Overcoming Customer Experience Challenges Faced By Banking Customers
Customer Experience (CX) has become a key differentiator in the highly competitive Banking and Financial Services sector. Organizations that invest in providing customer experience have an increased rate of recommendation and are more likely to cross-sell or up-sell their products.
So, what exactly is customer experience in banking? It is the collective experience a customer has while interacting with your organisation through various touchpoints, including the primary website, call centres, emails, online advertising, social media and face-to-face interactions.
Common customer perceptions
Most individuals view banks and financial institutions as large entities that do not care about customer pain points. While some bank employees strive during face-to-face interactions to provide friendly and personalized services to regular customers, doing so via mobile banking and online banking has always been a challenge.
The nature of complaints experienced by customers range from hidden/excessive fees, loan issues, time-consuming dispute processes, and poor customer service. These complaints impact customer experience and have an impact on the overall earning potential of the financial institution.
Accelerating change in customer experience
For the past several years, banks and other financial institutions have been making a significant push to positively transform customer experiences. These organisations have embraced agile modern banking applications capable of addressing customer expectations and challenges while meeting their expectations efficiently. Senior stakeholders in these organisations understand the need for creating user-friendly and smart digital experiences for customers
One step that banks have taken to be closer to customers is offering them an array of services and products through banking apps. Financial institutions that are still traditional in customer approach are already playing catching up. In order to differentiate on customer experience rather than products or services, organisations have to accelerate transformation. Here are some steps to overcome customer experience challenges:
Enhancing omnichannel banking experience: Today, the customer has many touchpoints to access bank services. But are these touchpoints on the same page? Most customers complain of long waiting queues to access these touchpoints or having to repeatedly narrate their issues at call centres, web chats, physical meets, or self-service kiosks. There is a need to ensure that these channels are integrated so that customers are provided with one consolidated and consistent view.
Improving self-service capabilities: Customers often have to go through lengthy IVR processes to get the desired information related to their accounts. Their time is precious and it’s important to provide them with timely self-service help to ensure timely resolution of their banking needs. Whether it’s account information, payment status, loan details, or the issuing of new cheque books, it’s important that they can independently access these services instead of visiting a branch.
Seamless capturing of customer data: Banking systems should ideally be capable of capturing customer interactions at all physical and digital touchpoints. Unfortunately, many organisations don’t have robust systems in place to collect data. You need to understand the importance of collecting data to meet customer expectations. The data you collect can help you provide personalized care for them. Additionally, you will get to know about the types of products or services customers are keen on choosing. You will then be able to pitch them with the right products/services that they are likely to buy and close the deal.
Focus on becoming a trusted advisor and friend to every customer: Customers are often financially illiterate about banking products and rely on the bank for friendly advice on financial decisions. In order to earn their loyalty and trust, your bank has to transition from being just a lender to an expert financial advisor. This can be achieved by offering customers holistic services that are designed to help customers grow financially.
Encourage employees to seek better engagement and success rates: Even though there is a significant push towards self-service, there is always a demand for human interaction, whether it’s at branches or through call centres. It is important that each human interaction is made positive and memorable so that genuinely good customer experiences are created
Regularly seek customer feedback: The information you collect about your customer will help provide an educated guess about their next move but you really can’t assume what’s going on in their minds. For this, you will have to collect customer feedback across touchpoints.
The banking sector is undergoing tremendous and constant change through new trends that are emerging almost every day. To deliver the best customer experience, you should be flexible to change. Look at ways to improve and embracing a digital revolution for your business.
