Three Strategies to Enhance Retail Banking Customer Experiences
Almost 50% of banking customers considered changing banks last year, with 28% citing online access as the top reason.
Want your bank to stand out from your competitors? You’ll need to improve your customer experience .
Customer experience (CX) has become the top brand differentiator for financial institutions, overtaking price and product. Better customer experience leads to greater customer loyalty/retention and referrals, higher sales/revenue and more opportunities to cross-sell products and services to existing customers.
Forrester observed that customers are 2.4 times more likely to stay with a brand when it solves their problems quickly and 2.7 times more likely to spend more at a brand when it communicates clearly. Customers are more likely to stay with a bank that quickly sends fraud alert text message, verifies suspicious purchases, and replaces your credit card immediately—not weeks from now.
Despite the benefits of delivering exceptional CX, many financial companies are missing this opportunity to set themselves apart. Here are three key strategies to move the needle forward on customer experience.
1. Improve the Digital Experience to Attract and Retain Banking Customers
Customers demand exceptional experiences in real time, everywhere. They rely on your bank to provide up-to-the-moment information to help them make wise financial decisions. They want real-time, easy and intuitive communications regarding their mortgage loan application, alerts about fraudulent charges on their credit card account, reminders so they don’t miss a payment, and even notifications about other financial service products they should be using. They depend on you to deliver the communications they need, when they need them, wherever they are. To do that, you need efficient, personalized digital solutions.
According to Citizens’ Banking Experience Survey , 90% of consumers and 86% of businesses use digital banking channels . They also expect live assistance or convenient self-service options for complex issues. The Citizens survey found that human interaction—delivered in person or virtually—is the preferred way to get financial advice and execute more complex transactions- but in order for your teams to provide white glove treatment for these challenging issues, call volumes must be reduced by providing self-service that actually solve customer problems and reduce unnecessary call volumes.