The customer experience in the banking world has been a regular struggle. In line with Accenture Banking 2020, in less than 12 months over thirty percent of customers have had cause to switch from one banking system to another, this resulting from pricing, value, or customer quality.
Meaning Of Customer Experience In Banking?
Customer experience is the customers’ impression about all aspects of a brand throughout the customer’s purchase journey. The customer experience in banking is the overall experience of a customer interacting with a bank’s various products and services such as banking systems, one–on–one interaction, social media, online advertising, and much more.
The Best Customer Experience Strategy For Banks To Improve
For one reason or the other, we have had to interact with a banking institution for services like opening an account, making deposits or withdrawals, e-banking services, or technical support. The areas of customer experience strategy for banks to improve on are dependent largely on the customer’s response to that aspect of concern and this could also help the banking services remain relevant to the current happenings in the society or environment in which it performs its operations.
Empowering Employees
The employees of the banking institution are the voice of the bank. This implies that whatever action is taken by these categories of persons, will be the lasting impression that customers will have on the bank as a whole.
Knowing this, financial institutions must provide the right resources required for an exceptional customer experience. If this is ignored, customers will not be satisfied leaving the institution with a negative impression which may also affect the potential or future of the financial institution.
In addition, the employees of such institutions will not be encouraged to work when the right working environment is not available. And above all, customers may start to shift attention to other financial institutions that serve them better.
The satisfaction of customers can be measured from the employees’ ability based on the points highlighted below.
- Easy way to make research information.
- Access to relevant, accurate, and consistent information in the area of interest.
- Prompt response to customers’ questions without relying on other colleagues.
Simplify Account Opening Process
This is one of the customer experience strategies for banks to improve on, which can help it not just retain its grip on existing customers but also to attract new ones. Banks can maintain happy customers by;
- Enabling the account opening process via mobile app.
- Reduce the data required for opening an account
- Minimize the number of clicks expected to open an account.
- Digital verification.
Account/Card Security
Although the world going digital has been a blessing, a lot of hackers are trying to use this same platform to carry out fraudulent activities making customers feel insecure.
Financial institutions should be on their toes to make sure that the customer’s security is assured. This will give the customer rest of mind. Banks should safeguard customers by;
- Educating them on how to block an account or card when they sense some fraudulent activities.
- Provide easy access to the process of blocking a card or account
- Frequent notifications of customers of existing fraudulent activities and ways of escape.
- An updated knowledge base of customers and employees
With the use of chatbots, customers can become aware of trending activities. This applies to both potential and existing customers. Chatbots have been implemented by companies such as Wells Fargo. Some of the benefits of chatbots are;
- Finding an ATM
- Checking balances
- Access to bank statements
- Atm card activation
Transparency
This is an advantage that your bank can have over other financial institutions. Trust is a scarce commodity and any individual or institution that possesses it will not gain the attraction of customers but will also attract new customers to it.
Some of the strategies to earn your customers’ trust are listed below.
- Disclosing how customers’ deposits are being used.
- Involving customers in decision making like seeking their opinions and the improvements that they would like to see.
- Sharing the bank’s plans with customers
- Other activities can help you to earn the trust of your customers.
Test Products Well
That other banks are doing a thing doesn’t make it just right for you. You must ensure that you test every product and service that is being introduced into the banking industry and be sure that it is perfect for you.
Companies With Best Customer Experience In Banking
Some of the financial institutions that have over the years improved the customer experience includes;
TD Mobile App- TD Bank
TD started making use of data and analytics to improve the banking experience of customers. TD Bank now combines those analytics along with AI resulting in MYTD Experience.
TD strategy provides tools, materials, and guidance that help to boost brand loyalty and customer engagement.
To create a simpler and effective customer journey by combining data profile solutions and chatbots.
Digital Only Banking – Simple
Simple, a financial institution with no physical location or branches has helped to improve the satisfaction of customers in the banking industry by providing digital banking solutions. This as a result led to the yearly closure of not less than 1500 banks since the year 2015.
This action has also increased the establishment of digital-only banking institutions like Simple.
Bank Of Oak Ridge
The bank of Oak Ridge has helped to improve customers’ experience in banking by taking advantage of digital technology which gave birth to chat support and financial calculators that help customers to plan their finances.
PNC Bank
PNC Bank has contributed to the improvement of customer banking experience by introducing a slight change to ATMs. this change ‘’ Choose Your Bills’’ has helped customers to select the bills they get instead of forcing specific denominations on them,
Final Thoughts
This is the digital age where apps are available to carry out virtually any financial transactions hence making banks lose their grip over customers. The several aspects of technology are gradually sweeping away financial headaches and replacing them with a much more pleasant and stress-free customer banking experience.
Financial Institutions should thrive to do every relevant activity that can keep them abreast of events, accurate, and provide the best customer experience ever. Using some of the factors listed above can help to achieve the best customer experience in banking.
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