Finance digital transformation: How to deliver a better customer experience

Jay Ashar

Senior Content Marketing Specialist

Digitization has changed the way people and companies manage their finances. Financial customer experience models are evolving at breakneck speed to meet the demands of today’s tech-savvy customers.

If you are a financial institution, your customers expect fast and reliable customer service 24/7 and want to feel like you understand their needs and what matters to them as individuals. To meet these demands, you need a way to streamline your customer communication process and make it interactive. Digitally transforming your finance customer experience includes having a more personal connection with your customers through automated responses and messaging.

Teaming up with a cloud omnichannel communication solutions provider over a trusted and compliant platform – paves the way for digital transformation in financial institutions.

Here we highlight what finance digital transformation is and how the right tools and automation can help banks and financial institutions.

What is digital transformation in finance?

Finance digital transformation refers to integrating digital technology to achieve organizational growth. Financial institutions apply digital technology to increase business process efficiency, manage workflows, and boost employee productivity.  

Digital technology has a significant impact on customer-facing services too, such as customer success. Along with data & analytics, cloud computing, and mobility, customer experience (CX) is one of the primary areas of digital transformation in finance. 

Digitalization has transformed the Banking, Financial Services, & Insurance (BFSI) sector – moving from a product-centric to a customer-centric business model. A recent report suggests that the global digital banking platform market size is expected to grow by 70% by 2026. Another study forecasts 2.5 Bn individuals to start using online financial services products by next year. 

As a BFSI brand wanting to undergo finance digital transformation, you need to understand your customers to provide a better experience. 

A good example of digital transformation in finance would be embedded finance, which refers to the shift from time-consuming financial processes – like KYC (Know Your Customer) and onboarding – to the use of financial services or tools by a non-financial provider. Some examples of embedded finance are digital wallets, Point of Sale (POS) financing, personal finance management tools, Neobanking, payroll loans, and invoice financing. 

Embedded finance affects customer experience as it replaces in-person branch experiences. Instead, customers interact with BFSI brands on their terms, and the process is as straightforward and seamless as possible. 

Finance digital transformation use cases

Digitalization can lead to many business benefits including reduced costs, increased customer satisfaction, and higher ROI. Below are a few ways finance digital transformation can improve customer interactions in banking.

Personalize and automate your finance customer journey

Offering personalized advice and relevant information, and engaging on your customers’ preferred channel, is imperative to boost engagement, build trust, and create meaningful customer relationships. Leveraging customer data to create personalized, automated flows, provide always-on customer support, and set up omnichannel engagement are crucial to a digital financial experience.

Automation also plays an important role in today’s financial market. It enhances customer experience by making communication more interactive and efficient. Personalized CX is achieved through trigger-based communication, chatbot interactions with agent takeover, and automated campaigns. Before automating, it’s important to define your goals and select a solution that aligns with them. Overall, automation saves time and improves customer engagement on various channels. 

Create engaging, personal banking experiences

Customers stick with banks and financial services that provide convenience by allowing them to onboard and avail of their services on their preferred channel. Infobip’s omnichannel solutions on Azure integrate with SMS, Email, Chat Apps (WhatsApp, Messenger, Viber, Telegram), Voice, Video, RCS, Apple Business Chat, Google Business Messages, and Mobile App Messaging so you can deliver consistent communication.

Delighted customers are those engaged personally. By sending relevant messages, at the right time, on the channel they prefer makes them more likely to read, respond, and increase loyalty to your brand. Deliver on their unique preferences, at scale, and develop customer insights to increase sales productivity with personalized campaigns such as: 

Build trust with expert-level security

BFSI brands need to deal with new technologies, cyber threats, proprietary solutions, and vendor management. Financial institutions can benefit from implementing a secure digital platform by building customer trust, reducing the risk of fraud, and improving overall brand reputation leading to enhanced customer experience.  

Customers also expect security from banks and financial institutions. Infobip’s omnichannel solutions over Azure ensure data protection, compliance, safe integrations for payments, and logistics. So, you can have peace of mind while:

Finance digital transformation success stories

BFSI brands that have introduced omnichannel communication, automation, and personalization have managed to increase security, improve processes, and meet customer demands. Here’s how a finance digital transformation has helped brands around the world: 

Embracing finance digital transformation with Infobip on Microsoft Azure

How can financial institutions deliver superior digital experiences, financial flexibility, and convenience with a personalized human touch to create connected customer experiences? Implementing omnichannel communications through a trusted and compliant platform paves the way for finance digital transformation.  

That’s why Infobip’s omnichannel communication solution on Microsoft Azure is better together. Create connected customer experiences through: 

  • Intelligent customer engagement  
  • Innovative channel solutions to provide a digital banking experience 
  • Analytics to power personalization and efficiency 
  • A secure platform that reduces the complexity and cost of compliance 

Finance digital transformation is imperative for banks and financial institutions to stay ahead in today’s ever-changing tech-savvy world. Personalized customer journeys, automation, and omnichannel engagement are critical factors to enhance customer experience.  

Connect with customers using Infobip solutions on Azure

Apr 3rd, 2023
5 min read

Jay Ashar

Senior Content Marketing Specialist