Coming from an analogue age we know the effort and pain you go through to maintain something you own. Performing daily tasks today, were important tasks back then. Paying bills on time, shopping for groceries/festivals, bank transactions, booking travel tickets, etc. was not as easy as it is today. Long gone are those days of hard copies which are difficult to maintain. Storing personal data was a huge concern.

With technology, information started to move from cassette tapes to compact disks (CDs) (analogue to digital). CDs faded as the internet created a platform to store large data securely. Remember owning dozens of music cassettes and CDs? Sharing music meant sharing your cassette or CDs. Some came back, while some never returned. Today, you can create your own playlist using digital applications and share music with your friends without losing them. Different business sectors see some advantage, being on digital platforms. Shopping, banking, ticketing, etc. can be done effortlessly while you are sipping beer in a bar using a smartphone.

Young customers expect their daily tasks to be seamless with all the present technology. With the evolution of banking on the digital platform, customers want all the banking to be done on their smartphones. Making digital banking sticky can help users in making better decisions. Let’s take a look at how to make digital banking sticky.

Why would customers stick to a product or service?

What made you stick to a product or service? Often the answer will be a satisfying experience, quality product, highly recommended product/service etc. Online banks and digital wallets provide services that will retain customers for a long time. They offer what they need most; access to their personal financial information. Products to suit their lifestyle; fast service, anytime and anywhere. As smartphones and tablets have taken over, customers need all the information right at their fingertips. Banking can be made easy with innovative services and interactive applications like Tyfone’s Omnichannel Suite.

How to get personal?

Customers are time-pressed and want banking to be fast, simple and portable. Marketing promotions and digital interactions can be personalized with the help of data-mining software like with our Partner Prisma Campaigns. Using customer data you can pinpoint their needs and interests. Customer relationship management is very essential to offer and deliver the right products to the right customers. With digital banking and social media in place, getting personal with customers is easy. Serving up relevant offers and promotions are easier now than ever. Gone are the days of  mass mailing promotions to your entire customer base.

Are secure user-friendly apps helpful?

Creating easy to use apps will always interest customers. Engaging and interactive applications can be designed to easily answer customer questions. Chatbots can be implemented to act as a customer service representative. They are fast and accurate with a limit of errors on the digital banking platform. These apps are created after analyzing the security factors making it difficult to hack customer information. A service designed by the financial industry for document security and workflow saves us from the risk of a data breach. Customers can store valuable financial information while using digital banking. These important documents are encrypted and stored safely in the library for future retrieval. Making finance information secure and easy to handle while providing the right information quickly and solving customer issues without any hassle helps to make digital banking “sticky” to customers.

The success of digital banking begins with thinking like customers and not like a financial institution. By focusing on what will attract new customers and retain the existing ones will also make digital banking “sticky”. Testing services on the application is critical to validate the results to see how the product and experience work flawlessly. Strong digital infrastructure for identity verification, risk assessment, fraud detection, and payment service should be integrated for a complete banking experience.

Final Thoughts

Creating “sticky” features like a virtual storage box, chatbot, and customer specific offers and products to choose will increase customer loyalty. Banking is not brick and mortar anymore. Technology is reshaping how we live, work and play. Offering customers what they want by innovating different services digitally will lead to a  banking. The future of banking tomorrow will be harnessing the new digital features today.

2020-05-20T17:59:00-07:00May 5th, 2020|Article|