Mapping the consumer’s journey can help banks create intuitive processes and grab more market share of the new untapped business. At each stage, the experience provided is a primary differentiator — price and product are no longer the sole considerations. Each part of the process from onboarding to transacting must be smooth and user friendly. Customer journey mapping provides an in-depth insight into how consumers interact and engage with your brand, and how to be the right channel at the right time.
As financial services go digital, banks have grabbed the opportunity to use customer data to grow business. But this opportunity creates several vulnerabilities in the banking system. The limited knowledge of customers about online security risks attracts fraudsters and cybercriminals, which eventually erodes the bank’s credibility.
The higher risk necessitates a stronger banking infrastructure and security solution without complicating the user’s banking journey. Leading banks across the globe are adding cyber-security muscle to their solution through AI and blockchain technology. However, the challenge remains to deliver upgraded solutions to customers without compromising the integrity of personal data. Hence, the bank has to rely heavily on design and technology. Biometric authentication is an excellent example of delivering a more secure service while boosting the confidence of the customer.
Today customers start onboarding process with one channel and finish it with another without the need to provide the same data over and over again. Omnichannel experience is about making the same set of services available to customers across all the channels, both digital and offline, with instant data synchronisation. This integration is happening across most major banks in India.
A consistent look and feel across all the touchpoints elevates the overall experience of customers and reinforces the brand recall. As a banking brand, it is imperative to provide a uniform look and feel to reinforce trust and reliability to end-users. This requires extensive user research about customer’s engagement pattern with every touchpoint, followed by user experience design specific to every channel. A robust feedback loop must also be established to ensure that the shortcomings of each channel are duly corrected post research.
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