Creating an Optimal Customer Experience in Banking, as Customer Needs and Preferences Change

by | Nov 5, 2021

There’s no denying that the arrival of COVID-19 in early 2020 kicked the digital transformation projects of many banks into high gear. Enhanced digital self-service options, once a “nice to have,” became a priority overnight, as banking customers, who could no longer access their branches, still needed to perform their daily banking activities.

Given the urgency of the situation, many banks focused on creating a safe and accessible way for customers to function online. In effect, they sought to replicate the “in-person” experience at a banking center with digital self-service options that create a virtual banking experience.

By making it possible to conduct most in-person banking tasks online, banks survived the pandemic and served their customers’ most immediate needs. But there is a world of emerging trends in customer experience that banks will need to consider in 2022, or they’ll risk being left behind as the world emerges from the pandemic more tech-savvy and online than ever before. Are you ready for the next wave of digital change?

Doxim can help your bank digitally transform with a strong focus on optimizing customer experience. Connect with a Doxim CCM expert to learn more


Here are some of the next generation digital transformation trends that banks should track and respond to as 2022 nears – with a focus on enhancing customer experience in banking.

Striking a Balance between Humanity and Automation

Automating routine banking tasks is a great way for banks to reduce costs related to customer services and speed up the resolution time for inquiries. But for these services to work, customers need to be comfortable with them. Unsurprisingly, the COVID-19 pandemic accelerated the adoption of online banking across all age groups. But not every customer is equally comfortable with next-generation automation of banking.

For instance, many of your customers, especially younger customers, may be comfortable interacting with chatbots and online FAQs to answer their questions. But a subset of customers will always prefer speaking with a human to resolve issues. In this circumstance, automation can help by placing the right information at the hands of your help desk, to reduce resolution time. In short – there’s a place for the “human touch” in banking today, and figuring out how to offer that personal connection online will be a key challenge for banks as they fine-tune their digital strategies.

Making Effective Use of Data and Insights

The more routine tasks your bank brings online, the richer the data you gather about your customers becomes. Since the digital transformation boom began, many banks have been sitting on a goldmine of data, without focusing on how best to use it. To ensure your competitive advantage, your bank will need to consider all the ways in which data can be turned into insight and then into action.

One of the reasons that bank marketers struggle to leverage customer data is a lack of a “single source of truth” – an integrated source of real-time data that is easily accessible by business users. Technologies like CRM (Customer Relationship Management) and Customer Communication Management platforms can help banks integrate and leverage data sources so that marketing and service teams can deliver campaigns that enhance customer experience and build both loyalty and the lead funnel.

They do so by delivering the insight and personalization capabilities necessary to understand customers and anticipate their needs, tell relevant stories, and personalize product recommendations so the bank can compete in a saturated market.

Taking an Empathy-First Approach

As the dust from the pandemic starts to settle, your customers are emerging into a changed world. Some may have lost loved ones, while others experienced job loss or serious financial hardship. Couple that with rising inflation and the possibility of rate increases, and it becomes clear that your customer base is under considerable pressure going into 2022.

How can a bank use technology to create an empathy-first approach that helps customers take control of their financial futures and respond to global issues? Consider some of the following tactics to improve customer experience in banking:

1) Keep customers informed of both your corporate philanthropic efforts, and of course opportunities for them to make a difference as well. Consider, for example, showcasing local charitable efforts or activities so they can take part. You can use your CCM software to include a message about a food drive or charity-related fun run on their monthly statement.

2) Make it easy to go green! Invite your customers to reduce their carbon footprint by going entirely digital for their statements and other communications. And consider offering socially responsible and green investment options. The desire to invest in a sustainable way is an emerging trend across all age groups.

In fact, a Morningstar study in 2019 found that 72% of the U.S. population “expressed at least a moderate interest in sustainable investing,” and that number is likely to increase as the climate crisis continues to develop.

3) Lead with empathy by meeting your customers where they are in terms of financial or economic hardships. Now that more customer interactions than ever occur online, your bank can use its data to proactively identify customers at risk and reach out to them.

Many innovative solutions exist in the marketplace today to help customers manage liquidity, predict, and budget for expenses, and invest. Banks may profit in the short term from customers who don’t manage their financial risks well, but they risk eroding their customer base when they put these immediate gains ahead of the long-term customer relationship. Conversely, banks that assist customers during a period of heightened financial risk often find themselves with loyal customers for life.

Digital Transformation 2.0: Bridging the Experience Gap

If your bank has made huge strides towards digital transformation in the last two years, you may find yourself asking what’s next in the world of banking. You don’t need to look any further than the FinTechs and challenger banks to find an answer.

These competitors are using data and automation to deliver tailored solutions to customers, through their preferred channels, at their convenience. They prioritize seamless digital delivery, personalization, speed, and relevance when delivering their financial products, and they view every interaction through a customer-first lens.

The best way to compete with them is to make the next phase of your digital transformation about using technology to understand customer needs more deeply, and then respond to those needs with innovative products and services tailored to them.

How Doxim can help you respond to emerging CX trends in 2022

Investing in a modern customer communication management (CCM) platform is an essential part of providing the kind of personalized digital experiences that will keep your bank ahead of the competition. It helps provide a great customer experience, and builds rich relationships, which in turn results in customers for life and a competitive advantage in the rapidly evolving banking marketplace.

Doxim’s experienced consultants and omnichannel CCM platform can support your CCM needs in several ways:

Gather and utilize customer data to continually improve the personalization of communications.

Build trust with customers via communication (via print, PDF, HTML, email, text, and online interactive experiences).

Leverage interactive video to drive personalized digital customer experiences, such as interactive statements, bills, policies, or reports, that offer visual engagement and real-time interactivity.

Put customer communication data, including customer statements, at the fingertips of your customer service representatives for immediate and personal service.

Make a meaningful connection with value-added content, like information about philanthropic activities, on customer statements.

Let’s connect and discuss how Doxim CCM can help you enhance your banks CX for success in 2022. CONNECT WITH ME

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Josh Noble
VP Sales, Financial Services North America at Doxim
Josh is a solutions consultant by nature, focused on identifying customer communication solutions for financial institutions.
In his position as Vice President of Sales (USA), Josh leverages his experience to understand the needs, and propose solutions, for customer communications management in credit unions and community banks.

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