Markswebb Monthly Digest: July 2024

We present to you our digest of insights from the past month. You can discover a wealth of insights — case studies, research, and findings — on our website. We are always open to communication — stay updated with our latest news on our website and LinkedIn.

1. The Financial Brand’s “Power 100” database: Expert commentary

This month, we delve into The Financial Brand’s “Power 100” database, a leading ranking system that assesses the social media performance of the top 100 banks and credit unions across the English-speaking world. This database provides a comprehensive benchmark for social media activity and community size, analyzing metrics from Facebook, X (formerly Twitter), YouTube, and Instagram.

Markswebb, renowned for our proprietary ranking systems like the Mobile Banking Rank and Digital Investment Rank, recognizes the significance of the “Power 100” database in offering valuable industry insights. Our expert commentary highlights how top-quality digital services can significantly amplify a financial brand’s social media power, enhance customer advocacy, and secure competitive positioning.

Key insights from the article include:

• High-quality digital services drive positive media coverage: Banks that excel in digital offerings often attract extensive media attention, as seen in our own studies published in major outlets like Forbes.
• Enhanced media presence through innovation: Financial brands that innovate, such as JPMorgan Chase and Goldman Sachs with their robust digital platforms, benefit from increased visibility and engagement in both traditional and digital media channels.
• How Markswebb can assist: Our expertise in evaluating best practices and developing unique digital service benchmarks can help financial institutions climb the “Power 100” ranks and achieve digital leadership.

For a deeper dive into our commentary, visit our website to read the full article: The Financial Brand’s “Power 100” database: Expert commentary.

2. Top 3 strategic insights for mobile banking in Azerbaijan

The mobile banking sector in Azerbaijan is undergoing a significant transformation, driven by rapid digital adoption and governmental support for fintech innovation. Our recent research, Mobile Banking Rank Azerbaijan 2024, highlights three strategic insights to watch in Azerbaijan’s fintech landscape.

Key findings include:

• Simplifying the customer journey: Enhancing user experience by streamlining transaction processes and providing tools like group expense management and flexible fund collection within mobile apps.
• Enhancing online ordering capabilities: Driving higher conversion rates by improving credit calculators, secure data updating, and easy card reissuance through mobile platforms.
• Improving customer support mechanisms: Leveraging AI-driven chatbots, interactive training, and transparent conditions to boost customer satisfaction and reduce operational costs.

Our heuristic approach to evaluating digital client experiences emphasizes efficient task resolution, frequent task occurrence, and criticality, providing a robust framework for banks to enhance their service offerings.

For more detailed insights and to access the complete report, visit our website: Top 3 strategic insights for mobile banking in Azerbaijan.

3. AI-driven customer banking service across Central Asian countries

The integration of artificial intelligence (AI) in banking customer service has been a transformative trend in Central Asia, led by early adopters in Kazakhstan and followed by Uzbekistan and Azerbaijan. Our comparative analysis offers a deep dive into the adoption, impact, and challenges of AI-driven services in these markets.

Highlights of the analysis include:

• Kazakhstan’s leadership in AI adoption: With proactive efforts from leading banks like Kaspi Bank and Halyk Bank, Kazakhstan has set a regional benchmark in AI-driven customer service. Key innovations include AI-powered chatbots, virtual assistants, biometric authentication, and predictive analytics, which have significantly improved operational efficiency and customer satisfaction.
• Emerging AI trends in Uzbekistan: While still in the early stages of AI adoption, Uzbekistan shows promising signs of enhanced customer engagement and operational efficiency through basic chatbot functionalities in banks like Uzum Bank.
• Moderate AI uptake in Azerbaijan: Major banks such as Kapital Bank and Rabitabank are exploring AI technologies for customer service and operational improvements, contributing to faster response times and accurate information delivery.

While AI is reshaping the banking landscape in these countries, challenges like data privacy, technological infrastructure, and skill development remain. Our research underscores the importance of overcoming these barriers to fully harness AI’s potential in customer banking services.

For a comprehensive look at AI-driven customer service strategies in Central Asia, visit our website: AI-driven customer banking service across Central Asian countries.

This digest encapsulates Markswebb’s latest insights, presenting a thorough overview of digital transformation and AI advancements in the banking sector across various Central Asian regions. We invite you to explore our findings further and engage with us for strategic guidance or potential collaborations. Reach out to us today to stay ahead in the competitive digital landscape.