Top 2024 Trends in Banking CX
Banking CX is all about how customers feel when they interact with your bank, whether it's through a phone call, using your mobile app, or simply paying a bill. Every interaction shapes their opinion of your bank and influences their decision to stick around.
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So, what do customers expect from digital banking these days? Here is the truth bomb, they want top-notch service, just like they get from their favorite brands in other industries. According to a recent report, most customers want fast service, expect the bank to have a full understanding of their situation, and want a seamless experience between physical and digital spaces. They also prefer personalized recommendations over generic ones.
The problem is, banks often struggle to meet these expectations compared to other businesses. To really impress and keep customers, banks need to rethink digital customer experience.
As of 2024, there are a few key trends in banking customer experience to keep an eye on:
1. Better online and Mobile service
Let’s talk about how mobile app data can help banks step up their products and services. These days, customers are all about self-service, and thanks to mobile devices, they can access their bank's resources from anywhere with Wi-Fi. It's not just a cool feature anymore; it's a basic expectation.
Having a mobile banking app is a must-have, not just a nice-to-have. Banks without this option are seriously missing out because customers have grown accustomed to the incredible convenience that mobile apps offer.
Now, if your bank already has a mobile app or recently launched one, the next step is to make sure you're using all that app data effectively. Mobile apps collect a ton of information, and leaving it untouched doesn't do you or your customers any favors. That's where data analytics platforms and machine learning algorithms come in handy. They can help you dig into that customer data and uncover valuable insights.
2. Personalized experiences are increasing retention
For a long time, big financial institutions didn't really focus on providing personalized service, but that's all changing now. With major tech players and startups entering the banking scene, the game has been flipped on its head.
Get this: 72 percent of customers say personalization is super important when it comes to financial services. And business leaders are catching on – 77 percent of them recognize that going deeper with personalization helps keep customers around, and 66 percent think it even lowers the cost of acquiring new ones.
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So, how can banks deliver these hyper-personalized experiences? It all comes down to making sense of client data, like their actions, intentions, and needs, and turning that into customized advice and financial plans. By creating detailed client profiles that bring together customer data from different systems and software, bank associates can provide personalized advice and offers on a large scale.
3. Advising Services
Many banking customers want to grow their money but don't know where to start. Sure, they can turn to financial websites for guidance, but the advice there is often too general to be truly helpful. That's where banks have a golden opportunity to shine.
By connecting customers with in-house financial advisors, banks can provide tailored guidance that's specific to each customer's unique needs. It's like having a personal finance coach in your corner, helping you make the best decisions for your money.
Now, to make this happen, banks can leverage customer relationship management (CRM) technology. This nifty tool allows banks to gather and analyze data to create detailed customer profiles. Think of it as a superhero utility belt for financial advisors, giving them a complete picture of each customer's situation.
With this level of insight, advisors can offer personalized advice for customers at every stage of their financial journey. Whether someone is just starting to save or planning for retirement, their advisor can provide guidance that's relevant and actionable.
But personalized advising services aren't just about helping customers make smart money moves. They also help banks build stronger relationships with their customers. When customers feel like their bank truly understands their needs and is invested in their success, they're more likely to stick around for the long haul. It's a loyalty-boosting strategy that benefits everyone involved.
4. AI is making things more efficient
We've all been there - calling our bank's customer service line to report an issue, only to be stuck on hold forever. It's super frustrating, right? With more and more people calling in and not enough reps to handle the volume, it's becoming a real headache for bank call centers.
But here's the good news: as customer self-service becomes more popular, there are some pretty cool solutions popping up to help ease the strain and make the customer experience better. Instead of waiting on the phone, customers can now turn to AI-powered chatbots when they run into problems.
Mevrik for example, has intelligent routing, AI Assistance and more amazing features to reduce these CX problems.
The best part? More and more banking apps are building chatbot technology right into their platforms, so customers can quickly solve issues from anywhere, at any time.
Both banks and customers come out on top with these AI innovations. Customers don't have to waste precious time waiting to talk to someone, and banks can save a ton of resources that would otherwise be poured into their call centers. Some banks are even taking it a step further by creating AI-powered virtual assistants that offer money management tips and tricks.
Alright, let's wrap this up! As you can see, the world of banking is evolving rapidly, and customer experience is at the heart of it all. By embracing innovative technologies like mobile apps, AI-powered chatbots, and virtual assistants, banks are finding new ways to connect with customers, streamline processes, and deliver the kind of personalized, efficient service that people have come to expect. So, whether you're a banking professional looking to stay ahead of the curve or a customer eager for a better banking experience, keep an eye on these exciting trends. The future of banking is looking brighter than ever, and we can't wait to see what's next! Thanks for joining us on this journey, and until next time, happy banking!