Online Banking and the Importance of User Experience

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The consequences of the COVID-19 pandemic in the global financial sector are still unpredictable. The economic storm created by the deadly infectious disease is testing the resilience of every bank’s existing digital transformation initiatives, assets, and their abilities to provide essential banking services to the consumers through these trying times. The threat of infection through physical contact is now pushing the industry to shift the gears toward something contactless and cashless that requires the least physical interaction.

Despite many overwhelming challenges caused by the lockdown, such as exposed technology gaps in ensuring customer engagement from a work-from-home setup, potentially risky front-office activities, reduced coverages of products, and a significant reduction in the volume of payments and credit card uses due to supply-chain disruptions, trade restrictions, and suspension of travel, hospitality and leisure activities, the pandemic has brought along many opportunities for bankers to re-think their working practices in today’s highly sensitive market conditions. A crisis of this magnitude demonstrates how critical front-to-back technology capabilities should be for banks!

Omnichannel digital capabilities are, of course, all-time relevant CX enablers of engagement for banks. Yet, a digital frontend alone is not sufficient to keep the engine humming since the current situation is mercilessly exposing flaws in crucial processes in the customer lifecycle — acquisition, onboarding/enrollment, and death claims that are not fully system-based. These situations can put the operations at risk, especially in times characterized by heightened operational volume, nervous customers, and operations staff working remotely.

The sheer volume and breadth of communications during the crisis is becoming untenable for many financial firms and advisors. A combination of forced work-from-home mandates, mass school closures, slower virtual private networks (VPNs), lack of assistance from technology providers, and COVID-related financial scams adds fuel to the situation, constituting an inevitable negative impact on productivity, and loyalty and overall customer experience.

On the bright side, however, there are meaningful opportunities for financial firms to fully leverage modern communication technologies and customer management and reporting systems. Firms who have embraced the tools of digital engagement and automation are in a better position to cope today than those who lag in digital adoption. They are more proactive in keeping customers up-to-date and informed on a variety of market, investment, planning, and account issues. They have increased response times, improved continuity of messaging, and freed up resources for other front-and-back office activities.

In short, digital transformation is paying off for banks in sustaining their business and reducing overhead during the current pandemic. And a new demand for digital assets is surging since banks are encouraging customers to go digital, wherever possible. They are also revisiting their priorities and trying to launch new services, positive and safety-oriented messaging, aimed at reducing reliance on branches for digitally available services and remote support options.

This is where CX leaders like Acqueon can assist banks, who want to accelerate digital and CX transformation to adapt to the unprecedented behavioral changes, as community spread of the virus proliferates. Acqueon’s AI-based conversational engagement product suite provides banks the ability to enhance their current digital offerings and elevate their omnichannel customer engagement anywhere, anytime!

The platform empowers banks to review their digital programs and reprioritize capacity and remote-based capabilities that ensure consistent and meaningful customer experience during any functions such as onboarding, enrollment, authentication, etc. The platform can increase right-party contact rates, customer loyalty, agent productivity, and contact center efficiency by optimizing support, sales, collections, compliance, and fraud management, under diverse circumstance like COVID-19 that disrupts the global economy and capital markets.