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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Olga Zakharenkava
Vice President, Former CCM Product Management & Product Marketing at Doxim.
Olga focuses on delivering business value to Doxim’s clients through world-class SaaS CCM solutions. She has a strong background in CCM technology for the regulated industries, product management and project management.
Olga joined Doxim in 2017 as the head of Product Marketing, Demand Generation, and Communications, and prior to Doxim, held product, marketing and strategy leadership positions at companies of all sizes, from startups to Fortune 500, including Telmetrics, OpenText, and JVL.
Olga holds an MBA from the Paul Merage School of Business at the University of California, an Honors Master's degree in Finance, and an Honors Bachelor's degree in Economics and International Management. Olga is a regular contributor to industry media, covering topics in marketing, financial services, productivity, and work management.

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