Retaining banking customers used to be so simple. Most banks offered the same narrow choice of channels, services, and times of day to do business.
So why bother to switch? Customers often stayed loyal throughout their banking lives.
Defiantly Digital
The digital revolution has changed all that. In our age of the connected consumer, tech-savvy customers demand 24/7 banking availability, limitless choices, and personalised services. UK customers now rate digital services as their bank’s best feature – even more important than security! *
With competition from challenger banks and fintech start-ups also growing fast, keeping customers loyal isn’t as simple as it used to be. And there’s no doubt about the scale of the problem. At least a third of banking customers recently purchased a new product from a company that’s not their primary bank. **
So how can you win and retain your banking customers in this fast-moving and global digital age? The answer lies in the customer experience you provide. By reimagining and enhancing every banking interaction, you can add value to each relationship, deliver delighted customers, differentiate your brand, and sustain success and survival for the years ahead.
Planned Power
Excellent customer experience doesn’t happen by accident, however. It requires careful planning and the right tools for the job.
The starting point for effective customer experience is to understand your customers. You need to know who they are, what they want, how and when they want it, and how they interact with your bank currently – before you can provide consistent, connected and excellent services for the future
The Microsoft Power Platform is the ideal way to understand your customers, so you can create the kind of experience that keeps them loyal. It’s a cloud-based system that harnesses data from all kinds of sources – your web traffic, social media, customer surveys and business systems such as CRM and ERP applications. And it’s designed so that all your relevant employees, regardless of technical ability, can leverage that data in a straightforward way to drive immediate business impact.
Power BI collects that richly detailed data about your customers’ behaviour: everything from how long it takes to resolve complaints, to identifying peak times for the bank’s mobile app transactions and the devices customers' use.
Power BI will analyse that customer information, and rapidly create dashboards and visualisations so that any employee you choose can see what’s happening. Reports can be refreshed as often as you need them.
Once you have the analysis, you need to act quickly and flexibly on the insights. Power Apps enables any designated bank employee to enhance your processes and create new ones, confident they will help to meet customers’ expectations and demands. Power Apps empower your people and help you create a more customer-centric bank.
Your staff can build Power Apps using pre-built templates and drag-and-drop. They can be implemented immediately across a range of operating systems, including smartphone, desktop and tablet devices, maximising return on Office 365 or Dynamic 365 investment.
They can even use advanced functionality, such as pre-built AI components, previously only available to professional developers. And they can include powerful workflow automation directly in your apps using Power Automate to connect to hundreds of popular apps and cloud services.
Streamlined and Simplified
Of course, you will want to continue capturing customer data to monitor how your enhanced services and processes are working out for customers, analysing their interactions, again and again, to keep improving the experience. Retaining customers is no one-off process, and because each succeeding generation expects more from digitisation your customer experience programme will be constantly changing.
That unpredictable future is another reason why the Power Platform is right for your customer strategy. It helps you simplify the user experience, taking common user functions and making them more effective.
For example, with Power Apps, you can build streamlined banking apps that connect to business data stored either in your underlying customer data source or in your online and on-premises data sources – such as SharePoint, Excel, Office 365, Dynamics 365 and SQL Server. Power Apps can also use data from popular office applications such as Outlook.
In your customers’ digital world of tomorrow, your focus will be firmly on technology-based solutions to banking industry challenges. To deliver what your customers want, and continue to retain their loyalty, you need a toolset that helps you respond to unknowable change and sets no limits on your people’s creativity.
To find out more about how the Power Platform and Power Apps can help your organisation, contact us today.
* https://www.finder.com/uk/digital-banking-statistics
** https://www.bain.com/insights/customer-loyalty-in-retail-banking-2016
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