Customers Experience Challenges – A key to building right BRAND image for Banks & BSFI

Customer Experience (CX) is the key differentiator in era of digital transformation in #Banking and Financial Services (#BFSI) sector.?

The products and service offering is no longer a differentiator in the banking sectors.?So, what exactly should be customer experience in banking?

Meeting customer expectations (feeling, thinking & expecting) at each touch-points (website, call centres, emails, social media, face-to-face interactions) consistently through their journey with bank helps establish emotional connect with bank, which will help banks sustain, grow business & build right BRAND image.

Current customer perceptions about their banks

In India, the most customers perception of banks and financial institutions is they do not care about customer feeling, thinking and expectation.?Appropriately addressing their customers pains, aligning seamlessly to customers throughout customers journey and being customer-centric are crucial factors that will help banks in building #convenience, #trust, #loyalty, #satisfaction & right BRAND image.

Focus for the banks should be to deliver consistent experience to customer?

1.????Long Wait Times (Quick and Efficient Service): Customer’s often face extended wait times in branches or on customer service calls. This can lead to frustration and dissatisfaction customers appreciate prompt and efficient service. Reducing wait times, offering fast transaction processing, and resolving issues promptly contribute to a positive customer experience.

2.????Complex Journey (Processes): Banking processes can be overwhelming and confusing for customer’s, especially those involving loans, mortgages, or account openings. Customers expect easy access to their accounts and banking services. This includes user-friendly mobile apps, online banking platforms, and the availability of multiple channels for customer support.

3.????Communication Gaps: Poor communication and lack of timely updates can frustrate customers, especially during issue resolution.?

4.????Security Concerns: Customers worry about their personal and financial information being compromised in the digital age as banks deal with sensitive financial information, robust security measures are crucial. Customer has his own logics of security consents that needs to be address.

5.????Lack of Personalization: Customers expect personalized experiences but often encounter generic interactions with the bank. Banks should strive to understand their customer's unique needs and preferences. Personalized services, tailored product recommendations, and communication-based on individual financial goals can significantly enhance the customer experience. Providing educational resources and tools to help customers make informed financial decisions shows that the bank cares about their financial well-being.

6.????Empathy and Responsiveness: Bank representatives should exhibit empathy and understanding toward customers situations and needs. Responsive customer support teams that are accessible and willing to help are crucial in building long-term relationships.

7.????Cross-Channel Integration: Inconsistent experiences across different channels can be frustrating for customers.?An ideal customer experience allows customers to seamlessly switch between different banking channels, such as mobile apps, online banking, phone support, or in-person visits, without losing continuity?

8.????Transparency: Surprise fees can erode trust and loyalty. Clear and transparent communication regarding fees, charges, interest rates, and terms and conditions helps build trust with customer. Avoiding hidden charges, complex jargon goes a long way in establishing positive customer relationships.?

9.????Soliciting feedback and demonstrate action: Actively seeking feedback from customers and using that feedback to make improvements, ?demonstrates that the bank values its customer’s opinions and is committed to enhancing their experience.

Recommended points to focus by the Banks to differentiate their BRAND?

·??????Focus on becoming a trusted advisor in line with customer expectation

·??????Encourage employees to seek better engagement and success rates?

·??????Listen to your customers by regularly solicit customer feedback and visibly demonstrate actions?

In conclusion

Overall delivering customer experience in banks should be focused around understanding the target group of customers needs, being proactive in providing solutions and fostering a sense of trust and partnership. Addressing dynamically changing customer demands, by aligning and continually improving product and services is key to banks’ growth.

To know more connect with? CEM BRAND capita Pvt. Ltd (Customer Experience Management Company)?- 9821896296 www.brandcapita.com [email protected]