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How Digital Customer Service Is Massively Transforming Financial Institutions

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At the pace the current financial landscape is moving, your organization risks more than relevance by letting trends pass by. You could lose huge chunks of your consumer-base. Why? With the changing of 

providers as simple as tapping a few buttons on a screen, it has never been easier for your consumers -- even loyal ones -- to move on somewhere else. 

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Many consumers prefer simple and streamlined banking experiences, and that is something that neobanks have taken advantage of. For example, the CU PaymentsOutlook research found that PayPal ranked as the most trusted brand for 25% of credit union members, while credit unions landed in second place among their own members at 21%.  

Consumers have rapidly changed their behavioral habits to align more with digital-first brands. Banks and credit unions continuing a legacy mindset of traditional banking will need to adapt their business models. 

Streamlined Consumer Experience 

By far, the most impactful ‘trend’, which is really a new standard in digital-first business models, is creating and maintaining a streamlined consumer experience. A note that can be taken away from neobanks and tech giants, is their innovative approach to lifestyle banking and connecting everything in their tech stack. 


It’s not enough to have cool, modern technology. It all needs to make sense together. For example, to keep your mobile banking experience frictionless but still secure, you could institute some kind of biometric screening. You can add this screening to your organization’s mobile application and through in-branch geometric barriers. 


Another example is the transference of conversation. We’ve all had those moments of frustration where we have to explain or issue to customer service over and over, because we keep getting transferred to a new individual. Innovative customer call center solutions have made their way into the market, allowing for a cohesive chat to take place across multiple channels -- from an AI chat bot to a video call with a remote teller. 


The purpose of streamlining your member or customer journey is to make your banking process so easy that your consumers begin to pick up your app, visit your website or even enter your branch more and more. The easier a transaction is, the more likely a consumer will look into a new service with your organization. This can, overall, increase your financial institutions profits. 

What First Steps Look Like For Community Financial Institutions 

Whether new or long-term consumers to your bank, transforming your business strategy and consumer experience starts with identifying which impactful features can be added to your current offerings. The easiest way to do so is to analyze yours and the industry’s current business landscape. 


Another option is to add new tech that addresses a consumer’s prime needs. The first is having a secure access point to all banking information through biometric screening. Second, you should implement a way to blur the lines between your branches and your digital presence.

Finally, you can drift from a legacy mindset to a digital-first mindset and allow room for faster innovation through API-led integration


Tags: Digital