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Let’s accept it: Presently, with increasing mobile penetration, users are more informed than before. The growing market share of cloud banks, fintech institutions, or neo banks that are delivering consistent, personalized experiences across all the channels has made personalized banking experience a minimum expectation of the users. When the banks fail to provide ubiquitous access, the users take not more than 3 seconds to switch to the competition.
It signals personalizing the banking experience is all-important to improve user acquisition and loyalty. Here, technology helps in personalizing the services at scale. Microsoft Cloud for Financial Services is a cutting-edge solution that’s enabling customer engagement.
A point in the case: When Mr. John got a new job with a good salary package, he updated his LinkedIn profile. The update about life events is received by John’s financial advisor followed by a recommendation from AI-based Microsoft solution that Mr. John will purchase a house in near future. The financial advisor sent a tailored message to Mr. John stating- “Congrats on the new position! If you are in plan of buying a home, do let me know for the same.”
After reading the email, Mr. John didn’t give much thought to it, but after some time when he started the house hunting process, he responded to the advisor for mortgage options or loan process. This way, the advisor gets connected with Mr. John immediately and options are suggested based on John’s financial history, credit score, savings, salary, and more. also, John asked all the questions related to mortgage options and started with the loan process.
Satisfactory and positive outcomes are the results of personalized experience delivery at every step of the banking operations.
Let’s take a look at more ways how Microsoft helps in delivering a personalized banking experience.
Traditionally, the banks have a CRM system where all the customers’ data is stored but it won’t provide a cohesive view of the data. Customer engagement is feasible only when the bank’s sales reps have a 360-degree view of data and can track customer interactions across all the channels.
Microsoft solutions provide a holistic view of customers’ data going beyond targeted marketing and next-best offers for creating personalized banking experiences. The comprehensive view of customers’ data helps in engaging the users just like the previous example wherein combining the customers’ data- personal and professional help in engaging them with a customized recommendation.
Customer insights for proactive actions
The data stored in silos or even available at a central location is of no use unless the value is taken out of the data. The deeper customer insights provide a greater understanding of the customer’s preferences. The data compilation adds contextuality to the data that enhance customer interactions.
Microsoft solutions feature predictive analytics that analyzes the data patterns leveraging artificial and machine learning technology. It helps in identifying the facts hidden in plain sight and enables taking a proactive action.
AI-powered relationship-based selling
Banking advisors need modernized, advanced tools that empower advisors with everything that provides a deeper understanding of customers’ needs. It helps in identifying opportunities and advising the best action for the same. When AI technology is incorporated into the sales process as done by leading banks globally, the results are phenomenal as technology helps in determining which is the right channel to reach out the particular customers.
When AI technology is coupled with relationship-based selling tools, advisors can create effective, customer-centric sales strategies followed by timely, personalized interactions. Thereby intelligent experience enables an increasing response rate to sales pitches and generating sales.
An integrated solution for customer networking system
The effectiveness of customer engagement cannot be realized till the banks are using outdated processes where data is stored in disparate systems. Customer network system unification just like discussed in the above example where the CRM system is connected with LinkedIn provides rich insights into customers’ personal preferences and the possible action to initiate.
Microsoft facilitates an AI-powered relationship-selling solution that connects CRM with AI technology for automated recommendations that are a boon for client communications. The capability to reach out to the customers at the right touchpoints fuel the advisor’s productivity and enables them to spend more time on strengthening customer relationships.
Intelligent sales advisor
Intelligent sales advisor is a remedy to deliver intelligent customer experience by connecting Dynamics 365, Office 365, LinkedIn sales navigator, and others. Dynamics 365 provides a 360-degree view of the customers’ data including advisor-client interaction that helps shorten the sales cycle. Office 365 enables effective collaboration that makes advisors more productive than before.
LinkedIn sales navigator helps to know which customer they can approach with what message. VeriTouch and VeriChannel improve customer acquisition rates based on customer needs and personalized insights. VerPark’s Next Best Action helps banks to improve customer retention and wallet share with customer needs prediction.
When all the capabilities are stitched together, the comprehensive solution help in driving growth to banks. If you are interested in rolling out digital transformation in banking operations, Microsoft consulting company help you know how to leverage the solution that boosts sales and retention rates along with intelligent customer experience.
How can AIMDek help you deliver a personalized banking experience with Microsoft solutions?
Augmented intelligence is the backbone of truly personalized banking experiences. That’s where Microsoft Cloud for Financial Services stands out in delivering differentiated experiences, boosting employees’ productivity, securing banking services against fraud, and more. If as a banking institution, you are interested in embracing Microsoft solutions to deliver a wow experience to the customers, you need the Microsoft consulting service from a reliable Microsoft consulting partner.
AIMDek is a strategic partner of Microsoft company having a team of certified developers that rich experience and expertise in implementing Microsoft solutions for banking and financial organization after understanding their needs. We have served hundreds of clients globally and helped them with the unique experience delivery that they are looking for through AI technology-powered Microsoft solutions.
When you are in the run of Microsoft solution deployment and confused about how to choose, customize, and then embrace, connect with our experts for the best results.
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