User experience is one of the cornerstones of today’s world and one of the mainstays of creating an offer that satisfies the customer’s needs. However, the world is changing, as are the expectations of current and potential clients. No wonder more and more solutions are being developed to create better UX for users, and digital banking is no exception. One of these solutions is DXP – a system designed to redefine UX. Let’s look at how modern banks can utilize DXPs to up their UX game.
According to a recent study, three primary elements matter to modern customers when it comes to the banking sector:
- Security and fraud protection
- High-quality customer service
- Mobile and online access
Source: https://www.fool.com/the-ascent/research/digital-banking-trends
All these answers accounted for over 90% of the answers in the three years of this study (2024, 2023, 2020). Thanks to a digital experience platform (that’s what DXP stands for), you can take care of at least two of those areas, and when it comes to educational activities – all three of them.
What are DXPs?
You can think of DXP as a next-level CMS. These are comprehensive online platforms where you can manage and optimize your company’s content and assets, primarily for marketing and UX purposes. With a DXP, you can provide your customers consistent user experience across different sales and communication channels. DXPs help you optimize your marketing campaigns and keep everything sales and marketing-related within one intuitive platform.
Depending on the platform you pick (there are several DXP platforms out there, e.g., Magnolia, Optimizely, Acquia, Adobe, SalesForce, and Sitecore), you can access a multitude of features and options, effectively allowing you to manage your company’s entire marketing and customer service departments.
Source: https://www.qualtrics.com/uk/experience-management/customer/digital-experience-platforms/
DXPs usually help you manage the following aspects of your business:
- Social media management
- Marketing and sales automation
- Web and mobile app management
- AI assistants
- Content marketing management
- Web analytics
- And sometimes, even workforce management
DXPs offer one more advantage—because they are usually cloud-based, you can seamlessly cooperate with other teams and companies (think contractors and agencies) worldwide.
Although DXPs are universal solutions for all sectors, the truth is that they’ve been designed chiefly for digitized industries. This is especially true in digital banking, where DXP improves customer service and makes operations more efficient. In another study, customers indicated banking as the number-one sector where the impact of digital transformation is the biggest:
Source: https://www.revechat.com/blog/customer-experience-in-banking/
The digital banking landscape is undergoing a significant transformation, with customer experience (CX) emerging as the key differentiator. While content has always played a crucial role in shaping customer experiences, the future holds exciting possibilities for how DXPs can redefine CX in digital banking.
Let’s talk a bit more about that.
DXPs: The Architects of Compelling User Experiences
Content is at the heart of today’s customer or user experience. DXPs enable banks (as well as other financial institutions) to use it as a strategic resource capable of being a true game-changer. By using DXPs, banks can create engaging narratives and more personalized experiences that their audience highly values. And for companies interested in sophisticated storytelling, DXPs provide the space to do it effectively. That’s because everything you need is available within one user-friendly dashboard.
Imagine there has been some significant change in your offer recently, and you want to get out to people with the news. With a DXP, you can put new content on your website, create a press release for the media, schedule a few social media posts, and create and send mobile push notifications to your current customers within the same tool! Undoubtedly, this would streamline the work of your entire marketing department.
A centralized platform that supports quick and multimodal creation of marketing assets (including textual and audio-visual ones) is a massive convenience for financial businesses. And as DXPs are now more and more often supported by artificial intelligence, they can help you with the very content creation process, which allows for implementing different learning styles that can be adapted to other market segments (after all, you will talk differently about finances to a student trying to get his student loan and to a business person who wants to get credit to scale their company).
This flexibility allows banking institutions to deliver the right content in the correct format, at the right time, and to the right audience – and that’s the essence of digital experience platforms.
In addition, both local and international brands can benefit from this advanced solution. Why? DXP erases language barriers and supports the one-click creation and delivery of multilingual content, promoting a more inclusive banking experience for a global community. Moreover, centralizing content creation into a single user interface ensures better brand consistency across multiple international sites and channels. This streamlined approach enhances efficiency and guarantees that the brand’s message and identity remain uniform, regardless of geographical location or language.
SO, LET’S SUMMARIZE THE BENEFITS OF DXP IN A FEW KEY POINTS:
- It’s a single, central platform for marketing asset management and customer data collection (many DXPs have extensive web analytics features).
- You get access to more accessible and integrated content creation, including advanced storytelling and AI-powered features (DXPs can automate the creation of repetitive content, freeing up human resources to focus on higher-level tasks and strategic content development.)
- You can benefit from quick multimodal and multilingual content creation.
- Your company enjoys increased productivity with less effort.
The rise of Generative AI (GenAI) in DXPs
Artificial intelligence has completely revolutionized our work, regardless of the business sector. Changes are happening right before our eyes, and new tools are always coming to market. AI is assisting work in many areas, as shown by last year’s survey of American business owners:
Ways in which artificial intelligence (AI) has been improving customer experience (CX) in the United States in 2023
Source: https://www.statista.com/statistics/1446139/ai-ways-to-improve-cx-us/
In the context of DXP, we are most interested in developing generative AI in storytelling and customer communication. What benefits will AI bring to the banking industry? Among other things, the answer is greater personalization and optimization of content at a massive scale, which will unlock new opportunities for customer engagement.
Bank of America is a good example. This second-largest bank in the US uses AI to uncover hidden market patterns and anticipate client needs by consolidating market data across asset classes and regions with the bank’s in-house models and machine learning techniques.
Wells Fargo, another American bank, uses generative AI to empower its virtual assistant, Fargo. It also uses a large language model (LLM) to help clarify what information clients must provide to regulators.
Source: https://sites.wf.com/fargo/
Implementing artificial intelligence isn’t an option anymore – it’s necessary, according to one of the world’s largest consulting firms, McKinsey. Among its top eight areas for CEOs to focus on in 2024, number one is using generative AI to solve their business challenges. Again, the banking sector is no exception here.
Importantly, however, most publicly available tools focus mainly on written content, but DXPs aim for greater versatility, allowing audio and video content management.
Moreover, a centralized platform allows for more consistent content creation than dozens of third-party tools. As time passes, the DXP will become more adept at adjusting the tone and type of narrative to the target group, resulting in greater effectiveness in content creation.
The Future of Content Creation
Now, let’s dig deeper and see the future of content creation in the digital banking industry. And here’s one thing to note – while DXPs and AI are generally revolutionizing how content is created, the symbiosis between technology and human workers is still essential.
The key is to achieve a balance between the two by using modern technology to remove the overload of repetitive and routine tasks from employees’ shoulders, allowing creativity to flourish. The best, most effective approach to content creation and copywriting doesn’t lie in using just GenAI tools. It lies in combining AI with the creativity, experience, and hands-on knowledge of human authors and writers.
In this context, DXPs can help financial institutions with the following elements:
- Automate repetitive content creation, thus enabling your human writers to focus on higher-level tasks and strategic content development.
- Support human copywriters or content creators by generating drafts, suggesting ideas, and optimizing content for specific audiences and channels.
- Help with SEO optimization, as DXP’s built-in tools can suggest keywords, content structure, and other SEO elements that increase exposure in search engines.
- Support user feedback management, resulting in high-quality customer service.
- Improve workflow between different departments and various units of the same company.
By adopting a DXP and unlocking the power of content-based GenAI, banks can move beyond the transactional banking process and create a truly unique experience for their customers. That’s the goal of service quality in today’s world because customers don’t just want to be customers—they want to experience service in the best possible way.
Wrapping up: DXPs Are Orchestrating a Symphony of Content and Experience
This future-oriented approach will help banks build deeper relationships with their customers, strengthen trust, and increase loyalty in the constantly evolving landscape of digital banking. However, to fully reap the benefits of DXP in banking, the system must be customized to an institution’s requirements. Experience and understanding of individual needs play a huge role here.
Our company works with banks in many countries (we invite you to check our case studies). We know and understand the needs of this specific industry and can use this knowledge to your advantage. If you need help with high-tech projects for the banking/financial sector, don’t hesitate to contact us!
