Customer journeys are becoming increasingly complex, as they span multiple devices and platforms. In order to stand out from the competition, how can companies, especially banks, deliver personalized, customized customer experiences? This article discusses how banks can plan their strategies to improve customer experiences.
Customer experience has become a key business concept. Providing excellent customer service is a priority for all sectors these days, and the banking and financial sectors are no exception. In the highly competitive world of banking, banks have to demonstrate to their customers that they can do something their competitors cannot, and do it better. Customer experience is crucial when it comes to banking because customers have a wide range of options to choose from, in addition, they are more cautious while making a decision. This is how banking stands out from other industries.
A bank is a place where you park your money, so if you choose them, you are expressing trust and responsibility. Customers generally have long-term relationships with their banks.
In the past, banks were criticized for being slow to adopt customer experience innovations. There were several reasons for this:
- Traditional banks, for instance, usually have a large set of infrastructure and policies that make it difficult to adopt new technology.
- Additionally, there wasn’t as much pressure to innovate in the past.
- Typically, a customer will stay with one bank for a long time, maybe for their entire life. But times have changed.
- Today, people prefer to shop around for their banking needs. A quick Google search provides thousands of reviews.
Over the past few years, digital banks have become more popular. The arrival of these new online banks has stirred things up for traditional banks. Despite the fact that most consumers still use a traditional bank for their primary bank accounts, more and more people are choosing to open a second account at a digital bank. In comparison to traditional banks, digital banks, offer a whole host of new customer experience features.
These features are available from the very beginning of a customer’s association with digital banks. It starts with an easy account opening procedure with a reliable identity verification process in a few minutes that digital banks offer in collaboration with many best service providers. And this excellent and quick service offered to customers by digital banks continues forever till a particular person is associated with that bank.
As customers are getting aware of digitization, traditional banks are starting to realize this and develop customer experience solutions. In this context, here are our top tips for delivering a delightful customer experience in banking.
- Provide Omnichannel support to customers
During the purchase process, customers use an average of six different channels, and they expect the same level of service regardless of the channel. As a result, businesses must adopt a multichannel strategy to keep their customers happy and engaged. In spite of this, being present at multiple channels is not enough, particularly for banks. As an example, your bank might offer both chat and telephone support. But is the level of service the same across both channels, and can the customer switch between them seamlessly and effortlessly?
A study revealed that 61% of customers prefer switching between channels when interacting with customer service. Typically, customers become impatient if they have to repeat their concerns several times. Customers do not see brands as separate entities. In other words, when a customer wants to settle a claim, he doesn’t want to have to go through the hoops of being connected to one department after another. Hence, your live chat agent or phone agent is a representative of your company and must be able to assist him.
An omnichannel approach is adopted by banks when they offer a seamless and dynamic experience on their mobile and desktop apps, from booking appointments to paying bills and depositing money.
When it comes to banking and insurance, nothing is more inconvenient to customers than waiting long enough to reach an agent, whether it is for assistance during onboarding, account opening, or settling a claim.
Besides offering 24/7 customer service, offering live chat to assist with account selection and application is a good way to meet banking customers’ expectations. Using a chatbot can make your customer support process more efficient by passing only qualified leads and complicated questions to your agents.
Live chat support will help banks better serve their clients’ needs with instant service at a variety of channels to satisfy ‘always connected’ customers. It helps reduce the hassle of providing resources and support at a click of the button especially when it comes to explaining technical stuff, like opening an account or filling out a complicated form, live chat integrated with co-browsing technology allows your staff to assist customers on their screens, delivering fast and efficient query resolution, as well as great customer service.
- Quick Response Time
With the development of natural language processing (NLP) and voice recognition systems, conversations with voice assistants have become less mechanical and more secure. As more and more people are getting comfortable with voice-driven search technology, which provides convenience and personalization, banks and insurance agencies can utilize virtual assistants to offer their services.
Nevertheless, you can use digital assistants for much more than just enabling customers to make payments using voice commands. Several banks are offering customers Alexa, Amazon’s voice assistant, as a new way to check account balances or pay credit card debt. By the end of this year, you will be able to handle more complicated tasks, such as getting a loan or renewing your insurance, through a voice-based search on your smartphone or car.
The benefits of offering voice-based services to your customers are obvious – convenience and time-saving, two of the most significant elements of your customer experience.
- Customer journey mapping
The use of customer journey mapping is another way to send behavior-based messages based on customer data and behavior. In customer journey maps, you identify who your customers are, where they came from, and what they want. Having maps for your different customer segments helps you recognize key moments in their journey to become and remain a customer during which they could use support.
With the use of in-app or time-based notifications, we can send messages to encourage behaviors that lead to long-term financial success or alert customers to an upcoming payment due date.
- Feedback loops
In order to create a successful customer experience strategy, feedback is essential. Creating opportunities for feedback and customer sentiment scores ensures you catch issues before they escalate. It is important to gather feedback, so you can adapt your offerings and strategies as customer needs change.
When creating surveys, offer examples of responses to your questions, and then ask users to rate your company or features on a scale of 1-10 after they’ve already answered a few text questions about it. In this way, their mind is already on the topic, and they are less likely to pick a random number.
Despite all the talk about emerging technologies and processes in customer experience management, it’s all too easy to lose sight of what customer experience management is all about. Managing the customer. Change is the only constant in any business, and financial organizations need to move away from legacy systems to adopt advanced technology solutions, such as those listed above, to redefine their customer experience and achieve more success.