improving customer experience, and reducing costly post- call complaint mitigation steps.

If your customers are falling through the cracks or getting dropped during handoffs between departments, or if they’re getting frustrated by having to reenter the same information multiple times, these are indicators that the channels of access are still not unified. A unified customer experience across communication channels can accommodate all these needs in a way that is frictionless for the customer and efficient for the bank’s customer service team. 

Using AI for Automation and Conversational Intelligence

The use of AI in financial customer service continues to grow, showing up as chatbots, voice-automated menus and more. With a cloud-based solution, organizations can integrate powerful AI capabilities to deliver better “conversational intelligence” for rapid awareness of a customer’s history, background, current environment, and even current mood. 

For example, is the person on the phone frustrated, using angry words? An application can now listen and capture words during a conversation to help create a higher level of awareness of the customer’s current needs, while also pulling information from past interactions with the customer. This positions the bank associate to act upon customer needs quickly, based on near-real time awareness and a deeper understanding of the customer’s situation. Conversational intelligence helps banks deliver more effortless interactions, adapt in real time to the customer, and act with intent to address their needs. 

Dealing With a Complex Environment 

In creating an effortless customer experience, regulations, compliance, and security must always stay top of mind. Banks maintain sensitive customer information, and so must maintain high standards of information security to prevent data breaches and avoid cyberattacks and hacks. 

Digital platform providers are redefining customer identity verification, authentication, and security by leveraging the sensors on a user’s phone or laptop to prove who that person is faster and with far greater veracity. A strong Identity network and platform combined with a composable contact center architecture is a powerhouse combo for any banking organization that understand this imminent, critical next stage of customer identity and security.

Enhancing the Bank Customer Experience

Banks also face growing customer churn and are constantly challenged to enhance brand loyalty. Building a better customer experience with a unified approach across channels and products can help boost customer loyalty. By reducing friction to provide an effortless and differentiated contact center experience, CPaaS and UCaaS technologies can help banks build deeper relationships with their customers.

Two examples of how digital transformation in banking is driving an enhanced customer experience: 

  • Mobile-first: Financial services organizations are adapting their systems, processes, and communications to focus on mobile-first. Being able to integrate mobile with legacy self-service systems, for example, can help increase customer adoption of mobile interfaces. 
  • Adding value to voice: Voice has become the most important channel for bank customer service, because the most complex service inquiries go through the voice channel. Voice is where banks can apply meaningful improvement processes because this channel gets the most complaints and compliments. By taking transactions that are easily automated off the plate for customer service associates, the service team is freed to deliver better support for more value-added interactions. 

Financial institutions can strengthen their customer relationships with lower friction, more coordination across channels, and better orchestration across touchpoints … all to give customers the service they expect. Retaining high value customers will continue to be a challenge and the banks that make these transformational changes effectively will reap the benefit of customer loyalty

Banks need to elevate their role in their customers’ lives. When customers feel effortlessly supported and cared about by their bank, they get a new perspective on how the right person being available at the right time can help them solve their financial challenges and confidently move forward with their financial goals. 

To learn more about Avaya OneCloud, visit us here. 

IT Leadership


Read More from This Article: Making Banking a More Effortless Experience
Source: News

Category: NewsAugust 22, 2022
Tags: art

Post navigation

PreviousPrevious post:Consumers Want More Payment Flexibility in Their Shopping ExperienceNextNext post:The 6 most overhyped technologies in IT

Related posts

휴먼컨설팅그룹, HR 솔루션 ‘휴넬’ 업그레이드 발표
May 9, 2025
Epicor expands AI offerings, launches new green initiative
May 9, 2025
MS도 합류··· 구글의 A2A 프로토콜, AI 에이전트 분야의 공용어 될까?
May 9, 2025
오픈AI, 아시아 4국에 데이터 레지던시 도입··· 한국 기업 데이터는 한국 서버에 저장
May 9, 2025
SAS supercharges Viya platform with AI agents, copilots, and synthetic data tools
May 8, 2025
IBM aims to set industry standard for enterprise AI with ITBench SaaS launch
May 8, 2025
Recent Posts
  • 휴먼컨설팅그룹, HR 솔루션 ‘휴넬’ 업그레이드 발표
  • Epicor expands AI offerings, launches new green initiative
  • MS도 합류··· 구글의 A2A 프로토콜, AI 에이전트 분야의 공용어 될까?
  • 오픈AI, 아시아 4국에 데이터 레지던시 도입··· 한국 기업 데이터는 한국 서버에 저장
  • SAS supercharges Viya platform with AI agents, copilots, and synthetic data tools
Recent Comments
    Archives
    • May 2025
    • April 2025
    • March 2025
    • February 2025
    • January 2025
    • December 2024
    • November 2024
    • October 2024
    • September 2024
    • August 2024
    • July 2024
    • June 2024
    • May 2024
    • April 2024
    • March 2024
    • February 2024
    • January 2024
    • December 2023
    • November 2023
    • October 2023
    • September 2023
    • August 2023
    • July 2023
    • June 2023
    • May 2023
    • April 2023
    • March 2023
    • February 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • July 2020
    • June 2020
    • May 2020
    • April 2020
    • January 2020
    • December 2019
    • November 2019
    • October 2019
    • September 2019
    • August 2019
    • July 2019
    • June 2019
    • May 2019
    • April 2019
    • March 2019
    • February 2019
    • January 2019
    • December 2018
    • November 2018
    • October 2018
    • September 2018
    • August 2018
    • July 2018
    • June 2018
    • May 2018
    • April 2018
    • March 2018
    • February 2018
    • January 2018
    • December 2017
    • November 2017
    • October 2017
    • September 2017
    • August 2017
    • July 2017
    • June 2017
    • May 2017
    • April 2017
    • March 2017
    • February 2017
    • January 2017
    Categories
    • News
    Meta
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    Tiatra LLC.

    Tiatra, LLC, based in the Washington, DC metropolitan area, proudly serves federal government agencies, organizations that work with the government and other commercial businesses and organizations. Tiatra specializes in a broad range of information technology (IT) development and management services incorporating solid engineering, attention to client needs, and meeting or exceeding any security parameters required. Our small yet innovative company is structured with a full complement of the necessary technical experts, working with hands-on management, to provide a high level of service and competitive pricing for your systems and engineering requirements.

    Find us on:

    FacebookTwitterLinkedin

    Submitclear

    Tiatra, LLC
    Copyright 2016. All rights reserved.