With the Digital Banking market expected to grow at a compound annual growth rate of 11.2% between now and 20261, banks need to pay close attention to how remote banking is impacting on the overall customer experience.
Andrei Papancea, CEO and co-founder of conversational AI specialist NLX, says technology is in place to help banks prioritize addressing their customer pain points.
“The digital banking experience is extremely robust. People can transfer funds between accounts, deposit a check, apply for a new credit card, reset a password, send money to a friend— all online, all in one place. But with all these advantages, for many customers, the experience requires a steep learning curve.
“For many, what was once a routine and familiar banking experience has now been replaced by an overwhelming and complicated process, forcing users to learn to navigate new interfaces and, more importantly, a new customer support system. Call volume increases, agents get overwhelmed, and bank customers get frustrated waiting on hold for more than half an hour.”
In its work in the banking sector, NLX looks at how to convey empathy for the customer and whilst presenting a solution at the same time.
“Any conversational experience must provide value to the customer. The solution needs to be personalized, comprehensive, and easy to understand. Our Voice Compass product can use both visuals and voice guidance to create an easily digestible customer self-service experience.
It can be both a step-by-step “how to” guide and task completion expeditor, helping customers reach their goals, like setting up new credentials on the new bank’s website, by tapping into their basic human need of seeing new information presented in multiple ways. And, of course, all transactions and use cases are secure and compliant.”
“This particular banking use case is exciting because it’s universal,” continues Andrei. “Onboarding onto a new software or service or institution can be a very draining process for users due to its complicated nature.
“When it comes to customer onboarding or even banks acquiring other banks and going through the customer transition process, our solution for banking is very user-friendly, significantly reducing the learning curve for both the banks themselves and new digital banking customers.”