From ATM machines to self- checkout counter, self-service revolution is sweeping the financial service space – with customers seeking electronic and mobile experiences more than ever before. This paradigm shift of financial industries has given rise to fintech revolution. And when talking about fintech revolution, how could somebody escape the mobility factor. Mobility plays imperative in this digital revolution, not only it has given customers more control over the service process but has also reduced the manual effort.

On the contrary, according to Accenture analysis – 52 percent of customers with smartphones are using mobile banking facilities, but only 27 percent have tried mobile deposits. The numbers clearly indicate there is a lot untapped digital potential.

But, the question remains, despite much of significant investments, why is finance sector still struggling to unleash the full potential of self-service? It could be that self-service is not entirely addressing the customer’s need.

To remain competitive, financial institutions need to have a smarter strategy at place, which bridges the gap between services offered to customers and their expectations. Also, improving their digital channels and simplifying the transaction process where customer barely needs any physical assistance. However, to execute a smart strategy it should be backed up by the right set of technologies.

Let’s see how technology is going to shape Financial service space:

Having a chatbot for customer service: Today’s customer expects their questions and concerns to be handled anytime and anywhere. Bots have made this even easier for industries, especially financial industry where customers data and its security remain a challenge. Having a virtual bot enables your customer service team to provide an in-person support to your customers’ by providing faster and round-the-clock feedback, without exposing financial information to one of the weaker points of data security, employees.

Enabling omnichannel banking: Today’s digital customer initiate a transaction from one channel and complete it on the other. For this, they expect the experience to be seamless and in real-time. Omnichannel will help customers seamlessly switch their digital channels and enjoy the same experience. Omnichannel provides tangible benefits to both top and bottom line. Banks which ensures their omnichannel online services are supported by their branches, ATMs and call centers are lifting the bar for self -service banking. This integration of physical and digital channels allows customers to access banking services anytime, anywhere through any devices; seamlessly and securely.

AI Powered Self-service: Imagine when a customer’s request is answered before it has been placed. Having a robust AI presence helps in monitoring and analyzing customer’s transaction and anticipate potential risks in advance- then providing information to customers how to mitigate the risk. If that doesn’t sway your opinion, what if I told you that statistics suggest 88% of incoming requests can be resolved without human intervention with the execution of AI powered self-service.

If traditional financial services do not show the nimbleness required to replace their legacy business with new platforms, then might land itself facing a creative destruction.

AUTHOR
Ankita Mallick

Ankita Mallick

Ankita is a marketing enthusiast and works in the digital business transformation industry. She is extremely passionate about latest industry technologies and trends and how they benefit organizations from small scale to global enterprises.

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