It's easy to overlook a few areas when banks seek to improve the customer experience in light of how the banking customer journey has changed since the epidemic. In addition, the banking sector has its customer experience problems and trends, ranging from the regulatory environment to security best practices.
Fremont, CA: Here are seven strategies to make banks and credit unions' customer service better:
Simplify & expedite the account opening process.
To improve customer experience, banks, and credit unions must implement a speedy and hassle-free onboarding process. To achieve this, they should create a memorable account opening experience, enable account opening through a mobile app, reduce clicks, implement digital KYC and verification, and minimize data collection. By implementing these steps, banks can eliminate the need for customers to visit branches during account opening.
Provide a fast online payment experience.
The pandemic has led to a shift towards sending money through net banking and mobile apps, making it essential to compete with mobile-only companies. To succeed, companies must offer faster, secure payment processing, well-designed UI, gamification of payment processes, faster notifications, and effective error handling.
Make the card/account blocking process smooth and easy.
As digital technology advances, the threat of attackers and banking fraud increases. Banks and credit unions must be proactive in helping customers block or freeze their accounts. This includes educating customers on securing, making functions accessible, suggesting next steps, and providing proactive anti-fraud notifications.
Integrate live customer support with employee feedback.
Customer feedback is crucial for businesses to enhance their customer experience. Integrating live chat with employee performance reviews helps organizations assess customer support and address concerns more effectively. Banks and credit unions can adapt by implementing new methods like "Press 1, followed by a hash," allowing direct in-app support, personalizing hold music, and showing customers their queue location. These changes can help banks and credit unions improve customer experience and address concerns more effectively.
Develop a truly omnichannel customer experience.
The customer journey varies across banks, depending on location and activities. Banks and credit unions must have an omnichannel customer experience, which requires significant investment. Intelligent technology can manage interactions across all channels, delivering a consistent experience that builds trust and loyalty. This approach can help banks and credit unions build customer trust and loyalty.
Monitor and provide personalized end-to-end customer journeys.
Banks must understand their customer's journey to provide personalized banking experiences. To monitor touchpoints across branches, call centers, ATMs, and online systems, conduct regular reviews, gather customer feedback, focus on customer needs, use data to measure performance, identify opportunities for improvement, collaborate with stakeholders, and measure the impact of these improvements.
Be flexible to change, update, and add open banking technologies.
Open banking revolutionizes financial lives by empowering customers with direct access to their data. To become an available banking leader, banks must prioritize customer experience, communicate clearly, and consider security risks when connecting with external providers.
