Digital banking marketplaces: Elevating CX with ecosystem business models

Banking marketplaces offer banks an opportunity to broaden and deepen client reach through expanded products and services via partnerships and to elevate CX.

After decades of stability, the financial industry is profoundly changing, and banking business models such as Banking as a Service (BaaS) and open banking marketplaces are on the rise.

Technology, telecommunications, and retail giants are entering the business by delivering banking-related products and services on their platforms. While banking is not core to their business, they’re leveraging it to increase client stickiness to their platforms by augmenting their products and services.

To answer clients’ demands, banks are creating marketplaces—digital ecosystems that deliver an integrated experience to their clients.

Banks are creating new ways of engagement.

The new marketplace business model aims to transform banking into an integrated experience, bringing together an aggregation of products and services from different ecosystem partners (such as rental services, retail, travel, and healthcare) into a secure and trusted environment.

These new ecosystems allow banks to create new opportunities for them to:

• Deepen client relationships and increase lifetime value by elevating client experience (CX).
• Create new revenue opportunities by “monetizing” client interactions.
• Diversify their overall client offering with new and complementary products and services.
• Reduce the cost of distribution for their core products and services.

Digital banking marketplaces elevate CX.

Ecosystem models allow banks to change the way they engage with their clients and improve CX. A bank can connect its mortgage offer with real-estate, utilities, and home repair providers and make buying a house a complete end-to-end experience.

But this creates a challenge: who owns the client service if you’re running a digital banking marketplace? 

If an issue needs to be addressed or a question requires assistance, it is highly probable that the client will call the marketplace provider for help. That’s why banks need to rethink their CX strategies and ensure that their contact centers are equipped to service clients in this open ecosystem.

Contact centers will remain the primary point of contact because even the most digitally savvy clients will continue to rely on human assistance to solve complex queries.

Prepare the contact center for the digital banking marketplace model.

Your CX strategy should be aligned with your business model. That means developing a transformational approach for your contact center, providing your agents with a holistic view of what’s happening on every channel.

Talkdesk Financial Services Experience Cloud for Banking is the first contact center solution built just for financial services and insurance firms. It is an end-to-end solution that’s connected, intelligent, and secure. With out-of-the-box integrations, artificial intelligence, and state-of-the-art encryption, banks can unlock the promise and potential of a great client experience.

Moving the contact center to the cloud will support your banking marketplace strategy, as the cloud provides the flexibility needed to unify systems and client data on a single platform and to engage with your clients, any time and in the channels of their preference.

With a 360º view of clients and channels, agents can easily redirect clients as needed, quickly connecting them with subject matter experts for any marketplace service or product—without breaking the experience.

Business tool integrations will also help. Having all the most used data and systems at a glance can make the difference for agents when it comes to keeping the client’s loyalty and engagement.

AI-powered analytics and reports can further provide insights into how clients feel and on the most critical KPIs.

Learn more about this subject in the webinar Banking: The challenges of serving your clients in a new ecosystem.