Client experience is an essential aspect of every bank’s approach to fulfilling customer demands. By analyzing customers’ perspectives, banks can understand their expectations and have an appropriate strategy to keep on top of customers’ preferences. Let’s discover our best tips for banks to improve customers’ online banking experience and increase their loyalty.
Customer experience (CX) in digital banking includes all the efforts that banks and financial institutions put into their products to increase customer satisfaction. It’s also the cumulation of all the interactions that customers have along their entire usage journey, such as: login, transferring money, confirming transactions, and receiving notifications.
The customer journey for transferring money via Mobile Banking App
Considering the correlated relationship between digital customer experience and bank revenue, the research of Markets&Markets also shows that: “digital banking enables personalization at scale can grow revenue by 5 to 15% for businesses in the financial services sectors.”
Recently, CX has reached a particular level of critical significance since various businesses are adopting a customer-centric approach to retain users. In fact, customers expect that banks can concentrate more on creating an experience culture that is personalized, tailored to their specific requirements, and trustworthy.
The main customer expectations when it comes to digitized banking experience are:
Considering the fact that half of the global population is using online banking nowadays, banks need to put considerable effort into improving their digital platforms to retain current users and attract new ones. Although customer experience is the key to scaling the revenue growth of financial service providers, improving it isn’t an easy task, especially when customers are getting more conscious of top-notch digital banking services. So, what can be done when digital banking CX obstacles are escalating every day?
Let’s discover our hand-picked trends to implement digital customer experience in banking:
The onboarding process for new customers often starts with the application for a new account/ service and continues until the consumer is highly engaged in this relationship. For some institutions that have digitized their application processes, they can reduce redundant tasks and provide customers with smoother and faster experiences compared to those who haven’t.
By applying cutting-edge technology such as eKYC (electronic Know Your Customer), banks are able to become agile and provide customers with an instantaneous and seamless onboarding experience. As customers’ expectations are ease of completion, authentication, and digital documentation capabilities that can simplify the account opening step, eKYC will help with:
However, due to the limited credit amounts through the eKYC process, customers who wish to increase their line of credit still need to come to the representative offices.
Learn how to apply this solution: eKYC Process: Onboard your customers in 10 steps
Customers now seek to interact with businesses through several platforms such as websites, mobile apps, call centers, bank branches, or any other channels. The banking industry is required to move beyond finding the optimal channel mix to determine what is suitable for each individual customer.
Providing omnichannel banking customer experience involves having the same set of services accessible across all channels, both online and offline. The true omnichannel banking platform also enables real-time data synchronization across multi-channels. For instance, customers may begin the onboarding process through one channel and complete it via another without having to provide the same information repeatedly.
In recent years, banks and financial institutions have incorporated a variety of features into their mobile applications. To avoid confusing their consumers, you must concentrate on the design of their platforms to ensure that they are user-friendly and feature-rich.
The recent finding of Money Summit shows that 34% of customers have switched financial service providers due to their frustrating experiences related to the app interface. As cluttered product design may be partly attributable to the poor experience of the app users, banks can resolve issues by following these best practices for designing banking apps:
Moreover, banks also need to keep up with the latest product design trends to attract more new customers. Check out our innovative ideas for your banking app design here!
Improving the retail banking experience requires you to understand customers’ needs and expectations thoroughly. This consists of taking a 360-degree perspective of your banking users such as their habits, incomes, and expenses, and leveraging the available data.
Big data analytics is essential for enhancing the financial services experience and making important business choices. The escalating fluctuations in user requirements bring in the vitality of using big data analytics to get an in-depth understanding of these alterations. Based on these insights, banks can update their digital banking services to meet customers’ unmet needs and give out various tailor-made promotions. Moreover, the implementation of big data analytics can assist financial service providers in analyzing users’ conversion rate (CR) to have appropriate marketing campaigns respectively. The result is a three-stage personalization strategy backed by advanced data & analytics:
To serve the digital customer more effectively, banks will need to move beyond traditional customer support to chatbots, customer relationship management (CRM) and automation workflows. As customer inquiries can be countless and repetitive, solving case-by-case manually can unnecessarily consume time and resources. Automating the customer support process with pre-built scenarios can help you manage numerous users’ issues in real-time while reducing headcount and manual customer support dependency. Meanwhile, the customer services department can concentrate on solving important cases, leading to more streamlined processes.
Secure chatbots are expected to become a core component of many digital banking propositions, especially when FAQs are getting less convenient. AI chatbots can use your existing database, such as common inquiries from customers, their most-used services, etc. to prepare some relevant answers and suggest them to users proactively.
Access to the full report: How Changes in Asia Pacific's Customer Behaviour Accelerate Digital Banking?
In response to customers' increasingly high expectations, banks and financial institutions need to invest heavily in the development of customer-centric mobile banking apps. The importance of the digital banking experience can be related to its several advantages, such as lower operational costs, customer retention, and staying ahead of competitors by using the latest technologies.
Ready to deliver a better customer experience in digital banking? Our Digital Technology Consulting Services are here to help! We’ve over 12 years of experience in developing digital apps and platforms for the BFSI sector and have collaborated with many leading banks in digital transformation.
If you’re still doubting, let’s see how KMS Solutions map the customer journey to help ACB embrace mobile banking to embrace the new gen of customers!
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