Technology Capabilities
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SANTA CLARA, Calif.–January 10, 2025– GlobalLogic Inc., a Hitachi Group Com...
GlobalLogic provides unique experience and expertise at the intersection of data, design, and engineering.
Get in touchThe banking and finance industry has been very successful for a long time, with its well-established rulebook for products, services, and processes. However, in this increasingly digital age, banks and financial services providers have become far less effective with their legacy systems and data fragmentation — which is why most have jumped on the bandwagon of digital adoption to provide better customer service.
COVID-19 has also triggered these institutions to fast-track their digital incumbency and find ways to serve their clients better. For instance, 44% of retail banking customers said they are using their primary bank’s mobile app more often(1). There is a similar pattern in commercial banking (e.g., Bank of America’s business banking app witnessed a 117% growth in mobile check deposits(2). Furthermore, banks and financial services providers are now competing against FinTechs and start-ups who are digital natives.
According to a digital banking report by The Financial Brand, one of the top banking priorities in 2021 is “improving customer experience.” (3) As new technologies continue to transform the ways we engage with banks and financial services providers, customers are more likely to focus on the experience that an institute provides them rather than just the product or service offerings.
As we look deeper, it seems that customers consider their banks and financial services providers to be trusted advisors who help them proactively manage their financial challenges and opportunities, while maintaining data security and safety. The customer experience (CX) has gone beyond the realms of technology alone to include multiple in-house processes, customer support services, and client / employee feedback. All these sources of input create an unequivocal journey map for customers, with data being collected across the entire set of customer interaction touch points.
To ensure that customers stay engaged instead of searching for a better service provider, banks and financial services providers must intelligently leverage technology to improve the customer experience — such as providing seamless user interaction through platforms, responsive communication through both BOTs and associates, proactive customer support through big data & analytics, and gaining customer trust through security & data privacy solutions. Some of the most significant CX trends that could differentiate an institution in 2021 include:
GlobalLogic is a Digital Product Engineering and Experience Design company that helps businesses define, design, build, and deliver their next-generation products and digital experiences. We have done some exceptional work on digital transformation, machine learning, and front-end design for Fortune 500 banking and financial services institutions — including 4 of the Top 5 UK banks.
We have broad technical expertise in the design and delivery of various CX solutions to reconnect businesses with their customers. GlobalLogic enables banking and financial services providers to cut through the complexity of existing systems and deliver personalized, seamless, omnichannel customer experiences that are highly effective and keep customers engaged.
Customer Experience maturity is becoming a prevalent marker for digital acceptance among banks and financial services providers to drive revenue, retain customers, and compete against FinTechs and start-ups who have already invested in new technologies. Moving forward in this digital age, customers are more likely to stay engaged with their financial services provider if they can expect a personalized, unilateral experience across digital channels and transactions.