To serve increasingly demanding consumers, focusing on Customer Experience is essential in several sectors, including Open Banking.

It is not something new that focusing on the customer experience (CX) is the secret for many companies to stand out from the others in a scenario where the market is highly competitive and the consumers are increasingly digital and multiconnected.

To serve consumers increasingly used with the use of technologies to perform daily tasks, many sectors had to adapt to the new normal of customer service, focusing their strategies not only in delivering a quality service or product but also in improving the customer experience. In the open banking sector, the focus on the client should be no different, as surveys reveal.  

Customer Experience: the secret to open banking success

A satisfied customer is fundamental to attract and retain customers, regardless of the area in which a company operates.

Talking about the banking sector, a market characterized by the fluidity of banking transactions between hundreds or thousands of financial institutions, delighting customers in order to increase their loyalty to the bank is an even more critical mission. This reality is understood, mostly, in the markets where open banking – open financial system, where customers of financial products or services allow the sharing of their information between different institutions authorized by the Central Bank and the movement of their bank accounts from different platforms – is already a practice.

Gartner surveys revealed that for 81% of UK financial institutions, the Customer Experience has an impact on the institution’s earnings in the area of open banking and, above all, on customer retention.

Even though the study above only addresses the UK, we can´t deny that the digital transformation advances in all directions, consolidating the trend of digital banking and payment methods in different regions of the world, including Brazil.

Besides that, this theory is reinforced due to the fact that Brazil is the LATAM leader in banking digitization.

From the data presented above, it is clear the importance of companies from all the world – specially the ones of open banking – to invest in customer service solutions focused in Customer Experience.

Only 37% of clients believe that banking institutions understand the Customer Experience importance

Improving the financial sector Customer Experience is not always a simple task.

As it is in all areas, the management issue also impacts the degree of customer satisfaction with their bank, as well as adherence to open banking.

According to researches from Bain, customers with more than 55 years old – 25% of the surveyed universe – are reluctant to join open banking. On the other hand, 59% were already making experiences via open banking with other suppliers. From this group, most are less than 55 years old. It is a bolder profile, which in many cases already has operations with fintech and seeks a mix of financial (product) and digital innovations.

The fact that open banking is still consolidating globally means that there is little research evaluating the culture of Customer Experience in this sector. There is data, however, that clearly shows the maturity level of the financial sector in relation to the theme.  

A survey of the Digital Banking Report European institute with customers from 250 financial institutions conducted in 2018, shows that only 37% of this universe believed that their banks understood their profiles and answered their needs properly.

It is fundamental, once again, that open banking companies focus their strategies on the client.

Main Customer Experience challenges in open banking

Despite the precarious existence of studies on Customer Experience in open banking, some critical points in the CX offered by members of the sector’s global ecosystems are easy to be identified.

There is a consensus that the friction caused to the customer in identity authentication processes and consent to the use of your data in a transaction can lead to the abandonment of the transaction. The fear of occurring digital crimes in the Brazilian open banking is real and it takes companies to stiffen their login and password processes to reduce risks.

This fear, however, made Brazilian e-commerce lose 38 billions in sales in 2019, according to the Zero Friction Future survey. Despite being two years ago, there is a risk that scenarios like these happen again, including in the financial sector.

The frustration felt by the customer affects their trust in the institution that he is interacting with and in the open banking ecosystem as a whole. Trust, by the way, is a key-word in this context and demands a growing level of personalization in actions aimed at the continuous improvement of the Customer Experience in the open banking sector.

Soon, listening to the customer and achieving visibility over their journey both in physical and digital environments is something essential in this context. Thus, once more, it is necessary that companies invest in solutions focused on providing the best customer experience during each service.

The best Customer Experience platforms are the ones that use artificial intelligence and machine learning resources to collect the digital signals of the interaction experienced by the customer. This goes for accessing Internet Banking or visiting an investment bank’s business branch. This monitoring is online, allowing you to identify a difficulty faced by the customer and immediately take action to remedy the problem.

It is also worth remembering that it is extremely important to make sure that all operations and information sharing be made with maximum security, in order to avoid digital leaks and threats.

Empathy demands people and technology

In a world where the digital processes scale advances non-stop, the learning is fundamental for this to be empathetic during the service, putting herself in the client’s place and experiencing the same feelings of that person, in all their specificity. Still, it is fundamental that open banking players keep valuing human interaction in a multichannel approach, where interacting with a person is always possible.

A survey made in 2020 by Accenture with 2000 Canadian account holders shows, once again, that generational differences demand a part digital, part human approach. 29% of the respondents with less than 35 years old prefer to make totally digital interactions. The interaction efficiency, in the respondents’ view, was bigger when talking about video calls. The older customers, however, continued to prefer contacts via voice calls (47%) or through face-to-face meetings (58%).

Brazil is a deeply heterogeneous country and this must be taken into account when designing the Customer Experience strategies of each member of the Brazilian open banking ecosystem.

Recent surveys from the Instituto Locomotiva shows that 79% of the Brazilian population (about 127 million people) are banked. With the beginning of the open banking operation in Brazil, each of these customers will be able, without having to open new accounts, to choose which financial institutions will make investments, pay bills, etc.

This reality is taking traditional banks, fintechs, stockbrokers and insurtechs to reinvent their processes to deliver the best Customer Experience to their customers. Anyone who effectively transforms into a customer-centric organization will succeed in this transition.

DNK is number one in customer service solutions focused in CX

Aligned with the market trends and needs, DNK offers the best solutions for Call Centers and Contact Centers, being specialized in the development of high-performance products, solutions and services for companies in the area.
The use of last generation technology combined with a team of experienced professionals, leads DNK to constantly innovate to transform the experience of customers and partners with their consumers.

DNK values excellence in customer service providing their partners tools and platforms with innovative and customizable functions in order to guarantee a satisfying and unforgettable CX.

With DNK’s services and products, the customer service is provided through an integrated omnichannel platform, which connects all service channels (whatsapp, voice, web, chat and others) with fast recovery of client’s
information and data, in order to offer a complete and satisfactory management of the client journey with differentiated results and in compliance with the standards required by the LGPD.

The company is recognized by the market and awarded for solutions and successful cases. Champion of the “Best self-service Solution” category in the XXI Modern Consumer Award and winner of the silver trophy in Client SA 2020 Award in the category “Leader in Innovation Strategy”, in partnership with a client, DNK understands that a well-attended customer is the secret for the successful of the service.

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