How Financial Institutions Can Improve Customer Experience

by | Nov 30, 2020

Are Financial Institutions Ready For The New Era Of Digital CX?

COVID-19 has changed the way people interact with their bank or credit union, making it critical to consider how financial institutions can improve customer experience based on new expectations.

Meanwhile, mobile and online banking activity increased, growing both the number of customers transacting on these channels and the frequency of usage. 

This trend is expected to continue into the future, as more customers, as well as financial institutions, become familiar with and experience the benefits of interacting via digital channels.

However, an increase in digital channel adoption/usage is simply not enough to guarantee a great customer experience, nor customer retention. 

Consumers expect seamless, personalized interactions across all communication channels. Engaging customers effectively in a new contactless world is key to building trust, loyalty and ultimately, a good customer experience.

Use of digital channels during covid

Importance of digital banking transformation strategies

How financial institutions can improve customer experience in today’s contactless landscape

Even before COVID-19, customers wanted omnichannel, consistent, relevant, and personalized experiences. These needs have been heightened by the impact of restrictions on face-to-face interactions and branch services. 

There is also a marked change in the values that customers expect to see from their service providers, with an emphasis on kindness, community, and purpose. Customers want to feel a connection, outside of the service they receive. 

For financial institutions, it’s vital that they align with the new expectations and needs of their customers, as customers entrust these organizations with their most sensitive information and personal assets. 

Let’s take a look at how financial institutions can improve customer experience. 

Leverage digital communication 

Relevant and personalized information is vital to build engagement, trust and deliver a great CX in financial services. Digital communication provides the opportunity for the bank or credit union to engage via the terms and channels the customer prefers. 

Ensure frictionless customer experiences 

In addition to offering exceptional value, banks and credit unions should focus on each customer or member journey and remove any interaction that causes friction. When people are anxious and uncertain, the last thing they need is to be frustrated by a complex communication and issue resolution process.  

Help customers make financial decisions by ensuring that processes are simple and intuitive. 

Improve consistency in your customer messaging

Customer journeys can also become fractured by inconsistent communication. It’s therefore imperative that financial institutions align all customer communication to create a positive and consistent CX.

Too often, what the customer experiences when they interact with a brand is fractured because of how the organization is structured, specifically which departments are customer facing and who is responsible for managing communication within each customer journey. 

Aim to build a holistic view of all communication going to customers, and then to align the brand voice, design and tone. This is vital to achieving a seamless CX across customer journeys, communication types and digital channels.

Put employees and customers at the center of digital transformation

Research shows that customer experience leaders have highly engaged employees, who are more likely to recommend the company’s products and services and display a higher level of accountability. It follows that organizations need to take care of their employees as a priority – the happier the employee, the better the customer experience. 

Let us help you improve CX through insight-driven, personalized communications that create engaging experiences across customer touch-points. TALK TO US

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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