Customer Service Strategy in Banking: Understanding the Needs of Every Generation
In order to adapt your customer service strategy in digital banking, you first need to understand each of the generations. So, here’s a short overview.
Customer Service Strategy for Boomers
While Boomers don’t refrain from using the internet, they aren’t exactly tech-savvy. This means that they require more intuitive and simple solutions. As mentioned before, boomers prioritize security, with product recommendations, faster payments, and automated savings also making the list.
When it comes to contacting customer service, Boomers are the generation that lived through the era of call centers. Therefore, they might prefer conversations on the phone over the chat.
Customer Service Strategy for Gen X
Gen X is a bit more acquainted with technology than Boomers. While it remembers the times of call centers, it is the generation that switched to chats, so people from this generation might prefer either of these options.
As we said in the introduction, Gen X prioritizes personalized product recommendations, which you can create with the use of AI banking tools.
Customer Service Strategy for Millennials
When tailoring your digital banking customer service strategy to Millennials, you have to remember that they are the first generation that prefers digital solutions over traditional ones. They also use banking apps frequently, so it is good to introduce customer service options in them.
Interestingly enough, while Millennials are similar in their priorities to both Gen X and Gen Z (with fast payments taking first place and automatic savings the second), there is one thing that distinguishes them – they strive for high chat functionality and personalized communication[2].
Customer Service Strategy for Gen Z
Gen Z, or Zoomers, will be mostly in favor of self-service options wherever they are possible. Here the omnichannel approach gains in importance, as they are most likely to utilize several communication channels.
As we said at the beginning of the article, Gen Z mostly prioritizes convenience, namely, fast payments, while also focusing on online tutorials on money investment – it’s good to feed them with relevant content and offer them personalized products related to money management.
How to Tailor Your Customer Service Strategy in Digital Banking to the Needs of Each Generation
If you wish to deliver the best experiences to each generation, you should tailor your digital banking customer services strategy so that it becomes versatile while adopting the optichannel approach.
In practice, it means finding the golden means. You should introduce automation and chatbots for Gen Z and Millennials while preserving the call centers for Boomers and Gen X. You need to give the younger generations self-service options while leaving the possibility to onboard, take a loan, or make an international transfer with the help of an agent. In simple words, your customer service strategy needs to have all the traits that each of the generations looks for.
This is exactly what our LiveBank platform is for. With it, you can connect data from all channels into one place and deliver more personalized experiences, thus tailoring your customer services to the needs of each generation. Our platform utilizes technologies such as AI, machine learning, or biometrics to help you customize your product recommendations, enable self-service for younger generations, and offer a consistent experience for Millennials and Boomers who might utilize several channels in their communication.
Customer Service Strategy in Digital Banking: Conclusions
Adapting your customer service strategies in digital banking requires you to link all the channels together and make it possible for the customers to use the ones that are most convenient to them. Since the preferences aren’t mutually exclusive, you should ensure that at each step, your customer service solutions include everything that each generation prioritizes.
You may also read: The Future of AI in Banking Customer Service: Trends and Innovations
Sources:
[1]https://www.goldenstepsaba.com/resources/average-attention-span
[2]https://www.bai.org/banking-strategies/what-matters-most-to-each-generation-of-banking-customers/
Mobile Banking Apps’ Impact on Customer Service: The Beginnings
In 2007, Apple released its first iPhone; at the same time, the Bank of Scotland announced the world’s first mobile banking app for smartphones. The rest is history.
Before the era of smartphones, customer service in banking wasn’t the most pleasant experience. People had limited choice when it came to selecting their bank, since they needed to have a physical branch nearby. They had to wait in long queues at those branches (or on the phone). Simply said, as a customer you wanted to avoid the need to contact customer service at all costs.
With the introduction of mobile banking apps, it all started to change. While Internet banking emerged on the way, it still required having a PC available when you wanted to access your account. Mobile apps made it easier – all you had to have was your phone. This has initiated a shift in the industry, leading to what we now know as digital banking.
The Impact of Mobile Apps on Digital Banking Customer Service
The initial changes led to the situation that we live in today – one where mobile-only customers are becoming a large (and important) target group, and the number of services available in digital channels is constantly increasing. But how do those mobile apps impact digital banking customer service?
1. Touchpoint between the Customer and Bank Employee
First of all, mobile apps serve as the initial touchpoint between the customer and the bank employee. This is not only because they incorporate elements like customer service chat or the phone number for the customer service line but also because mobile apps automate processes in digital banking. Agents are no longer needed to update account details, send international money transfers, or even answer inquiries about a product.
This can be confirmed if we look at some data. According to Deloitte, 26% of customers use mobile banking apps for updating account information, and 47% do it online in general. At the same time, 15% use apps to inquire about products, while 37% do so in general[1]. This shows that mobile apps became a crucial touchpoint in digital banking, often the first channel chosen by the customer, and the customer service needs to adapt to this fact.
2. Customers Demand Quick Service
Secondly, mobile banking apps have a huge impact on customers’ preferences, which affects customer service itself. Due to the convenience coming with these applications, the clients are more likely to demand quick and effortless customer service, like this provided in apps. This means that no longer long phone queues are acceptable, nor customers are willing to visit physical branches – customer service in digital banking has to be smooth.
Adapting with LiveBank
Our digital banking customer service platform is exactly what you need to adapt to these changes. With it, you will be able to provide convenient and quick customer service, just like your customers expect.
Our AI banking assistant will solve simple queries for your agents and help them navigate the regulations and documentation with ease. Due to data integration, our platform will enable you to provide consistent customer service across all channels. Services like eKYC for Banking will make customer onboarding less strenuous for your customers and less demanding for your employees. Contact us and learn more about our platform and how it can elevate your customer service to the next level.
The Impact of Apps on Digital Banking: Conclusions
Mobile banking apps have quite an impact on digital banking. They change how customers want to solve their queries, making convenience and quick responses critical. With solutions like our LiveBank platform, you will be able to match these new needs of your customers and provide them with customer service that they strive for!
You may also read: Adapting Customer Service Strategies for Different Generations in Digital Banking
The Role of Digital Security in Online Banking
According to a report from Statista, the number of cyberattacks in banking is growing steadily, with the number of threats in 2022 almost tripling the number of attacks in 2013[1]. To add to that, according to the report from 2024, finance and insurance is the second most frequently cyber-attacked industry worldwide, with only manufacturing being targeted more often[2]. This proves one thing: if anything needs cybersecurity, it’s banking.
When looking at online banking, digital security gets even more important. While the shift to mobile banking and new IT solutions has come with many benefits for both customers and financial institutions, it opened new doors for cybercriminals to break through. With third-party integrations or new entry points (customers’ mobile devices), the scope of security in online banking had to be widened even further, and its importance became higher than ever before.
Customers also want to know that their sensitive information and money are safe. Any news of cyber attacks will effectively reduce your clients’ trust in your institution and might even lead to them churning and choosing one of your competitors.
Security Threats in Online Banking
Knowing how banks manage to sell complex financial products remotely requires understanding the challenges they face in the process. The same goes for digital security in online banking – first, we need to take a look at the threats that financial institutions have to prevent.
1. Advanced Persistent Threats
Firstly, there are the advanced persistent threats (APTs). These are complex campaigns aimed at infiltrating a bank’s network, staying in it for a while, and then stealing sensitive information in order to commit financial fraud.
2. Phishing
This threat to digital banking security concerns both financial institution employees and customers. The former might be targeted for the scammers to gain access to bank systems, while the latter are vulnerable to identity theft in the form of stealing credit card information or login credentials.
Two-factor authentications or advanced account management systems may help protect both of these from the consequences of such attacks.
3. Supply Chain Attacks
With the development of digital banking, financial institutions started using third-party services to provide better customer service and gain an edge over their competitors. This, however, creates additional access points for the wrongdoers.
If the third-party tool isn’t secure enough, it might become the source of data leaks, leading to severe consequences. This is why you should evaluate the security of your digital banking solutions and integrate only those that employ the finest measures of protecting your data – such as our LiveBank platform.
LiveBank for Digital Security in Online Banking
While maintaining security in digital banking is mainly on the side of financial institutions and their IT infrastructure, so we cannot do anything about it, we make sure to polish the security measures that we can control. This means preventing any supply chain attacks that could be targeted at our platform.
We store the data in a cloud system, which is much more secure than standard data storage [3][4][5]. This is due to the fact that clouds won’t get infected by malware that is, for instance, accidentally downloaded by an employee, and the data is stored on several physical data mediums.
Our virtual banking solutions are also encrypted with the best techniques in order to protect your information even further. And, cherry on top, we implemented all these security features so that they wouldn’t slow down the system, letting you maximize both your security and efficiency. This is exactly why financial institutions trust us.
Security in Online Banking: Conclusions
Digital security in online banking is the key to building trust in your customers while protecting your business operations from wrongdoers. Since the financial sector is one of the most frequently attacked ones, and the number of threats is constantly growing, you need to implement the finest security measures. For that, you cannot just look at your own infrastructure but also analyze the third-party services that you implement in your digital banking, choosing only those reliable with strong cybersecurity, such as our LiveBank platform!
You may also read: LiveBank’s expertise in cloud and AI banking at Money20/20 USA
Sources:
[2]https://www.statista.com/statistics/1315805/cyber-attacks-top-industries-worldwide/
[3]https://us.norton.com/blog/privacy/what-is-cloud-security
[4]https://thesciencebehindit.org/how-secure-is-data-stored-in-the-cloud/
[5]https://www.cloudflare.com/learning/cloud/what-is-cloud-security/
Embracing the Pulse of Innovation in the Banking Landscape
Returning from the dynamic setting of Money20/20 in Las Vegas, the LiveBank Team returns with a wealth of discoveries and insights that shed light on the evolving roadmap of banking. The conference proved to be more than just a gathering of minds; it served as an exploration into the intersection of technology with the core of banking.
At the heart of our discussions was the resonating theme of technology’s intersection with humanity in banking. The days spent at Money20/20 weren’t just about banking trends; they were about capturing the essence of where banking, driven by AI is headed in an increasingly digital world.
AI: Beyond Algorithms to Personal Touches
The resonance between technology and personalization, especially through the lens of AI, was a central focus. It’s not just about algorithms; it’s about understanding and anticipating the unique needs of every customer. The aim is to create a more personal and intuitive journey, transcending the mere digitization of processes.
Cloud Technology: Redefining Connections
The discussion centered around the transformative potential of cloud technology. The integration of cloud technology was not merely about data efficiency but a gateway to unlocking enriched customer relationships. The cloud isn’t just about storing information; it’s a platform for innovation, connecting customers in ways that were previously unimaginable. This innovative approach redefines how customers interact with banking services, fostering a level of connectivity that transcends traditional boundaries.
LiveBank team members, Mateusz Grys and Maciej Mazurkiewicz, were part of engaging panel discussions that explored the innovative use of AI in fraud prevention, anticipated future banking trends in the US & LATAM, and navigated the evolving landscape of customer-centric banking ecosystems. Additionally, Mateusz and Maciej shared insights and experiences in an interview with FinTech Futures. You can watch the interview below to delve deeper into their valuable contributions.
The overriding sentiment at Money2020 was one of invaluable learning and foresight. Our experience is a testament to the harmonious blend of technology and the heart in banking – where the power of innovation converges with the time-honored principles of trust, personalized service, and meaningful human connections.
As the curtains close on Money20/20, our vision for the future is crystal clear – it’s about crafting an empathetic future that seamlessly integrates technology and human values for the best customer experience. We look forward to continuing this journey, crafting the future of banking together. Stay tuned for more exciting updates on our blog as we navigate the ever-evolving landscape of banking innovation.
Reach out to contact@livebank24.com and dive deeper into the discussion or explore further collaboration opportunities.
Navigating the Financial Revolution at Money 20/20
The financial world is in the midst of a profound transformation, and at LiveBank, we’re not passive observers; we are active participants who are actively shaping this evolution and setting new trends in the world of banking, especially in the realm of virtual branch and optichannel banking. Join us on a journey of exploration and inspiration at Money 20/20 USA 2023, where we don’t just follow the trends – we create them. This is precisely why we couldn’t miss an event as crucial as Money 20/20. From October 22-25 in the vibrant city of Las Vegas, this global fintech conference will serve as the nexus for industry leaders, innovators, startups, entrepreneurs, and financial institutions to share invaluable insights and ignite meaningful discussions about the future of finance.
Money 20/20 is more than just an event, it’s a dynamic ecosystem where ideas, innovations, and partnerships take root and flourish. With its diverse range of keynote sessions, thought-provoking panel discussions, innovative showcases, and extensive networking opportunities, Money 20/20 spans across payments, banking, fintech, retail, and financial services sectors. This year, the spotlight shines brightly on the themes of cloud and AI banking, marking a significant shift in the industry’s focus towards these cutting-edge technologies.
Meet the Visionaries from LiveBank: Maciej Mazurkiewicz and Mateusz Grys
Embarking on this exhilarating journey to Money 20/20 USA 2023 are Maciej Mazurkiewicz, International Sales Director and LiveBank’s Global Deal Maker as well as Mateusz Grys, Maestro of Banking Innovation and Product Manager LiveBank Cloud. Their mission is to showcase LiveBank as a transformative solutions that harness the power of cloud and AI, reshaping the very essence of modern banking. They’re eager to engage in lively discussions about how LiveBank caters to the needs of forward-thinking banks and their digitally-savvy customers. Don’t miss the chance to schedule a meeting with these LiveBank experts they’re here to inspire and collaborate with you on the future of banking in the era of cloud and AI. and engage in discussions about how LiveBank caters to the needs of modern banks and their digitally-savvy customers.
LiveBank: Elevating the Banking Experience
At LiveBank, our mission is to equip bank representatives with the essential tools for effective sales and upselling, all while enhancing their capacity to drive revenue and deliver exceptional customer support in banking. If you’re attending Money 20/20 conference, you can connect with us at booth 14620, strategically located next to the Money Pavilion in Money Hall. Schedule a meeting with us to delve into the world of our enterprise-class communication and collaboration platform tailored for the banking industry.
Why You Can’t Miss LiveBank at Money 20/20 USA
Still wondering why LiveBank should be on your must-visit list at Money 20/20 USA? Here are some compelling reasons:
- Revenue Growth: Explore how LiveBank’s powerful tools can unlock your potential for sales and upselling, driving revenue growth while maintaining top-notch customer service.
- Enhanced Customer Relationships: Discover how LiveBank’s customer-centric focus can elevate your customer relationships, resulting in exceptional satisfaction and lasting loyalty.
- AI-Powered Efficiency: Experience firsthand the transformative impact of AI-driven automation on your banking processes, improving effectiveness, accuracy, and client interactions.
Drawing Inspiration from Industry Leaders
Money 20/20 in Las Vegas offers a unique opportunity to draw inspiration from industry luminaries, including payment providers, influential figures in banking, regulation, IT, retail, lending & credit, and more.
At LiveBank, we’re eagerly anticipating the exchange of business-critical insights and forging connections with influential leaders from various fintech sectors. As the event unfolds, stay tuned for highlights and insights from Money 20/20 USA 2023, offering a sneak peek into the future of finance that we’re collectively shaping. We can’t wait to see you there!
Explore some insights from FTB and Ailleron Technological Breakfast. Delve with us into the evolving landscape of Polish bank branches, discuss the role of technology, and highlight the importance of customer-centric solutions. Discover how modernization is enhancing competitiveness, customer satisfaction, and operational efficiency in the banking sector. Gain valuable insights into the critical aspects of banking’s transformation in the digital age.
Exploring Digital Transformation Trends in Banking
In the world of digital trends and transformation, the FTB Technological Breakfast, held on September 7, 2023, at the Bankers’ Club, brought together banking and technology experts to delve into the evolving landscape of Polish bank branches.
During the event, discussions revolved around the necessity of aligning traditional bank branches with the changing expectations of tech-savvy customers and the rapid advancement of technology. Key topics included the appearance of modern, digital bank branches in the digital era and the evolving needs of the new generation of clients.
Revolutionizing Customer Experience Through Conversational Banking
Włodzimierz Kiciński, Vice President of the Polish Bank Association, emphasized not only the importance of adapting the banking sector to the shifting expectations of modern, digitized customers but also the need to define branch efficiency models.
Maciej Jopyk, Managing Director responsible for Strategy & Consulting at Accenture Poland, highlighted global trends such as smart branches, metaverse, and the growing significance of AI in the realm of bank branches.
Enhancing Efficiency and Customer Convenience through Virtual Branch Solutions
Piotr Piątosa, the newly appointed Vice President and COO at Ailleron, discussed optimizing branch access and the need to streamline processes to provide even more convenient service to customers.
Mateusz Grys, LiveBank Product Manager at Ailleron, emphasized that the goal of digital evolution is to minimize inconveniences that customers may encounter during their visits to bank branches. Issues such as long waiting times for advice or a complex customer journey (that as we know begins even before the branch visit) require effective digital solutions.
Elevating Digital Sales in Banking with AI Empowerment
During his presentation, Mateusz Grys who brings extensive experience from both the tech and banking sectors, demonstrated how technology can support bank employees, optimize their work, and equip them with tools for sales and upselling. He outlined the services that modern bank branches should offer, enabling customers to access banking from anywhere, thereby enhancing their convenience and satisfaction. He also discussed leveraging artificial intelligence, not only for automation through chatbots but also for real-time customer data analysis to provide personalized suggestions and predict customer behaviors. Through artificial intelligence, bank employees can better understand customer needs and respond more efficiently and tailored to specific cases.
The LiveBank Product Manager’s presentation set the stage for a lively discussion, addressing the challenges and benefits of implementing modern solutions in the banking sector. Attention was drawn to the need for additional training for bank employees and some initial skepticism toward new technologies. However, when Jakub Bogusz, Executive Director of Retail Banking at ING Bank Śląski, joined the discussion, it became evident that these concerns were unfounded.
Bogusz shared ING’s experiences after implementing the LiveBank Cloud solution, illustrating how they addressed the bank employees’ apprehensions about introducing modern tools. This resulted in very high satisfaction ratings among both agents and bank customers. He explained that ING currently utilizes Ailleron’s solution for mortgage loan servicing and sales and plans to expand their collaboration into other areas.
Insights from the FTB Technological Breakfast
The FTB Technological Breakfast convened over 30 distinguished guests, and the collective discussion strongly underscored the pivotal role that technology can play in the banking sector. Modern solutions not only support bank employees but also deliver personalized services to customers where and how they need them.
By effectively implementing modern solutions, banks not only enhance their competitiveness in the market but also boost customer satisfaction while efficiently managing their operations. This represents a significant step toward the future of banking, making it more accessible, personalized, and intelligent than ever before. The insightful discussion during the FTB Technological Breakfast sheds light on these critical aspects of the banking sector’s transformation in the digital era.
