Customer Experience in Banking – 4 Ways Banks Can Narrow the Dissatisfaction Gap

by | May 11, 2021

How Banks Can Achieve A Quick Win Customer Experience Enhancement Strategy

Post-pandemic research shows a significant performance gap between what customers expect when it comes to customer experience in banking and what banks are providing.

A Salesforce article which references their “State of the Connected Customer” report, provides evidence of this disconnect – 66% of customers expect finance institutions to understand their unique needs and expectations. But only 27% of customers feel the financial services industry provides great service and support.”

To mitigate this “dissatisfaction gap” banks need a quick win strategy to address their customers’ immediate needs, as well as a long-term strategy to prepare for great CX in the future.

Here are four actions that can be incorporated into a quick win CX enhancement strategy:

(Inspired by a McKinsey article: “Adapting customer experience in the time of the coronavirus”)

More care, less marketing

The past 18 months have been tough on everyone. Now is the time to show customers you care by offering support and helping them with their post-pandemic challenges. Reduce the frequency of marketing messages in your communication mix and replace them with offers of support if you have not done so already.

Meet customers where they are

Prior to the pandemic, there were numerous ways to reach and meet customers. But that has changed, as most customers are now working from home.

According to Upwork’s “Future of Workforce Pulse Report” – 41.8% of Americans remain fully remote, and 1 in 4 Americans will be working remotely in 2021. By 2025, 36.2 million Americans will be working remotely, an 87% increase from pre-pandemic levels.

So, today, to ensure a great customer experience, you need to leverage digital innovation to help customers recover from the crisis, safely, from home. Improve your contactless operations to protect both employees and customers. And increase your digital interactions but do so with consideration and according to your customers’ preferences. Let customers choose how they want to engage with you.

Reimagine the post-COVID world

The reality is that many of the massive shifts we have seen over 18 months are not going to reverse. On a macro-economic level, it will take years for some economies to recover. Organizations will have to cut costs, which will further impact how they engage with customers.

Banking customers who adopted digital channels out of necessity are not automatically going to return to the branch. The requirement for face-to-face services will never disappear entirely though, but it is evident that the purpose of brick-and-mortar stores will be vastly different in the future.

Build agile capabilities for fluid times

In the past, traditional banks have not been most agile, but agility is now a survival factor. Banks must build agility into every part of their business – from tapping into social media for quick customer readings to checking in with employees for on-the-ground insights and being able to market-test ideas in labs before scaling up to provide the full service.

What banking customers expect is the same levels of experience and value that they receive from suppliers in other industries. They also expect their banks to see them as individuals, understand their personal circumstances and present offers that proactively drive improvements in lifestyle and financial security.

Doxim’s CCM platform for banks can assist in closing the dissatisfaction gap between what customers expect and the experience they get from the bank.

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3. Expansion of digital products

As banking customer behavior shifts, banks must move with the times, or risk getting left behind. Many banks today are exploring the power and potential of open banking, which can allow them to offer more innovative products and services to their customers, as well as to better compete with fintech companies and other non-traditional financial service providers.

As you shift your banking business model to reach new segments or provide an enhanced array of services, communication becomes even more pivotal to your success. After all, if your customers don’t know which new services they qualify for, or how those services will help them meet their goals, then they are unlikely to explore them further. CCM technology can be leveraged here to provide personalized on-statement messaging that directs customers to the right products and services, as well as 1:1 personalized “explainer” videos to help them get started.

Adjusting your bank’s priorities to thrive in 2023

In an era of constant change, the key to successfully transforming your bank’s business model will be to stay attuned to the changing needs and preferences of customers, and to be open to exploring new opportunities and technologies that can help your FI stay competitive and relevant. But these new opportunities are doomed to fail if you do not clearly communicate their benefits and make it simple for customers to access them.

That is why transforming your customer communication strategy is the best first step to broader digital transformation. By updating your approach to communications to meet omnichannel customer needs, you also position your bank to communicate the benefits of changes in your broader organization, like new or enhanced products and services. The pace of change in banking has never been brisker – but with the right strategic approach to these changes, the future is bright.

Investing in a modern customer communication management and engagement platform is an essential part modernizing your banking strategy, as it can provide the personalized digital experiences that will keep your bank or credit union 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 financial marketplace.

How Doxim can address the banking customer communications trends identified and help future-proof your digital banking strategy

banking customer communications trends

Doxim’s experienced consultants and omnichannel platform can help transform your customer experience in many ways, including:

  • Gathering and utilizing customer data to continually improve the personalization of communications.
  • Building trust with customers via communication (via print, PDF, HTML, email, text, and online interactive experiences).
  • Leveraging interactive video to drive personalized digital customer experiences, such as interactive statements, bills, or reports, that offer visual engagement and real-time interactivity
  • Putting customer data, including customer statements, at the fingertips of your service representatives for immediate and personal service.
  • Making a meaningful connection with value-added content, like information about philanthropic activities, on customer statements.

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