Enhancing Customer Experience in the Mobile-Banking Era

Banking CIO Outlook | Thursday, October 25, 2018

Mobile technology is disrupting the global banking and payment industry as more and more consumers are completing transactions via mobile devices. With adoption rates going high, this trend is expected to grow further, and with this advancement, the banking industry is aiming to provide excellent customer experience. Below mentioned are a few critical points on improving the customer experience.

• Constant Accessibility

Banks have limited hours of operation which usually poses difficulty for its customers. Therefore, banks must make sure that this should not be the case with their app or online access. Regardless of whether an organization has its very own application or it makes customer banking docs accessible on the web, it's essential that the clients have access to these documents whenever and wherever.

This implies a couple of various things for an organization. To start with, it means having user-friendly application or sharing portal. In case it is a smaller bank or credit association, outlining its very own application may not be possible. However, there are protected, secure, and easy to understand sharing portal out there that function admirably for smaller organizations. These applications make it simple to give your banking clients access to account statements, exchange receipts, and loan applications.

It likewise implies that the application an organization utilizes needs a high level of uptime. And If an organization chooses a third-party application, it must pick one that is reliable and has ensured up times for your clients.

• Enhanced Security

A bank must have these two entitled to them Secured and Reputed. A bank is responsible for handling confidential data of its clients' finances; therefore the clients always want to ensure that whether these institutions are protecting their data well or not and do they have a proven track record of doing that.

Customers rely entirely on the institutions, whether they are making a deposit, filing a loan application or having a word with the financial advisor. A breach in the security would mean a breach in the trust.

Therefore, digital security is more evident as compared to physical security. As a matter of importance, storing documents and information on an electronic medium will open doors for substantially more massive amounts of security than physical document storage. Access can be all the more effortlessly limited, data can be scrambled, and archives are never lost or misplaced.

• Investing in Clients

Without face-to-face interaction with the tellers and advisors, it turns out to be significantly more critical for an organization to demonstrate that have invested in the clients.

Therefore clients need to realize that an organization cares about their financial future. This implies offering them tools that assist them to deal with their cash better, like retirement planning devices, budget calculators, etc. Although providing these instruments using an organization's website may appear like it is an unremarkable organization, but it has the exact inverse impact on the clients; it demonstrates that the organization has invested in its clients, and therefore they reinforce the trust they have in the organization.

• Easy to Speak to a Person

Although mobile banking is a convenient procedure, it cannot replace the human touch as clients still prefer interacting with the staff. No matter how much technology advances, customers should have the accessibility to talk to bank employees whenever required. It increases customer satisfaction, and they are more likely to recommend that particular organization. Increased satisfaction would lead to increased loyalty, so the clients will be much less likely to switch banks.

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