Many believe that new automation technology and artificial intelligence hold the key to solving the customer experience problem, but banks have yet to strike the right balance between technology implementation and a personal customer approach. For example, younger generations certainly welcome innovation and AI technology and trust it to provide the right recommendations, but only 18.7% of 18-34 year olds feel their bank understands them best compared to other service providers, the lowest percentage of any age group.
Banks, therefore, have untapped potential to better harness the data and technology they have to greatly improve interactions with these consumers. After all, these younger crowds with increasingly high expectations, make up the future of banks’ customer base. Ultimately, automated technologies can only take banks so far; with the increasing importance of customer experience, what is needed are actionable insights from customer interaction data sources that can provide prescriptive recommendations for the right interaction, to the right customer, at the right time.
Successful customer experience requires the anticipation of future needs — looking at behavioral patterns and market trends for proactive measures to secure a personalized, unique, and memorable experience. Banks who commit to taking these steps enable their customer to feel understood and valued, thus developing loyalty — the basis for customer retention.
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