In recent years, the financial industry has undergone countless transformations driven by new technologies and, primarily, by the needs and expectations of its customers. Customer experience in banks has become a crucial focus, as gone are the days when consumers accepted spending hours in lines and banks to resolve their demands. Today, they seek convenience, speed, and innovation and are willing to pay more for this good experience.
Therefore, banks and financial institutions have been trying to adapt quickly to this dynamic environment, seeking to survive and stand out from the competition. But how can you make your customer’s banking experience great? In this article, we’ll delve into the main strategies for building the best customer experience in banking.
Understanding Customer Needs
Banks have always played an indispensable role in people’s lives, as it is where they trust their money and savings for the future. However, with rising costs and a dynamic economic scenario, many consumers have been changing their practices and reevaluating their relationship with financial institutions. Customer experience in banks is now more critical than ever.
With the emergence of new technologies, various fintechs have entered the market, prioritizing the digital experience and offering “friendlier” services than traditional financial products. This has increased competition in the sector and the need for digital transformation.
“53% of customers said they would switch providers for better digital experiences.” Salesforce Financial Report
In the past year, 25% of consumers reported switching financial institutions. The main reasons for the switch include the desire for a better digital experience, customer service, and better integration between financial products.
Today’s customers prefer experiences that allow them to perform various tasks in an integrated manner. Therefore, offering a friendly, secure, and personalized mobile application and online platform can make a significant difference in the customer experience in banking.
Technology as a Transformation Point
Technology is the main tool for building the best experiences for customers. Therefore, banks and fintechs should stay updated on new technologies that can improve efficiency, such as Artificial Intelligence, Machine Learning, and Blockchain.
According to CX Trends 2023, 77% of customers believe AI is very useful in solving simple banking problems. Indeed, these technologies can be revolutionary in developing new solutions and improving customer interactions, ultimately enhancing customer experience in banks.
For example, an AI chatbot can help customers resolve simple queries and problems such as lost passwords, payments, and account opening. Additionally, through customer behavior data, it is also possible to offer the best-personalized service and product recommendations. With blockchain technology, it is possible to improve the security, transparency, and speed of transactions, enabling better risk management and compliance in financial services, thereby enhancing the customer experience in banking.
Be Where Your Customer Is
But how can banks reach their customers where they want? By helping them migrate to digital!
According to a study by McKinsey & Company on CX, customers who regularly use a bank’s app or website have higher average satisfaction compared to customers who use other interaction channels. However, about 17% of bank customers in the US do not use online channels or use them only once a month.
In other words, although most banks and fintechs are already in some way digital, it is also important to encourage their customers to take full advantage of all possible experiences in these channels, from performing everyday banking transactions to self-service.
Explore New Horizons
Engaging with a software consultancy, such as Luby, can help banks and fintechs offer the best experiences to their customers. Such a partnership allows for the creation of differentiated and fully customized solutions according to the needs of each business.
Today, one of the major challenges of the financial industry is understanding where and how to apply their differentiators so they can stand out from the competition. Partnering with a consultancy allows the business to identify its challenges and avoid common market mistakes through a specialized perspective.
Additionally, relying on outsourced solutions is essential for the digital transformation of businesses. They offer various services that can be used quickly and efficiently to improve the customer experience in banking, such as Global Payment Solutions, Payment Orchestration, and Multi-Currency.
Take Customer Experience in Banks to the Next Level
Building the best customer experiences in banks and fintechs is essential to stay competitive in the era of digital disruption. To achieve this goal, financial companies must understand their customers’ needs and desires, offer new experience journeys, and innovate using technology.
Although this requires time and effort, the return can be enormous. Therefore, count on Luby to accelerate your digital evolution. Our team is ready to understand your business and help you offer the best solutions and experiences to your customers. Click here and contact us!
