Recently, nCino brought together several of our European Corporate and Investment Banking (CIB) clients to discuss industry trends. During the session, we highlighted how our solution supports CIB lenders in delivering personalised experiences from acquisition through to balance sheet and fostering stronger client relationships.
Navigating Economic Volatility with Legacy TechnologyThe current economic environment, driven by interest rate and other inflationary pressures, is impacting profitability and risk management in CIB lending unlike anything we’ve seen in the last decade. Alongside economic pressures, compliance with evolving regulations remains a top concern and shows no signs of slowing down. Policy changes increasingly need to be enacted in real time – something legacy technology is not equipped to do.
These systems, characterised by disparate data and manual processes, are hindering banks' ability to adapt quickly to a changing market, capture and report on data, and gain actionable insights from their portfolio.
The Universal Customer
Financial institutions (FIs) should view customers as Universal Customers, seeking a comprehensive, branded and personalized experience across all interactions.
To attract and retain Universal Customers, FIs must leverage digital tools like AI, automation and data analytics to offer tailored solutions, transparent communication and multichannel services that align with customer needs.
FIs can enhance relationships with Universal Customers by adopting a single-platform solution like nCino's Cloud Banking Platform.
In today’s rapidly transforming technology environment, financial institutions (FIs) must think beyond businesses or individuals as a customer and truly see them as a Universal Customer. A Universal Customer is someone who has been empowered with such an excellent banking experience that they want to stay with that one FI for all their financial needs. While Universal Customers deeply trust their FIs, they also have other expectations for service, including, speed, simplicity, and accessibility.
To attract, retain and grow these valuable Universal Customers, financial institutions must use digital mobility, artificial intelligence, automation and data analytics to learn more about what customers want at different stages of their financial lifecycle.
Who Is a Universal Customer?
The universal customer is a person who has a consistent, branded, personalized and streamlined experience with their financial institution. Universal Customers want a financial institution that:
Meets all their needs with a variety of products and solutions
Offers personalized service, anticipates their needs, and reacts to situations in real time
Is consistently transparent and honest
Keeps their personal and financial information secure and accessible so they don’t need to share it multiple times
Offers multichannel service (i.e., mobile, online, in-branch—anytime, anywhere)
The Universal Customer Experience
Experiences that create Universal Customers begin by having resources readily available, including both digital, self-serve experiences as well as help from a banker when needed, without interfering with workflow or causing friction. Modern consumers buy and use services based on how quickly, consistently and individually a business can provide experiences across all channels of interaction. In fact, according to Gladly’s 2020 Customer Expectations Report, 86 percent of customers expect interactions with their financial institution to be consistent across all devices and channels. Therefore, it’s imperative that financial institutions create a strategy that puts the customer at the center, and then use digital strategies to drive innovation and improve interactions.
Facilitation Through Innovation
With a single-platform solution like nCino’s Cloud Banking Platform, bankers can serve their customers in all lines of business, from commercial to small business to treasury and retail, through multiple channels.
They can also see into the entire customer relationship (including their household). This can help FIs predict their customers’ needs, offer products and services that fit those needs, and then deliver them consistently across channels both digitally and in-branch.
Meanwhile, this fully digital experience allows customers to choose how they want to interact with their financial institution and ultimately reach their financial goals with the help of a smooth and consistent experience.
Building Relationships Through Technology
Consumers want speed, convenience, and advice that fits their needs, and they want it on their terms. As competition gets tougher, future success will depend on knowing and understanding what customers want and expect at every moment. By partnering with a provider of a single platform, financial institutions can give their customers a personalized and smooth banking experience that builds long-term relationships and partnerships.
Through a single platform such as nCino, universal customers can be identified, understood, and cultivated. To learn more, download nCino’s point of view on the universal customer.