Customers these days prefer to share data concerning themselves in each interaction with a business. They like to share their interests, preferences, needs, wants, and even their details. This can be a standard state of affairs in the digital world. The trend is useful for an organization because they can collect and analyze customer knowledge easier and notice the best way to get a long relationship with customers.
One thing that will always be important for improving customer loyalty is the loyalty program, a way for companies to maintain their business with regular customers and continue to build trust. A good loyalty program could build dedication of customers towards buying products or services from your business. As customer is one of the main drivers of your business growth, it’s quite important to concentrate efforts on building your customer loyalty.
DBS Bank (formerly known as the Development Bank of Singapore) recently made an outstanding achievement as it was crowned as “World’s Best Bank of 2019” by leading global financial publication, Euromoney. The Bank’s tremendous success was largely accredited to its digital transformation which is recognized as one of the most comprehensive in the world. This is solidly proven as the bank also received Euromoney’s best digital bank in 2018, which was their second in three years.
Customer expectations are dynamically changing, and the financial service industry is not invulnerable to these ever-changing new demands. The expansion of social media, the utilization of big data, and the ability to find or buy nearly anything, anytime, and anywhere means that people are getting more accustomed to fast and personal experiences.
In digital transformation, digital technology is integrated into all areas of a business. This integration brings changes in how the business delivers value to its customers. In the banking industry, digital transformation is a way to provide better service to your customers. It can be dramatically cheaper when customers complete transactions on a mobile app, instead of in a branch. They don’t have to go to your office and spend time to queue in order to complete financial transactions.
Digital transformation is more than about providing mobile and online functionality. Conventional financial service providers need to combine digital speed and convenience with human interaction to provide innovation and thoughtful caring in the customer’s journey.
When was the last time you went to the bank physically and made transactions in there? A few days ago, several months ago, or perhaps never in your recent memory? You may realize that today’s people prefer to make a banking transaction through their smartphones. It’s because technology has left a huge impact on almost every area in our lives including the way customers interact with businesses, and in this case banks.
The world is undergoing a technological revolution that impacts practically every aspect of business and personal life. The computing power has advanced greatly driven by new chip designs and fast-improving designs. Additionally, the era of Big Data is with us as organizations generate voluminous gold mine of structured and unstructured data at very high speed from many different sources and in many formats. At the heart of today’s technological revolution is Artificial Intelligence (AI).