Over the last 18 months, the COVID-19 pandemic forged a new normal. Social distancing and extensive health measures around the globe compelled many to identify the best possible way to go about daily activities without ever having to come in close contact with another person. This impact has been felt across all industries—from food services to the education system—all have been forced to adapt in order to better serve their customers during this unique time. Retail banking is no exception.
With the constant shift toward digital, now paired with even more measures in place to digitize their retail banking experience, borrowers have felt convenience and ease like never before. Today, borrowers expect to be able to deposit money, sign up for an account, order a new card, and even apply for loans from any device, in any place, at any time. Institutions must invest adequate time and resources into a seamless implementation and optimal digital journey or risk being left behind.
Although necessary, digital transformations can be problematic if not done thoughtfully and with the customer top of mind. When implementing new technology, banks should align their capabilities to client expectations. Further, the move toward digital needs to be attentively executed to avoid any friction in a client’s omnichannel journey. After all, if the process does not make the borrower’s life easier, it is not being done right!
Another critical component that should be used to truly stand apart from competitors is the use of a tailored pricing strategy. Not only will a tailored pricing strategy provide a holistic understanding of your user, but it will also equip the bank with the right intelligence to create personalized segments based on environment, preferences, personality, and more. A cohesive and sophisticated strategy, backed by hyper-personalized data, will ultimately drive a more positive customer experience and support the bank in achieving digital sales pricing excellence.
To further explain the opportunities and risks that retail banks should consider when digitizing the client experience, as well as detailed insights on discretionary and tailored pricing and omni-channel execution, Nomis Solutions has developed a new white paper resource. We invite you to download the “Establishing the Path to Digital Sales Pricing Excellence.”