enterprise digital strategy advisory

Key Development Areas for Digital transformation Strategy of Retail Banks- Part 2

In our previous blog, we studied four key development areas for digitizing customer journeys within the retail banking space. This blog will uncover the remaining three strategic digitization areas that aim to bring a positive shift in the customer experience and increase revenue generation opportunities for retail banks.

  • Enhanced Functionalities

Business process automation and emerging technologies have the potential to transform retail banks operations and offerings. Due to the fast-paced nature of technological developments it can be difficult to keep track of the latest advancements and to truly understand the benefits and implications of adopting these new technologies. By leveraging our enterprise digital strategy advisory retail banks can recognize various functionalities that can be enhanced with automation.

Retail banks must thoroughly examine their standard, value-added services/features at periodic intervals, to identify the improvement areas and gauge the impact of digitization on those areas.

  • Customization, Ergonomics, and Convenience Go Hand in Hand

If banks want their customers to experience the highest level of convenience, they need to apply ergonomics and customization concepts.

As a simple customization example, consider the benefits of a (basic) language preference feature.Multilingual sites make the customer’s life easier and you enjoy a wider audience. Similarly, paperless options, notification preference, customized web banking, and such features can be introduced, planned, and implemented.

  • Online Account Closing

Closing an account is the final step in a customer’s journey and while digitizing every other process, retail banks usually leave this crucial step uncovered. A proper online bank account closing process should not give a direct and quick way-out.

It should be complemented with a well-designed questionnaire that asks the reason for the exit. Even if it is followed by a call or any other means of conversation, it would be useful. This would count as a cost for customer retention.

Apart from the above-mentioned processes, credit and cyber security are two development areas that should not be left untapped while designing a digital strategy.

Advanced AI systems applied in credit management digital simulations can digitize the credit application/approval, credit score calculation, documentation, guarantee management, and more, leading to reduced workload on resources and an enhanced customer experience. Similarly, AI in collaboration with other technologies can establish strong authentication methods, smart- logoffs, and id/password management systems that can contribute to better operational efficiency and customer experience.

Leverage our artificial intelligence consulting services to embark on a digital journey of your retail bank today.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.

digital transformation strategy

Key Development Areas for Digital transformation Strategy of Retail Banks- Part 1

As the wave of digital disruption is influencing every industry, the retail banking sector needs to take decisive steps to keep a competitive edge in the market, increase customer stickiness, and create new revenue streams. The digital revolution for retail banking aims to improve the banks touchpoints with their customers. By adding value to services offered, digitization is set to positively augment the customer experience.

In the ecosystem of fully-digitized banks, many high-level retail banks still strive to deviseanappropriate digital transformation strategy.

This blog discusses the four development areas to improve customer experience and accomplish fast-paced growth with digitization.

  • Fully-digitized Onboarding Process

The online opening of the account responds to the growing demand for customer empowerment by offering the convenience of place and time to customers. The ideal automated process incorporates online account opening requests (disposal & approval), online document upload & online facilitation of all further actions required for onboarding.

  • Round-the-clock Advisory Services

Retail banks must offer online customized as well as non-customized advisory. It would help customers make better decisions related to returns, savings, and investments – anytime, anywhere. The online advisory requires online onboarding of customer profiles and historical data, collection of situational data through detailed questionnaires, and other tools.

  • Smarter Money Management Solutions

The offerings (of this bracket) being delivered in most of the retail banks at the moment are like the tip of an iceberg. In the future, customers would require high-level forecasting tools that can automatically examine and classify account movements. The smarter solutions would estimate and predict future transactions based on client historical behavior.

  • Complete Customization of Services Coupled with Virtual Assistance

A customer wants to be heard and treated as a high priority. Customization and 24*7 Virtual Assistance responds to the need. A detailed customer profiling and deep analytics of complete historical data can help retail banks leverage customization in all extended services. The 24*7 assistance via traditional calls, messages, or chatbots would fill the gaps in customer experience.

These 4 key areas can enhance the customer experience through digital transformation. Retail banks can leverage enterprise digital strategy advisory services to gain an in-depth understanding of all key performance areas.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.