Offering an upper edge customer experience is now a priority across all industries, and the financial sector is no exception. Improving customer experience in banks is crucial because customers have so many options to choose from and are much more selective with their choices. This caution sets banking apart from other industries. According to a Deloitte statistic, customer-centric companies are 60% more profitable than those not focused on the customer. On the other hand, according to a PWC report, 73% of customers say a good experience is key in influencing their brand loyalties.
These facts have encouraged banks and other financial institutions all over the world to look more carefully at their current products and services to see if there is room to offer a higher level of customer-centricity and personalization to improve the customer experience with financial services.
In this blog, we are going to go through important ways to improve customer experience in banks.
Up until recently, many banks tended to view the customer experience as more of a compliance checkbox exercise than an effective tool to stimulate commercial change. Banks have been missing the opportunity to provide customers with effective service in real time and increase their level of satisfaction.
Customer experience now distinguishes brands in the market instead of location, cost, or product. This is especially true of banks because they provide similar products and many customers don't see much difference between them. A bank needs to reach a diverse customer base that includes people who prefer face-to-face interactions and those who are hesitant to enter a branch. Live platform is the right solution for your company. It generates more time for bankers to develop meaningful relationships as complaints have been reduced.
The banking sector is very competitive. Customers will switch to a different bank if they feel they can't conduct business with it on their terms. A bank that provides exceptional customer service will discover:
You must not only look for ways to improve customer experience in banks, but also go above and beyond what is expected of you. So let’s find out those ways!
We are aware of the importance of improving the customer experience in banks, but which aspects will make the biggest difference? We've analyzed the market to find the answer to that question, and we've compiled our major points here. The top bank priorities are listed below.
Enable a quick and simple onboarding process is one of the main factors in providing a better customer experience. In many situations, banks are unable to completely eliminate the need for customers to visit a branch during account opening due to their inability to provide such a service. According to Signicat research, in 2020, 63% of customers in Europe abandoned a digital application to a bank. One of the main reasons why people gave up on the application process was that it was taking too long and that there was too much information needed.
The first step to improve customer experience in banks should therefore be to identify friction in the onboarding process. The purpose is to reduce the number of onboarding steps while maintaining regulatory compliance. The customer identification process in many banks now includes biometric authentication.
It's time to make a change if your customers can only reach you by phone. This is far too restrictive, and not everyone has the time or comfort level to spend time on the phone. Instead, you should provide numerous support options. Use chatbots to answer common and straightforward questions that should not be directed to your call center. The phone lines in your contact center will be busier the more customers you receive. This means that customers who are extremely frustrated and have complicated problems will have to wait a long time to speak to an agent. You're only making things worse by restricting their options for communication.
Are you looking to delight customers by creating a new communication model of customer service communication model? Check out Live Platform, which helps companies within the finance sector to improve customer experience and completely reinvent customer communication.
Every bank's experience with the customer journey is unique, with the customer taking a different path depending on where they are and what they are doing. In today's modern era, one thing is certain: Banks must provide a truly omnichannel customer experience.
For banks, making a significant investment is required for a truly omnichannel customer experience. Financial institutions can deliver a standardized experience that nurtures loyalty and trust by utilizing intelligent technology to manage interactions across all channels.
Related read: 5 ways to Improve Your Omnichannel Customer Experience
Making customers feel ignored or abandoned is the number one thing that irritates them. Respond as soon as you can to a customer complaint. This holds true for all forms of complaints. Because they receive a quicker response, more customers have started using Facebook and Twitter in recent years. Companies dislike it when a complaint is publicly shared. This is understandable, but using social media more quickly to respond than the other communication channels can give the impression that you are acting dishonestly. Show that you care about your customers in all of your communications channels equally.
The goal of gathering feedback is to identify areas for improvement. When you have the solution, it's time to act. Even though you might not be able to fulfill all of your customers' requests, you should create a plan for the ones you do. Once the project is underway, you can even let your customers know that you've taken their suggestions to heart and are working to make the service better. Be cautious not to make commitments too early in the project, though.
Do you have dedicated long-term customers? Create a survey just for them to learn what they appreciate about your bank. This accomplishes two goals. You can start by identifying any unique qualities you have and highlighting them in your marketing. You can work to make these features even better. Second, it will enable you to determine whether these customers adore your services or simply find them acceptable enough to avoid looking for others. Being likable might help you keep your current customers, but it's unlikely to draw in any fresh business.
Customer demands and expectations change over time. The key is being able to adjust to this change and keep providing competitive features that provide the best customer experience. You should reduce your reliance on rigid systems or policies that make it more difficult for you to implement change.
If banks don't adapt to the new needs of customers who want complete transparency into their finances and expect their banks to seamlessly integrate with third-party products and services, the traditional banking model will soon become obsolete. You can turn your bank into a market pioneer in open banking and the best customer experience provider in your sector by following these simple steps:
It should go beyond just saying you're customer-centric. You create stronger, more long-lasting relationships with your customers in this way. In order to improve customer experience in banks, it is important to be able to provide a frictionless experience across all channels.
Invest in creating a remarkable customer experience in banks, regardless of how big or small your bank is, to draw in new customers and keep the ones you already have for a longer period of time.
Learn more about how the Live product family can help you support and improve your customer experience strategy.
