“Gone are the days when people opened a bank account and were customers for life,” – Adobe’s Mike Plimsoll.
“Gone are the days when people opened a bank account and were customers for life,” – Adobe’s Mike Plimsoll.
In today’s digital age, customers are spoilt for choice when it comes to choosing a financial institution to invest their hard earned money. This is why it is integral for banks to improve customer experience for their customers. In a study conducted by Harris Poll, 8 out of 10 (83%) of millennials would readily switch banks that offered products better rewards like cash back, high yields and refunds on ATM withdrawals.
With the Banking industry more or less offering similar products, services, and prices, there is hardly any scope for differentiation. With lesser levels to compete on, delivering a great customer experience is invaluable to make your bank stand out.
According to a study commissioned by Walker, customer experience will become more important than price and product by 2020.
Let’s look at some actionable follow-up strategies that you could use when you find a digital lead:
1) Staying Consistent Across all Touch Points
According to a consumer banking survey carried out by Ernst & Young, omnichannel experience was one of the key areas for improvement among banks.
To provide maximum customer experience satisfaction, banks need to deliver on the expectations through various customer channels.
2) Embracing Technology
3) Empower Employees
4) Providing Consumers with the Opportunity to Self-Service
Banks must allow consumers to access banking support across web, mobile, and online banking platforms to improve consumer satisfaction levels, customer retention, and increase conversion.
Banks no more have the liberty to stick to old traditional banking methods. Today the competition to retain a maximum customer is not just limited to other banks but also tech companies like Paytm and Google Pay. Hence, it is important to ensure an excellent customer experience for good customer retention.