When browsing through their Netflix account, consumers are taken through a premium guided search experience where each keystroke prompts the platform to simultaneously search for movies and shows while personalising the results to their profiles. Similarly, while online shopping, users get real-time product recommendations based on their browsing and buying history, followed by ­hassle-free ordering and same day delivery.

Success in today’s world is being shaped by organisations that are putting customers at the centre of everything they do. This has resulted in customer expectations being higher than ever before. Customers now know what a great user experience looks like, and they expect it from  everyone they do business with, including their banks.

While banks used to compete on account features and interest rates, their present success hinges on the level of data-driven, personalised advisory services they can offer their clients. They are expected to drive highly tailored, cross-channel interactions with their customers and provide them with an intuitive and intelligent user experience.

With a lack of tools and investment to translate rich data into deeper knowledge and actionable insights, many banks have struggled to keep pace. In a recent Barlow Research survey of small business owners, more than 90 per cent felt that their banks should know the specifics of their bank relationship. However, only 39 per cent felt that their bank was superior at delivering this experience. There is a large expectation gap between how well customers want banks to know their business and how well they actually do.

The tide of digital disruption is here to stay now more than ever. At the centre of this digital disruption is the contextual customer experience. Globally, banks are now forced to rethink their strategies to deliver holistic, impactful and value-driven outcomes by being a part of their customers’ everyday lives. We believe that banks can provide highly personalised banking to different customer segments through automation, accumulation and attestation.

Let’s take a look at different customer personas, their banking needs and how a bank can address these. The needs are classified as: ‘automate’, where banking for these customers is made easy through process automation and zero branch visits; ‘accumulate’, where banks provide customers with a personalised list of the best available options based on their needs; and ‘attest’, where customer choices are seamlessly assured by validating actions and monitoring their spending.

Linc is a student currently studying at the University of Texas in the USA and loves cycling. He has recently opened an account and has taken out an education loan. To get a head start on paying his loan, he recently began working part time, and in his spare time he cycles with a local club.  

His bank has adjusted its services to suit him in many ways. He has opted out of being directly contacted and prefers to use artificial intelligence (AI)-enabled chatbots at his convenience. He has enabled automated notifications to provide daily information on deals and discounts on his regular purchases. As such, the bank has offered him a special 20 per cent discount to be used on his next bicycle service. His bank also helps him create goals based on income from his part-time job and alerts him when his spending spikes.

Sofia is a doctor at a leading hospital and is the main provider in her family. She enjoys family activities and prioritises her children’s education. Her income has allowed her family to live debt-free and develop a portfolio of investments in property and stocks.

Based on her spending behaviour, which often revolves around food, her bank makes recommendations for top restaurants with personalised discounts for family dinners. And with her portfolio of investments in stocks and property, the bank monitors major market trends and events to give her projections and alerts of significant changes that could impact her.

A true contextual experience can be realised by bringing together AI, data analytics, agile architecture, application programming interfaces and cloud-native design. At Intellect Design Arena, we leverage our ‘Design Thinking’ concept to build innovative products and platforms for banking and insurance customers. Intellect’s Contextual Banking Experience, an ­award-winning digital banking platform, enables banks to provide a relevant and frictionless digital experience, which helps them become key partners in their customers’ lives.  

Rajesh Saxena is CEO of global consumer banking at Intellect Design Arena 

This article was originally published in the Autumn 2021 issue of Technology Record. To get future issues delivered directly to your inbox, sign up for a free subscription.

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