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Like most industries, banking is no stranger to a growing demand for digital customer experience (DCX). DCX efforts are focused on enabling customers to engage across any channel, such as voice, text, and video, at any time. DCX strategies, though, are about more than just adding new interaction channels. Rather, they involve the application of emerging technologies like AI and machine learning to improve all facets of customer journeys.
In banking, a digital customer experience:
Given the emergence of new customer interaction technologies, and the increasingly competitive nature of banking, it’s no surprise that 90.7% of banking companies participating in Nemertes’ Digital Customer Experience: 2018-19 Research Study have a digital customer experience effort underway now, or are planning to launch one by the end of 2019, compared with 85% of the overall pool of nearly 700 organizations.
Video conferencing continues to emerge as a key DCX technology to enhance interactions, leading to improved customer outcomes and increased sales opportunities, especially as emerging technologies improve the video experience. Today, banks can leverage video conferencing, either one-way with customers being able to see an agent or two-way to allow customers to be seen. The former provides a higher level of engagement for routine inquiries, while the latter provides an immersive experience for high-value engagements, such as portfolio advising, loan applications, or retirement planning.
Emerging technologies, including artificial intelligence and machine learning, will add additional value to customer engagements. Examples include:
Further down the road, AI could potentially understand the mood of the customer by recognizing visual cues, providing real-time advice to agents as to how to proceed to ensure a successful outcome.
As banks engage in efforts to improve digital customer experience, video not only plays a major role now, but will continue to do so in the future as a means of improving outcomes.
Nemertes is a global research-based advisory and consulting firm that analyzes the business value of emerging technologies. Since 2002, we have provided strategic recommendations based on data-driven operational and business metrics to help organizations deliver successful technology transformation to employees and customers. Simply put: Nemertes’ better data helps clients make better decisions.