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Is self-service the future of banking? November 17, 2017

Every business today knows the significance of focusing on customer service. Huge investments are made to enhance the customer service. After all, delivering quality products or services alone would not be sufficient if the customer is not happy with the response they receive from customer care team. And this is a concept that is particularly true for banking sector.

Technology has reformed financial transactions

People of all age groups now use digital channels to perform most of the financial transactions. There is still a portion of the popular that goes to the bank for basic to complicated transactions. But banks are now focusing on progressing towards a self-service approach that would make sure that customers would be taken care of without the slightest delay.

No more queues

One of the main reasons why the concept of ATM was introduced was to reduce the long queues that are usually seen in the banks for withdrawals and deposits. Though people prefer using the ATMs for withdrawals, most people still prefer doing it the conventional way for deposits. So traditional banks would continue to be important to cater to customer needs. We now find self payment service kiosk and other such improvements added to banks to reduce queues while also allowing face to face interactions when required at any point. So banks now are equipped with digital signs and service kiosks where they could get their work done faster.

No customer goes unanswered

The job of a bank employee is one of the toughest. With never ending queues, bank staff try their best to attend every customer that is present and resolve their queries as early as possible. But on some days the crowd gets a little unmanageable, if the bank still adopts only the traditional systems. Integration of digital systems would ensure that, no matter how big the crowd is, no customer goes unanswered.

Device fragmentation

Now people use banking services not just in the banks and ATMs but also on all electronic gadgets. Internet banking was considered to be an advanced form of banking. But now mobile banking is another major form of banking that people use frequently. The financial services have evolved to the extent that instant cash transactions and fund transfers can all be done even through social media.

Building a strong core with AI

Artificial intelligence is taking self-service to the next level. The influence of AI in banking has been evident in the recent times. Banking industry has always been a little hesitant in allowing the penetration of advanced technology. But this is the industry that is also known to benefit quite a great deal with the incorporation of technologies like AI. Chatbots now form an integral part of marketing strategy for businesses big and small. All the major banks have also now chosen to rely on chatbots to enhance customer care. Chatbots help take banks one step closer to self-service. We also find that chatbots improve personal banking. Right from providing investment advice, to notifying about transactions there are several things that a virtual banking assistant can do. These virtual banking assistants can also make it easy to detect fraudulent transactions easily. The regular financial transactions, spending patterns and income of the users can be tracked to suggest the right places to invest. All these cross-selling and product and service promotion was earlier achieved with the help of relationship personnel at the banks and through direct telephone calls to the customers. This can now be achieved even without human intervention. So even those banks with less employee strength can now reach a wider group of audience without any trouble. And this is how banks are getting future ready by welcoming self-service strategies.

Categories: General