Digital operations have changed the way users experience banking services and establish new financial habits. 

This phenomenon  has led to banks increasingly relying on digital customer service channels in an effort to serve the growing population of account holders who conduct their daily activities exclusively online.

Such acceleration has committed banks to launch financial products that stand out for their rapid digital integration and are aligned with their customers’ new behaviors. Due to this, banks are adopting ready-made technology tools from day one to ensure effectiveness and speed in an increasingly competitive landscape.

However, according to Jaime Tapia, Business Director at Fiserv Central America and the Caribbean – a global financial technology and payment processing company, this introduction of new banking technology is only the first step. To compete in this emerging arena, Tapia says banks need to consider users’ expectations for positive interaction experiences and find ways to address their needs in a digitally personalized way.

“To stay ahead of the curve, banking institutions must evolve and look beyond providing consumers with basic financial management resources. New customer demands are focused on banking services with features that make them feel that banks are closer to them than ever before,” said Tapia.

Tapia shared that since the pandemic, banks have strengthened the digital relationship with their users and digital banking apps have been revolutionized with functions focused on self-management and omnichannel. The Fiserv specialist believes that these are the two pillars to providing a 100% remote service focused on positive customer experiences.

Self-service banking apps allow clients to answer their own questions and find solutions without third party intervention. While using an omnichannel system, customers will access their accounts from their device with the same speed and security on the web or mobile. 

Tapia also shared that as the industry demands such conditions, Fiserv’s DigitalAccess platform has emerged as an effective digital banking solution that boasts differentiating elements such as omnichannel capabilities and self-management.

“DigitalAccess not only includes elementary features such as balance status, card management or e-wallet. Its intuitive interface positions it as a modular, flexible tool capable of adjusting to the growing variety of self-management and omnichannel digital preferences. These two capabilities offer distinct advantages to banking institutions to offer a seamless and flexible experience,” he added.  

Thanks to self-management, users save time by facilitating operations, queries and transactions that they will do by themselves. And with omnichannel access, they don’t have to worry about quick response by connecting from any access point without friction.

According to the World Bank’s The Global Findex Database 2021, about one-third of unbanked adults in Jamaica said they do not have an account because they distrust the banking system. Providing a customer-centric strategy has never been more important to address issues such as banking penetration and banking apps that put optimal customer service first could help bring more people to the banking system.