Money 2.0 Conference - Frequently Asked Questions(FAQs)

As Money 2.0 Conference is an in-person event, we are rising up to the COVID-19 challenge and are taking a host of steps to ensure adherence to safety and health regulations set forth by local and state authorities. Know More

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Digital Customer Engagement: Banking in 2021 & Beyond

It is an established fact that the pandemic has dramatically reshaped the way banks and financial institutions operate. While these institutions value in-person consumer interactions, the safety procedures have caused financial service providers to go almost entirely digital. In the pre-pandemic era, the potential of digital banking wasn’t completely realized due to either consumer reluctance or lack of digital solutions.

The crisis has had a positive impact on the banking sector as it led to a hike in digital sales. In addition, banks have benefitted from customers’ transition to digital platforms such as self-service interfaces, which is cost-efficient in the long run.

However, digital transformation does not necessarily translate into increased customer satisfaction. While mobile banking usage has gone up, the customer satisfaction rate has declined. Therefore, despite higher digital customer engagement, maintaining consumer satisfaction rates along with retaining them for the long run, may pose a challenge for banks worldwide.

In such circumstances, banks may prioritize first-time digital channel users with the help of targeted offers as well as engagement strategies while investing in digital & customer-friendly tech tools to provide a seamless experience. Moreover, incorporating artificial intelligence combined with AR/VR tech tools could make it even easier for banks as well as customers.

With the rise of fintechs, banks could mirror their efforts of leveraging customer data and analytics to be able to deliver hyper-personalized services while engaging customers in a more efficient manner. Implementing AI tools and chatbots are some of the most interactive ways of answering customer queries.

Although digital interfaces have become a significant aspect of interactions, consumers tend to desire person-to-person experiences to boost loyalty. Therefore, banks should maintain a human touch while providing financial and banking services. For instance, personalized services while educating the customers about debt management as well as debt collection can improve customer relationships and build trust.

The world is in the midst of the transition of digitization and going back to normal. So, to fully realize the potential of digital platforms and consumer engagement, banks and their services need to find an optimal balance between digitized and human interactions along with intelligent use of data, and compelling service delivery models. This could further enhance customer experience and hence, engagement in the long run.

The banking sector has become a little bit complex with the introduction of fintech but finance events in the USA such as the Money2.0 Conference can help you navigate through trends and changing industry landscapes.

10/26/2021 - 07:07

Vinayak Joshi

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vinayak
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Vinayak Joshi
Author Bio

Vinayak Joshi is an integral part of the Money 2.0 Conference team who is curious about the world of finance. With a keen interest in cybersecurity, internet financial fraud detection, scam investigation, and digital forensics, his passion lies in helping people traverse the internet securely. A self-declared anti-spam and phishing expert, when Vinayak is not working, he loves to read crime fiction, write, and play basketball.