How Retail Banks can Improve Customer Experience

Banking CIO Outlook | Tuesday, February 16, 2021

Retail banking aims to be a one-stop shop for as many financial services as possible on behalf of individual retail customers.

Fremont, CA: In retail banking, similar to traditional brick and mortar retail, the focus is on individual consumers. More than that, given that customer experience is becoming a major differentiator for customer loyalty in all areas of retail, effective internal communication in retail banking will be extremely important as this sector continues to grow.

Retail banking aims to be a one-stop shop for as many financial services as possible on behalf of individual retail customers. Consumers expect basic services from retail banks, such as bank accounts, personal loans, savings accounts, credit lines, debit cards, mortgages, and credit cards. Through local branch offices, financial representatives provide customer service, financial advice and are also the lead contact for applications associated with credit-approved products. As these banks expand their offerings, the partners providing these offerings must be well informed and able to answer any questions or questions of the customer in order to provide the consumer with an excellent experience.

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In short, retail banking must meet the needs and expectations of consumers. Their physical footprints need to be changed and adapted to enhance consumer experience, and they should create willingness for customers to travel to specific locations. Given their current experience with new retail shopping models, consumers are also demanding that interactions with retail banks be simple, intuitive and seamlessly interconnected across physical and digital touch points. In order to be successful, bank associates need to be connected and informed about all messaging and programmes offered at all levels. Good communication with accountability and compliance is key.

For a long time, banks have been struggling with legacy IT infrastructure and are lagging behind in supporting customer experience. Simple cloud communication solutions exist and can solve a few pain points. As in other sectors, such as retail, these centralised communication systems have proven to create differentiated experience and lead to brand satisfaction and loyalty. Banks now know that consumer experience is not just a front-end look and feel, but that it needs discipline, focus and investment in new systems to change the way they engage with consumers.

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