Retail banking customer experience

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What is customer experience in banking?

As the name suggests, customer experience in banking refers to the customer’s process while interacting with various banking services. These services can range from online payments to offline customer care services as well.

Customer experience in banking is growing day by day depending on how various brands provide and serve their customers. Todays advanced world demands satisfaction more than anything. The second reason to watch out for customer experience is that it helps in building brand loyalty. Customers won’t think of switching if they are getting treated well from their current brand.

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Ways of enhancing your customer experience strategies in retail banking

Define your vision – develop a vision for your bank that best defines your relationship with your customers. Be careful. Break your vision into manageable phases.
Team goal – make sure to bring your entire team up to the speed of your so called unified goal. It might be the case that sometimes the staff is just working to complete their individual goals and are not thinking from a broader perspective. It is important as a bank brand for you to make sure they are motivated to work towards the standard and unified goal that you have set from the beginning.
Technology support – identify how your current technological equipment can support your bank relationship goals. Your serves, systems, service platforms all should be in sync with the customer requests. The best way to reach out to your customer base is by making use of the same platforms as they are. It can be a mobile, tablet, laptop, any device that customer mostly use and make your services available to them through those preferred platforms.
Data importance – data insights are a key to a healthy banking relationship. You have to know that this particular customer from retail banking is the same customer from the commercial banking. There should be an effective data capturing strategy and an access to first-party data like email, phone numbers, website visits, etc.
Customer self-service – provide a means to the customer where they can serve themselves. Meaning, having a mobile app and managing your own bank account is any day a better alternative to always having to go to the bank for minor reasons like printing an account statement. You also have to pay attention to what data comes and goes through the mobile application. Being a bank brand, the first and foremost thing is the data security. Keeping that in mind, you can have your application developed from a professional.
Branch of the future – in-bank experiences are being upgraded day by day. The location where you choose to build your branch matters a lot. It has to be located in the area that is in the prime of the city. And the branch has to be equipped with a good Wifi and environmental factors as well.
Advising services – in case where your bank does not just provide keeping customers’ money, but also some schemes and deals to increase it, you need to provide them with the information. There might be a lot of customers who don’t know where to begin with their investments. In such cases, the bank can step in and lend them a hand of help regarding which schemes are present and which they can choose to invest in.
AI for customer care – sometimes the customer queries are small and simple but due to lack of service attendants, the customers have to wait on long phone calls just to get connected to an agent. This hassle can be cut down if you replace the service providers with artificial intelligence bots. These bots provide nothing but answers to pre-defined issues and problems that are fed to them already. Customers can interact with these bots and get their minor queries solved. These bots can also be used on the websites, and are called chatbots, where the customer can message the bot and get their queries solved.
Automated onboarding – the first impression of the bank that stays with the customer is when they are being onboarded with the bank. Usually, customers needed to fill and sign a stack of papers but due to technological advancements, these processes are quicker. You just have to go through certain online procedures and you are done with the job. This hassle-free process gives a plus point to your bank brand.
AI and human mix – although it is true that AI is taking over the man-running processes. But it is still not the very ideal way to do that yet. Most of the banks provide human support for customers beyond the AI chatbots. This human support is called in when the customer query cannot be solved by a mere bot but needs professional attention.
Hyper-personalization – this trend is hitting the bars and mostly in the fintech world. Hyper-personalization allows you to track every customer to the individual aspects. Once you know what the customer is interested in and the related data about them, the bank can then plan personalized marketing strategies. Customers can get investment messaged based on their data and can have a personalized experience which they usually like.
Proactive engagement – due to personalization, banks now know the financial statuses of the customers. This motivated them to help the customers plan their finances and financial management. Depending on customers’ preferences, this job can be done through various channels like over a phone call, banking apps, email, SMS, etc.
Do the right thing – banks and customers need to have a transparent relationship. The way banks use their data, their money, their information security matters a lot when it comes to customer experience. The bank has to be in touch with its customers every step of the way making the customers feel connected and valued.
Omnichannel way – customer base is spreading all over the internet. They want various ways to reach out to their services. Depending on their convenience they might reach out to you over a phone call, SMS or the banking app. The key is to keep your customer service on the go on every one of those channels that you have provided to the customer.
Efficiency – the important key to the best customer experience is efficiency. Well, customers hated to be treated wrong. Delays in problem-solving, or latency in the banking app can cause frustration. As a bank and as a bank that is into omnichannel services, you need to make sure that all of your distributed services are working efficiently and are available for the customers all the time.

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Technology in retail banking customer experience

Communication

Communication is the key. That being said, it also applies to the banking sector where it is spread all over the omnichannel architecture. Technology service providers can build efficient channels which respond immediately to engage the customers easily.

Proactive support

Sometimes customers demand personal relationships with the bank when it comes to supporting. Banks can make use of the channels using external and internal expert support. These financial experts can guide the customers on the financial journey using their data to analyze their financial situations and help them accordingly.

Live assistance

Using CRM to map your customer’s journey has benefits: helps reduce customer journey, understand their expectations, detect common complaints and know common touchpoints of customers with the bank.

Chatbots

As discussed earlier, chatbots are often found on websites, mostly on the right bottom corner of the page. It is flashy enough to grab customer attention so that whenever they come across any queries or issues that are commonly faced by other customers as well, they can feel free to interact with the chatbot. Though it has its limitation because when the customer query is unique and unidentified by the bot, the request is forwarded to the human agent who solves the query on a personal level.

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