Fri. May 10th, 2024

Modern money lenders and financial institutions have transformed their services and financial products to provide better customer service and experience. With this era where everything has gone digital, making bigger and better business seems to be easy. The most commonly followed trend is to digitize the services for that matter.

All that needs to be done is to rethink and recreate business models that will help meet the challenges ahead and provide more value proposition to the customers. This not only changes the level of satisfaction and accessibility to credit but has also helped the money lenders to position them to a higher level and increase their chances of achieving a longterm success in the money lending industry.

Ideally, there are a few specific ways in which such transformation can be made productive and fruitful for the business.

  • This can only happen when there is a clear vision of the present with respect to the future.
  • Where there is a vision to follow there has to a well-planned strategy to follow as well because both complement each other in the best possible way.
  • In turn, to ensure that this strategy is carried out just as the way it is desired, the financial institutions and the money lenders must have a strong collaboration and a wide and extensive network.

With all these in place and in perfect order, one can make digital technology the most crucial and potential power which is what the banking services with financial institutions have done most effectively.

  • Digital technologies help these institutions to leverage and accelerate the entire process of money lending and ensure a superior customer experience.
  • In addition to that digital transformation has also facilitated a better brand recognition making it easier for them to make more business.
  • It has helped them to reach out to more and more customers which in turn have enabled them to increase their customer base.
  • With better financial products designed and delivered at a quick pace they have been able to provide their customers with an enhanced customer experience.

In short, digital transformation has helped the traditional banks as well as other online money lending sources such as others to make a solid and far more effective competitive differentiation that has helped them to pave their path to success and make booming business with increased revenues.

Omni channel tactic

The most significant way digital transformation has helped the financial institutions and the online money lenders to succeed is the Omni channel approach followed. This has enabled them to meet with the demands of their customers in a better and more comprehensive way.

  • Customers now are more tech savvy and with technology ruling the entire world and all industries, they expect the banks and the financial institutions to know their likes and dislikes, needs and demands.
  • Knowing to use and switching to different channels such as smart phones, tablets, voice assistants apart from the traditional desktops they know how to conduct a business.
  • They look for more customized financial products and unique experience from their banks and also expect that their financial institutions will focus on providing a faultless customer experience across all the available channels.

These specific factors have compelled the banks and financial institutions to focus on Omni channel services whether it is for opening an account or checking the balance in an account, conducting financial transactions or wealth management, need for a greater and superior customer support and experience is essential. This will ensure that more and more customers can enjoy mobile banking using their smart phones rather than having to visita branchevery time they want to conduct a business.

Benefits of Omni channel banking

There are several benefits that the Omni channel banking can provide but the most significant one seems to be the Big Data Analysis.

  • By using Big Data banks and financial institutions can now customize their service sand financial products in a much better way that helps them to provide their customers with a memorable experience.
  • They can now collect a whole lot of data and useful infofrom different social media sites as well as the browsing history of the customers and past purchase records which helps them further on service and product customization and enhancement of customer experience.
  • It has also helped them to make useful and beneficial recommendations to their customers as soon as they log in by better processing of the info and data.
  • The software is also a great help for them to collect product write ups and reviews social networking sites. The financial experts can now use specific database management software and link it to the cloud. This further helps them further to use it to record data regarding the customer activity and interaction that are obtained in real time.

The influence and significance of Big Data and analytics in banking cannot be overlooked in this modern world of business and financial transactions.

The use of Bots

Bots with Artificial Intelligence and Machine learning have helped the finance and lending industry to provide their customers with exceptional service irrespective of thesize of theaccount. Ideally, all customers now have a personal banker and a personal assistant virtually for 24 hours.

All the users today are hardly found to call up the not so easily available customer care 1800-number to check their balances, inquire about a product or to conduct any transfer. All these can be now done through their smart phone using a relevant mobile app.

With the use of Bots everything is now eased out and customers now do not have to go through the frustrating ordeals while trying to gather different info such as:

  • About a specific product
  • Cost of money transfer
  • Obtaining a historic account statement or
  • A routing number.

Customers now have the personal banker waiting to answer their beck and call and love this wonderful feeling of being pampered. They can now be assisted in saving money, getting a loan, earning more rewards, making an investment, and getting wealth building and finance management advice.

By Suhani

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