"Technology is one of the strongest weapons for banks."
That’s a direct quote from Christine Barry, research director at leading fintech advisory firm Aite Group, during a transaction banking webinar held last week. It summarizes the current situation in the transaction banking space very well. The topic was “Five Key Strategies for Improving Customer Experience and Driving New Transaction Banking Revenue Streams.”
Barry, along with ACI, emphasized the tremendous opportunity available to financial institutions to provide a better customer experience. Technology was emphasized within every facet of the key strategies highlighted to improve the business customer experience:
- Broaden the range of services offered
- Improve access to bank services and information
- Utilize analytics to better understand customer needs
- Lessen customers' exceptions burden
- Increase efficiency through system rationalization and technology investment
Barry’s research reveals that if business customers are not satisfied with a bank's self-service capabilities and overall customer experience, they are twice as likely to switch institutions as those that are satisfied. Non-bank competitors are certainly using technology as a weapon; it’s the driver behind innovation. The financial institutions have this weapon available to them as well. However, the financial institutions’ weapons are reinforced by trust and the existing customer relationships they maintain. Now is the time to further strengthen those relationships by offering the best possible customer experience—using the best possible technology. For more insights, watch the webinar.
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