It's safe to predict that the future of finance is uncertain as technological advancements, GDPR, and digitalization continue their transformations in Europe. Bank customers have new expectations, and organizations need to be able to meet them.
Institutions are increasingly looking to CX leadership and tools for transformation that create differentiated brand moments. These are five ways to build lasting customer relationships with current banking customers.
1. Provide the best service at the right moment
Customers are constantly on the go, so why shouldn't we expect finance professionals to be mobile? According to research by CACI, 72 percent of the UK's adult population may use mobile banking services by 2023.
These on-the-go interactions will be efficient, quick, and automated. Financial service apps that are the best allow seamless transactions without having to switch channels.
A successful mobile app should focus on the user experience. For convenience and convenience, the app should be minimal. The experience is user-owned.
Homelife, a fintech company based in the UK, allows users to access and manage a custom range of insurance policies via one app. It eliminates sales representatives, third parties, and comparison websites from the equation so that users can easily access quotes and purchases.
2. Eliminate unnecessary friction
New laws and regulatory changes are upgrading the way of dealing with wealth in UK financial institutions, privacy, and data. However, the rules can be complicated, and the finer details can make them harder to understand.
As part of the value exchange, organizations have an opportunity and a responsibility to help customers navigate these changes. Customers should be able to easily understand how financial changes could affect them through multiple channels. You can communicate with your customers using FAQs, AI-powered bots, and other tools.
3. Treat your customers as individuals
Good brands are like friends. They understand and will let you know. An organization must know as much about each customer as possible to provide better service.
According to Business Insider, 82% of UK consumers want their digital financial services experience to be more or less the same as that of technology corporations. Banks that can assess customers 360 degrees so they can track their preferences and how they respond to marketing messages, as well as how they behave in different places during a customer journey, the win will go.
One direction I like is that banks conduct assessments based upon market, customer, and employee information. It helps uncover strategic issues to address.
4. Use emotion analytics to improve customer experience
The personal touch is always appreciated. An example: In an Allied Irish Bank branch, you might find an employee carrying an iPad and providing personalized service to customers who have not yet made it to the counter. Customers can also speak with bank specialists via video conference using the iPad.
In the financial sector, the need for empathy is growing. A Deloitte study found that less than half of large consumer banks are "impressed" by the quality of their products or services. Building strong customer relationships is essential.
Many Organizations are using emotional analytics to learn how customers feel about their brand and their interactions. They use this information to make proactive updates and increase positive emotions in customers.
5. Increase customer trust
It is possible to lose trust in a bank. It has never been a trusted industry. Of eight European countries by Pew Research Centre, only 53 percent have confidence in banks and financial institutions.
Particularly, fraud, data leaks, and theft have become a concern for financial institutions.
More organizations are working on technology and fraud prevention techniques to improve customer trust and provide educational content about safe financial practices.
Cloud technology is a solution. For customers who haven't switched to the cloud yet or are unsure about it, make sure your company informs them about the security measures. That protects their personal information.
Make extraordinary experiences
It is not possible to create a great customer experience for your company by pressing a button. Customers are fickle and always looking for the best. You can understand that customers are fickle and always on the move.
Therefore, This is important to connect with them using a combination of digital and human resources to bring out the best from each interaction.