By Pablo Anton-Diaz and Amin Khairy, published by the Center for Financial Inclusion (CFI) at Accion, May 2019, 15 pages, available at https://www.centerforfinancialinclusion.org/charting-the-customer-journey-in-the-digital-age
This report focuses on how financial institutions can “create effective digital customer journeys for underserved clients.” The authors identify the following stages of such journeys: 1) “the pre-purchase stage,” in which customers select the financial product or products that best suit their needs; 2) “the onboarding stage,” during which financial institutions collect customer details to assess customer eligibility; and 3) “the continuing use stage,” which refers to the ongoing relationship between customer and financial institution.
To illustrate how technology-based solutions can drive digital transformation in each of the above stages, the report cites the work of organisations including FINCA Pakistan, an affiliate of US-based FINCA International; US-based EarnUp; US-based GreenPath; Indonesia-based Bank Tabungan Pensiunan Nasional (BTPN); Poland-based mBank; Saudi Arabia’s Al Rajhi; the Mexican unit of Spain-based Banco Bilbao Vizcaya Argentaria (BBVA); the Indian unit of Singapore-based Development Bank of Singapore (DBS Bank); and UAE-based Emirates NBD (National Bank of Dubai).
In the case of DBS Bank India, the institution partnered with Kasisto, a US-based financial technology company, for assistance in building an app that uses artificial intelligence to handle customer service requests. The app, which is called DigiBank, reportedly has improved the way in which 1 million customers of DBS Bank India resolve inquiries. During one survey period, the platform automatically handled 82 percent of customer questions and balance transfers without the need for referral to customer service staff.
By Jolene Khor, Research Associate
Sources and Additional Resources
CFI publication: “Charting the Customer Journey in the Digital Age”
https://www.centerforfinancialinclusion.org/charting-the-customer-journey-in-the-digital-age
Accion homepage
https://www.accion.org
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