Customer Experience Strategies In The Financial Industry

Published on:
Mon Jul 18 2022
Customer Experience

Customer experience has become a key differentiating factor in the Banking industry. Offering a top-notch customer experience is becoming a priority across all industries, and also including the banking sector.

Customer experience is important in the banking industry because customers have so many options to pick from and are much more careful with their choices.

A customer might take a chance on a new pair of headphones, but they would need to be convinced to try a new bank.

Banking is extremely competitive, so banks must prove to customers that they can either do it better than their competitors or they can offer them something that their competitors can’t.

Investments made by financial industries in customer experience can result in increased rates of referral, bigger wallet share, and a higher likelihood of up-selling or cross-selling products and services to current customers.

What is customer experience in the banking sector?

A customer’s entire interaction at numerous touchpoints, such as online banking platforms, emails, call centers, online advertisements, in-person interactions, and even social media, is referred to as the customer experience in banking.

According to reports, “84% of people said they would switch banks if their bank had better service and lower fees”.

There are 2 reasons why the customer experience for a bank is important:

  • First, customer experience (CX) is the new marketing battlefront.
  • Second, CX has the potential to increase customer retention because the more satisfied a customer is, the more likely they are to stick with a brand.

Here are some of the most effective tactics you may use to improve the customer experience in the banking industry:-

1. Give users a quick online payment experience

No one wants to transfer money in cash because of the ongoing pandemic issue. Today, sending money via smartphone apps and online banking is the new standard.

Make sure you provide a fast mobile banking service that can fulfill these important facts:-

  • Secure and quick payment processing
  • Better UX and well-designed UI
  • Deliver notifications more quickly
  • Taking care of errors

2. Online Onboarding

A positive first impression is important for a great banking customer experience. For the majority of banking customers, this impression is made during onboarding.

Onboarding teams typically have to fill out and sign lots of papers, which adds administrative work and raises the possibility of process bottlenecks, which puts customers’ patience to the test.

Banks can make it simple for their customers and can supply important onboarding information from the comfort of their homes by making onboarding an electronic process rather than a laborious, paper-based one.

3. Artificial intelligence

Nothing is more annoying for a customer than to call their bank’s customer service helpline to report a problem only to be kept on hold. Financial industries’ call centers are finding themselves in a difficult position as a result of the continually rising amount of incoming calls and the lack of available teams to handle them.

Fortunately, innovative solutions have been developed to resolve this kind of issue. Customers now have the option to consult AI-enabled chatbots when experiencing difficulties rather than waiting on the phone.

To reply to incoming customer service inquiries, these chatbots gather and process data from different sources, including the bank’s knowledge base and CRM customer profiles.

4. Make the procedure of blocking a card or account simple and easy

The possibility of cyberattacks and banking fraud increases as more people go digital. It is more important than ever for banks and credit card companies to assist customers in blocking or freezing their cards or accounts before a threat arises.

Banks should build trust and protect their customers by:-

  • Educating customers on when to restrict a card or an account
  • Proactively recommending future actions
  • More secure anti-fraud alerts

5. Give the seamless omnichannel customer experience top priority

Today’s customers seek to interact with brands through several platforms. Whether customers utilize a website, a mobile app, a contact center, a bank branch, or any other channel, they want to perform the same banking procedures.

Giving customers an omnichannel banking customer experience involves making the same set of services available to them across all channels, both online and offline.

For example, Real-time data synchronization between various channels is another feature of the omnichannel banking platform itself. Customers can, for instance, begin the onboarding process with one channel and end it with another without having to repeatedly enter the same information.

6. Consider customer feedback

The goal of gathering customer feedback is to identify areas for improvement. When you have the solution, it’s time to act. Even though you might not be able to fulfill all of your customers’ requests, you should have a plan for the ones that you want to implement.

You can even let your customers know that you have taken their suggestions and are trying to make the service better. However, be careful not to make commitments too early.

If you are looking to measure and optimize personalized customer experiences in the banking sector, then 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 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!

Learn more by simply clicking here.