bankingciooutlook

Five Key Customer Experience Trends in Banking

By: Banking CIO Outlook | Monday, February 22, 2021

If a financial institution provides customers with positive experiences, they will continue to engage in business with them, expanding the scope of their relationship and recommend the bank or credit union to others.

Fremont, CA: Customer experience is defined as the consumers' impression of how an organization treats them. These impressions depend on each individual's priorities and impact their level of engagement with an institution and their future buying decisions and loyalty.

Suppose a financial institution provides customers with positive experiences. In that case, they will continue to engage in business with them, expanding the scope of their relationship and recommend the bank or credit union to others. Positive experiences result in trust and the possible dismissal of competitors when consumers determine who to provide their business to next time.

The cornerstone of an enhanced customer experience is the need to know customers, understand their behavior and needs, and reward them for their relationship. The reward is not in points or special offers but in the capability to offer contextual guidance and financial recommendations according to real-time needs and opportunities.

The solution is to utilize data and advanced analytics to know the customer in the organization and regularly show the customer that their customer journey is understood. Without using insights for communication to the customer, the most crucial component of customer experience is overlooked.

When the experience is improved from the customers' perspective, it is seen that the organization will optimize satisfaction, maximize sales, expand the depth of relationships, improve retention, and positively impact the organization's bottom line.

Here are five customer experience trends in banking:

Channel Uniformity Assumed

More customers will expect consistent experience throughout all channels and platforms in real-time.

Technology as an Enabler

As consumers want the impact of what advanced digital technology can offer, they will mostly want things to work faster and without any disruption.

Design Matters

Consumers will decide whether a website or mobile app is suitable for them in milliseconds according to the design alone.

Speed and Simplicity Rule

Customers will not only base their experience perceptions just on price, product, or convenience, but expectations will depend on digital speed, simplicity, and contextuality.

Importance of Sustainability

Consumers will increase their assessment of experience with financial institutions to incorporate social elements that include community investment, gender and racial equality, and other sustainability challenges.

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