Digital banks and customer relations: what are the challenges to overcome?

Digital banks and customer relations: what are the challenges to overcome?

Oct. 23, 2019

Today digital banks deliver solutions not only to the unbanked population but also to those seeking other ways to consume financial products and services, more suited to the new habits of the account holders.

And why does everyone want to be a client of these banks? Lower - or even nonexistent - fares are a good reason, but not the only one. It's way more than that. For customers, the revolution of this segment lays on relationship.

Being digital is embedded in the culture of these brands, like something essential to offer a modern, personal treatment. But believe us, even the most disruptive organizations still have room for evolving.

Profitability and experience: two real challenges

Growing at a fast pace, fintechs and digital banks handle large amounts of customer data. And when it comes to financial communication, one of the challenges is validating all available information to minimize errors that might represent losses in the operation, as well as damage to the relationship of trust and transparency built with customers.

By automatically validating data using predefined rules which are specific to this segment and powered by custom rules, it’s possible to verify 100% of the user base. Information from different areas of the company is fully checked, ending financial validation by sampling - an inefficient process considering cost-efficiency.

From the bank client’s side, who has no idea how much - and how complex - data his digital bank processes daily, the impression is the best possible. A frictionless experience, always remembered positively.

DVA, one of :hiperstream’s solutions, uses technology to enhance the relationship between consumers and brands. The platform validates data in an integrated and fully automated way to drive business efficiency.


Customization: the importance of knowing each customer as unique

Speaking of data, understanding customers’ preferences and anticipating their choices are mantras that are also valid for the banking industry. There are so many types of account holders: from the conservative ones, who have a well-determined preferred communication channel, to the ones open to innovation, who often check - and hire - services suggested in the financial communication.

Targeting and certifying the correct use of database is the key to customer loyalty to the company, which now is perceived not only as someone interested in charging or selling a product, but as a trusted and approachable partner.

Your company can also validate data and reduce customer friction

The rise of digital banking and its new form of communication proves that businesses need to keep up with changes driven by consumer behavior.

Even when we talk about charging, a relationship without empathy doesn’t captivate. The way to go is betting on technology to connect data validation to a profitable and efficient strategy, minimizing risk and loss. Contact :hiperstream and find out why data validation is the first step in delivering a unique customer relationship experience!

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