The “Digital Banking in a Post-Pandemic World” live virtual summit included over four hours of jam-packed insights from leading banking executives on technology, fraud, compliance, and innovation. One critical area that affects and is affected by all these issues is the banking customer experience.
Adopting the latest technology, busting fraud, staying compliant, and fostering innovation should be carried out in a way that keeps the needs of the customer front-and-center. As banks try to balance different interests and priorities, they must remember that their continued survival and relevance is predicated on the continued business of consumers.
In case you missed the Summit, we gathered the six most compelling quotes on the subject of CX and banking from our diverse panel of speakers.
On How Capital One Ventures Supports Innovative CX
“On the customer service side, Capital One started four or five years ago at the bottom of the stack to bring our data ecosystem together in a more organized way across lines of business. So far we moved completely to the cloud and closed all our data centers. It’s from that foundation that we’ve been able to build the insights necessary to improve our operations and digital channels to better serve customers.”
-Bill McNulty, Operating Partner, Capital One Ventures
On Maximizing Bank Employee Effectiveness
“Banks that were very successful in meeting customer expectations during Covid really understood and made the most of their employees’ talent. They were the ones that could say ‘I’m taking a thousand people and moving them into certain call centers or certain operational processes because they knew exactly who was a producer versus who was a strategic growth enabler versus a project manager. These banks had real granularity on their internal operations and workers.”
-Federico Berruti. Partner, McKinsey
On Customer Journey Visibility
“The best special effects in movies are the ones where you don’t even realize it’s a special effect. The same goes with AI and ML. As an agent takes a call, this kind of deep technology can work behind the scenes to detect who the customer is, what they attempted to accomplish at another channel, and problems commonly associated with such queries. All of this can now be displayed on the agent’s screen, turning the agent into superman or superwoman. Suddenly, they have all the answers when the customer picks up the phone.”
-Sriniketh Chakravarthi, SVP & Head of BFSI & Enterprise Alliances, Tech Mahindra
On Consumer Digital Readiness
“47% of consumers today won’t take care of a bank transaction if it requires meeting someone face-to-face at a physical branch. On the other hand, we have seen an accelerated willingness to do more digital banking: 91% of consumers are more open to digital than they were before the pandemic.”
-Jake Levant, VP Marketing at Lightico
On the Key to Staying Competitive
“Some banks still don’t offer a way to open an account online. There’s a misconception that there’s this pent-up demand for branch banking, and once Covid is gone customers will run back to the branch. That’s absolutely ridiculous. The majority of customers are going to figure out how to do it digitally with another bank. Going digital is essential to staying competitive.”
-Alex Jimenez, Chief Strategy Officer, Extractable
On Personalized Customer Journeys
“It’s imperative that every step in the customer journey will begin by the bank understanding the customer’s history and context––everything they have accrued during their journey so far. Customers have no patience to explain the details of their inquiry over and over again. AI has the potential to solve this issue and create a more personalized, contextual customer experience.”
-Elad Hoffman, VP Product, Voca
On Using Tech To Improve Branch Interactions
“Digital itself can be a tool to help CX at the branch. If we apply some of the digital technologies to those physical experiences, we’re going to have better customer experiences. I see having a universal teller augmented by AI and different tools to give the banking customer advice. It doesn’t necessarily mean making branches look more like Apple stores. It does mean really looking at the branch experience and how it can be improved and expanded with technology.”
-Alex Jimenez, Chief Strategy Officer, Extractable
On the CX/EX Link
“The customer experience is intrinsically linked with the employee experience. Whatever technology the bank ends up adopting needs to be accessible to the bankers, since they are the ones who will be using it to deliver value to the end customer. When bankers are able to take customers through a single, seamless journey, everyone wins.”
-Avi Lousky, VP Product Management, Lightico
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