A Customer Centric World in The Banking Industry

How can you improve the overall customer experience across different channels?

CloudOffix, Sinem Karabulut

A Customer Centric World in The Banking Industry

How can you improve the overall customer experience across different channels?

07 September 2022 , Unser Blog

When it comes to providing service, customer experience strategy is the most valuable asset for companies. The banking industry has experienced the benefits of creating a positive customer experience for a long time in the business world.

It’s not just a matter of providing services to customers, but of providing the best possible customer experience. Customer experience strategy is the key to success in any business. A good customer experience strategy is vital for the banking industry. Banks offer a wide range of services to customers and businesses, including loans, credit cards, and checking accounts.

The banking industry has rapidly changed and invested in its customer experience cx process. The competition is high in this context. Adapting to change in a competitive business environment is vital.

How can you improve the overall customer experience across different channels?

Customer expectations are high. Many banking service providers must keep up with these demands. Protecting the competitive power is equal to exceeding customer expectations.

The banking sector has long been complex. It is not only about providing the best services but also to ensure compliance with regulations. In addition, banks have to be able to adapt to new technologies. Therefore, many banks have opted for a customer centric approach to increase customer satisfaction. One of the advantages of this approach is that banks can focus more on customer needs. In addition, banks are better equipped to respond to customer requests, as it is essential to  gain customer loyalty. Banks better prepared for customer demands are less likely to lose customers.
What is customer experience in banking?

What is customer experience in banking? 

The customer experience in banking refers to all the interactions in various customer touchpoints. All customer interactions should be at the same quality of service across all channels, both online and offline. Banks should ensure that their digital channels are easy to use and offer a great customer experience. Customers should be able to easily find the information they need and be able to carry out transactions quickly and easily.

In-person interactions are still important, and banks should ensure that their staff are properly trained to provide excellent customer service. The customer experience is everything to customer loyalty. If customers have a positive experience, they are more likely to do business with the bank again. Second, If customers have a positive experience, they are more likely to recommend the bank to others.

Happy customers are more likely to take out loans and use other financial products and services.

Improving the customer experience transformation consists of investing in the customer experience tools and digital customer experience strategy. Banks investing in cx customer experience have higher rates of recommendation. They are more likely to up-sell or cross-sell financial services to existing customers.

The largest competitive advantage for a bank is linked to creating positive customer interaction. Delivering an excellent digital customer journey map is crucial. Poor customer service is the top reason why customers leave their banks and credit unions. Banks must adopt new banking customer experience trends to deliver a better service experience.

Customers expect banks to focus on creating a positive customer experience that builds trust, is personalized, and exceeds their expectations.

When it comes to managing customer experience management in banking; the key customer expectations are:

  • Ease of Use

  • Ease of Access

  • Instant and personalized support

  • Security and privacy

  • Real-time sync between physical stores and digital channels

What do customers want from a bank?

Customers want digital banking service providers to be convenient, fast, easy to use, bespoke, and secure. They expect access immediately to live assistance in situations where their needs exceed a bank’s digital banking capabilities. In general, customers do not want to spend their time on banking services. Customer experience is an important aspect of every digital customer experience strategy. Banks should deliver a consistent digital banking experience across all channels.

Cx automation platforms reduce costs and streamline processes. Banks functioning digitally have witnessed these end-to-end integrations which help provide customer engagement and experience.

In banking, automation platforms help in creating personalized experiences for customers. This can be achieved by understanding customer behavior and predicting their needs. Automation platforms help banks to be more adaptive and responsive to customer needs.
 

Omnichannel Customer Experience

Customer connects with banks across various channels. Superior customer experience in banking is about delivering the same quality of service across all channels. Providing multiple banking customer experience is about making a similar set of services available to the customers across all the channels.

The multiple customer experience platform allows real-time data sync and a 360-degree view of customers across different channels. Customers can start the onboarding process with one channel and finish it with another, without providing the same data repeatedly.
 
Improving the banking experience requires taking a 360-degree view of your banking customer. Besides, the customer experience platform should provide consistent and seamless service through different channels.

Your most precious resource is your customers. Continuous innovation in the customer experience process is a vital element for banks to go beyond customer expectations. Sustainable success is all about putting customer experience excellence in first place.
 
Gaining insights into how you can improve the customer journey helps you to provide consistent and excellent customer service. Having an end-to-end roadmap of customer experiences allows you to determine your customer’s needs, motivations, and actions.
 
This will help you to create a more smooth and consistent customer experience.

Omnichannel Customer Experience Management For Banking

Define Your Improvement Areas
 
Regularly staying in touch with your customers will help strengthen your relationship with them, and make them feel cared for. You can use survey feedback to create automated emails for your marketing or support team to contact customers.
 
A detailed understanding of your customer’s experience helps you to discover common customer complaints. Identify the digital touch-points customers have with your bank to know your customer expectations better. Defining the customer journey gives you a competitive advantage because it is vital for delivering a great customer experience.
 
CloudOffix offers a complete suite of tools which help companies to have a real 360-degree customer view.

Marketing Automation for Banks

Marketing automation is a hot topic for banks, credit unions, and mortgage firms. Therefore, implementing a marketing automation cloud to keep your competitive power. Marketing Automation platform helps banks to plan, implement and monitor their marketing campaigns. Marketing automation platforms help banks target their customers with the right messages at the right time.

Digital innovations have redefined the marketing strategies of retail banking. Innovations in workflow automation are always advancing. The digital transformation will go to greater heights since brick-and-mortar store banking began.

There are leading changes in consumer behavior and expectations to enhance customer experience. We value our time much more than before. No doubt that the banking sector is the best at collecting customer data. However more in-depth data helps you to achieve a better customer experience. Personalization is the key word to keep a  longer term sustainable customer experience.

They have transactional, behavioral, and demographic consumer data more than in any other industry. This gives an incredible power to develop insight-driven marketing strategies. However, they struggle to optimize the data through marketing automation tools. A very small percentage of the banking industry uses this data to generate consumer insights and improve the customer experience journey.

Marketing automation software helps banks build a unique and long-lasting relationship with each customer. With the 360-degree customer view, banks gain insights to evaluate opportunities and increase customer experience.

A complete view of customers in real time allows you to manage data from multiple sources. This provides an improved customer experience and multiple channel sales opportunities.

Marketing departments consistently create leads from contacts, frequent website visitors, online live chats, or emails. They implement various methods for obtaining leads. However, the most crucial step is to keep up a live relation with those leads. The real goal is to nurture the leads and turn them into sales. The process of nurturing leads involves building relationships with leads, providing them with valuable content, and eventually selling to them. The first step in nurturing leads is to build relationships with them.

This can be done by providing valuable content that helps them solve their problems. Once a lead is interested in your content, you can then start to sell to them. The process of nurturing leads with marketing automation can be automated, which makes it easier to manage and scale.

Additionally, it can be customized to fit the needs of your customer.

In brief, marketing automation tools for banks make it possible to obtain actionable insights. By analyzing customer behavior, banks can identify customer needs and design personalized products and services.