Digital Marketing

How can Banks Leverage their Digital Experiences to remain Competitive?

The banking industry is considered as one of the industries that shift its strategy and way of working in accordance with the market change. The recent market is nothing, but all about digitalization. To cope up with the trending changes in the market and to sustain the individual position of a successful bank, many banks have to leverage digital experience.

The recent time has also left us with no choice, but to go for digitalization, and the acceleration of digitalization has made everything online. To deliver a digital experience is not only enough, and you need to also make sure that you are staying competitive.

What is Customer Experience (CX) in Banking?

Customer Digital Experience platform in Banking is a customer’s overall experience with the bank’s onboarding process to the bank’s provided services. Customer experience in banking is the most important as it is one of the contributory factors of the market’s battle for the title of “Best bank with rich customer experience.”

Customer experience is a key that distinguishes between banks and gives insights into a bank’s overall behavior with their customer. Banks with the capability of delivering a rich customer experience have higher brand value than those who don’t.

Customer expectations from Digital Banking Experience

  • Easy Accessibility: Banks need to provide their customers digital platform, which is simple to access. Most of the customers are mobile-dominant and they want to have an easy to use application, which covers all the facilities and services that they might get from the physical bank.
  • Real-time Assistance: Gone are the days when customers used to visit the physical bank for the sake of passing time, and in the recent world, there is nothing as important as time. Customers want real-time assistance and they do not seek to be waiting for assistance.
  • Personalized Service: Customers are customers, be they online grocery shopping customers or bank customers. Every customer needs personalized service. Customers look forward to products and services that fit their requirements. When you provide this service, you are one step ahead in delivering customer experience.

Top 10 Trends For Digital Customer Experience in Banking for 2022

1. Providing Products and Services with Mobile Application

It is one of the fastest and growing trends as a customer nowadays likes to be self-sufficient and wants to avoid long queues for getting service, which they can get from a single touch of application. With a mobile application facility, customers have full access to their bank account and other services that their bank provides.

Almost every bank has developed their smaller version and put it forward in mobile applications, but those banks that are still lacking in developing this trend, are at a great disadvantage than their competitors. Customers prefer those banks that provide them convenient mobile applications with multiple services.

2. The Branch of the Future

Almost all types of products and services are covered by banks in their small mobile application version. But, that does not mean that bank’s customers will never return to the branch for their important activity. Banks need to think and imagine what their future branch would look like. You can turn your physical branch into customer training centers and can do many more.

Just remember, whatever you do, you need to do it customer-centric. In customer training centers, customers can learn about the technology and investment options. Branch of the future should be well versed in technology, community space, and self-service option for customers.

3. Advising Services: 

Everyone wants to be rich, but no one knows how to be rich. Customers always try to grow their money and are in constant need of assistance. When customers turn to the internet for helping them in growing money, they get more confused than seeking out solutions. Banks have a great opportunity here, as they can turn into mentors for their customers and advise them.

You can make arrangements for in-house advisors for the customers of your bank. Your in-house advisor can perform the 360-degree evaluation of your customer and then suggest the solution to their tricky problems. This insight will boost your customer experience and you will have long-lasting customer loyalty.

4. Artificial Intelligence: 

Customer self-service is becoming popular more now than ever. To raise a complaint, a customer would never entertain calling a service help-line number and stay put without getting any response. Artificial Intelligence is one of the innovative solutions to solve the queries of customers.

With the help of artificial intelligence, a customer does not need to wait for a bank representative to answer the phone and raise the complaint, but the customer can raise their queries in a chat box (Form of artificial intelligence). This chat box pulls relevant customer-related and process-related information from various sources to help customers in solving their queries.

5. Automated Onboarding

In the customer onboarding process, there are many obstacles that bank representatives and customers both face. While onboarding, the load of papers will make you forget, which papers are important for onboarding and which are not. This tedious process is frustrating and in today’s digital world, it does not make any sense.

The manual onboarding process is replaceable with the automated onboarding process. With an automated onboarding process, customers can sit on their couches comfortably and finish the process without going through any trouble. Banks can use automation parts to enhance the onboarding process to ultimately deliver a better customer experience.

6. Support for Digitalization & Remote Service

Recent times have pushed us and bound us to have digitalization and to have remote services. Banks should make their customers fall for digital literacy, in which transitions go online and from anywhere. Not all customers are aware and are used to using the online transaction process.

To improve customer experience, banks should make their customers aware of the online transition by educating them on the online transactional process. 

You can set up webinars, tutorials, and online lectures for your customer to make them aware of the online situation. Along with educational content, you should also make them aware of online frauds, and how to avoid them.

7. Humanizing Digital: 

No matter how digitally updated you are, or how advanced you are with technology, there is going to come one point of time, where you need a human touch. Humans have made technology and hence technology is incomplete without humans. Those banks who are well versed with technology, are advanced in digitalization, and have human expertise are leading in the market.

Some institutes have gone even further in this step, and have made their chat boxes so personalized that it would be harder to judge, whether the customer is talking to the artificial intelligence or the actual human behind the system.

8. Hyper-personalization

Personalization in the banking sector can lead and boost revenue up to 10%. Podsolization is one of the trending factors of customer experience and hence, banks should take it seriously. Standard personalization uses minimal data analytics to deliver customers their personalization. Hyper-personalization is one step forward of personalization.

With the help of advanced technology, artificial intelligence, and predictive analysis you can deliver your customer hyper-personalization. You can target your customers and remind them that you care for them in every situation. You can monitor individual customer’s preferences and then suggest them accordingly.

9. Proactive Engagement

Advanced technology has let the banking sector peek into customer’s insights without hurting their privacy. When you can peek into their financial health and know what your customers are facing, then you can assist them proactively. You can suggest opportunities to grow their wealth and this proactive involvement of yours; will boost your customer experience.

Be it customers or any ordinary person, when they are given before they could ask for, their level of engagement towards you will drastically increase.

10. Doing the Right Thing: 

To keep loyal customers loyal to you, you need to show integrity and do the right thing. You need to be transparent towards your customer and let them know how you process certain things and how secure their data is with you. Integrity attracts loyalty and it is found that 69% of customers are attracted to the bank’s loyalty and integrity.

You can re-build your strategies that fit your customer’s interests. This will show that your care for your customers in long term and care about their well-being. You are not only putting forward your interest but are also taking care of your customers.

Tips for Improving the Customer Experience in Banking

  • Hiring Dedicated Specialist Team to Deliver rich Customer Experience (CX)
  • Establishing Strong Feedback Loops
  • Implementing Customer-Centric Future Strategy
  • Taking Initiatives Towards Customer Wellbeings.

Conclusion

Customer Experience is a long term process and is not going to take place overnight. You need to have patience in delivering a rich customer experience. To stay and to lead the competitive world, you need to take care of your CX process. By pim implementing strategies and tactics, you are one step ahead in delivering a rich CX process.

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