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Managing a Customer Experience Transformation in Banking with Infobip

Managing a Customer Experience Transformation in Banking with Infobip

Traditional banks need to rethink their customer experience strategy to stay competitive with digital-savvy fintechs entering the market. Here’s how Infobip’s solutions help banks keep up in an online world.

Customer experience has become a focus point for many organizations over the years, especially since the pandemic. Banks, specifically, have seen fintechs and other digital-savvy competitors enter the market – delivering seamless experiences in the palm of every tech-savvy customer’s hand. To stay competitive and retain customers in the long term, traditional banks need to digitally transform their customer experience.  

Here we outline how Infobip helps banks manage a customer experience transformation with the right tools and technology. 

Why digital transformation in banking matters

Before we dive into the challenges and solutions outlined below, let’s go over what digital transformation in banking really is and why it matters in an online world. 

To start, digital transformation happens when a business integrates technology into all areas of operation. For banks, this means providing: 

  • Intelligent customer engagement  
  • Improved customer experience 
  • Open banking 
  • Digital account insights 
  • Analytics 
  • Compliance 

But why does it matter if a bank is technologically advanced or not? Well, because customers care. 

In a recent survey, millennials (24 – 40-year-olds) said they don’t want to wait for a reply for longer than 5 minutes. In the same survey, 71% of customers said they get frustrated if their banking experience is impersonal – and 72% said they would tell 6 or more people when they have a positive experience. 

In other words, if banks don’t have the right tools and technology to keep up with digital-savvy competitors, chances are they won’t be able to deliver the experience customers now expect (and demand) – resulting in high churn rates and low retention

Miguel Turnbull
Director of Strategic Partnership Development at Infobip

When it comes to the customer experience, traditional banks have a much broader demographic than fintechs, and therefore support a greater range of communication requirements; from accessibility support, to printed materials, relying on email, and investing significantly in voice-based call centers.

Fintechs, on the other hand, are built for purpose in the digital domain, meaning they can focus on delivering much of their customer experience via their applications. This concentration of effort is a clear advantage for fintechs who can release new features and services with comparative ease.

Banks today need to be able to deliver fast, personalized, and engaging customer experiences. Being available on customers’ favorite channels, setting up automation such as chatbots and IVR, and leveling up security with Silent Mobile Authentication is only the tip of the iceberg.  

In addition to the benefits digital transformation provides to banking customers, it also brings big business benefits too – including cost optimization, revenue generation, and market share. 

How our solutions help banks overcome digital transformation challenges

Traditional banking leads to long customer journeys and low retention rates in today’s hyper-digital world. This often results in high operational costs and slower market penetration. Here are key challenges our innovative, customizable, and personalized communication tools have helped banks overcome: 

Cost optimization

  • Challenge: Improve branch performance and overall customer journey 
  • Solution: Implement two-way communication and chatbots to instantly share information with customers, including loan details and new offers, account balance, as well as ATM and branch locations, and minimize calls to the bank’s contact center. 
  • Challenge: Increase customer engagement and number of conversions  
  • Solution: Automate and customize on-demand campaigns and reports, improve customer behavior tracking, and reach out to customers on their preferred channels from a single workspace. 

Revenue generation

  • Challenge: Increase number of new clients 
  • Solution: Improve the onboarding experience by using automated, digital communication to reengage customers who start filling out a form but don’t complete or submit it.
  • Challenge: Increase ROI 
  • Solution: Integrate a platform with advanced analytics and options for fine-tuning campaigns with a business analytics platform to improve digital campaign performance. 
  • Challenge: Improve efficiency and customer satisfaction 
  • Solution: Use over-the-top (OTT) channels, such as WhatsAppViber, and Messenger from Facebook, to improve responsiveness. Empower agents to handle more than one query at a time, enable e-banking, and implement a chatbot to answer frequently asked questions – all in one place

Market share

  • Challenge: Increase market share and enter new markets 
  • Solution: Partner with a global leader in the telecommunications industry that has extensive direct connections to telecom operators, globally – and that has experts in each market to help you navigate rules and regulations.  
  • Challenge: Increase reach 
  • Solution: Ensure customers receive messages by implementing omnichannel communication with a failover approach. 

Examples of banks we’ve helped with customer experience transformation

Raiffeisenbank

One of Russia’s most trusted banks used a WhatsApp chatbot and reduced costs 10x while also increasing NPS by 19%

>> Read the full customer story

Edenred UAE

This fast-growing payroll service provider used a cloud contact center and WhatsApp chatbot to decrease wait time by 96% and move 69% of chats from agent-serviced to self-serviced. 

>> Read the full customer story

VTB Bank

This bank in Belarus managed to reduce customer complaints by 80% and increase customer engagement by adding Viber as a communication channel with SMS failover. 

>> Read the full customer story

Let’s manage customer experience transformation in banking together

Transforming customer experience and internal processes and workflows can be a challenge, to say the least. But having a technology partner with the right tools, and experts all over the world, can help ease the transition.  

We aim to help our partners overcome everyday challenges – from choosing the right channels to assessing a client’s pain points and providing tailored solutions to fit their needs. If you’re looking for a partner to help you guide your customers on their digital transformation journey – talk to us! 

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We want to help you meet customer needs with the right tools and technology. Connect with our experts to learn how we can work together.