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Digitization in banking: why are digital banking services needed?


As banks transition to provide a digital banking experience, it’s important to remember that customers continue to value the human aspect of banking. Banking is about trust, and while digital solutions can provide a more convenient and efficient service, trust requires human-to-human contact. This explains the desire for an omnichannel experience. Over 50% of those surveyed by Accenture wanted to be able to switch bervicetween human and digital channels.

Why are digital banking services necessary?

Technology has transformed consumer behavior and, in banking, loyalty today is less about brand recognition and more about the customer experience. Customers are loyal to banks that offer them a seamless, pleasurable, and personal service. They want to pay bills easily and make transactions smoothly. They want an experience that’s relevant to their unique needs. And they want a personal touch.

This personalized service currently seems to be missing. In one survey, only 16% of consumers said they were satisfied with their primary financial institution’s digital experience. But banks seem to be in denial about this. In the same survey, 76% of banks and credit unions described their digital customer experience strategy as “rock solid”.

Adopting those digital channels that prioritize human conversation, such as live chat , chatbots, co-browsing features, and video chat, allows banks to make the consumer experience more enjoyable and more personalized. By combining high-tech and high-touch, banks can show they care about each individual. And a more customer-centric customer experience creates better brand loyalty.

Benefits of going digital

From reducing support costs and easing the workload of advisors to improving customer satisfaction and building brand loyalty, the introduction of digital solutions has many benefits for banks.

Tools like live chat and secure messaging allow advisors to communicate with visitors via text. Conversations are faster and more efficient and, at the same time, banks are able to retain that all-important human touch.

Digital solutions like co-browsing enable customer service teams to solve queries faster. Providing advisors with a visual context dramatically reduces resolution time.

The same co-browsing tools streamline the customer service experience. Co-browsing allows advisors and visitors to operate simultaneously within the same browser. Advisors can see what the customer sees, which permits visual troubleshooting. Guiding them through personalized proposals, they can minimize drop-offs and improve conversion rates.

Meanwhile, tools like chatbots allow them to delegate some of their workload. The overall result? Reduced customer support costs. Chatbot software also makes the customer experience smoother. Visitors can ask for help from a chatbot and receive prompt answers to questions. Customers are satisfied and are therefore likely to respond to calls-to-action with more frequency. This means more qualified leads.

The best digital solutions combine human expertise with the convenience and efficiency of digital tools. Banks streamline services while maintaining a personal touch. The customer experience becomes more customer-centric, leaving customers more satisfied and improving brand loyalty.

Digital solutions can make banking more convenient and more efficient. But in a bid to transition to digital banking, human contact should remain a priority. Digital tools that allow advisors to offer a more personalized advice or add a visual context to a conversation, for example, are the tools that will be valued by customers. They are tools that create better conversations.

Digitization in banking and Unblu

Unblu’s banking solution offers service teams and customers the perfect hybrid experience. Human expertise meets the convenience and practicality of digital tools to create more meaningful conversations.

Discover how you might benefit from adopting digital solutions like Unblu’s conversational banking interface by booking a demo here and a member of the Unblu team will reach out to help.