Best Customer Experience Strategies for Banks to Improve CX

Continuously evolving landscape, cutthroat competition, and rising expectations have become a general rule of thumb to adapt to in almost every industry. The banking sector is no stranger to these requirements and is usually the first sector where these factors make a major impact. This is why many big and small banking service providers have to keep up with the new trends to tend to their customers promptly. Introducing a customer experience software into the system, is hence, an important aspect of every venture’s strategic approach to meet the demands of their customers. 

In this day and age, a strategy to improve the CX in the banking sector can only be as good as its flexibility to adapt to the new trends that appear out of nowhere and pushes companies to revamp their priorities. This is exactly why integrating customer feedback software for banks has become so important in staying up to date with the customer experience, as well as developing new strategies.

CX Strategies That Can Help You Boost Your Customer Satisfaction Through Customer Experience Software:

1. Digitalization
The digital world is helping every customer in getting the services they want from the comfort of their homes. By 2020, it is expected that more than half of the world’s population will become digital natives. Customers will prefer to use their desktops or mobile phones to avail the banking services rather than physically going to the companies. However, most of these people are unaware of the functionalities as they are today. This presents a new problem statement about how this can cause some troubles for the customers to avail of services online without getting confused. Some solutions to improve customer experience are as follows:

• Integration of chatbots on your customer experience app for clearing up generic doubts of the customers for the various options and features.
• Leveraging and integrating new technologies into your customer experience survey, and taking the gamification approach to increase the engagement of the customers.
• Make it easier for customers to pay online by promoting various mobile payment methods.

 

2. Omnichanneling Your Services
According to the Ernst & Young Consumer Banking Survey, omnichannel customer experience is the fastest-growing approach in the customer experience landscape for the banking sector. Taking a multi-channel approach, in the long term, will only make it complicated for the customers to track the services they are availing. But omnichannelling provides your venture with an opportunity to streamline your services with seamless, malleable, and personalized consistency to your customers. Providing them with the convenience of a channel that tracks their payments, provides options for ordering, reload their balance, perform transactions, etc. will only attract more customers to avail your services.

For instance, a cafe like Starbucks provides banking services to their customers in which they can process their order, pay for it, generate receipts, and check their balance before even setting foot in the cafe. This helps them in retaining customers and attracting more due to the added layer of the smoothly functioning omnichannel.

 

3. Non-Traditional Approaches
Many banks and banking service provides refrain from taking non-traditional approaches for providing their services to the customers. While being old school is good, it’s not good enough. Customers nowadays prefer to indulge in new trend-setting services like QR code payments because of the uncomplicated elements and additional advantages they bring. Banks that provide all their services online take a streamlined approach and provide these non-traditional services at the convenience of the customers. Here are some non-traditional approaches you can integrate with your customer experience software to improve the CX quotient of your company:

• Video Telling Machines
• QR Codes
• Biometric Systems
• ATMs that are image-enabled

These services help bridge the gap between the digital and branch areas of your banking services and give the customers the opportunity to avoid the hassles of traditional processing.

 

4. Bridging the Gap Between Human and Digital
CX initiatives are mainly focused on the digital aspect of the services. But there should be a humanizing factor within all the digitization going around. Creating a meaningful relationship with the customers through interaction is imperative for any organization, but especially so for the banking sector. Many consumers want to do things on their own through the convenient digital tools for availing of the services you provide. But the need for a helping hand always remains, and this is where the crux of customer experience is with your establishment.

The interaction the consumers will have with the people in your company needs to meet a certain set of expectations for the consumers. Clearing the consumer’s doubts, inbound promoting your services and generating interest of your consumers in them, boosting the perception of the consumer’s brand image, and being understanding to their needs are the key elements the interaction should have. Providing the customer with a customer experience survey, post this interaction will help you evaluate which of these areas you need to improve in. This will help you improve the “human” aspect of your venture, which plays a crucial role in improving the customer experience.

 

Reaping the Benefits of Customer Experience App for Bettering CX in Banking

Applying all the aforementioned strategies can be done with the help of industrially vetted customer feedback app for banks. Utilizing the data from customer experience surveys and coming up with ways to deal with the issues for introducing the solutions into your strategies is the make or break moment in the banking sector.

Here are a few ways in which you can improve your CX further using the customer experience app:

• Creating the customer’s journey map
• Offering 24/7 online support
• Introducing a chatbot in your customer experience software to deal with the more generic questions to save your time while swiftly serving the customers
• Collecting data from the surveys and compiling the feedback to find the most common issues to resolve on priority

 

Conclusion

The banking sector has a lot of hurdles to jump over in the upcoming years due to many factors like digitization. But to overcome it conveniently, the companies or ventures can either wait for change to happen and then adapt to it, or have prepared strategies for smooth transitions and no hassles with customers, hitherto, the customers being satisfied, and your CX quotient being intact or improving.