Staircase to Success: Redefining Customer Experience in Banking

The new-age customers, especially in the banking and financial sector, are not buying products. Instead, they are inclined to purchase new experiences via the products and services offered by the banks. Therefore, the banks must invest in escalating the overall customer experience by providing personalized services and understanding the requirements.

Quality customer experience will compel the end-users to vouch for the banking organization. In addition, better services will enhance the loyalty and trust of the customer towards the bank. Moreover, service providers also must understand that banking is a highly competitive space, so adapting to innovations that lead to a better customer experience is very important.

Therefore, here we will highlight the importance of customer experience in banking and explain the key steps that will redefine the end-user experience.

Why is a Better Customer Experience Essential in Banking?

A remarkable customer experience in banking is critical for the bank’s sustainable growth and business expansion. Also, with the help of the internet and other new-age technologies, the power has shifted towards the customers, not the sellers in the banking arena. With enough resources at their fingertips, the customers also have many options to upgrade and educate themselves.

Improved personalization in terms of giving services can also help in escalating the level of customer experience. Moreover, tools and technologies such as Artificial Intelligence, Augmented Reality, etc., can help the banking staff automate mundane tasks and focus on improving their productivity.

Over the years,?omni-channel approach has transformed the banking experience ?for customers.?Along with omnichannel banking, the service providers can also render efficient and optimal banking services through agency banking. Also, agency banking becomes a connecting bridge between individuals or businesses looking to expand their operations to other countries.

Therefore, it is clear that the quintessential customer experience is a vital cog in keeping banking operations smooth and allowing the end-users to understand the services clearly.

Steps to Redefine Customer Experience in Banking

The banking organizations must be on their toes in adapting to the new changes to render a better customer experience. The inclusion of technology has brought in tectonic shifts in the customers’ thought processes; their behavior has also evolved. Therefore, the best practices below will help banks cater to the best possible customer experience and keep their userbase loyal.

1. Multi-channel Approach

If calling/phone or in-person meetings are the only way customers can reach their bank, it is time to change. Banks must offer multiple communication channels to the customer and allow them to use them per their requirements. For instance, chatbots or live chat are great ways to address the repetitive and frequent questions of the customers.

Along with phones, live chat, and chatbots, there are other ways through which banks can implement a multi-channel system; they are:

• SMS Service: Direct SMS services are excellent for customers who live in an area with limited or no internet access. Moreover, having an SMS service fares well with customers who want to convey their problem/message but don't wish to indulge in a telephonic conversation.
• Social Media Platforms:?Banks can have dedicated Facebook, Twitter, and Instagram accounts and one-to-one customer interactions. This process will also allow the banks to promote their services and make them reach a more significant set audience. Also, through social media interaction, the banking staff can help the customers in a personalized way by delegating the work to the designated person and minimizing the problem.
• Emails:?There are a lot of customers who wish to keep their banking interactions strictly on emails. So, having a dedicated email to connect with the users and solve their issues can be vital in enhancing the customer experience.

?2.?Automating Services

Banks should focus on implementing automation extensively per their requirement as it dramatically improves the customer experience. Using predictive analytics to gauge consumer behavior and render services accordingly can bring glory to the banking organization. For example, if the bank has most customers in their mid-20s and 30 having stable employment, they would be looking for a house at some point. Banks can analyze this and offer the customer lucrative home loans to hold their attention.

By smartly using the automation process, banks can create a win-win situation for the customers and their overall business.

3. Customer Feedback

It is essential to understand customer feedback and act on them immediately. Although it is not possible for the banks to accommodate every request, they should have a clear road map and action plan related to the feedback.

For example, providing?agency banking solutions ?is an excellent way for banks to penetrate the market. Thus, agency banking can be a perfect option if customers request that they need banking services at their doorsteps.

Taking quick actions according to the customer’s query will help the bank curate a sincere image among the customers.

4. Open to Changes

Be flexible, change, update and adapt; these are the four pillars that will assist the bank in redefining the customer experience. The banking organization must not be stringent, understand the newer trends, and work with emergent technologies to render the best possible customer experience.

Banks can revamp the customer journeys by taking help from artificial intelligence analytics and become well-positioned to address future consumer requirements changes. Constant evolution will help in offering an exceptional experience to the customers.

5. Better Personalization

Personalization is perhaps one of the best practices that could lead to a practical customer experience. The banks should step into the customer’s shoes and understand their pain points. Also, if the banking staff finds any friction becoming a hurdle in rendering enhanced personalized services, they should remove it immediately.

Banks can also look to establish a dedicated customer experience (CX) team. Setting up a diverse CX team will help the customers understand different banking services and allow them to choose them according to their requirements.

6. Be Balanced, Always

The banks must find the right balance in providing digital and human services. For example, although customers readily expect effortless digital services, having humans available to solve the consumer query is still not out of fashion.

Having the right balance between human and digital services will allow the banking organization to provide personal solid customer service. Also, amalgamating a chatbot with a friendly customer service representative will significantly boost the overall customer experience.

Boasting Customer Experience with Effective Digital Financial Solutions

Banking organizations must always keep their ‘thinking cap’ on finding effective customer experience enhancement strategies. Profound?digital financial solutions ?such as MobiFin can seamlessly integrate new-age customer experience enhancement activities. With MobiFin, banks can incorporate data privacy, rendering personalized services and standards more under one ecosystem and educating the customers, making them more financially literate. The platform is driven by best-in-class ECC-256 bits security and modular architecture that helps quickly deploy all the services.

Implementing the steps mentioned above will help the banks continuously evolve their work process and keep up with the evolving demands.

This article is originally published on?Panamax Inc.