CUSTOMER EXPERIENCE
UX. Credit-related activities are typically divided into front office, risk management, and back- office procedures. Integrating these actions end to end can allow institutions to conflate all credit steps into one straight-through process, backed by continually updated analytics. Digitising the credit journey in this way can help banks speed up processing, lower costs and tailor customer offerings according to individual risk profiles.
Third-party partnership As more banking happens outside of proprietary banking channels, banks are partnering with third-party platforms to protect against disintermediation and/or expand reach. Banks need a flexible technology platform to deliver this as customers’ channel preferences are changing – not just the specific mix of channels used but what a ‘channel’ fundamentally is. The definition is moving away from something that
banks control – like proprietary channels – toward ecosystems or platforms in which the bank is just one participant or partner, whether that be an app or a third-party platform. Our latest executive survey on technology decisions-makers at banks indicates that, globally, customer satisfaction is the leading objective influencing ICT investments. Customer satisfaction is a core component of CX, focusing on the customer’s cognitive evaluation of the overall interaction. However, during 2020 the impact of Covid decreased ICT spends. More than 50% of interviewed executives expected ICT budgets to decline by 10% to 20%. Meanwhile, just over 20% of financial services providers expected ICT budgets to increase during 2020. The focus is now on delivering cost reductions with less ‘broken glass’ in terms of customer satisfaction, with digital migration presenting obvious opportunities amid the pandemic.
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