Banks to Use Mobile Channels and Customer Data to Differentiate Themselves in 2020

Banks to Use Mobile Channels and Customer Data to Differentiate Themselves in 2020

Andrew Stevens

Global Banking and Financial Services Specialist at Quadient

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Banks to Use Mobile Channels and Customer Data to Differentiate Themselves in 2020

10.12.2019 11:45 am

Digitally native neo-banks will continue to differentiate themselves in the market in 2020 by the experience they offer to customers. As a result, these banks will begin to pick up the critical minimum number of customers to become profitable, taking away share of wallet from the incumbents. This is set to unsettle traditional, incumbent banks, forcing the realisation that it’s no longer viable to just put a thin customer experience marketing veneer over traditional cost saving and revenue generation projects. Programmes which have customer experience as their sole goal will become more prevalent, and existing project funding will go to projects that offer real differentiation on that front. An example of this would be turning already-collated mountains of data into useful information for the customer, adding value by proactively communicating financial advice instead of waiting to be asked.

In terms of customer experience trends for banks in 2020, mobile channels are likely to become more important and widely used. Banks will be looking to improve understanding of how to accept and route responses on social media to satisfy customer needs, as these channels focus on two-way communication. Similarly, smartphone push notifications will also become more prevalent, as banks begin to use the rich functionality available to offer customers actions directly from the SMS, email or instant message, instead of simply sharing a notification that points consumers towards yet another channel.

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