Banking

A new digital bank needs a new customer service experience

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Banks continue their digital transformation journey to create new business models to satisfy today’s demanding customers. The big questions is what’s next? How do banks prepare for this new reality?

For Bradesco, a large Brazilian bank, NEXT is the answer.

Next is a digital bank, completely disassociated from the Bradesco brand. Next has access to all of Bradesco’s ecosystem, ATMs, call center, internet banking. They use the Bradesco infrastructure, but they operate in parallel. Next was born to complement Bradesco’s strategy.

Hyper-connected journey

At IBM Think 2019, Henrique Albuquerque from Bradesco Research and Innovation offered insight into how Bradesco is transforming by focusing their entire business structure around the customer journey. Instead of departments like IT, they’ve created departments that correspond to a customer’s journey. For example, there are teams focusing on:

  • Onboarding and Enchantment
  • Day-to-day tasks
  • Payment methods
  • Financial management
  • Dreams and goals
  • Protection (Security)

Revamping the company’s internal structure is one of the first steps Bradesco took to achieve the goal of creating experiences that meet expectations of millennials. These younger customers have big expectations for experience: “The customer of the future is all digital, hyper connected. If you take the wi-fi away they almost die,” said Albuquerque. They are highly informed and value the advice of friends. When they open up an app it needs to be working right away. If it doesn’t, negative news travels fast through millennial networks.

Social-based marketing

With Next, Bradesco is able to test innovative ways to capture customer’s attention, evolve and integrate new products into digital channels. For example, by partnering with movie theaters and ride-sharing services like Uber, Bradesco is able to generate relevance, frequency and importance with a social-based marketing strategy. They studied Instagram, WhatsApp, iFood, Apple, Facebook, Amazon Customer Experience, and Uber to learn how to integrate into a digital minded audience.

Bradesco learned that “For the millennial user base, great customer service is essential: Fast responses are expected.” For this reason, they used Watson Assistant to create BIA, Bradesco Inteligence Artifical. BIA enable Bradesco to increase the speed of service and improve the level of personalization for each client.

–>See more about this innovation in the short documentary by Errol Morris, Serving Millions, One-on-One.

 


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