1. Meet New Customer Demands

It's not merely workflows that have been changed by technology; expectations have also evolved, so that today's customers demand a banking experience that happens at lightning speed and provides an array of options. People have increasingly moved away from walking into traditional physical facilities to transfer money and make deposits and now use digital apps to complete these and many other transactions.

Acknowledge the Customer Journey

This progression toward digital empowerment isn't limited to just young people; customers of all ages want to stream line their banking experiences. This means digital products need to work accurately and understand different customer journeys.

For example, some customers need functions that include saving for retirement and making credit card payments. Others want to set aside a portion of their monthly income for charitable donations. Only with versatile products can banks meet the diverse needs of all their customers. This is a commitment to personalization that continues to define the digital age - and promises successful growth for financial institutions.

2. Use Data to Personalize the Experience

How does this happen? By taking and analyzing clients' personal information. This can then be used to deliver tailored solutions. Customers actually expect recommendations from online brands and are disappointed when they don't get them. But advanced analytics shouldn't be the goal in and of itself. Instead, these tools should be used to support broader strategies.

Suggested Uses for AI

With AI, for instance, it's better to look at existing challenges and identify those that can be easily solved with this technology rather than exhaustively look for all the areas where AI is a good fit. And with financial products, AI can suggest solutions like a savings account or hardship fund to help evolve customers into faithful followers.

3. Implement a Culture of Innovation

For digital products to work successfully, a culture of innovation must permeate any organization from top to bottom. This resets the paradigm for both the present and future and encourages all employees to embrace new processes. Keep in mind that technology is equally available to all institutions, so this by itself is not a distinctive feature. Instead, it is the human component behind the technology that sets a brand apart.

You can therefore use innovative ideas to improve efficiencies and customer experiences in ways that elevate you above the competition. But if employees lack a creative mindset, the technology likely won't be used to best effect.

The Diagnostic Phase

Before a financial product can solve a problem, banks and credit unions must first undergo a diagnostic phase in which customer input is examined. Understand what clients need, and the technology can then be shaped to address those needs. Most organizations find that a series of smaller-scale changes are easy to implement and quickly improve customer satisfaction, especially compared to far-reaching solutions.

4. Move More Quickly

Technical solutions require firms to move swiftly in the ways they act, react, and learn. Banks that take their time in producing innovative solutions - and get tied up with committees, internal debates, and small pilots - drive customers to their more agile peers.

But banks moving forward with cutting-edge technology are those that test and learn. They experiment with new platforms and implement features like community boards to keep customers and employees alike engaged. In short, these brands respond swiftly and enjoy higher customer satisfaction rates. This is the very definition of a digital banking transformation.

5. Remember the Customer Perspective

Customers have flocked to digital channels in recent years to complete routine banking transactions. But they have accessed these apps expecting the same kind of experience as provided by other e-commerce brands. That is to say, they have expected great service and seamless transitions only to be met with a flat experience or, worse, a lack of answers to the questions they pose.

Let's say a firm's digital app is malfunctioning. When a client calls customer service for help, the agents provide little to no information because they're not adequately trained. This makes the client feel frustrated and, more importantly, isolated. This creates a real situation in which the customer quickly loses faith in his or her bank.

A Marked Disconnection

Here is the disconnect: people today make no distinction between offline or digital engagement and expect consistent treatment at all touchpoints. Whether using a mobile channel, calling are presentative, or walking into a branch, customers should receive the same brand experience in real-time. Without this consistency, banks miss the opportunity to turn clients into superfans that help them grow.

The disconnect can be overcome by training employees across all sectors of your brand. Teach them how to treat clients with empathy and how to use various technical channels. This consistency enforces the notion that your brand is driven by the customer experience.

6. Hear Customers on All Levels

Throughout the entire banking experience, financial products need to respond to customers. This means being fully operable at all times, moving fluidly, and responding intuitively. These attributes make customers feel heard - like their needs are being met. They also instill confidence in the products being offered, which can help a bank cross the threshold from just another brand to a reliable partner for all financial activities.

7. Be Prepared to Pivot

Thriving in the digital age requires you to be ready to embrace change at all times. You cannot predict what customers will want or even need in five years. It is therefore crucial you maintain a degree of flexibility and be willing to make changes.

When new financial solutions become available, they need to hit your market in six months or less. This allows you to address new pain points before one of your competitors does. Otherwise, a firm grows complacent and misses key opportunities to scale.

A digital strategy can give customers the sophisticated and personalized touch they need to fully trust your brand. We can help by delivering a proven platform that accelerates growth by offering digital financial products at a fraction of the cost of building it yourself. Learn more by contacting Co.tribute today.