The Digital Banking Customer Experience is more Important than Ever

Student Name : Vanessa 黃妮莎
Student ID : D0726551
Blog #7
https://blog.cloudera.com/the-digital-banking-customer-experience-is-more-important-than-ever/

THE DIGITAL BANKING CUSTOMER EXPERIENCE IS MORE IMPORTANT THAN EVER
         
   In recent days, the use of digital banking and E-commerce has increased. Especially during this COVID-19 Pandemic, it is realized by many that digital banking and E-commerce are really important and useful. That’s why a personalized, low-friction interaction will become more critical to retain and cross-sell products and services to customers. Thankfully digital interaction itself  gives the opportunity for a more personalized experience. More customers that interact digitally, then more data will be available to collect and analyze to help inform the next interaction.
            Financial services too are using data analytics and machine learning to help facilitate a more advanced digital experience including estimating and anticipating customer interactions. These organizations are collecting customer data from multiple sources, combining and correlating real-time mobile-banking or market data streams with account activity, borrowing history, core banking, and call center data. By applying this, they will be better on addressing the customer expectations for a personalized experience that has become the standard of digital era. 
            Examples of customers that demonstrate how financial services companies are transforming their business models includes a Bank in the UK. They use data and analytics to increase 15% in the customer approved for credit card offers. They used many different sources to integrate the data and bult machine learning models to identify relevant financing opportunities to consumers that otherwise may not have been targeted for offers. 
            Of course the technology evolution are moving fast and this have been a challenge for financial services firms that carries a surplus in technologies. Looking forward, the development  inclination for digital interactions combined with the need for safety will bring digital acceptance and the need for enhanced digital experiences related to financial transaction and services.

Comments

  1. AnanyachiJune 6, 2020 at 10:11 AM

    As the world has changed in terms of technologies, it is undeniable that digital banking and electronic commerce have played a significant role in today’s society. I totally agree with the point that it can help improving the financial services in a variety of institutions, especially in banking system. As mentioned in this blog of The Digital Banking Customer Experience is more Important than Ever by Sandra Horn, it have been thoroughly and evidently demonstrated the example of how financial services companies are transforming their business models, which is very beneficial to the customers to understand more and they are able to utilize the power of data or even analytics.

    From my own experiences about using the internet banking, as I used to shop online frequently, it encourages me to interact more in digital world. This also includes a variety of activities on the Internet such as shopping online. In addition, the Big data can notably help to collect and analyze to profoundly tell the next interaction. The real time mobile banking, to more clarify, can be one of the good examples of the benefits of the big data in banking system, in particular digital banking and electronic commerce.

    To sum up, this blog can be considered as a good blog due to the fact that the blog profoundly provided a depth detail and example to make people can understand easily. Consequently, I am able to use the analysis and details in this blog in my daily life and future career.

    安娜亞
    d0731932

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