Top 6 Banking Experiences You Will See in 2024

Introduction:

In today’s digital world, customer experience is a prominent factor for banks to consider for running a smooth business and keeping people satisfied. 

With so many banking options available, banks need to focus on trends that make banking easy and most importantly pleasant for customers. Using technologies like artificial intelligence (AI), banks can improve Customer Experience (CX) which helps them offer personalised services by analysing how customers spend and save money. For example, if Sunil travels a lot, the bank might suggest a travel credit card to him. If he is saving for a house, the bank could offer a special loan. This way, AI also helps banks spot unusual activity in accounts to protect against fraud. 

Let’s understand how banks can create a more positive experience for their customers by following some of these hot trends.

Trend 1: AI For Customer Experience

This technology allows banks to offer services and products that are designed specifically for the needs of each person. With the help of AI, they can look at the customer’s spending and saving habits to suggest personalised products. For instance, if you travel frequently and love to explore places around the world, then the bank can offer you credit cards or travel gifts. AI helps banks review the transaction history of their customers; for instance, if you are saving for an investment property, the bank may offer a loan at a discounted interest rate. Not just that, with the help of AI, banks can monitor unusual activity in customer’s accounts. So if there are large withdrawals or purchases from any particular account, the bank can alert the customer immediately.

Trend 2: Real-Time Solutions

This is the time when customers expect their bank to know about their choices and preferences. So, the banks are now tracking down their current activities, e.g., details of the bank balance while shopping etc. Based on this, the bank can give the customer a buy-now-pay-later option. AI-powered chatbots are also an emerging trend. Through chatbots, banks assist customers with common questions. For instance, banks take advantage of AI to help customers quickly check their account balance or transfer money. The key to success here is making these interactions feel personal and less robotic, which helps build trust. For instance, Many banks now have chatbots that can help customers with things like paying bills, checking balances, and financial advice. These tools are smart and can understand what you say, so they can answer your questions quickly.

Trend 3: Better Banking Customer Experience 

Sphere IT helps banks by hiring and finding the best tech talent for them. By providing skilled software engineers, developers, and other skilled IT professionals, Sphere IT ensures banks can enhance their technological capabilities and improve their services. Since the recruitment task seems tiring and time-consuming for banks, banks connect with Sphere IT, which takes responsibility for hiring and bringing in the best talents, saving time and money. This support helps banks stay ahead, implement new technologies, and maintain secure, efficient operations. Sphere IT continues to grow and expand its client base across the GCC and South Asia, ensuring more banks benefit from their expertise.

Trend 4: Digital Banking Solutions

2024 is all about saving time. So, this year, you won’t have to wait in long lines or waste your time at the bank anymore. Digital banking now gives you the advantage of doing everything from checking your balances to transferring money and tracking investments.  This means banking can be done anytime and anywhere that too from easy-to-use apps on your smartphones. However, another trend that is gaining popularity regularly is digital wallets. You must have seen that when it comes to online or in-store shopping, you can use your mobile phone to make purchases. This is done by simply connecting your cards to digital wallet applications.  

Trend 5: Cybersecurity

The digital age can be a boom or bane, depending upon how much the customer is aware of and how the bank takes care of it. Banks have to put a strong focus on cybersecurity to protect customers’ valuable financial information from hackers. Banks are getting smarter and now they are moving on from the traditional password method to fingerprint scans or codes on your phone.  Banks rely on other companies for things like keeping your accounts online which are the weak links in the security chain. Banks are exploring how with the help of Blockchain they can secure and protect transactions and sensitive information from getting leaked. They are teaming up with companies and cybersecurity experts to learn from their expertise to stay updated on the trends in the sector and to be safe from cyber threats. 

Trend 6: Emotional Engagement in Banking

Emotions can make or break relations. So, banks must be extra careful as they try to bring loyalty by building emotional connections with customers. Banks can address customers by their names and remember their preferences. Also wishing them on birthdays, and giving vouchers on anniversaries, make customers feel special and valued. Customer service representatives are the ones who connect with the customers firsthand. Training them so that they can understand and show respect to customers will build respect towards banks too. Offering special perks and rewards to loyal customers shows appreciation and makes them feel connected to the bank.

Conclusion

The year 2024, is all about forgetting the paperwork and focussing on the personalised experience for customers. We will see Banks using AI for personalised services, focusing on hiring the best IT people, providing real-time solutions, collaborating with companies like Sphere IT Global, offering comprehensive digital banking options, and building emotional connections. These strategies will help banks create a smoother, more engaging, and secure experience for customers.

For inquiries and consultations, and to discuss how your bank thrives in the digital age, reach out to Sphere IT(https://sphereitglobal.com/) or contact +97142853268 or send an email to info@sphereitglobal.com.