Banking sector

A company's ability to respond to the diverse needs of its customers with a sustainable offer of appropriate services or quality products will bring it the success it expects. This is even more true in the banking sector.

For several years now, the banking sector has therefore been developing its offer and reaching out to future customers via new contact modes such as online platforms like websites and the creation of mobile applications to increase customer usage.

The emergence of FinTech

The emergence of FinTech with the appearance of neo-banks reinforces the vital aspect for so-called classic banks to achieve their digital transformation.

In fact, 31% of consumers are considering signing up with a neobank.

This percentage rises to 41% among Millenials, a target group that will inevitably make up a growing proportion of bank customers in the next few years.

Another type of customer is very sensitive to the advent of these online services: company founders. With just a few clicks of the mouse, you can subscribe to one of the many offers available, most of which include services such as assistance with drafting articles of association, registering the company with the Registrar's Office, depositing capital, etc.

Companies in the banking sector must therefore be imaginative and take up a number of challenges to ensure their digitalization, offer their customers personalized services and remain competitive.

To achieve this, it's vital to implement a User Centric approach.

A User Centric approach

Among other things, this approach will involve working on the following levers:

Optimizing processes: always better, always faster.

Simplifying your forms or collection tools to enable registration, subscription to your services or after-sales processing, is the main response to your users' expectations. Automation responds to the immediacy of the need, and the speed with which users can either sign up or change their minds. On your side, you'll improve your efficiency and maximize your ROI. Automation in banking reduces the cost of processing applications by 30% and handles up to 10-25% of banking functions, enabling companies to focus employees on more complex, value-added tasks.

Optimize data collection: the right data, at the right time, in the right place.
Users may agree to contribute a large volume of their data in exchange for additional benefits over and above the basic offer, which may take the form of money or additional "private" services.

In order to lock in the profile of the people to whom you offer these additional services, we suggest that you validate the contact points that will enable you to offer additional products/services, via appropriate marketing campaigns.

Be disruptive

The arrival of new players (fintechs, etc.) has had an impact on the profitability of their core markets.

Conventional establishments are therefore having to rethink their business model to cope with this new competition. They are now focusing more on the services associated with their products.