REBOOT OF CUSTOMER EXPERIENCE TRENDS IN THE BANKING INDUSTRY 2023

The COVID-19 pandemic created a mega shift from physical to digital, acting as the catalyst for digital progress multiple times over.

- Dhaval Kansara

About the author Dhaval Kansara Senior Manager - FACULTY (ULA-DT), Union Bank of India, Union Learning Academy Digital Transformation, Powai

People have adopted digital behaviours that have become habits. In today's world, a bank cannot be fully developed digitally without focusing on customer-centricity. It is becoming a necessity to survive in the post-pandemic era.

"You've got to start with the customer experience and work back toward the technology - not the other way around." - Steve Jobs

 During the pandemic, almost every customer expected banks to enhance and accelerate their digital initiatives. Financially literate customers emphasized that this pandemic increased their expectations of a bank's digital capabilities.

The standard set by end-users for digital banking customer experience is very high, and the digital transformation efforts by banks are quite evident in matching those standards. According to McKinsey research, seventy-five percent of customers have tried different brands since the pandemic started, and sixty percent of those consumers expect to adopt new brands and stores in their post-pandemic lives and routines.

For any bank, the three pillars of loyalty, empathy, and emotional connection are helpful in bonding with their customers. Today's generation of customers feels that now is the time for businesses to update and upgrade how they operate, engage, and contribute to society across various fronts.

In this article, we will explore how various strategies of customer experience design can help banks transform and adapt to the wave of digital transformation in the postCOVID era.

1. The Digital Perspective