Enhancing the smoothness of personal banking operations is essential
In the fast-paced world of the United Arab Emirates, where job changes are common and personal finance needs are diverse, the banking sector is undergoing a transformation to meet the demands of its dynamic population. Improving modern customer care and service in banking to reduce friction and better accommodate customer needs is a key focus.
One of the primary strategies for achieving this goal is omnichannel engagement. This approach ensures a seamless experience across all channels, including mobile apps, websites, branches, and video banking. By offering customers the flexibility to interact with banks in their preferred ways, interactions become more fluid and convenient.
Hyper-personalization is another essential strategy. By utilising AI and data analytics, banks can deliver personalised product recommendations, spending insights, and financial advice tailored to individual customer needs, behaviours, and goals. This approach enhances customer satisfaction and loyalty.
AI and automation play a significant role in enhancing customer service. AI-powered chatbots and machine learning can handle inquiries, loan pre-qualifications, and fraud detection efficiently, while also automating back-office functions, reducing manual workload and turnaround times.
Effective communication channels are also crucial. Implementing timely, secure, and personalised communication using a mix of digital channels such as email, SMS, and mobile apps is essential to meet evolving customer expectations.
Providing fast, empathetic, and omnichannel support is equally important. Banks should ensure that customers can resolve issues quickly and consistently across different channels, offering live phone calls, chatbot support, and in-person branch visits to cater to all customer preferences.
Investment in technology is crucial for maintaining competitiveness and enhancing customer experience. Prioritising ongoing digital transformation and modernisation, focusing on core banking systems, GenAI, data modernisation, and cybersecurity, are essential steps in this process.
Recently, a case in Abu Dhabi highlighted the need for improvement in the banking sector. A speaker, whose wife changed jobs, found their joint account with a UAE bank under review, leading to the blocking of their credit cards. The bank required the submission of several documents, including the wife's new contract details, a salary certificate, and proof of the speaker's employment. Despite multiple calls and two trips to the branch, normal service was eventually restored.
This incident underscores the challenges faced in the UAE banking system, which seems to be based on traditional employment patterns rather than contemporary realities. The ambition to progress end-of-service payments into investment vehicles suggests a need for improvement in these areas.
Expert advice suggests maintaining two banking relationships in the UAE to avoid issues with banks. However, personal finance experts recommend couples maintain separate accounts rather than relying on a joint account. Trust should be the guiding light in personal banking, not excessive verification.
Technological solutions like the Tamm app, recognised as a smart, time-saving digital attendant for various daily tasks, are needed in personal banking to remove friction and improve efficiency. By implementing these strategies, banks can significantly reduce friction and better accommodate the dynamic needs of their customers.
- In the rapidly evolving United Arab Emirates, where job changes and diverse personal finance needs are common, the banking sector is striving to transform and meet the demands of its dynamic population.
- To achieve this goal, the banking industry is focusing on omnichannel engagement, which guarantees a seamless customer experience across all channels, including mobile apps, websites, branches, and video banking.
- Hyper-personalization using AI and data analytics is another essential strategy as it allows banks to deliver tailored product recommendations, financial insights, and advice that caters to individual customer needs, behaviors, and goals.
- AI and automation are playing a significant role in enhancing customer service by efficiently handling inquiries, loan pre-qualifications, fraud detection, and automating back-office functions.
- Effective communication channels and swift, empathetic, and omnichannel support are equally crucial. Banks should aim to provide live phone calls, chatbot support, and in-person branch visits to cater to all customer preferences, and implement a mix of digital channels for secure and personalised customer communication.
