Digital Banking: Enhancing Customer Experience; Generating Long-Term Loyalty (Part I of III) To stay profitable and grow in the new digital economy, banks need to adopt a customer-centric business model, diversify online delivery of products and services channels, and begin making meaning from valuable trails of digital information. Simple offers the digital banking … If you’re not a digital native like Millennials or GenZ – if you’re Generation X and older – you may still prefer to do your banking in person, where you feel more secure and in control of each transaction. The ever-changing customer needs means customers are banking on the go, and through devices, mediums and channels that weren’t originally designed with banking in mind. 4. 2. So, what emerging technologies are best positioned to provide customers with the biggest impact on CX? Automate the credit card selection and application process. Published On: 20th Jul 2018 - Last modified: 24th Jul 2018 Read more about - Industry Insights, Enghouse. In fact, reducing effort tops this year’s top member experience objective, according to research from Call Center Week (CCW). Since 2015, the number of consumers who visited a branch once per month has dropped 20%. This gargantuan shift in the banking industry is epitomized by recent studies that have shown that, for the first time, we have entered an era where trust is not the chief factor considered by customers when choosing their bank. December 8, 2020 5 min read. Banks looking to differentiate themselves through customer experience should be focused on the following: 1. When using mobile banking offerings like in-app bill pay or peer-to-peer money transfers, members expect to be able to get personalised support when they need it. But it is truly customer-centric, first-principle thinking that will guide us into the future and leave the laggards chasing their tails. Customer experience is often the deciding factor when it comes to banking. How a seamless digital banking experience can attract and retain customers . This has been compounded by the rise of mobile-only challenger banks who have played a large part in altering customer expectations of what they want from a bank. (Capgemini 2018) PERSONALIZATION 3. In fact, FinTech companies have arguably been the biggest driver of this shift in banking customer experience. Members want frictionless interactions, no matter what channel they are using. The contact centre can provide in-app support, website chat, or phone support via call or texts. Historically, banks focused on providing a trusted service to customers and relied on messaging and reputation for this trust to gain market share and build sustained customer loyalty. Today digital technology is common, and many banking customers are accustomed to using it to deposit checks, invest money, and pay bills. And more importantly, will they adopt your financial institution’s digital channel or your competitor’s? Share: Link copied! This, along with needing to repeat information, counter-intuitive self-service and inaccurate or inconsistent information, is the greatest source of frustration. They can help engage existing customers, improve loyalty, and achieve product cross-sell. and better customer experience. It’s one thing to talk about service and experience. Security . The equation here was simple: trust equals loyalty equals customer lifetime value (CLV). Here’s how to improve online banking services and improve the digital banking experience overall. How Can AI Be Used in Contact Centre Workforce Planning? Save my name, email, and website in this browser for the next time I comment. This includes all touchpoints in the member journey, including in-person, digital and phone interactions. 1/3 of consumers across the world are now using at least one FinTech app, whether that’s peer-to-peer payments, financial planning, savings and investments, borrowing, or insurance. Cloud is another advanced technology that can drive great customer experience in banking. This is an exciting trend for financial institutions to adapt with as it can cut operational costs and increase their competitiveness in the market. A successful digital engagement hub, like the contact centre, requires an easy-to-use personalised experience with visibility into multiple digital touchpoints. Get the latest exciting call centre reports, specialist whitepapers, interesting case-studies and industry events straight to your inbox. Today’s customers want personalized interactions, simplified banking … It must be stated, however, that trust is by no means less important to banks. Here are 10 ways you can improve customer experience in banking: 1. Consumer Digital Banking Survey overview . As easy as it may be to explain, it is far more difficult to implement, let alone do well. Processes and technologies need to cater for this, giving customers the ability to onboard, login, interact and transact remotely and digitally. As digital banking capabilities have expanded, so has consumer adoption of online and mobile channels. Any digital interaction that is difficult to use, frustrating to understand, or slow, can hurt the adoption rate of a credit union’s digital banking offerings. These banks have become a major pillar of e-commerce. If you continue to use this site we will assume that you are happy with it. Innovative examples—and opportunities for further improvement—abound. Trust, in the eyes and minds of the modern-day consumer, is table-stakes. Most banks offer some form of digital banking experience, but it’s important to have a digital banking strategy roadmap to guide the process of creating the best possible online banking services for clients. To complicate CXM even further, banks are coming to realise that a customer’s digital experience with their bank is constantly being compared to all the digital experiences in their lives.