When people bank, they want the ability to bank from anywhere, at any time—with a bank they can trust. They expect self-serve applications on the device of their choice. And they look for personalized guidance and insights on their financial position.
These are all elements of the customer experience (CX), a key factor in a bank’s ability to remain competitive and boost brand loyalty. CX encompasses the customer’s entire experience with the bank—from self-service applications and personalized mobile solutions to a high-touch support system, ready to resolve issues and answer questions.
Delivering exceptional customer experience requires a balance of innovative thinking and operational efficiency. Banks need to consistently innovate, delivering personalized experiences and support to their customers, while remaining flexible and within budget.
For banks to provide an optimal customer experience, the banking experience needs to be seamless, intuitive, and easy to use while providing tools to the consumer. There is an expectation from the customer base for banks to help understand what is being provided. This distinction is a leading factor in the success or failure of a financial institution.
Provide a seamless and secure mobile experience
Improving the digital customer experience, with the right tools and technology to meet customers where they want to bank, is the way of the future. It’s critical that banks optimize their mobile solutions and create an integrated, easy-to-use interface for their customers.
In order to offer an optimal experience to customers, banks must prioritize a seamless, integrated, and secure experience with high-touch customer service. As financial services companies serve a diverse client base, knowing how to meet people where they are is critical. As such, mobile and cloud-based banking are paramount to a bank’s success. Providing a clean, intuitive mobile experience to customers allows them to interact with their chosen financial institution more easily, regardless of whether that is to check a balance, make changes to their information, or seek support.
Building intuitive, accessible mobile banking applications requires not only an understanding of how customers interact with their banks, but also a heightened focus on security. In an age where consumers are hyperaware of their digital footprint, ensuring peace of mind when interacting with your financial institution will boost customer retention and prevent damage to brand reputation.
Serving a diverse client base also means offering a wide range of support options. It’s important to balance digital and human interaction, offering features such as in-app, self-service support while still providing customers with access to customer service teams. A robust, high-touch support infrastructure can create happier, more loyal customers while also saving the bank time and money in the long run.
Personalize your mobile solutions with consumer data
The banking industry is undergoing a wave of digital transformation, with more and more banks turning to digital solutions to enhance their customer experience. Banks are leveraging technologies such as Application Modernization, Application Rationalization, Robotic Process Automation, and Application Data Management, just to name a few. Banks are using these technologies to streamline processes, personalize customer experiences, and provide better insights into customer behavior.
In today’s hyper-digital environment, simply offering mobile banking is not enough. Customers expect personalized guidance and insights based on their activity and behavior—and banks should be prepared to deliver.
When customers bank, they expect ease of use and an experience that reflects their intent. Because of this, it’s important for financial institutions to let customer data drive their mobile experiences. For example, navigation shortcuts and suggestions based on previous activity help customers more easily access the features and information they need most. Additionally, this personalization shows customers that their bank knows who they are and what they need—greatly improving their overall experience.
Beyond using data to build a more intuitive in-app experience, banks should also look to customer data to provide personalized insights and guidance. Previous customer behavior can guide these insights; think transaction alerts, updates on balance changes, concerns based on spending patterns, etc.
Banks can also offer additional guidance based on user behavior such as future account or savings recommendations, changes to activity, and more. With these features in place, financial institutions become trusted partners to their customers, rather than simply places to bank. In today’s world where expectations of businesses continue to rise and customers expect hyper-personalization, this is key to remain competitive in the market and retain customers in the long term.
The digital transformation of the banking industry is a major force driving the sector forward. Banks are now able to provide customers with a more convenient, efficient, and secure experience. As we shift to digital banking, it enables banks to increase customer engagement, offer a personalized experience, and reduce costs. Banks need to continue to leverage new technologies to innovate, and they need to stay at the forefront of evolving technologies.
Digital transformation is the buzzword of the banking industry, but most of this buzz focuses on the “what” instead of the “how.” Balancing innovation with operational efficiency is key, but it can be hard to get started. Relying on data and taking an incremental approach to operational improvements can help make tasks easier to manage and keep costs in check. Consider a roadmap to help guide the initiative, and make efficiency a priority. Lastly, customer feedback is critical to success—seek regular feedback to continuously optimize.
If these initiatives put additional strain on internal teams, look to a trusted partner for guidance. CAI can help financial services companies find the right tools and technologies to deliver what their clients want—where they want it—and with ease.