Digital Innovation puts Banking in the Customer’s Hands

By Mandy Reed, Marketing Manager (Global)

Earlier this year the BBA, the UK’s leading association for the banking sector, released a report titled The Way We Bank Now: It’s in your hands. The in-depth report takes a look back at the history of British banking, explores how consumers bank in the modern day and makes some predictions for how we will bank in the future. You can download a full copy of the report here.

With 77% of bank customers using online or mobile banking at least once a month and 14.7 million banking app downloads, there is no denying that the modern banking experience is a far cry from the early days of clerks recording branch transactions in large ledger books. Access to technology has revolutionised the industry and also raised the expectations of customers. As customers adopt these new digital services, it’s important that financial organisations also provide the necessary support options to make those services successful. In the report Nick Williams, Consumer Digital Director for Lloyds Banking Group, says:

“It’s important that our customers can have conversations with us how they choose to. And if that’s Facebook or Twitter, then they should be able to get the same level of service as our more traditional channels.”

Consistent, accurate and seamless engagement across channels is crucial for building much needed brand loyalty in a highly competitive marketplace. Customers must feel confident that they will receive the same information and support no matter what channel they use – web, mobile, bank branch, kiosk, social, contact centre—or they will leave for another bank that can give them that peace of mind.

This digital revolution in the banking industry is far from over, and banks will need to continue to be innovative in order to win new customers. Creative Virtual’s V-Person™ for Finance solutions are designed to help financial organisations meet today’s customer expectations as well as look to the future of customer engagement. This innovative technology allows financial institutions to offer on-demand self-service options around the clock, provide a personalised and customer-centric experience, and keep agents, advisors, lenders, and other team members informed on the most recent industry regulations.

And while the BBA’s report focuses on the British banking industry, the demand for access to 24/7 digital banking options and support is happening around the world. Check out our V-Person for Finance overview to learn more about our multi-lingual omnichannel customer engagement solutions for financial services.