Banks Must Innovate to keep up with Customer Preferences

From the time the banks evolved until the much of the twentieth century, banks were only a place where we could deposit our money, our salaries and where we could have some savings and when needed we could even ask for loans and mortgages. There were pass books, cheques, filling of forms and a long que for every transaction you intended to make. That’s what we’d actually seen the banks as. Later, we moved to ATM and relied on the plastic money for all our transactions.

With technology and digital world outburst, the relationship we had with the banks is also changing. We no more need banks for the so-called “transaction”. This is because the internet has ushered a unique way where the commerce is integrating with the digital world. The services we were relying on banks for have changed and it is for the customer and their preferences. The customers want everything quickly done. There is no question of waiting, leave alone standing in ques for hours. The transactions are done instantly and the money is accessible irrespective of their locations. The services provided needs to be lucid and informative. The traditional banking, which we were following all these days seem to be complicated and way too formal.

The service perspective needs to change to avoid a failure

The banks run only ‘cos of the customers. And it is high time the banks change and innovate in order to serve its customers better and come out with a various feasible solution, with customer preferences. Though there are many alternatives, that have been brought in reforms and action, hardly helps the customer. Recently, there were platforms exclusively made for the consumers and to exchange the problems they face on an everyday basis. The financial services have changed and have increased too in order to make the money accessible for the people from anywhere. The transactions are also made with lower rates and the information, details, and all other guidelines for the savings are made easier and simpler in order to lend money to the people.

The need for a shift has become an emergency

It is not easy to shift and change, make a transition from the traditional banking to the digital one. Though there are various steps taken by the concerned authorities to make it easier. But for a longer run, digital services are way better and helpful too. Following are some of the ways in which banks could actually innovate and serve the customers in a better way. Personalization of services is the need of the hour as consumers do not want the same old story for anything and everything.

Mobile features are very much feasible for the present scenario. Two third of the people rely on the internet for all their needs and requirements and it is laudable if the mobile support and services are provided by the banks through this. Mobile-based transactions are always easier and simpler. This way the banks can shift from the traditional banking method to an innovative one with these features.

For trouble shooting the issues, the banks can have the Co-browsing option for their customers. This way, the authorities can help in solving the issues. For finding out a solution, the concerned service provider needs to view the web page in order to troubleshoot. The customer and the service provider can view the web page simultaneously and they can discuss the problems and issues. A feasible and practical solution can be retrieved with this type of services. The banks can make use of the tools that are easily available, and that the tools will help the banks work efficiently, providing a personalised service for the customer.

Though these transitions would be a pain in the neck for the banks, for they’ve been used to the traditional method for decades, the innovative methods would disrupt the functions in a way. But when you look into the process as a whole, on a longer run, these methods will eventually provide efficiency in the functioning of transactions and give a great user experience for the customers giving you proven-methods of ROI. The approach can be for transforming the complicated processes to a simpler and easier one to make it more relevant.