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Enriching The Banking Customer Experience

The relationship between banks and their customers is undergoing a transformation. The progressive closure of branches, generational differences, and the impact of the pandemic have created a new ecosystem. Going forward, conversational banking will be the main method of communication and the user experience will be enriched in the financial services industry.

Conversational banking allows for a two-way dialogue between customers and virtual assistants that either party can initiate. This tool can help both with basic, everyday functions (providing a current account balance, reporting on the price of a share, etc.) and with more complex financial consulting and management.

However, there is still a long way to go before this tool is widely adopted. Its speed of implementation will depend on the development and application of new technologies. The aim is, on the one hand, to optimise banks’ costs and resources without losing the trust that advisors provide, and on the other, to provide customers with security and the added value of customised services.

In this document, we provide our expert vision of the conversational banking market—where we are, where we’re going, and why. We also analyse the seven trends that are signalling its development.