Pismo shared a poll on LinkedIn this week, asking our followers which banking routine is the most tiresome when applying for a loan or new product from banks.
44% of respondents said they are annoyed mainly by manual processes, such as multiple phone calls and face-to-face meetings.
Completing lots of steps/forms was pointed out by 41% of the respondents. 10% of the audience who answered the poll chose time from application to completion as the most annoying routine, and 5% pointed out the option “other”.
One of the respondents who chose “other” commented on the post: “The most tiresome banking routines are those that we can only carry out at a branch – that is, those that require the customer to be physically present.”
Although this is not a scientific survey, we all know that digitalisation is increasingly becoming part of our daily routines. Regarding banking and payments, customers are increasingly looking for real-time processes to meet their expectations when applying for a new product.
Banks have to be prepared to offer their clients innovative solutions that seem tailored to them individually. Legacy technology, however, might be a problem. Simple changes or product updates can be long and even painful for those who still deal with legacy systems.
Financial institutions must be agile when launching new products so that customers can have the best experience from their first contact when applying.
An all-in-one, cloud-native platform like Pismo offers scalability and flexibility, enabling traditional banks, fintechs, and challengers to provide services their customers want.
Learn more about our solutions for core banking, card issuing, digital wallets, and marketplaces by downloading our product briefings.