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.

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