Reinventing Retail Banking Customer Experience in a Digital World

Customer centricity is no longer optional. It is the foundation for success for organizations in all sectors.

Differentiation in financial services is more difficult than ever, with traditional products and services becoming mere commodities. Increasingly, consumers are shifting their loyalties to those traditional and non-traditional financial solution providers. The ones that can provide the most seamless omnichannel experiences.

Major Strides with Consumer Engagement

One bank taking strides to improve consumer engagement before, during and after the purchase decision is BNP Paribas, the eighth-largest bank in the world.

One of the leaders responsible for this digital experience transformation is Sophie Heller, COO for Retail Banking & Services. Her team’s mission is to help the various units of BNP Paribas transition their business models. This will also enhance customer experience through greater use of digital tools and channels. A focus has been to develop new, personalized products to offer simplicity.

Improving Banking and Customer Experience

Some of the recent innovations introduced by BNP Paribas to improve customer experiences include:

  • Hello Bank! – This digital bank enables customers to open an account in a few clicks and take out a loan online. They are also able to enjoy the support of a remote advisor if needed.
  • Didid – A mobile application that lets users see how much they have to save to achieve their “dreams”. It additionally includes a feature that allows goal sharing with friends and family.
  • Lyf Pay – A mobile payment application that uses a QR Code to make instant payments to a third party.
  • Nickel – A solution for people unable to qualify for a traditional banking account. Hence, this account can be opened at retailers in a few minutes and a lower cost, which brings easy-to-use account functions. 
  • ClimateSeed – A simple, secure and user-friendly digital platform designed by BNP Paribas. Its goal is to allow organizations to offset their unavoidable greenhouse gas emissions. Also, this is done by contributing to sustainable projects around the world.

In an exclusive interview for the Banking Transformed podcast, Heller discusses how BNP Paribas approaches product innovation, personalization, digital design, branding, open banking, channel integration, the sales process and the importance of social responsibility. Meanwhile, the objective is to use strategies to become a “life partner” for their customers.

Heller also discusses the importance of innovation and building a new digital culture at a legacy financial institution that has a history of over two centuries.

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