Banking Cardless

Blog: Is your Customer Experience a "Want" or a "Need"?


Consumers expect to do just about everything on the channel of their choice, which increasingly means one thing: mobile. Research results from ATM Marketplace’s ATM Future Trends 2019 identified mobile technology as the number one factor (34%) that will have the greatest impact on the ATM industry globally. And ironically, according to a 2018 Deloitte report entitled New job, new journey: Supporting millennials’ changing banking needs, many millennials rarely care about products; rather, they are looking at how banks can meet expectations in-context, at the right moment, and on a customer’s preferred endpoint.

Prioritizing Customer Experience
Where does end-to-end customer experience fall on your organization’s priority list? I believe it should sit right at the top – but often, this critical initiative is undercut by regulatory and compliance challenges, legacy infrastructure woes, cost-cutting measures and the siloed organizational structure so common among financial institutions.

Departments become focused on their own priorities instead of keeping consumers at the center of the universe. For example, a bank’s mortgage department and marketing department might be doing well – but back-end processes fall short in capturing customer needs emanating from marketing and automatically redirecting them to the mortgage officer (while storing intermittent transaction records). From an implementation perspective, this connectivity can be incredibly complex.

Offering an improved customer experience inadvertently becomes a “want,” rather than a “need.” Banks want to offer customers more transaction capabilities, a more seamless omnichannel experience, and unexpected moments of surprise and delight. But individual departments need to meet their own siloed goals, and that often takes priority.

So how can we make your organization’s wants and needs converge with your consumers’ wants and needs?

According to that Deloitte study, millennials want to engage with a financial institution that will recognize the goals they are planning for and identify pain points that create friction in their daily financial transactions. Your organization should be the one providing the platform, tools and capabilities that your customers are searching for – truly omnichannel transactions are a critical way to address consumer needs and improve satisfaction.

Your ecosystem should include mobile, tablets, wearables, online, the ATM, tellers, assisted service through tablets and/or video, call centers – and every channel should strive to operate harmoniously, in real time, with every other channel. It’s the un-ironic conclusion of that “Supporting Millennials” report: 

“Banks should think about users, uses, and usage of banking products in the context of serving consumers’ life-need journeys, and uncovering new value. Banks, therefore, should design customer experiences that are untethered from channel thinking—what we call ‘post-channel’ experiences. These experiences should be continuous and intuitively guided by the customer across all endpoints of their journey.”

Building a Connected Ecosystem
Of course, it’s no small task. Vaporware and conceptual ideas are common enough, but actionable, untethered solutions can be harder to find. Our strategic approach to digital differentiation allows us to deliver microservices that integrate into other successful digital applications. 

DN microservices connect channels in real time. We’ve created an SDK solution that offers a back-end portfolio of RESTful APIs that interact seamlessly with your ATM network. In an increasingly complex IT ecosystem, we’re enabling faster go-to-market implementations that connect seamlessly across channels, with other partners and even with third-party providers. Our microservices enable real-world solutions like cardless withdrawals and deposits for small business via pre-staged transactions. 

The new, digitized era requires an integration of physical and digital channels, and the means and ability to allow consumers to access them however and whenever they want. Transaction capabilities are not likely to be the “final frontier” for banks, but we’re certainly in a period that is hallmarked by connectivity and cross-channel enablement. With the right tools and the right partner, you can turn that “want” into a “need,” and offer your consumers the seamless, modern, connected experience they crave.

Find out more about how to create consumer-centric experiences using activation-ready omnichannel tools, or reach out to us with questions.

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