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Building trust, avoiding fines, and keeping clients within your organization are all aspects of banking that are affected by cybersecurity. Yet, protecting client data is not easy, as threats evolve daily, changing and getting more dangerous. How do we handle them and associated risks at LiveBank? Find it out in this article!
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Optimizing Financial Operations: AI Applications in Banking Processes
What are the applications of AI in banking? For example, artificial intelligence may be used to adapt the UI based on users' habits, to automate customer service through chatbots and virtual assistants or to categorize transactions and segment customers based on these labels. Do you want to learn more? Then read on!
Managing Customer Expectations in the Era of Digital Banking
Managing customer expectations in digital banking is the ultimate goal of any customer service team. After all, by doing so you can build up loyalty, hence decreasing churn and collecting a higher profit. But what do customers expect? A user-friendly mobile app, omni- and opti-channel solutions, personalized offers and content, high data security, and… an appealing visual design. How do you manage customer expectations? First, you need to learn what your particular customers strive for. Then, it all comes down to… implementing adequate solutions. Do you want to learn more? Then read on!
Measuring Success: Key Metrics for Evaluating Customer Service in Digital Banking
What are the key metrics in customer service in digital banking? How to evaluate the quality of your CS department? For instance, you can use the ratings from customer surveys, mystery shopping scores, or customer complaints & compliments. You should also look into process data, such as response and transaction times. Finally, you can measure your CS team’s performance by inspecting the number of products per customer, customer lifetime value, customer churn, and the number of referrals per customer. Do you want to learn more? Then read on!
The Future of Mobile Banking Apps: Trends and Innovations
What is the future of banking apps? We expect a rise in security measures, combined with an even higher level of personalization, enhanced customer experience, and an integration of a plethora of financial features, enabling users to conduct their banking fully through mobile apps. Naturally, for that to happen, banks need to utilize artificial intelligence and machine learning for their apps, which the leading ones already do. Do you want to learn more? Then read on!
Adapting Customer Service Strategies for Different Generations in Digital Banking
Tailoring customer service strategy in banking to the needs of different generations is crucial. After all, there are major differences between them. Take the attention span, for example. In 2000 the average for adults was 12 seconds, while in 2021, it was only 8 seconds[1], proving that the older generations have a longer attention span than the younger ones. Their priorities also differ: Gen Z and Millenials strive for faster payments and transfers, Gen X for customized product recommendations, and Boomers prioritize security[2]. So, how to tailor your customer service strategy in digital banking to the needs of each generation? Find it out in this article!
The Impact of Mobile Apps on Customer Service in Digital Banking
Mobile banking apps have truly revolutionized digital banking. They turned strenuous procedures into convenience, enabling clients to send a money transfer, set up a deposit, or even take out a loan with just a few clicks. When it comes to customer service, mobile banking apps brought even more changes. People no longer want (or have to) visit physical branches or wait in long phone queues to contact the bank. Instead, most queries can be resolved effortlessly through mobile apps and chats within them. Let’s explore this topic in more detail.