With banks embracing technology to improve their services, there’s no denying the fact that customers too, are inclined to adopt processes that make their lives easier.

High levels of safety

Security of personalised data is a big challenge for financial institutions across the globe. Customers expect their data to be safe and therefore they want banks to implement robust technology that can ensure the security of their crucial information.

Frauds not only cost monetary losses for banks, but also take a toll on the confidence of customers who become wary about using a particular technology, which otherwise can spell convenience for them. With hackers and fraudsters always on the lookout to steal crucial customer information, it’s imperative for banks to implement robust technology that can offer high levels of safety.

Personalised communication

Customers today no longer perceive banks as institutions to deposit and withdraw money. In fact, they look forward to banks communicating with them on a personal level. Apart from dedicated relationship managers, they want a second option with which they can connect instantly and conveniently.

This is primarily the reason that has led to the popularity of chatbots in banking. Today, most banks on their websites and even on social media, deploy these bots to answer queries of customers in real time. Using predictive analytics, these bots pick up words and answer customers’ questions. As opposed to humans, bots can process hundreds of queries simultaneously, 24x7.

Prediction of needs

With banking becoming progressive, customers expect the technology deployed to predict their needs and suggest products accordingly. They want their banking technology to give them a customised solution of their requirements, which don’t follow a ‘one-size-fits-all’ approach.

Today, most banks using advanced algorithms are trying to predict the needs of their customers and suggest products accordingly. For instance, for goals like child’s higher education or making a down payment for a house or car, fixed deposits can be ideal instruments. Similarly, for goals like retirement, one can contemplate investing in mutual funds for the long-term.

One-stop destination for all needs

Today, customers expect their banks to be a one-stop destination for all their needs. Be it applying for a loan, transferring money or paying for utilities, banks need to provide all these services on a single platform.

Banks have now come up with their own tailor-made mobile apps that serve as one-stop destination for all the common needs of customers. By providing banking on the go, these apps have cut down physical visits to banks and have greatly reduced the paperwork.

Banks need to update themselves with the evolving choices of customers. Technology will play a key role in ensuring that they are in tune with the preferences of their patrons.