Successful Digital Banking Requires Communication

    JN Group

    Photo Caption: Frederick Pragnell, chief process improvement and innovation officer, JN Bank 

    Despite several changes and advancements in technology, the products banks offer have largely remained the same. However, as these institutions incorporate more digital technologies into their strategies, customers must be provided with adequate support to encourage them to adopt the new digital channels, fintech professionals say.

    Speaking at a seminar held at The Jamaica National Group’s Corporate Offices in New Kingston last month to observe National Customer Service Week, Frederick Pragnell, chief process improvement and innovation officer, JN Bank underscored that banks are, today, differentiated by their service and customer experiences.

    “We have to think accessibility, and this means how we reach people with our products and the customer support surrounding that,” he said. The JN Group session was held under the theme: “Service Champions for the Digital Age.”

    Mr Pragnell, who has been instrumental in the transformation of several processes within JN Bank, said financial technologies have revolutionised the financial services industry, with banks now reaching customers through multiple channels. He said effective communication and education on these channels is necessary to empower people to feel confident while interacting with the new options and become digital-forward banking customers.

    “We have a whole new language around customer service, so [terms] which never came into play before such as ‘user experience’, ‘data-driven decisions’, ‘hyper-personalisation’, [are] all parallel [to the provision of] banking services now,” he said.

    Tennyson Arnold, deputy group chief information officer at The JN Group

    Education and marketing were also noted as being critical for the success of digital banking by Tennyson Arnold, deputy group chief information officer at The JN Group.

    “It does vary depending on who the customer is, the market, where you are and what’s going on, but from a business perspective, marketing and education is important,” he said, while commending The JN Group, for its overall bullish email marketing strategy.

    Over the last few years, factors, including the COVID-19 health crisis, forced more people to use digital banking channels, such as JN Bank LIVE Online Banking Platform. Mr Arnold said people will be more inclined to use new and emerging digital solutions once they can be assured they will improve their interactions, rather than cause frustration.

    Describing digital transformation as a journey, Mr Arnold said “We have to continually press and continuously be aware of the market, our customers and trends. We have to pay attention to data, not be afraid to challenge the status quo and be bold to make informed decisions.”

    To support customers in navigating the digital age, Mr Arnold also recommends that people become personal ambassadors for whatever product or service they are trying to market.

    “There’s no bigger credibility when inviting someone to do something than you doing it yourself. You have to be the change that you want to see,” he said.

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