Through modernization, numerous FinServ and Insurance (FSI) organizations are able to create a better customer experience. Between digital applications and artificial intelligence (AI), there are many ways to improve satisfaction from customers as well as creating ease in managing their finances.
Distributed Banking Gives Banks Opportunity to Redesign the Customer Experience
Distributed banking allows for banks to “enable banking services to be pushed through their corporate clients to their end users, as many end points as possible,” stated Drew Edwards, Chief Executive Officer at Ingo Money, Inc. This enables greater customer experience in FinTech acquisitions and partnerships. Edwards commented that “FinTechs have raised the bar on customer expectations. And now, banks must reach [that high bar] to operate at parity with them if they don’t want to be relegated to the position of a funding source for FinTechs that consumers and businesses turn to to get the job done.”
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Faster to the Future of Banking
Modernization is shaping the way individuals handle their finances. Through technological innovation “digital banking apps are quickly becoming the face of the bank and now represent a bank’s brand. Yet that’s led to fewer clients having strong banker/bank relationships,” commented Sanjay Poonen, Chief Operating Officer at VMware. Looking to the future, banks will have to decide whether to drive focus towards the back-end or the front-end of their provided banking experience.
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Can AI Solve the Personalization Dilemma for the Finserv and Insurance Sector?
AI can be a powerful tool for customer experience, yet “the full potential of AI in digital transformation is not being realized because organizations are missing out on the power it provides in delivering the highly personalized experiences that set brands apart,” shared Jacqueline Baxter, Senior Digital Strategist at Sitecore. With the right tools, FSI organizations are able to deliver personalized content and experience to their customers.
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