Providing Great Customer Experience in Banking

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Providing Great Customer Experience in Banking Customer Experience
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Definition of Customer Experience (CX)

Customer experience is the overall perception customer have of a brand based on their cumulative interactions with the organization across all touchpoints within the customer journey.

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Customer Experience in Banking

When we talk about customer experience in regard to the banking sector, we’re referring to all the measures that banks take to provide their clients with a frictionless customer experience across all touchpoints within their customer journey. When banks focus on CX trends and provide customers with great experiences, they can achieve a competitive edge within their industry and increase customer loyalty. On the other hand, banks that provide poor customer experience will experience high rates of customer attrition and are unlikely to achieve long-term success.

Recent CX Trends in Banking

These are a few CX trends in banking to watch out for in 2022: 

  • Increased Usage of Mobile Banking

We live in an age where technology is developing at a rapid rate, resulting in changes in business processes and customer-brand interactions. One of the fastest-growing banking CX trends is the drastic increase in the usage of customer self-service through mobile banking. Customers want to be able to interact with their bank and access its services virtually from their homes. Banks that aren’t able to provide customers with mobile banking services place themselves at a severe disadvantage to their customers. It is therefore critical for banks in today’s day to provide customers with customer self-service options so as to remain competitive in their industry. 

  • Integration of Artificial Intelligence

Banks are increasingly using AI as a means to enhance customer experience by automating and speeding customer-brand interactions. Customers find it frustrating when they are kept waiting or when they aren’t able to receive a resolution to their issue. AI is a solution that facilitates customer self-service through innovative solutions that allow banks to enhance CX. Banks can integrate AI-enabled chatbots as a part of their customer experience. This will give customers the option to interact with the chatbots when they experience issues with the bank. These chatbots can process information from a range of different sources, including the CRM customer profiles and the bank’s knowledge base, and respond to customers much quicker than customer-service agents. 

  • A Seamless Omnichannel Customer Experience

Customers today want to be able to interact with brands across different channels, whether that be in-person, through a mobile app, or through the bank’s website. Although there is an increased focus on digital CX these days, especially due to the pandemic, banks need to provide a great customer experience across their non-digital and digital channels. They must therefore provide a seamless omnichannel experience that facilitates real-time data synchronization across all channels.

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Three Ways in which Banks can Improve Customer Experience

Let’s take a look at three key strategies that banks today can employ to improve customer experience: 

  • Provide a Truly Omnichannel Customer Experience: As referenced in the trend above, brands today must provide customers with a truly omnichannel customer experience to improve CX. 
  • Provide a Personalised Customer Experience Across All Touchpoints: Different customers have different expectations and preferences. To provide a great customer experience, banks must provide personalised banking experiences. To do so, you must have a thorough understanding of the customer journey and the different touchpoints at every stage. 
  • Provide Fast and Secure Online Payment Experiences: A banking service that most customers use on a daily basis is that of online payment. Banks must therefore ensure this experience is seamless and that all online payment experiences are fast and secure, and are also free of errors.

FAQs on Customer Experience in Banking

Customer experience refers to customers’ perception of a brand based on their overall experience with the organization from beginning to the end of their customer experience.

CX is important in all industries but especially in service industries such as banking and finance. Banks that provide poor CX generally experience high customer attrition rates as customers switch to competitors. Banks must therefore provide great CX to achieve a competitive edge and maintain a high customer retention rate.

 A key CX trend seen in the banking sector is that of increased customer self-service. Customers are increasingly resorting to banks that provide them with self-service options that allow them to fulfil their needs using their mobile app.

These are a few strategies banks can use to improve customer experience: 

  • Provide an omnichannel experience
  • Provide personalised interactions
  • Provide fast and secure payment experiences
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