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Electronic banking has moved most transactional operations into digital channels. The benefits for the customer are better access to their finances and time savings. For banks, the benefits are the cost savings - the number of bank branches closed in the past decade is 82,000. The remaining branches focus on servicing more complex products, such as mortgage loans or investment products. Are we, therefore, on the brink of a revolution in social communication, in which we no longer require the other person to make time for us to speak with them?Read more
Mobile phones have become the norm, and individuals are accustomed to conversing with others using social messengers such as WhatsApp, Facebook Messenger, and others. As a result, asynchronous communication is becoming increasingly prevalent. However, this comes at the expense of other ways of communication, such as regular phone conversations and emails. Are we, therefore, on the brink of a revolution in social communication, in which we no longer require the other person to make time for us to speak with them?
The number of AI-driven solutions helping organisations improve customer communications grows every year. Sending specific queries to a bot helps customer service centres increase their efficiency. In addition, customer behaviour and expectations are changing regarding customer service.
We are witnessing profound changes in how customers use banking services. There has been a shift toward everything virtual. From retail to professional services to health and education, almost all sectors offer all or part of their services online. Customers’ attitudes have changed, and they now prefer to have the option to take care of business online.
Will omnichannel banking deliver on its promise anytime soon? This article examines the question and finds a new understanding of the omnichannel concept.
Written by Piotr Skrabski, General Manager and Mateusz Grys, Customer Success Expert at LiveBank. Omnichannel. A word we’ve heard repeatedly in banking circles that still has a lot of clout. Its place, at the crossroads of “mobile-first”, “digitalisation”, and “customer-centricity”, makes it easy to see why it still has relevance. Besides this, “omnichannel banking” holds […]
After Citibank has selected LiveBank to implement innovative virtual branches in 16 countries of APAC and EMEA regions, we are proud to present the latest implementation in this bunch. As a key figure in global banking, Citi has decided to introduce Virtual Remote Engagement (VRE) in Hong Kong to make its wealth management customers' banking experience even better. An implementation took place likewise in Singapore - VRE has been launched on Citibank Online with mobile banking possibility. Furthermore, soon it is going to be rolled out in other venues in Asia.
The number of people using digital channels to access their services is on the rise. However, the banks are sometimes struggling to seize the opportunity created by this sudden shift in customers’ preferences. Boosting the sales is now easier than ever before — provided that your institution has the right tools to do it. Discover […]
Digital transformation has long been in the agendas of all the major banking strategies. It is not hard to see why – customers are eager to operate in the digital world, and they tend to fulfill their needs there. They also expect banks to follow in their footsteps. Because of that, more and more financial […]
Today, customers regularly contact banks using many different communication channels, sometimes alternating between them or using several simultaneously. Customers want consistency regardless of the type of communication, and so a well-integrated omnichannel system is needed to ensure that continuity is in place.
Technology causes pivotal changes in the banking industry. Digitization process has already changed the nature of banking itself. What’s more, as we observe, customer behavior is supportive of virtual banking. Current ‘stay at home’ status keeps people away from public places, so the best way to adjust to those restrictions while having constant access to the banking is to move the services to the virtual channels.