Financial institutions that invest in a refined customer experience enjoy higher rates of recommendations, increased wallet share, and greater success in up-selling and cross-selling products and services to existing customers.

The financial services market is cut-throat, and companies must develop methods for gaining and retaining more customers.

While direct benefits such as reduced transaction costs, taxes, and other monetary incentives are important, they are not enough to prevent customers from migrating to other financial institutions.

So, how can financial institutions retain more customers?

Providing a superior customer experience in the financial sector might be one of your competitive advantages for commercial banks.

Customer experience management in the financial industry is all about how you control the multiple interactions that you have with your customers throughout the customer lifecycle to create a positive perception of your brand.

According to a report, 63% of financial services organizations ranked customer experience as their top priority.

Top 5 tactics to improve customer experience in the financial industry

1. Prompt Response

When it comes to customer expectations towards your financial services efforts, response time is one of the most important variables in achieving high customer satisfaction ratings.

Customers do not want to waste time waiting in queue to have their issues resolved; they want it to be done as quickly as feasible. As a result, consider providing customer service channels that allow you to respond quickly, such as a live chat solution on your website.

2. Work for customer success

Customer success is all about providing a mix of high-quality offers and services, as well as engaging and bringing customers closer to your company in order to make them feel as they can achieve personal or financial success by working with you.

Customer service plays a significant role in this. To improve your customer service offerings, all of your employees must be aware of and carry your company’s core principles, as well as be as consistent as possible in each and every customer service interaction.

3. Use social media to interact with your customers

Remember that there are numerous social networking platforms available online, including Instagram, LinkedIn, Twitter, and others. And your customers are online and utilizing social media to communicate with brands and enterprises all around the world, regardless of which field of finance you work in.

Thus, to provide a high-quality customer experience in the financial industry, consider extending your channels beyond in-branch support, phone, or email to incorporate social media as one of your more modern ways to get in touch with customers.

Wealthsimple used Customer Experience as the core business strategy.

“When bringing clients into their services, Canadian investing company Wealthsimple had to overcome two large challenges: attracting customers in a notoriously cautious industry, and making customers trust technology with their finances.

To address this issue, Wealthsimple brought in some of the best marketers, UX designers, and customer experience experts in town.

Wealthsimple has made customer experience a keystone of their approach by delivering a wealth of financial education, a dependable and pleasant customer care team, and creating personalized experiences.

4. Switch to omnichannel

Integrate your channels to deliver a seamless, distinctive omnichannel customer support experience. This is the most crucial banking customer experience tip.

Going omnichannel means allowing the customers to choose whichever channel is available to them without even thinking about having to repeat their issues and problems to another agent when switching between devices and communication points, such as from social media to in-branch.

Meet customer expectations in the financial services industry by allowing customers to continue support sessions in any channel while still being recognized because your team has access to each customer’s entire service history and can start up where they left off.

5. Pay attention to customer feedback

The goal of gathering customer feedback is to figure out where you can make improvements. And when you have the answer, that is the time to take action. Although you may not be able to fulfill every customer request, you should create a roadmap for the ones you do.

You can even tell your customers that their input was noted and is taken into consideration and that you are striving to improve the service once the project is underway. Also, avoid making promises too early in the project.

If you are in financial industry and are looking to improve experiences then we here at Dropthought can certainly help.

Dropthought is a user-friendly, omnichannel, and real-time customer experience management platform. We empower companies in different verticals to create delightful experiences for customers across their customer journey. Get detailed analysis and insights from data to exactly know what your customers think and what actions you need to take to delight them.

With a dedicated customer success team, we would ensure that you are optimizing your Customer Experience programs and strategies to create great experiences!

If you are interested to learn more, simply click here.