Software eats the world, and Covid-19 accelerates that. Businesses now realize even more that digital transformation is key to survival and growth. In order to move the journey of traditional interaction with existing customers onto the mobile app and web platform, a business is required to think and act like a tech company.
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.
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.
Running a business does not always call for personal contact with your business every day. The exceptional growth and increasing technological development make it possible to safely assign duties to work with a monitorable KPI track using technology. Scientific inventions for the past centuries influenced continuous technological advancement that allows one to monitor and track daily operations in business using a single system or technology.